Our experienced team here at Thrive Real Estate are available to assist and guide you through every stage of the buying process, from start to finish!
“We understand that buying a property can be one of the most financially important and personally significant decisions that you will face, and our aim is to keep you fully informed and up-to-date each step of the way.”
We have prepared the following list to help you get started and to give an overview of the buying process, however please feel welcome to talk to us or ask for additional information at any time.
1. BE PREPARED
Determine your budget and arrange the best loan to suit your needs by speaking to an experienced mortgage broker and get your loan pre-approval in place, it will ensure that you’re ready to act when you find the right property!
2. PLAN YOUR PURCHASE
Prepare a short list of preferred areas that suit your lifestyle or investment objectives, as well as a list of essential property features and desirable extras. Keep in mind that most buyers end up making some sort of compromise, so having a planned approach and focusing on what’s really important will help you to make the best decision.
3. KNOW THE MARKET
Inspect as many properties as possible in your preferred suburb/s to get a feel for market prices. You can increase your market knowledge by researching recent selling prices on real estate.
4. SEEK EXPERT ADVICE
Develop a relationship with a Thrive Real Estate agent. We welcome the opportunity to assist you with your search, as well as being able to offer additional advice and alerting you to new listings before they reach the wider media channels.
5. UNDERSTAND YOUR RIGHTS
Visit the Government of WA, consumer protection website (link below) to obtain a copy of their fact sheets on buying a property, to better understand your rights as a buyer.
6. CHECK THE SALES CONTRACT
Ensure you have spoken to a reputable settlement agent and they can provide you with any special clauses that you would like included in the contract so that when you find a property that suits your requirements you are ready to act and submit a written offer.
7. ARRANGE BUILDING & PEST INSPECTIONS
We also recommend that you ensure you have building and pest inspection clauses written into the contract to allow you to nominate a registered building and pest inspection company to inspect the property and carry out checks to ensure you are aware of any major defects and pest concerns eg: structural defects or termite activity.
8. UNDER CONTRACT / UNDER OFFER
Once negotiations have been finalised and your offer has been accepted and signed off by all parties, the property is officially under contract/under offer. You will now receive a copy of the signed and fully executed sale contract and pay a deposit which is held in a trust account. A copy of the contract will be forwarded to both your settlement agent and your finance broker which is required to obtain your unconditional finance approval.
Once your finance or home loan is approved, the sale will become unconditional and proceed towards settlement.
Prior to settlement day, you need to carry out a pre-settlement final inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it and that all the inclusions are as per the contract you signed. Upon settlement, monies will be transferred to the vendor, and you will receive the keys to the property by no later than 12 noon the following day. Congratulations!