Once you’ve narrowed down your property search and shortlisted your favourite options, it’s time to do your due diligence. Before making an offer, there are several important steps you should take to ensure you’re making an informed decision. Our real estate agents have put together a pre-offer checklist of five essential actions to consider when looking at buying a home or property.
Research the Market
Understanding the market is key to identifying the true value of a property before buying a home. Speak to your local agency for a suburb report and analyze recent sales in the area.
Attend open houses to compare property features and asking prices. If the asking price is reasonable or if you believe there is room for negotiation, proceed to the next step.
Check the Title
Different types of titles exist for different types of properties, each with its own legalities. For example, Australian houses typically have a freehold Torrens Title, while units, townhouses, and commercial spaces are often governed by Strata or Company titles.
It’s crucial to factor in all the pros and cons of each title type and consider your intentions for the property. If the title type suits your needs, proceed to the next step.
Review the Paperwork
A vendor will have a contract note or contract of sale prepared for the property being sold. This document contains important information, such as zoning certificates, drainage diagrams, a plan for the land, and a Certificate of Title, as well as exchange, settlement, and land transfer specifications.
A solicitor or conveyancer can read the fine print of the paperwork and take care of the legalities. If the paperwork is fair and in order, proceed to the next step.
Engage a Conveyancer
It’s crucial to check the finer details of each shortlisted property with a conveyancing expert. Engage a solicitor or conveyancer to handle the steps outlined in this checklist.
This process is necessary to raise any red flags and ensure a smooth road to settlement.
Organize Building and Pest Inspections
Before making an offer, it’s essential to invest in building and pest inspections.
A qualified professional will physically inspect the property and provide a written report on the condition of the building and structural elements, as well as check for the presence of pests.
This step can save you a lot of money in the long run.
Following these five essential steps can help you make an informed decision when buying property.
For further advice on making an appropriate property offer, speak to your Network Exchange Realty agent today. Browse our current homes for sale and learn more about the process of buying.