So, you’ve found a property in Brisbane that you want to submit an offer on. What’s the buying process from here?
How to make an offer
Making an offer on a property can be as easy as calling the listing agent and telling them how much you are prepared to pay for the property. Before that however, you should make sure that you have researched the property, the area and have your finance in place (see our article on Buying Tips for Purchasing Property in Brisbane). Your agent will assist you through the process and negotiate with the owner. It may be a good strategy, especially if there is a lot of interest in the property, to make your best offer first to show the seller that you are serious and encourage them to take your offer over others.
Bidding at auction
It can be daunting to bid at auction, so a good tip is to attend some auctions before you are ready to bid on a property you are interested in. It’s even better if you can attend auctions in the area that you are interested in buyer, with Brisbane property that is comparable to the property that you would like to buy. Auctions are often emotion charged. It’s important to stay calm and know your strategy so that you don’t get swept away in the process and bid more than you would like. Have your finance already organised before bidding at auction because if you overcommit at auction and have to walk away from the sale, you may lose the deposit that you will need to pay on the day.
Cooling off periods
Cooling off periods are mandatory in Queensland and occur immediately after the buyer commits to purchase a property and allows time to back out of a sale if you change your mind. You can back out for any reason, but some states have financial penalties. Always check your contract.
Building and pest inspection and pre-purchase reports
A building inspection looks at the state of the property you are looking to purchase and a building inspector will provide a report for you so you can see the state of the roof, floors, walls, plumbing and electrical and whether there is any cracking or rising damp. They will be able to let you know what the property is like structurally and whether you might expect any large repairs. A pest inspection looks for infestation, mainly of the termite variety. It’s really important to have this done so that there are no surprises. To undertake this service, you can usually get referrals from your real estate agent who will have a list of recommended providers. Contact ELDAD Property Group to get a list of our recommended building and pest inspection recommendations in your area.
If you are purchasing an apartment or townhouse, you should also check on the finances of the Owners Corporation which includes researching the minutes to identify any possible building issues or upcoming large outlays. Other inspections might be necessary depending on the property you are looking to purchase and ELDAD Property Group can assist you to identify these throughout the contract stage.
Hiring your professionals
When buying property, there are a number of professionals that can assist you to make your transaction as smooth as possible. First, you need a Real Estate Agent in Brisbane. They will help guide you through the process and negotiate the best deal for you and the seller.
A good accountant is required. Someone who will help you develop your financial strategy, the best entity for purchasing the property and how to structure the deal. Separate to your accountant, you will need a good mortgage broker or bank manager. They will help you to get the best mortgage deal to finance your property.
Next is a conveyancer or property lawyer who will handle the legal aspects of the sale and the transfer of the deed. Getting the right fit for you is important. If you need additional support through this process, then you might want to seek referrals from others rather than going with the cheapest option or a conveyancing firm who don’t offer the additional care and support that you need.
A good Building and Pest Inspector is a must. You are looking for someone who has a track record in inspecting the type of property that you are looking to purchase and knows what to look for in regards to structural issues, asbestos, fire and emergency systems and termites.
ELDAD Property Group can help you to find the right professional for your needs.
Common mistakes
The common mistake when considering property for sale in Brisbane are:
- Buying a house based on emotion rather than financial strategy
- Making offers based on emotion
- Not getting financial pre-approval prior to bidding at auction
- Not reviewing the contract prior to signing and
- Not having a strategy or knowing the market that you are buying into
https://www.realestate.com.au/advice/buying-process/
For more information and to discuss your property strategy further, contact ELDAD Property Group. We’d love to help you achieve your property goals.