Where should I be looking to buy?
This all depends on your reason for purchasing in the first place. If you’re purchasing for investment, you’ll want suburbs that offer the highest yields. High yield suburbs within Brisbane include Red Hill, New Farm, Morningside, Auchenflower, and Bulimba.
However, if you’re looking to occupy your property, you’re going to want something that suits your needs. If you’re a young professional working in the CBD, you might want to look at an apartment in the inner-city suburbs with plenty of public transport options. If you’ve got a family, close proximity to schools and greenspaces are going to be important factors. If you’re downsizing, you’re going to want to look at areas that suit your lifestyle, and are amenity rich.
How much of a deposit do I need?
The deposit for the contract is no more than 10% of the purchase price. However, in terms of how much cash you will you need to get a loan, that will depend on your personal situation. It’s always a good idea to meet with a mortgage broker before looking to inspect properties. They’ll look at your finances and tell you how much you’ll be able to borrow from the bank, so you’ll have a firm idea of your budget before you start looking.
Should I sell my current property first?
Whether or not you should sell your current property first will depend on your individual situation. If you need the capital to pay the deposit on a new house, it may be a good idea to look at selling first. However, if you’ve got a deposit already, you can take your time in selling your property. At H & H, we specialise in finding the perfect buyer for your home. We strive to get you the best price for your property so you can look at securing your dream home.
How do I make an offer?
In Queensland, all genuine offers should be submitted to the seller using the standard REIQ contract which the Queensland Law Society has approved.
To make an offer, the first thing you’ll need to do is to provide the listing agent with your full contact details including an outline of the price, the deposit amount, and the terms and any special conditions of your offer. You can do that here.
The listing agent will then prepare an REIQ contract which you’ll review and then sign. Although you’ve signed a contract, at this point it’s not regarded as an executed contract until such time both the buyer and seller have agreed on all aspects of the contract and have both fully executed the contract.
What does the process of ‘Offer and Acceptance’ mean?
When you make an offer (see how to make an offer above) this is a process known as ‘offer and acceptance’. What that means is, your offer is submitted to the seller and the seller will decide if they want to accept your offer or either make you a counter offer or decline to respond to your offer. If the seller does not respond, you may withdraw your offer. If the seller makes a counter offer back to you, you get to to decide to accept their counter offer or decline it or you could make them a counter offer. And so it goes on – offer, counter offer etc. until all parties are in agreement or not. When both buyer and seller are fully in agreement, that is, they both have signed the contract and initialed any changes, the agent will date the fully executed contract. At this point you have purchased the property.
What’s the difference between a private treaty and auction?
Private treaty is where the owner sets a price for their property and people place offers based on this price. The seller will then wait for the best offer to come through. An auction is where the property is marketed without a price. Interested buyers will then meet at a pre-determined time to bid on the property. The highest bidder (assuming the reserve price is met) is able to purchase the property.
What are the costs involved in buying a home?
- Your initial deposit
- Stamp duty
- Council rates and strata fees
- Building inspections
- Pest inspections
- Legal fees
- Building insurance
- Moving costs
What is stamp duty?
Stamp duty is the charge applied by the state government for the sale of land or property. The amount charged varies state to state. To work out stamp duty fees for Queensland, click here.
What should I research before buying a home?
Before purchasing, there are a few things to research. These include;
- The current state of the market
- The locations and suburbs in which you’re looking to buy
- Doing comparisons on similar properties
- Mortgage rates and interest rates
- Agents in the area
What do I need to be ready for auction?
Before auction, you need to make sure you’re preapproved for a loan. It’s very important to know how much you’re able to bid before the auction begins. You also need to ensure you’re emotionally ready, as it’s very easy to get swept up in the excitement and bid more than you can afford.
Prior to auction day, make sure you’ve attended a few inspections and asked plenty of questions about the property so you know what you’re buying. Learn the area, learn the history of the property, and conduct all necessary pest and building inspections. You’ll want to walk into the auction clear-headed and confident!
What is settlement?
Settlement is the home-run stretch. It’s the final stage in the buying process. After placing an offer, the seller will review it. If approved, you then move into settlement. This process usually takes a few weeks in which there’s a cooling-off period (unless you purchased at auction, in which case there is no cooling-off period).
In this time, you can get your ducks in a row. All contracts will be signed and money will be handed over. After settlement, the property officially belongs to you.
What’s a Strata Title?
Strata Title is where the buyer owns part of the property, like a townhouse or an apartment, and shares ownership in the rest. Driveways, gardens, and pools area all common property and are looked after through a community association.
What is conveyancing?
Conveyancing simply means the transfer of ownership of a property. Conveyancing can often be very technical in legal jargon, so it can often be very beneficial to enlist the help of a property lawyer to draw up and look over contracts and documents.