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Purchasing property is likely to be one of the most significant financial commitments of your adult life. It requires considerable thought, planning, and due diligence. While you can go through the different stages of the property purchase process yourself, it would be a lot easier to rely on professional guidance to cover all your bases. Here’s a quick look at areas of professional advice you should ideally not compromise on.
#1 Property Inspection Professionals
Inspecting your property well is crucial for determining its correct value and negotiating the right price with its seller. It is best to get a building report from a licensed professional that encompasses detailed information on the given, among other factors.
- Structural Soundness: Structure strength and expected longevity of the property.
- Council approvals: Especially for property changes during a renovation.
- Pest issues: Among all forms of pest concerns, be particular about termite infestation.
In case you have limited resources for inspections, look for online professional property evaluation websites. If one of these websites has already conducted a report on the property in question, then it may just be possible for you to get the building report for a significantly discounted price. Your mortgage broker can guide you on the right inspection professionals.
Learn how much you can save through refinancing.
A conveyancer will check the contract for the following reasons
- Ensure that vital property details like ownership, land size and zoning conditions are accurate.
- The property does not have any significant debt associated with it that could get transferred to the buyer.
- The property isn’t in some area that is likely to undergo massive reconstruction or redevelopment by the government.
- There are no potential red flags or adverse clauses that could impact the buyer.
Getting your property contract evaluated by a conveyancer should be a non-negotiable step for every buyer.
#3 Mortgage Broker
Getting suitable finances for your property is a crucial part of your property buying journey. With over 5000 mortgage products on the Australian market, finding the right match could be challenging. Here’s how a mortgage broker can help.
- Each borrower is unique. Your broker will understand your circumstances to establish your challenges and goals.
- Equipped with this information, your broker will scope the market on your behalf to find the right match and help you make an informed decision.
- They will also check your eligibility for government schemes and grants.
- Your broker will finally handle all your loan paperwork and keep you posted on your application process.
The best part of going with a mortgage broker is that their services are usually free for borrowers as lenders pay them a commission once they settle a loan. To know more about the benefits of a mortgage broker, click HERE.
Other professionals, you may deal with include:
- The real estate agent who is representing the seller
- A property manager in case you are looking to buy an investment property
- A buyer’s agent if you are looking for a professional to search, evaluate, coordinate, negotiate a property deal on your behalf
For more information on what a buyer’s agent can do for you, click HERE.
Reach us for the best way forward as per your circumstances.
The information is a compilation from various sources for your benefit and should not be relied upon in lieu of appropriate professional advice.