Vision Finance and Property
Chartered Accountants & Business Advisors
Super Back Office

Buying your first home - the steps in purchasing a property

Buying a property involves many steps and we would like to provide the following tips which we would regard as very important in buying any property (not just your first):

  1. Decide what you want - What suburb, what type (house, unit, etc), how many bedrooms, proximity to shops, parks, transport, etc.
  2. Take your time - Be a smart purchaser – do some research and this will take time. Look through relevant websites, newspapers. We can assist you with online searches, etc.
  3. Commence finance pre-approval - This will give you more confidence in what price you can offer. We will also be able to let you know any other important factors in the deal.
  4. Never sign anything without a finance approval - If you enter a contract or any other commitment to purchase a property and your finance falls through, you could lose significant amounts of money. You may receive pressures from others to do this – but you must resist this temptation.
  5. Engage a solicitor or licensed conveyancer - When you find a property, you might want to move quickly – so it would be beneficial to have decided on who will perform this task for you.
  6. Ask the real estate agent for a copy of the contract - NEVER buy a property before a qualified person (solicitor / conveyancer) has looked over the contract thoroughly and advised you of the major points.
  7. Understand the exchange and settlement processes - These can differ from state to state and from property to property – make sure your solicitor / licensed conveyancer takes the time to explain these processes. Make sure you understand if you have a ‘cooling off period’.
  8. When you find a property you like, arrange for a building and pest inspection - NEVER buy a property until a licensed builder and pest inspector have performed these very important checks.

Other important information sources The list above is not an exhaustive list of everything you need to know – it is a quick easy set of tips we have put together. Other useful sources of information are:

  • Your State based Real Estate Institute – links to Real Estate Institute links
  • Your State based Department of Fair Trading – links to Department of Fair Trading links

You can access their websites or ring them if you would like more information.

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