Whether you are buying a property for you to live in, or buying an investment property, the purchase of a property is a big decision and requires a certain amount of planning.

Anreps have compiled some tips to assist you during this process:

Finance

How much can you afford to spend on a property?  We suggest you visit your financial institution to discuss your finances with an expert to determine how much you are able to borrow and which type of home loan will best suit your needs.  You will also need funds available to pay a deposit on the property, this is payable at the completion of the cooling off period.

What type of property?

Buying property is all about compromise.  Therefore it is wise to decide in advance your needs and what your “must haves” are. 

• Do you need a 4th bedroom or would a 4th bedroom be nice?
• Must your home be on a large block or would you prefer more inside living space?
• Do you want to live near transport links or would you prefer less traffic?
• These are the questions you will need to ask yourself and decide where you are willing to comprise. 

Making an offer

When making an offer, you should be aware that you may only have one chance to make your best and final offer; discuss this with your agent.  Particularly if the agent receives multiple offers, the vendor may select one and sign a contract of sale, leaving you disappointed.   But the reality is, you may only get one chance to make one offer so ask yourself ‘how much am I willing to pay’ and consider this in making offer.

Also be aware that it is not just the price that is important.  Are there any conditions attached to the offer?  Do you need finance approval?  When can you settle the sale?   Make these clear on the offer so the Agent and the Vendor are fully informed.

Under new real estate legislation, all offers to purchase property must be made in writing.  It is important to put the offer in writing is so that there can be no misunderstanding about the offer.

This can either be in the form of a contract or a by completing an offer form.  Anreps have made this simple by adding an offer form to the bottom of the brochure or you can download the form below.

Download Offer Form

Deposit

Once you have signed a contract, received the form 1 and completed the cooling off period, you will need to pay a deposit.  This will be an amount agreed prior to signing the contract of sale and usually represents 10% of the sale price.  The deposit is held in the Agents trust account.  A trust account receipt will be issued to you when you pay the deposit.

Insurance

In South Australia after the cooling off period you will need to take out building insurance.  Therefore we recommend you contact your Insurance Company upon signing a contract of sale to discuss your insurance requirements.

Settlement

Once the contract has been finalised you will be dealing with both your Anreps consultant and your Conveyancer. The Conveyancer is responsible for legally transferring property ownership from one party to another.

Just prior to settlement check with your Anreps Consultant where and when keys can be collected for your new property.

Settlement usually occurs about midday at the Lands Title Office, please be aware that delays do occur.  Unless otherwise agreed you cannot enter the property until after settlement has taken place.

Download purchaser’s checklist.