Avoid these pitfalls when buying or selling a property!
Buying or selling a home can be exciting as it is stressful, there are many hurdles you need to clear to ensure you are in a position to either make the most on your sale or be in the best position to attain finance and secure the home you want.
At SLS we have worked with hundreds of families in the Springfield Lakes districts to make their dream, of home ownership a reality. Today we are sharing some really important tips not to overlook when you are in the position to buy or sell.
Has the property you are purchasing had renovation work? If so you need to confirm if the owners obtained all Council approvals to meet the regulatory requirements. Council may force you to seek proper approvals which can be costly in itself and it could also affect the value of your property when you come to sell it.
If your new property has had tenants in it, make sure the seller hands over your new house in a clean and tidy state, this may seem like a common courtesy, however, once the purchase is complete the obligations of the previous owner do not extend to the cleanliness of the property.
Tax and Stamp Duty
You will have to pay stamp duty or land tax on your new purchase? Make sure that you have the budget for this in your finance application as it can catch a lot of people off guard particularly first home buyers and it can be heart breaking when the sale for the home they have found and love, falls through due to finance.
Make sure the property you want to purchase is absolutely the property you have contracted to buy, it’s rare for this to be an issue but it’s can in some instances be a problem. This can be an issue for interstate or international buyers.
If your contract is subject to finance, make sure your bank or financier can provide a letter of finance by the contract finance date. Banks can provide a pre-purchase approval facility.
Building and Pest Inspection
It is always advisable to make sure your contract is subject to you having a building and pest inspection if there is a defect in the structure of the house you may wish to terminate the contract or at least negotiate to get the problem fixed.
After signing a contract make sure that you have arranged insurance for your new property. If something happens, you could be out of pocket while being required to pay the full price.
If you’re in the market for buying or selling its always advisable to consult a legal professional to assist with contracts, finance and negotiations.
A conveyancing legal specialist can ensure your contracts are bulletproof, ensuring you have no last-minute surprises in terms of costs and finance.
Contact SLS today to arrange a consultation, we have a set fee service for buying and selling property.