Buying a home is a lifelong dream for many, and usually the most expensive purchase someone will ever make. As your partner in buying, Chidiac inform and guide you through the entire process, enlightening you on exactly what’s involved so you’re confident to make the leap.
Here’s our guide to buying, in seven simple steps:
Connect with our expert consultants
Speaking to one of our buyer consultants will help you determine exactly what you’re looking for in a home. From there, you can start inspecting homes that are a suitable match, or be registered on our buyer database to be kept up to date on new listings until you feel ready.
Determine your budget
Knowing your budget and financial limits is crucial. This means having a pre-approval indicating what your lending capacity is, where the bank is financing your purchase. Speaking to a bank or finance broker as soon as possible ensures you’re on the front foot with your financial planning, and we can assist in linking you with either, if needed.
Prepare to make an offer
When you find a home that is the right fit for you, it's time to review the contract of sale. The agent will be able to provide this to you, and you may choose to have it reviewed by your solicitor or conveyancer. Once you’ve obtained advice on the contract, you’ll find yourself best positioned to begin negotiating.
Submit your best offer
Submitting your best offer can be done as simply as a text or email to the agent, and this communication should include any changes you might want to make to the terms of the contract. If all previous steps have been adequately taken, you should be in a position to sign the contract immediately - a move which adds significant bargaining power to your offer.
Seal the deal
When the price and terms have been agreed by both parties involved, it’s time to sign the contract and pay a non-refundable 0.25% holding deposit of the purchase price. This will secure the property a five business day cooling-off period, with the standard settlement time frame being 42 calendar days - or six weeks - until the home becomes officially yours.
Going unconditional
Before the five day cooling-off period expires, and providing you do not rescind on the contract, you’re required to pay the remaining deposit balance, which is usually 10% of the purchase price. It’s important to check with your bank if you have any transfer limits if you plan to electronically transfer the money, otherwise, consider making the transaction over multiple days.
Ready for settlement
A few days before settlement arrives, you’ll be able to conduct a final inspection of the property to ensure everything is in order. Having gone unconditional, your solicitor and bank will begin preparing the paperwork and funds. When buying a unit in a strata building, you’ll need to advise building managers of your move so they can make any necessary arrangements. If your purchase is an investment, Chidiac can start showing the property to prospective tenants before you settle.
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The team at Chidiac offer you expert guidance every step of the way, making your purchase experience one you’ll always feel good about. Connect with us as your partner in buying, today.
