1. Get your finance pre-approved
Speak with your bank or a mortgage broker to arrange the best loan to suit your needs.
2. Start Budgeting Now
Having savings is one of the best indications to the bank that you know how to handle your money. Make sure you can cover the early costs of buying a property, plus your monthly repayments. You should start saving for things like a 5-10% deposit and Lenders Mortgage Insurance (LMI).
3. Find where you want and can afford to be
Prepare a short list of suburbs that suit your lifestyle and needs. Keep in mind affordability and accommodation requirements.
4. Do your research
Research sales in those preferred suburbs, we are more than happy to provide you with all the recent sales in the suburbs you are looking in. Inspect every property in your preferred suburbs so you have a feel for the price. Attend all auctions in the area.
5. Deal with Professionals
Develop a relationship with an Elite Real Estate SA sales partner specialising in your preferred suburbs. The agent will be able to offer additional advice and also alert you to new listings before they reach the market.
6. Be well informed
When you find a property that suits your requirements, ask your agent to send a copy of the sale contract to your solicitor or conveyancer.
7. Ensure your peace of mind
We recommend that you arrange a pest and building inspection to make you aware of any major defects and pest concerns example: white ant, termites.
8. Put your best foot forward
Following your solicitors or conveyancer's advice on the sale contract and taking into consideration the building and pest reports, you are now able to make an informed decision to proceed with an offer on the property through the agent. In markets that are doing relatively well, prime properties often receive multiple offers. There is no time to haggle. Make sure it's a realistic offer and submit it early.
9. What happens next
Once negotiations have been finalised, you will be required to sign the sale contract and pay a 10% deposit. Your deposit will be held in trust until settlement. Your conveyancer will then take care of the process for you, this includes transferring the property into your name at settlement, finalising rates and associated costs, attend the lands title office on settlement day, advise you once settlement has occurred, notify SA Water and council of the change of ownership (and Strata Manager if applicable).
10. Settlement Day
Be sure to have your removalist booked and you have given yourself enough time to get out of your old home, all your utilities have been transferred to your new home (SA Water, Electricity & Gas). Make the moving process as stress free as possible by packing a box with cleaning products, snacks etc. and have the local take away menus handy.