As a first home buyer, when looking to secure your first home, you’re committing to a big investment. The difference between making a good investment and a bad investment is knowing exactly what you are buying, and ensuring you’re in the best position to purchase your first home.
As a leading conveyancing company in New South Wales, we understand the importance of providing valuable information to first home buyers. Here are four essential things you need to know when buying your first home home, along with how our services can give you an edge:
Inspect the Property with a Professional
It is crucial to thoroughly inspect the property before purchasing it. Engage a professional building inspector to assess the condition of the property, including structural integrity, potential issues, and any necessary repairs or maintenance. This inspection helps you make an informed decision and may uncover problems that could affect the property’s value or your future plans.
While we are not directly involved in property inspections, we can provide recommendations for reputable building inspectors in your area. We can also guide you on what to look for during the inspection process and help you interpret the inspector’s findings, ensuring you have a clear understanding of any potential issues that may affect the property.
Don’t skip legal due diligence
Conducting legal due diligence is vital to ensure a smooth and secure property transaction. This includes verifying the property’s title, checking for encumbrances or restrictions (e.g., easements or caveats), and confirming that all necessary approvals and permits are in place.
Engaging a conveyancer or solicitor to handle the legal aspects of the transaction is highly recommended. Our primary role as a conveyancing company is to handle the legal aspects of the property transaction. We can conduct thorough searches to verify the property’s title, identify any encumbrances or restrictions, and ensure all necessary approvals and permits are in order. Our experienced conveyancers can guide you through the legal due diligence process, explain any complexities, and ensure your interests are protected.
Look at your financials more than twice
Before buying a home, carefully evaluate your financial situation. Calculate your budget, taking into account not only the purchase price but also additional costs such as stamp duty, legal fees, inspection fees, and potential ongoing expenses like mortgage repayments, insurance, and maintenance costs. It’s essential to have a clear understanding of your financial capabilities and seek pre-approval for a home loan if necessary.
While we don’t provide financial advice, we can offer guidance on typical costs involved, such as stamp duty, legal fees, and other expenses. Working closely with your financial advisors and mortgage broker, we ensure a seamless settlement process by coordinating the financial aspects of your purchase.
Contract of Sale
The contract of sale is a legally binding document that outlines the terms and conditions of the property purchase.
Important aspects to consider include the purchase price, deposit amount, settlement date, special conditions, and any vendor warranties. Your conveyancer or solicitor will play a crucial role in negotiating the contract and ensuring your interests are protected.
Our conveyancers specialize in drafting and reviewing contracts. We’ll negotiate the terms on your behalf, ensuring your interests are protected. Our team will explain the contract clauses in plain language, address any concerns, and make necessary amendments to safeguard your rights as a buyer.
Partner with a conveyancing service that will give you an edge
With our comprehensive conveyancing services, we handle all legal aspects of the property transaction, from due diligence to contract preparation and settlement.
By partnering with us, you benefit from expert guidance, streamlined paperwork, and effective communication with relevant parties. Experience a smooth and secure property purchase process with Conveyancing Edge.
