The Buying Process
Buying a home calls for a lot of time, patience and planning. Our Team is here to help you every step of the way, Andy Lake & Greg Glover have worked in the area for many years and know the neighbourhoods inside out!
We hope the below steps can help make the home buying process manageable and help you make the best decisions possible.
Remember Coolum Coastal Property Team are only a phone call away should you have any questions…
Before you start looking for a home you will need to what you can afford. The best way to do that is to get prequalified for a mortgage. To get prequalified, you just need to provide some financial information to your preferred bank or mortgage banker, such as your income and the amount of savings and investments you have. Your lender will review this information and tell you how much we can lend you. This will tell you the price range of the homes you should be looking at. It makes sense to talk to a professional before you start the home hunting process, then you will know your boundaries and limitations- if you would like any recommendations or advice please feel free to ask us.
Once you have narrowed down the areas and suburbs you prefer, begin your research – read the papers, property guides and real estate magazines, search online and keep track of all recent listings and sales. Spend time in the area your looking into, go for a walk, run or ride with the family, you are bound to see much more at a slower pace. Remember if you find a property that you are interested in, please contact us, even if it is not for sale we may be able to show you though or suggest something similar.
If possible, attend an ample range of open homes to get a feel for the current market pricing for the types of properties that you are interested in. After a couple of weeks, you will be able to make an informed assessment of what a property is worth. You will know what features are fairly standard in the properties in your price range, and how much extras (such as a extra bedroom, double garage or a view) are likely to increase the price. You will be aware of the demand there is and what the most recent prices are. Basically, you’ll know what is fair-market-value when you see it.
When inspecting a property take your time and have a good look around, and be sure to ask the agent any questions you might have.
Negotiate & Make An Offer
You’ve finally found the perfect property and now its time to put pen to paper!
Work alongside your agent and advise them of your circumstances- have you just sold your home, is your tenancy coming to an end or are you downsizing or upsizing? Having an honest relationship with your agent will make the process much easier as they can translate this information to the Seller and mutual agreements can be made to suit all parties. Also think of what you can offer to the Seller to achieve their goal, a larger deposit to show your goodwill? A longer or shorter settlement period? Again, communication is the key for successful transactions and will ensure excellent results for all involved.
Congratulations! it is time to start packing! Be sure to arrange a pre-settlement inspection with the agent to ensure that everything is per the contract conditions, noting any included chattels or excluded fittings. It is recommended the pre-settlement inspections be conducted once the property has been vacated by the seller or its occupants. Commonly, the solicitor or settlement agent will attend the actual settlement on the buyer’s behalf and both the seller’s and buyer’s solicitors will notify the agent once settlement has occurred.
Relax & enjoy your new space!