Buyers Tips

Although buying a home is often one of the biggest financial commitments we make, it’s also an exciting and fulfilling exercise. For those buying a home for the first time it can appear a little daunting.

As the buyer, you must set yourself certain criteria such as the type of home in the location and the price range that you can afford. Lending institutions and finance brokers can very quickly tell you what your budget is and you should not hesitate to contact these people before you actively begin your search for your new home. At Elders Home Loans we offer one of the broadest selection of home loans on the market with access to a panel of over 30 lenders covering all the major banks and non-bank lenders, coupled with our own great range of home loans. To find out more information click on the following link, or call 1300 855 730

Before beginning your search you should research the real estate publications in the area that you’re interested in to get a feel for what your money will buy. In Bunbury there are always open houses available for your inspection on weekends and you should carefully research these properties. Once you come across an agent that you are comfortable with it is a good idea to tell the agent what you are looking for and enlist their help in your search. A good agent will scour the area for you and present properties for your consideration. At Elders Real Estate, our agents pride themselves on service to the customer rather than being a pushy salesperson.

Family priorities play a big part in where you buy and what you buy. You should consider things such as schooling, shops, proximity to work, and of course the number of bedrooms required, shed space, pool, entertainment areas, etc. If you plan on being in that one house for a substantial amount of time you should anticipate potential increases in your family’s size and lifestyle and perhaps resale for the future.

Once you are ready to negotiate on a particular property there are some things you should bear in mind. If you want the seller to seriously consider your offer and to seriously negotiate with you then you will have to appear to be a very serious buyer. There are 3 important things you must do to convey just how serious you are about negotiating this particular property.

The first is that your offer should be a written one. A good agent will help you put together the written offer on the REIWA approved contract form and will help you with any special conditions that may be required.

The second thing that you should do if possible is to be prepared to pay a reasonably substantial deposit. Deposits are totally refundable if the contract does not come together in the first place or if the contract subsequently does not proceed because of a failure to obtain finance. It is often said that you only need to put down $1 as the deposit – this is not correct. You do not need to put a single dollar down as the deposit for the contract to be legal. However, very few vendors / sellers will even consider your offer unless the deposit is reasonably substantial. (If you were selling your car for $10,000 and a buyer said they would pay the $10,000 in 30 days time and they gave you a single $1 as a holding deposit, would you sell your car to that person? Would you negotiate on price? Or would you tell that buyer to go away and you’ll wait for a substantial serious buyer to come along?)

The third is finance approval. This can be a very strong negotiation point for you when your offer is being presented to the Seller. If your finance has been pre-approved for a set amount, the Seller has a greater piece of mind that the contract will go ahead and in the best possible time frame with less risk.

Settlement agents are also something you seriously need to consider. There are many around both locally and based other areas. Picking a reliable settlement agent is a very important task. They will be responsible in helping the settlement of your property take place. Your Elders representative can assist in your selection, but the end decision is still yours. 

Should you wish to have one of our representatives help you find your dream home, you can phone our office on (08) 9780 9777 or call in to see us and they will be happy to help.

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