Buying a property is one of life's great challenges. It is something that should be rewarding and exciting but can also be exhausting.

At Blue Pacific Property it is all about positive outcomes for all parties involved. Keeping this in mind we have compiled a brief summary of the buying process to help you plan your dream purchase.

Organise Finance

Consult your Finance Institution or Finance Broker to determine what you can afford to pay and what is best for your needs. Having pre-approval helps in negotiation and enables you to move quickly to secure the property your wish to purchase.

Location and Property Features

Determine your preferred suburb taking into account family, lifestyle and affordability. Decide on what are the key features you want in a property like number of bedrooms, bathrooms, garaging. Also do you want to renovate in the future.

Start the Search

Once you have a clear understanding of the property features, suburbs and financial budget it is time to attend open homes and auctions of properties which match your requirements. Be sure to view as many properties as possible to give yourself a good understanding of what is available. Your expectations may change during this process, so remain flexible.

Talk to Blue Pacific Property we can assist you with any questions you may have and we can give guidance to help you with your property search. You can also register with our Property Alerts so you are notified of any new listings we receive.

The Right Property

Once you find a Property you wish to purchase you need to obtain a copy of the Contract of Sale from the agent and give it to your solicitor for perusal.

Obtaining a Pest and Building Report of the property will determine whether there are any under lying problems which either needs to be resolved or considered in the negotiation process when making an offer.

Make an Offer

Following your solicitor's advice on the Contract of Sale and having completed the Pest and Building Inspections you are now ready to make an offer. The agent will negotiate an agreed price between yourself and the vendor.

Exchange of Contracts

Once negotiations have been finalised, you will be required to sign the Contract of sale. There is a cooling off period unless you choose to waiver this. Once the cooling off period has expired you need to pay a deposit. Your deposit will be held in an interest bearing trust account until settlement; the interest will be shared between you and the vendor.

Contracts are exchanged.

Settlement

After a period of around six to eight weeks settlement occurs. At settlement, contracts will then be unconditionally exchanged.

On the same day as settlement a final inspection of the property will be made to ensure that the property is in the same condition as when you agreed to buy it and that all the inclusions are as per the contract has stated.

Once settlement is completed you will receive the keys and move in.

If you need any information to assist you with the property buying process, even if you just want to get an independent opinion, please do not hesitate to contact us on 02 9949 5131.