What to know when buying your home.

The hidden costs and details you may not know…

When you’re buying a new home in the SA property market, you may have little to no idea where to begin your search. Some people will say use Google or another search engine, but we recommend coming to the professionals. By simply speaking to an Urban Adelaide representative, you will gain copious amounts of knowledge which will save you time and headaches.

Undertaking some general research on websites such as www.realestate.com.au or www.domain.com.au will give you a better understanding of where you can buy and how much it will cost. Once you have done your research its time to start looking at what you want to buy… This may be a house and land package, established home, townhouse or an apartment.

It is always recommended that you seek independent financial advice to gain a better understanding of your borrowing capacity and financial situation prior to making offers on properties.

House inspections/ Pest Inspections

When buying an established home, it’s important to get an inspection done. House/pest inspections will give you a good story of the house’s history in regard to structure, strength and ware. Inspections can also be a battering point when putting in an offer on the house. It is also vital to have one done prior to cooling off any offer on the house, should there be any repairs, you don’t want to be lumped with a house that needs major repairs or renovations.

Conveyancing Fees

Conveyancing is the process of transferring ownership of the title of the land to the new owner, whether from person to entity or visa versa.  They will do everything necessary to ensure that you are completely prepared for critical dates during the process such as settlement. They are also in contact with the other party’s lawyer/conveyancer dealing with all the legalities behind purchasing a home.

Conveyancing fees can vary from firm to firm, it is always recommended to do your research and find one who will suit your needs and requirements. Some great questions to ask, when calling around to find the perfect conveyancer to suit are:

• What
  type of properties do you specialize in?
• How
  much are your fees and charges?
• How
  will you communicate with me and how often?
• How
  long will everything take on settlement day?

Contract of sale

The contract of sale is what binds the vendor and purchaser into a mutual agreement between both parties once executed. Some of the basic yet important information in which needs to be accurate and in line with your circumstances.

• Contract details of the seller, buyer and selected others in the sale of the property
• When and how will the deposit be paid as well as where it will be kept
• The date of settlement and ownership transfer
• Any special conditions, this may be subject to a pest inspection or subject to finance.
• Rights of cooling off period (in SA, it is two clear business days)

Overall these are a couple of the areas in which you may forget about that are extremely important when purchasing a home. For further information or guidance to buying a home, contact the friendly team at Urban Adelaide. They will guide you through the process step by step. With access to over 50 house and land packages, new and established homes, Urban Adelaide Property has you covered. Contact us today on (08) 8349 7747