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Preparing to Buy

By Claire Briggs

Once you have found a number of properties that fit your search criteria, you need to view them in order to see which one best suits your needs.

It’s important to remember the following during the buying process:

  • Inspect the property
  • Assess the property against your search criteria
  • Engage the experts – you may consider having a property inspected by a builder or architect
  • Organise your finance
  • Ideally, you need to inspect the property more than once before your final decision is made, and inspections should be made at the advertised times, or by appointment through the real estate agent. If you are planning large-scale renovations or extensions, then it is particularly important to engage an expert to inspect the property. Both Archicentre and the Housing Industry Association (HIA) can offer this service for a fee. They inspect and report on the state of the property, including the structural condition, damp and termites. When it comes to organising finance, confirm with your financial institution or bank the amount they are willing to lend you and calculate this with your capacity to repay, without negatively impacting on your lifestyle and other financial commitments. Don’t forget that (variable) home loan interest rates can move up or down, so you need to have a bit of leeway to cope if this happens.

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