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Step by step guide to buying property with Amy & Pete

In this Australian Retirement Podcast episode, get 7 easy ways to boost your retirement balance.

Listen to this Australian Property Podcast now

This episode covers the step by step process AFTER you’ve gone through the finance process, which we covered a few episodes ago with Owen & Chris, however some of these steps can be done before you get your finance sorted

 

  1. Research – last weeks episode covers this but is an essential step which a lot of people skim over, especially home buyers. Do recommend doing this before you get pre-approval, never too early, but regardless of when you do it the key things you’re ideally wanting to understand are:
    1. What’s happening in the market – broader and locally, why? Prices influence how quickly you have to move on offers, factoring into your appraisal & budget. Supply & scarcity   
    2.  Research to create your PROPERTY BRIEF: your shopping list / workout plan -> ESSENTIAL STEP to moving forward
  1. Educate yourself
    1. Learning about the fundamentals of property: settlement, conditional offers, building inspections, state specific rules
    2. Attending inspections & auctions, familiarising yourself with properties, meeting agents, starting to understand the lingo
    3. Spending more time exploring the neighbourhoods
    4. Potentially refining/changing your brief
  2. Search phase: once pre-approved and emotionally ready, actively searching
    1. Be proactive with online searches
    2. Off markets & agent communication
    3. Prioritising Saturdays and seeing properties asap
  3. Due diligence: once you’ve found a suitable property / green light
    1. Free and straight away: appraisal, local area check, council call, planning checks, landchecker, body corporate/owners corporation, old photos, agent info/notes, inclusions, speak to broker
    2. Contract review- when and why
    3. Building inspection & any other trade quotes – when and why
    4. Important to still keep searching throughout for backup plans. Sometimes 2 options need to strategise re timing
  4. Making an offer OR bidding at auction
    1. Making an offer: how? Ask agent their process and timeframes. Conditional versus unconditional, price versus terms. Deposit
    2. Auctions and buying prior
  5. Post sale – documentation, finalise loan, final inspection, insurances, utilities

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The information on this website and in our podcasts is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. Please read our Terms & Conditions and Financial Services Guide before using this website.

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