2 BUYING YOUR PROPERTY


SECTION CHECKLIST: WHAT TO CONSIDER WHEN BUYING YOUR PROPERTY


Research, plan and make sure you know what you are looking for – and what you can expect from other people in the process …


Find yourself a good agent. Try to meet them in person, seek recommendations and don’t forget that they are usually acting for the vendor.


Is the agent licensed or a member of a professional body such as the AIPP?


Ask lots of questions to test their market and local knowledge. Quality agents should be prepared to advise broadly on the region, the property and the buying process.


If you choose to go on an inspection trip, paying your way can facilitate greater freedom. There’s no such thing as a free lunch.


If buying new-build, check the track record of the developer, what have they built recently, has it been built on time, and how have their earlier projects fared?


For bank-owned properties and short sales, it is advisable to deal with someone who specialises in that field – you need expert experience.


Don’t proceed without independent legal advice or sign anything you don’t understand, get it checked by your lawyer.


Budget for the legal fees, purchase taxes, and all the additional costs you might incur as part of the purchase, including money-transfer fees, mortgage arrangement fees, and survey (where applicable).


What about ongoing costs? Can you afford to own a second property? Don’t forget management costs if renting, income tax on rental income, insurance and community fees.


Investing a little extra in marketing tools can help your property compete in the rentals market if this income is something you’re going to need to rely on.


AIPP CONSUMER GUIDE 31


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