Buying Tips

BUYING TIPS

First Home Owners
Real Estate is often quoted as the great Australian dream.So you’ve worked hard and made sacrifices to save for the deposit on a home of your own in Merimbula, Bega, of Tura Beach. What happens next? Firstly congratulations. Saving a deposit is a milestone in itself and a goal well achieved. And so now the fun part begins…. you finally get to scan the real estate internet sites and shop windows to find your dream home. Or do you?

Going into a real estate transaction without doing your homework first can cause unnecessary stress. The property you are about to purchase will be one of the most expensive purchases in your life. So you will want to get it right. Read over our buying tips below to swot up on a few things that you may already know about buying real estate and some that perhaps you don’t.

Experienced home owners
You’ve lived through that heady excitement of your first home purchase, developed an intimate relationship with your bank and painted, papered and gardened your annual leave and weekends away. You consider yourself a savvy real estate investor with a good working knowledge of the real estate and property industry. And now it’s time to do it all over again.

Something bigger – a new home in the Glen Mia Estate, a better location – a prestigious waterfront property at Tura Beach, more land – or a low maintenance townhouse in Merimbula. Whatever the call is – you’re lining up to go through the process again. So… how have things changed? Is there anything you should be aware of? And heaven forbid…. Do you really have to bid at an auction? To brush up and fine hone your real estate purchasing skills have a read over our buying tips. And if you can add a few tips that really ought to be there – email your suggestions in. We are always pleased to share real estate advice.

Buying Tips

1. Speak with your financier to establish how much you are able to borrow to buy a house, unit or townhouse and to find the best loan for you. Most of the major banks have offices in Merimbula and Bega. Be savvy and shop around – some of the online banks have excellent rates and services.

2. Calculate extra charges such as lending fees, stamp duty, taxes, legal fees, property inspections and the like that will be charged in the real estate purchase price. Your local bank in Merimbula, or Bega will be able to assist with fees. Don’t forget to speak to a local law firm or conveyancer for their costs too.

3. Consider your home loan repayments. Will you still be able to live comfortably? Draft up a budget and include all those one offs, regular payments and maintenance costs. Buying real estate shouldn’t mean an enforced diet.

4. Prepare a list of preferred areas or identified features in a home that suit your lifestyle. Different areas will attract different price brackets. A beachfront property at Tura Beach and Pambula Beach will cost more than a country home in Bega. Detail location, size and features that you require in a home. If it is your first home then be prepared to start off small. A doer upperer at Bega or Wolumla may be a better option than building your dream home at Dolphin Cove. Consider added costs of living further away from your workplace or lower costs if you live closer. If you work in Bega and live in Merimbula be prepared to budget a considerable amount for petrol and ongoing car maintenance.Think carefully about wants versus needs. Do you really need a five bedroom two bathroom mansion at Shortpoint? If there is only two of you perhaps a smaller property at Pambula Beach may suffice? Perhaps some identified requirements may have to be foregone in favour of more important considerations. In summary think carefully about your real estate needs. If you are a first time home owner would it be best to continue to live with Mum and Dad and rent your property out for a while to help while you are recovering financially from the purchase costs?

5. Research real estate sales in your preferred areas using the Fisk and Nagle recent sales listings. Look at a wide range of property in your selected areas so that you gain a feel for the price. Properties within an suburb and by agent can vary greatly in price. That brilliant view over the Merimbula Lake may be important when you buy and sell the house but is it worth an extra $50,000? Attend open homes and auctions and do drive bys at different times of the day. A house on Merimbula Drive may be quiet at 4pm on a Saturday but very noisy 7am to 10am weekdays.

6. Develop a relationship with a Fisk and Nagle Agent specialising in your preferred area. Fisk and Nagle have offices in Bega,  Merimbula and Tura Beach. All of the Fisk and Nagle sales team are specifically trained to provide you with the right advice for your real estate requirements. Give them your real estate “wish list” you created and the price you can afford.The agent will be able to offer additional advice and also alert you to new properties before they reach the media.

7. Locate a solicitor to handle the purchase of your real estate and ask for a list of their charges and any other costs involved in the settlement of the property. Don’t forget to consider Stamp Duty and an amount to cover your percentage of council and water rates. The local Bega Valley Council will be able to assist with rates enquiries.

8. Set aside an amount for moving. If you intend to do it yourself, consider trailer hire, petrol, food to feed the army of helping friends etc If using removalists contact several local firms and obtain some quotes. Think carefully about when you want to move. If the settlement date on your beautiful new Merimbula property is on Friday will you be held up by delays and is it more cost efficient to move during the week? – added advantage when kids are at school!

9. When you find that dream real estate in Bega,Pambula Beach, Tura Beach or Merimbula that suits your requirements, ask your agent to send a copy of the sale contract to your solicitor or conveyancer.

10. We recommend that you arrange a building and pest inspection to make you aware of any major defects and pest concerns eg: white ant, termites. This should apply to any property that you intend to purchase. You may consider that country residences in Wolumla and Bega and newly developed land at places such as Tura Beach may be at greater risk however the reality is these issues can apply to any real estate in any area.

11. Following your solicitors or conveyancers advice on the sale contract and taking into consideration the building and pest reports, you are now able to make an informed decision to proceed with an offer on the property through the agent.

12. If you are bidding at an auction, we recommend you read the Office of Fair Trading’s “Bidder’s Guide” before you attend the auction. You can find a copy of the Bidder’s Guide on the Fair Trading website at: http://www.fairtrading.nsw.gov.au/Tenants_and_home_owners/Buying_property/Bidders_guide.html

13. Once negotiations have been finalised, you will be required to sign the sale contract and pay a 10% deposit. The vendor will sign their sale contract and the solicitor/conveyancer or agent will exchange the contracts. The first step in owning real estate has occurred!

14. When you have signed a contract on a property you will need to arrange an insurance cover note to insure the property up to the settlement date, and once settlement has taken place you will need to insure both the building and contents. You will be able to do this locally – either through one of the insurance companies located in the township of Bega or Merimbula or you can arrange a cover note by phone or online.

15. On settlement day, your solicitor or conveyancer may request that you have a pre-settlement inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it and that all the inclusions are as per the contract you signed. It is wise to do this without the presence of children. Pay attention to the particular details that prompted you to make the real estate purchase decision.

16 . If you have pets consider placing them in a kennel or asking a friend to take care of them the night before and the day of your move. Not only is it one less family member to worry about but it will prevent the animals from becoming stressed and getting in the way of the removalists carrying heavy objects. Many properties in the local areas of Bega and Merimbula have fully fenced backyards. If you are able to secure your pets safely in the backyard this may be a practical option.

17. While you are house hunting, and before you move, make a list of all incoming correspondence and then send a note to everyone who has written to you, giving them your new address and contact details. The Post Office outlets in Bega, Merimbula and Tura Beach will be able to assist you with this.

Fisk and Nagle supply this information in good faith as a helpful guide to prospective buyers. Each buyers circumstances vary and Fisk and Nagle recommend that individual buyers make their own investigations and not rely solely or partly on the information provided.

Fisk and Nagle have offices in Merimbula, Tura Beach and Bega. Our staff are trained to assist with all your property and real estate needs.