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5 things to do before making a property offer

You've swiftly scoured the market, identified some stunning properties, and selected your top picks. Now, it's important to dive a little deeper before making any commitments. In this blog, our expert real estate agents have curated five essential steps that home buyers should consider, ensuring they're making an informed decision about the purchase price and how to make a compelling property offer.  

Compare the market

Identifying the true value of a property requires some homework, but a solid understanding of the market can ultimately save you a significant amount of money. To get started, contact your local Belle Property agent for a detailed report on neighbourhood trends and recent sales. This will give you a comprehensive view of the area’s market dynamics before you make a property offer. 

Make a point of visiting open houses in the neighbourhood to compare property features and prices firsthand. This will provide you with valuable insights into whether the asking price is reasonable or if there's potential for negotiation. Once you have this information, you’ll be better equipped to move forward with confidence to the next step in your home buying journey. 

Check the title

Different types of titles exist for different property types, and each has its own legalities. Australian houses typically have a freehold Torrens Title. Australian units, townhouses, villas, and commercial spaces are usually governed by Strata or Company titles, and each system has its own bylaws, levies, and responsibilities. 

When choosing a property, consider the advantages and disadvantages of each type and title as well as your plans for the property in the future.  

Review the paperwork

When a property is ready to be sold, the seller (also known as the vendor) will create a contract with details about the property.  

The contract of sale includes information about zoning, drainage, land plan, and ownership. The contract will also outline the sale process, payment terms, and transfer of ownership. This information has legal implications and can be very complex to the untrained eye so it’s important to seek professional advice at this point.  

Engage a conveyancer or solicitor

Once you have narrowed down your choices, it’s time to review the specific details of each property with a conveyancing expert. A conveyancer or solicitor can provide valuable insights and guidance and this step is essential before making a property offer. 

This step of the process is necessary to raise any red flags and pave a smooth road to settlement. Both conveyancers and solicitors can provide valuable services to ensure your property transaction proceeds smoothly and legally.  

You can engage a conveyancer or solicitor at any point during the process to work with you to handle the steps outlined in this checklist. They will read the fine print of the paperwork and take care of the legalities, so you don’t have to. 

Organise building and pest inspections

The inspection process is a key step in the legal checklist when purchasing a property and is seen as a final hurdle. A qualified professional is required to inspect your potential property and its overall condition including any damage or pests. Then, they a report is drafted with their overall findings. 

Investing in inspections before settlement can save you a lot of money in the long run. If the inspections all check out, it’s time to make your decision and put forward an offer. 

For specific advice on making a property offer, speak to your local Belle Property agent today. Be sure to check out our posts on Top Auction Tips for Buyers and Key Steps to Property Settlement for more insights.

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