Tips When Buying Your First Home

Undertake a thorough inspection of the new property
Be prepared to compromise
If at all possible – “Cash is King”
Do thorough research on property prices in the area.
Don’t make “stupid” offers
Consider security issues
Know why the seller is selling
Consider the area from a future selling perspective
Ask about planned development in the area
Ask how long the property has been on the market
If there are things to be done, negotiate to reduce the price and do it yourself
Unless there are good reasons not to, make the expiry period as short as possible.
Get a bond pre- approval if applicable
Provide your FICA documents to the agent on request.
If the property is tenanted ask for a copy of the lease
If the sale of your property is “subject to the successful conclusion” of the sale of the buyer’s property, make sure you know about the terms of that sale and what it realistically should achieve.
Don’t try to meet the seller in an effort to close the sale
If you can’t raise a minimum (10%) deposit you will in all likelihood not get a seller to accept your offer
Don’t try to get your attorney to effect transfer – the risk of the sale is that of the seller
If you are a first- time buyer, ensure you deal with an experienced agent