6 Things To Consider Before Buying a House

15 September 2020

6 Things To Consider Before Buying a House

If you are looking at buying a house, we always recommended that you obtain legal advice before signing a contract. In addition to this, below are 6 things you should do or enquire about before getting to the contract stage to make the purchase process go as smooth as possible: 

  1. Talk to your bank. Find out whether you have pre-approval, how much you need to contribute, how long your bank needs to formally approve finance and settle. Also, find out if there is anything further your bank requires from you. Ensure any deposit funds are available as this is often due at the time of signing the contract and paying the deposit late will be a breach of the contract. 

  2. Look into Insurance. Find out how much it will cost to insure the property. Most contracts transfer the risk of the property over to the buyer after the contract is signed. Therefore, make arrangements to take out insurance as soon as a contract is signed. Do not wait until the contract is unconditional or settles.  

  3. Book Inspectors. If you are wanting building and pest inspections, look at booking these in. if there is a pool, obtain the Pool Safety Certificate from the agent or the Seller. 

  4. Talk to Council and conduct searches. If you have concerns over whether certain structures on the land have council approval, these issues are often easier to deal with before a contract is signed. Therefore, instruct your solicitor to conduct the appropriate searches as early as possible, or obtain legal advice about special conditions to include. 

  5. If you are going away, or work out of town make necessary arrangements. Forms with your solicitor and bank documents may need to be signed at specific times to avoid delays later on. If you are not going to be available, plan for alternatives early. 

  6. Consider which Chattels you require included in the sale. For example, furniture and microwaves. It is also prudent to specifically include in the contract all dishwashers, air-conditioning units, curtains, and other window furnishings to avoid any arguments later. The agent or your solicitor should get these added to the contract. 

Once you are happy with your decision and satisfied the above, the decision to move forward becomes easier.

For guidance and support for your particular matter, we're here to help. Please contact CQCC for expert help at a reasonable price.