I am thinking about purchasing a property. It's my first home and I'm nervous about making such a big decision. What are the major things that I should be concerned about?
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Answer by Neha Sharma, Hillsdale 2036 NSW
- Purchasing your first home is a big decision and there are a lot of things you should consider to ensure that it is the right time and right property for you to buy.
- You must consider your source and availability of finance. You should at least have conditional loan approval before you begin property hunting. You should never sign a contract unless you have unconditional loan approval.
- You should seek legal advice regarding vendor disclosure and vendor warranties and what that means in relation to the contract that you have been offered.
- It is also a good idea to ask your lawyer about anti-gazumping legislation.
- Check whether you need a survey report or a building certificate.
- Check what inspections and investigations should be made and when.
- If you want to carry out renovations or rebuild you should check what approvals will be necessary and what costs are involved.
- Always factor in the cost of a thorough conveyancing process.
- Additional costs such as stamp duty and adjustments will be added on top of the purchase price and you must be prepared for them in advance.
- Always understand your rights and the vendor's rights to rescind (revoke or cancel) a contract.
- Ensure that you leave enough time for completion of the conveyancing process to avoid any costly delays.