Buying a House in NSW?

This article looks at what purchasers should consider before deciding to purchase a property.

Arrange Finance

Before beginning the search for your new home, it is important to consider what your budget will be, and what arrangements will be made to finance the purchase. If you would like to arrange a mortgage or home loan, you will need to look at your long-term financial situation, and the amount of time you would like to spend paying back the loan, and whether you will be able to do so. Some financial options for purchasing a home include:

• Mortgage;
• Home loans; or
• Personal loans from family or friends.

Once you have received pre-approval for a mortgage, or organised other means with which to purchase a property, you can begin looking at different properties.

Inspect the Property

Once you have found a property that you are interested in, you will need to inspect the property to ensure that there are no defects that have not been disclosed by the vendor. While the vendor is required to disclose some information about the property, there are additional searches that a purchaser can conduct to ensure that they are making a fully-informed decision.

Purchasers can employ building and pest inspectors to make sure that the property meets their expectations. Where a purchaser has engaged a solicitor or conveyancer, their representative may also conduct additional searches into the water and drainage, enquiries relating to land tax, or Council rates. The purchaser will also be able to inspect other features of the property before settlement to make sure that they are happy to proceed with the purchase.

Contact a conveyancer or solicitor

Given the complexity of the conveyancing process, it is advisable that you contact a conveyancer or solicitor to assist you. They will be able to help you while navigating the rules and regulations surrounding property law, making the sale of property a smooth transaction. Conveyancers and solicitors will also have experience in conducting relevant searches on the property to ensure that your final decision to purchase the property is fully informed.

If you are a prospective purchaser and would like to contact a solicitor to assist you in navigating the conveyancing process, please feel free to contact our office on (02) 8580 2312, or alternatively by email at info@atalegal.com.au.