Buying a property

A-Z 

Buying a property can be unnerving at the best of times, especially for the first home buyer.  Open-for-inspections, the multitude of Internet and newspaper advertisements and significant financial decisions, can be overwhelming.

Here are some tips to help you move through the complex maze of purchasing a property:

Agents

It’s important to find an agent that you trust because the agent you engage becomes your representative. You must be confident that the agent you enlist has your best interests at heart and knows what you want.  Features to look for when selecting an agent: recent sales in the area, affiliations with the Real Estate Institute, check the agent is licensed (state licensing body), testimonials and referrals (ask your friends and family who they would recommend).

Assess property type

Determine the type of property you want to buy – unit, luxury apartment, house, acreage.

Auctions

Attend auctions to familiarise yourself with the auction process and what’s required of you as a bidder. If you do not want to bid you can engage a third-party to do so on your behalf.  Start by contacting the Real Estate Institute in your state who will be able to assist you to find a person to bid in your place.

Budget

Determine how much you have to spend and organise your finance.  Most banks and lending institutions will approve your finance before the sale or auction so that you know exactly where you stand.  It is very important to obtain pre-appoved finance so that you can confidently make an offer that sticks.

Expert property inspection

Engage the services of an expert (e.g., builder, building inspector, building consultants, independent valuer or pest control) to check the property before buying or prior to auction, if you have any concerns.

First home buyers

The Northern Territory Government wants first home buyers to invest and live in the NT.  To find out more about grants that may be available, go to www.revenue.nt.gov.au

Facilities and services

If you have a family you will want to know where the nearest day care centre or schools are located.  Find out how close your property is to services such as public transport, airport, shopping centres, doctors and local hospital.

Open-for-inspections

Keep a log of the address and open-for-inspection times so that you can move easily between inspections.  Make time so that you can check each property carefully at the first viewing and then go back for another visit if the property really interests you.  Also, note the auction time and date so you don’t miss out on bidding for a property that takes your fancy.

Property value comparison

Keep your eye on recent real estate sales reported on the Internet and in the local newspaper so that you can gauge property values in the area.

Zoom

To zoom in on the property you want to buy, One Agency O’Brien Property can help you.  If you would like some advice on the local market or how to buy a property with a minimum of fuss, please phone Arthur O’Brien on 0410 607 794 or email arthurobrien@oneagency.com.au.