1. What kind of things should I consider when applying for a home loan?
Speak to a professional about your loan options as this can be a very daunting process. You should consider the features of each loan available to ensure you receive the level of flexibility and support you require and not just the lowest interest rate.
Once you have found the best lender with the home loan that suits your personal circumstances, it is a good idea to apply for Pre-Approval for your home loan. You are then ensured access to an agreed value when you come to purchase a home.
2. What is the best way to research and look for a property to purchase?
One of the easiest ways to access up-to-date information on the property market is through the internet. Information, listings and images are constantly updated on websites and can provide you with a targeted search in areas you are interested in within your budget. Magazines, newspapers, publications, real estate offices and television are some other ways you might gather information on homes for sale. Search for Real Estate For Sale in your area and compare features and pricing to your expectations.
3. Why should I obtain Building and Pest Report when I purchase a home?
It is highly recommended to conduct a Building Inspection when making the decision to purchase a new home to identify and building or structural problems which may be present. A trained Building Inspector will be able to identify problems which may not be visible to the untrained eye and finding structural faults after you have purchased your home could cost thousands of dollars to rectify the problem.
It is almost certain that a report will come back with faults as all buildings have problems. The Building Inspector will list even minor faults to legally protect themselves, but ensure you question anything you are uncertain of in the report as you have the right to do so.
Pest Inspections are crucial as termite damage is often difficult to detect for the untrained eye and in extreme cases a major infestation could result in the need for the property to be condemned.
4. I'm considering selling my property, where can I find information about my local property market trends?
Local Real Estate agents can be a great source of information on the local area. Find your local PRDnationwide Real Estate Agent here.
For in-depth information, including free detailed suburb by suburb market analysis and comprehensive market reports, simply register as a member of PRDnationwide Research www.prd.com.au/research .
PRDnationwide offers property and market research services to clients, including residential and commercial property research, suburb profiles, comprehensive demographic information, and research consulting services.
5. Our property has been for sale less than a week, is it too early to sell? How will I know if I have received above fair market value?
Many properties when first placed on the market attract high levels of buyer enquiry. This is due to the fact that your property is fresh to the market. In most cases the first prospective buyers inspecting your property have been looking for some time and have researched the market thoroughly. PRDnationwide agents can provide you with a comprehensive market overview prior to placing your property on the market. This will educate you on local trends and give you the confidence to make informed decisions on the sale of your property. Utilise the research information to gauge a fair value for your property and consider that early offers are sometimes the best.
6. I have seen a property I'd like to buy however; it is for sale by Auction. What do we need to do?
Buying a property at Auction is similar to purchasing via any other sale method. The major difference is that at an Auction, the price negotiation is held in public. As a prospective buyer you will need to be prepared by seeking independent legal advice before the Auction day. Ensure that all inspections, valuations or finance approvals are organised well in advance. Buying at Auction also means that if you are the successful bidder you will be signing the contract and paying a full deposit on the day, so it pays to be prepared.
7. I would like to purchase a new property but need to sell my current property to buy a new one. What should I do first? Should I buy or sell first?
The answer to this common question is dependent on your individual circumstances. You need to consider a number of points before making a decision. Ideally, you want to avoid owning either two properties, or none.
If you can have the property you are selling and the property you are buying, settle on the same day you will most likely save yourself a great deal worry and financial stress. This situation is not always possible but is something to consider.
The ideal situation would be settle on the property you are selling in the morning and on the one you are buying on the afternoon of the same day. However, this is not always possible but it is nevertheless something to aim for.
One important item to consider is that if there is one particular home you have set your heart on which has just become available for sale, you might have to "bite the bullet" and buy it before you sell. Otherwise, you run the risk that somebody else will buy the home you particularly want.
This will almost certainly mean you will need to take out Bridging Finance which is expensive (as most people have to borrow virtually the full amount of the purchase price) and pay interest on that for as long as it takes to sell and settle on your current property. If you add the cost of Bridging Finance onto your existing mortgage, you will be up for some very hefty repayment.
However, it will probably be worth it if the result is that you are able to buy your dream home.
In the above situation, you would probably buy first and then list your current property for Auction as this is the best way of securing the best possible price in the shortest timeframe.
On the other hand, if you do not have a particular property in mind and just want to buy "something bigger", you should first investigate the market by looking at properties currently for sale to make sure you are able to find something to suit your requirements at a price you are comfortable paying.
Once you are happy that you will be able to find what you want, list you current property and start looking in earnest for your new home. As mentioned before, work towards trying to achieve a simultaneous settlement.
You may end up finding that you have to live in a hotel, with friends, or even in rented accommodation (and store your possessions) for a while if a simultaneous settlement is not possible, but you will almost certainly find that this initial inconvenience is worth it in the longer term.
8. I'm interested in a career in Real Estate. How can I pursue this?
In order to commence working in a real estate agency most states of Australia have entry level training requirements which you will need to complete before commencement. Contact your local Office of Fair Trading for course details. If you would like information regarding a career with PRDnationwide simply contact PRDnatiowide National Franchise Services (07) 3229 3344 or your local PRDnationwide office to obtain our "A Career in Real Estate with PRDnationwide" information booklet.