Facts, Answers & Information Overload

We understand purchasing and selling a property can be daunting, so feel free to pick up the phone to Opal Realty. We live and breathe this stuff, so we are happy to answer any questions or address any concerns you may have.


When purchasing a property, ask some poignant questions, that are not clearly obvious. Everybody asks these three questions – be different, dive deeper:

  • How long has the property been on the market? - Is this relevant? The property is available now, does it suit your criteria?
  • Is the owner negotiable? - Agents write up all reasonable Offers – So put your Offer forward and ask for Seller feedback.
  • Why is the Seller selling? - Is this relevant? The property is available now, does it suit your criteria?

Before house hunting, have you considered your finances. The best solution is to consult a Finance Broker. They will give you a range of options available and advise your borrowing capacity, the costs involved and the suggested deposit amount.

 

WISH LIST & REQUIREMENTS
Once your finances have been determined, you can start thinking about your potential new home.

  • What are you looking for in a house?
  • How much can you afford?
  • Are your needs likely to change in the future?
  • Does the property have enough space for my needs?
  • Will the house need renovations or upgrades?
  • How much upkeep will the property require?
    





LOCATION FOR LIFESTYLE
Location is fundamental, as it impacts everything from initial cost to future value and lifestyle.

If you plan on living in the house, how will the property affect your lifestyle on a day-to-day basis?

  • How long is your work commute.
  • What is the orientation of the house?
  • Is the property located near public transport, local amenities and schools?

 

PROPERTY CONDITION AND HOME INSPECTION

Regardless of age or location, each property presents buyers with challenges and opportunities. To understand the true value of each house, you need to carry out a thorough inspection of the property.

  • What appliances and fixtures come with the home?
  • Are any visible repairs needed?

 

FINANCIAL ASSESSMENT
Each property purchase should be analysed with a fine-toothed comb. You may be buying a new home for your family, but emotions need to be put aside. A detailed financial assessment looks into every aspect of the house, from upfront costs of buying a house to future expenses.

When you analyse property costs against potential income and capital growth, you’re likely to make a better decision.

  • How much are the Council rates and any other ongoing costs?
  • What’s the potential rental yield?
  • Is there any potential for future renovations?
  • Are there any restrictions, easements, and covenants on the title?
  • Are there any zoning issues or land use restrictions?
  • Are there any known issues with the property?
  • What are the Strata fees

 

INVESTMENT POTENTIAL
Property values go up and down. To find the right house, it’s important to understand the cost of each property against surrounding suburb market reports.

  • How much have other houses in the area sold for recently?
  • What’s the suburb profile like, and how has it changed over time?
  • Are there any planned infrastructure or developments that could affect property values?
  • What’s the potential rental yield?

 

OFFER TIME
There are lots of things to consider during the final stages of a property deal, and they’re not always obvious.

  • Check with your Finance Broker / Bank to ensure your offer is serviceable.
  • Who is going on the Certificate of Title?
  • Joint Tenants or Tenants in Common? Joint Tenants own equal shares, and if one owner passes away, their share automatically goes to the other. Tenants in Common allows different ownership shares, and each owner's share can be bequeathed to a third party. Choose based on whether you want automatic transfer or control over inheritance.
  • Do you require a Termite & Building inspection?
  • Check all improvements are Council approved? If not please discuss with your Real Estate Agent and have it noted on the Contract of Sale.
  • Are all items in working order?

 

SETTLEMENT IS UNDERWAY

When can I get the keys?
Generally, the keys are available at 12pm the day after settlement, if the property was occupied. If the property is vacant, the keys are generally available as soon settlement is completed.

I’m going to be away during the settlement period.
Always let your Conveyancer know if you are going to be away at all during settlement. That way we can ensure that all the important documents can be signed before you go, or that there is sufficient time to for you to sign on your return.

I’d like to settle before the due date. Is that possible?
It does depend - if the seller agrees to bring settlement forward and if your bank and the sellers bank will be able to settle earlier. Always speak to your Conveyancer first so they can find out if the other parties are able to bring it forward.

During my final inspection of the property, I was not happy with some items.

It really depends on what the issues are and what special conditions are in your contract. Have a chat to your real estate agent and your Conveyancer to find out more.

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