Purchasing a home is a big decision and a considerable financial commitment….
Following are some tips to consider when purchasing a home. There may be other matters that are relevant to the particular property that you are purchasing and you should always consult your solicitor prior to exchanging contracts to purchase a property.
We have listed only some of the many inquiries that you should be made prior to exchange of contracts:
You should organise to:
(a) arrange for a licensed Building inspector to inspect the property.
(b) Consider whether there are any reasons to arrange for additional inspections by an electrician and/or plumber and/or architect and/or engineer.
(c) arrange for a Pest exterminator to inspect the property.
Check the inclusions that pass with the property and check to confirm that they are in working order. Generally anything that is a fixture passes. However, to make sure that the items pass it is worth listing all inclusions. Such items can include Gas Stove/Electric, Stove ,Range Hood, Curtains TV Antenna Dishwasher, Evaporative/Recycled Air Conditioning, Gas or Wood Heater, Pool Equipment, Water Features, statues, Clothes Line etc.
You should consider obtaining a survey to confirm that the improvements are erected within the boundaries of the land.
Make sure your finance is in order prior to exchange of contracts. Make sure that you will have the funds necessary to complete the purchase by getting an accurate idea of all your expenses. Do not forget to include the costs of stamp duty, inspections, finance fees including stamp duty on your mortgage and mortgage insurance, legal fees and insurance for the property you are purchasing.
First Home Owners
Consult a solicitor to ascertain whether you are eligible for the First Home Owner Grant and/or the exemption from stamp duty. Eligibility criteria have recently changed and you should seek advice before relying on the grant or exemption.
Consider whether there are any specific matters or issues to be covered in the Contract such as repairs prior to settlement or unique aspects of the transaction. These should be included in the contract.