Buy

Buying Tips

Owning your own home remains one of the great Australian dreams. Whether you are a first time home buyer or a veteran of several homes, the thrill of finding the perfect home and making that successful bid or offer never wanes. Ray White Narangba offers specialist services in finding you the perfect home.

Property Wishlist

To further assist in buying your new home, we have provided a property wishlist that allows you to highlight the key features you are looking for in your new home.

We recommended printing and filling out the wishlist, and contact us to send a copy or come into our office if you are interested in Ray White Narangba assisting you in finding your new home.

Download Property Wishlist (PDF)

Buying Tips

While owning a home means different things to different people, there are some common reasons for investing in a mortgage:

General Buying Tips

  • Building up equity in a home by making regular mortgage payments is one of the best ways for many people to save a large amount of money over time.
  • Unlike rent, the money you spend each month to pay the mortgage goes directly towards purchasing your own valuable asset.
  • Home ownership is usually a safe way of investing money over a long period, and, depending on location and other factors, the value of the asset is likely to appreciate over time.
  • When you own your own home, you no longer face problems associated with renting – no visits from the landlord, no need to renew a lease every 12 months or so, no need to ask permission when you want to make improvements.
  • Many people anticipate that owning their own home will make things easier when they retire. Buying a home is not only one of the largest purchases you’re likely to make, it can also be one of the best long-term investments – so it’s important you get it right. This means doing your homework and making sure that the property you are buying is the right one in terms of price, location, value, size and lifestyle.
  • The fear of being rejected for a home loan is a big concern for many first time home buyers, so we strongly suggest you get pre-approved for a loan before looking at prospective properties. This will not only help you feel more confident, it will also give you an advantage when there are multiple interested parties for a specific home. The fact that your loan has already been approved is of great value to you when negotiating, as any offers you make you know you can back up with the funds required promptly.
  • Purchase at an affordable level – carefully consider your income level and living expenses. Take into account future considerations such as; getting married, having children, additions etc. Your dream home is certainly worth a sacrifice but don’t mortgage your entire future for it. Budget for interest rates to be at a two percent higher level than they are now and see if you can still afford the repayments.
  • Check out all your costs and expenses before you sign: taxes, insurance, maintenance, council and strata fees etc, if applicable. Make sure all the utilities are on (gas, electricity, and water) so you can inspect everything in working order.
  • Do a pre-settlement inspection: visit the property on the day of settlement or after all the furnishings have been moved out to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Many times, things are unintentionally overlooked or damaged by a removalist company that could have been spotted in a final walk-through and resolved prior to settlement.
  • If it’s not in writing, it doesn’t exist: all promises and discussions are to be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Having an ongoing log (in writing) of all discussions can be a valuable and worthwhile exercise.

Buying at auction

  • It pays to do a large amount of research about the auctioning process and property values before seriously bidding at an auction. Attend other auctions and investigate the auctioning outcomes in each case.
  • Usually, bidding at auctions is on an unconditional basis. You are not able to place special conditions (e.g. subject to finance) and are not generally given a cooling-off period. You will normally be required to make your deposit payment at the auction (approx 5-10% of purchase price).
  • Be sure to read the terms and conditions of the auction so that you understand all of your obligations before bidding. It is essential to get a Solicitor or advisor to review the contract and conduct searches prior to the auction day.
  • Be certain to set yourself your upper limit and be unemotional in your approach. It is often helpful to take a third-party gatekeeper (Advisor, Agent, Financer or friend) to ensure you do not exceed your limit.
  • In Queensland, it is a requirement that you are given a copy of the terms and conditions of the auction sale at the start of an auction. These rules should also be read out to prospective bidders. At this stage, you should check with the Auctioneer to make sure there are no changes to the contract you were given earlier. Feel free to also ask questions of the Auctioneer or the sales consultant before the bidding begins.
  • If you intend to place a bid at a Queensland property auction, you must be registered to bid. Once you have registered, the Auctioneer must provide you with a unique identifier (usually as bidder number or a plaque).
  • In Queensland, there is no cooling-off period for property auctions. So it is wise for you to make all the necessary checks such as title, building inspection, pest reports, etc. before the auction. Remember having a no cooling-off period means that if you are the successful bidder, you will be stuck with the property even if the property is defective or you cannot afford it.
  • In Queensland, Auctioneers are allowed to accept vendor (property owner) bids before the reserve price has been met. However, to ensure that it is all fair and transparent, the Auctioneer must announce that it is a vendor bid.
  • If you are the successful bidder, you must sign a contract immediately and pay your deposit on the spot.