Purchasing Real Estate In New South Wales

Deciding to buy property is probably the biggest decision that most ordinary people make in their life time

. This means it is very important to understand the buying process so that you are well informed about what is happening in the real estate market. Since there is a lot of money involved it is important that you consider various aspects before making the purchasing decision. There are a few important things that you must do before you purchase property in New South Wales.

Arranging for Finance

One of the first things that you need to do once you have decided to purchase property is to determine how to finance the purchase. If you have sufficient financial resources, maybe you can fund the purchase in cash. Otherwise, you will have to find a financial institution that is willing to fund your purchase by way of a mortgage. There are so many home loan providers that it can get quite confusing if you do not know what you want. There are plenty of websites where you can make comparisons so that you have a fair idea of what to expect. It is important that you do your homework since there are hundreds of thousands of dollars at stake.

Using Finance Brokers

Interestingly, many Australians are using the services of Finance Brokers who act as agents between you and the home loan providers. Most finance brokers have access to in excess of 20 difference lenders at once. They analyze your requirements and recommend a few credit options that may help you purchase that property. Using a finance broker will help you save time and money. Remember the finance broker may be getting a commission from the home loan provider so you do not have to pay them. So, do your homework well before planning to consult a finance broker.

Property Inspection

It is very important to know as much as you can about the property you intend to purchase as this will help you avoid future problems and extra costs. Before you buy property it is important to get a building inspection report from a licensed building consultant. This will help you know what the problems may exist or even help you negotiate further and bring down the price.

Likewise you should also obtain a pest inspection from a licensed pest inspector. This report will advise you whether there is any present or past termite damage. Once again depending on the outcome of this report it may given you further leverage to negotiate on the price.

If you have any concerns regarding the boundaries to the property of whether or not the house is situated on the property correctly you may require a survey report from a surveyor. The surveyor will in this report identify the actual boundaries to the property and whether the house that is on the property complies with Council's regulations as to building line setbacks. It will also advise you whether there are any encroachments onto the property.

by: Judy Bliss

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