“GET THE RIGHT ADVICE”
Most people don’t enter into the process of buying a home very often. When they do decide to buy, they probably have little idea of all the ins and outs of the entire process.
It’s hard to know exactly where to turn for good sound advice. Most people will open a discussion with their parents, their friends, their work colleagues, etc, and while you may get some great ideas from talking to these people, they may not necessarily be as up to date or as well informed as others.
Remember, this is probably the biggest financial transaction you have undertaken and the advice you receive (or more particularly if it is the wrong advice) will probably affect your life for a long time to come.
There is really no one person who can help you with every aspect of the transaction and the best advice we can give you is to seek specialist advice in each of the following areas:
a. Financial advice – Whilst we would all like to think that every transaction we do will turn to gold, the reality is that it doesn’t. You will be exposed to financial risks and you should go to someone that is trained and experienced in financial matters. This person will look at your own financial profile and will be able to direct you in terms of your borrowings, taxation implications, your capacity to repay and how to minimise the term and extent of your financial exposure.
b. Mortgage Advice – there are many different loan products available on the market and the one that suits you better than the rest may not be with the bank that you have always dealt with. Ask other lending bodies – banks, credit unions, cooperative housing societies or seek advice from a reputable mortgage broker who has access to all of those products that are available. Know what you can afford to spend before you start looking for a property.
c. Legal Advice – There are any number of legal pitfalls in property transactions. Licensed Conveyancers are specialists in Property Law; that is what they do. Your Licensed Conveyancer will describe the terms of the Contract to you, they will help you negotiate terms that are more favorable to you and they will ensure that you are aware of your own obligations as well as ensuring that the other party to the transaction honors their obligations. Most importantly they will discuss with you the characteristics of the property you are buying, which may or may not be exactly what you thought it was.
d. Building Quality Advice – Since the Seller does not have to admit to quality defects, you should get advice from a professional as to those defects if any. Know what you are getting in to before you buy it. Your licensed conveyancer will be able to assist with ordering these inspections.