Lyn & Rohan

Making a Successful Purchase

Welcome to "Lyn & Rohan's Team that Gets Results" Guide to a Successful Purchase. Please click on the icons for further information.

Deciding to Buy

Purchasing a home is probably the biggest financial decision you will ever make. Whether this is your first purchase or you are moving on to a different home that better meets your needs, this decision must be made carefully.

Why do you want to buy?

Are you tired of paying rent? Have you outgrown your current home? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute to work? Having a clear sense of your reasons for buying will help you choose the right home.

Has your income grown?

Home ownership can be a very good investment. As you pay down the principal part of your loan, you are building equity over time in addition to any market appreciation on your property.

Can you afford to buy?

Experts recommend spending between 33-40% of your income on housing. The tax benefits of home ownership can provide a considerable advantage over renting.

For more information on deciding to buy a home in Townsville and surrounds, contact our team direct on 07 4772 1164 or send an email to Rohan or Lyn.

Get Organised

A finances file contains all your important financial documents. You'll need it to secure financing for your home. The typical finance file should contain:

  • Financial Statemnts
  • Bank Accounts
  • Investments
  • Credit Card
  • Car Loans
  • Recent Pay Slips
  • Tax Returns for two years
Be careful with your finances

Now is not a good time to make sudden career changes or large purchases. You want to approach home buying from a position of financial stability.

For further questions on preparation for buying a home in Townsville, contact our team direct on 07 4772 1164 or send an email to Rohan or Lyn.

Sell Before You Buy

When to buy - when to sell: Unless you have considerable financial resources, it could be risky to put an offer on a new home before your first home sells. In fact, you might lose your chance to buy your new home if you cannot sell your first home in time or if you do not get the sales price you expected. You might even have to make payments on both homes until the first home sells.

Selling a home takes time: To ensure we maximise the sales price of your current home, it is important that we don't rush into it. Typically, it takes approximately 10 days to prepare the marketing, brochures, advertising and websites. Once this is done, your home is officially on the market - our teams current average ‘time on market' from the first open house to sale is 3.3 weeks. Remember: sellers won't always want to wait for you to get your home sold! You are in a far better position to negotiate if you are not restricted because your current home is not sold.

Expert advice will help negotiations: Our job is to get you into the strongest negotiation position possible: As seasoned real estate agents, we handle many transactions each year. Take advantage of our experience when we share with you that sellers prefer buyers who make a "strong" purchase offer. Sellers will choose qualified buyers who are ready to close the transaction quickly and easily, over buyers who are less prepared. If you are serious about buying, let us help you prepare so you can make the strongest offer possible. Lastly, we will help you structure the offer so that the contract is as free from complications as possible.

Worried where you will live? This is a common concern when juggling a purchase with a sale. We have many ideas to help you! For example we can negotiate a rent-back period so that you may rent your first home back from the buyer for a month or two while we help you find and buy your new home. Let us help you find the most convenient and affordable solution to minimize the moving impact on your lifestyle.

Real Estate Agents are valuable assets: Agents know the market and can help you prepare your first home for sale. We have helpful suggestions so that your home looks its best. We can help you budget for clean-up and any repairs that may help the home sell easily. We can help you decide which, if any, inspections should be completed prior to listing your home for sale. We know how to price homes appropriately so that your home will not be overpriced and sit on the market for a while without receiving offers. We also know that you may need us to go the extra mile to keep both your purchase and your sale transactions going smoothly. We have a great track record. No, it's not easy, but we're that good!

Shop For a Home
Time to go Shopping

Once you've got those preparations out of the way, it's time to find the home of your dreams.

Take a Drive

Get to know the neighbourhoods you are interest in. Drive around and get a feel for what it would be like to live in the area. Start getting a sense of the homes available in those neighbourhoods.

Narrow your Search

Select a few homes that interest you the most and talk to the agents who have them listed for sale. Visit open homes, it's the easiest way to have a look at a number of properties over a condensed timeframe.

You also have a great opportunity to see real estate agents in action which is an important consideration if you are in the position of having to sell your own property. There are many chances to end up with a ‘dud' agent -the best way to avoid this is to watch them in action (when they don't even know they are being watched!)

Time to Buy

Once you've picked out the house you want to buy, move forward in a positive manner to make your offer. If you are serious about the home, don't try and ‘steal' it - consider what you are prepared to pay for it and move forward with a formal written offer. It is always best to think about how annoyed you would be if you missed out on a property because someone paid $1000, $2000 even $5000 more than the offer you submit. If you really don't want to miss out, then make sure your formal written offer reflects that.

Contract Acceptance

Now that you have signed a contract to purchase your new property there are some important tips we need to offer to ensure a smooth road to the eventual settlement day of the property.

If you have purchased a home from our team, we will follow up whenever and wherever we can, however our hands are tied as we are no longer in control of the situation.

Quite often, your solicitor may not copy us in on correspondence which is related to the purchase. We urge you to insist that your solicitor keeps us fully informed at all times. As we have personal contact with both sides of this transaction, we can normally ensure your objectives are met with a minimum of fuss.

We can rectify issues, concerns, questions and problems as they arise - but only if we know about them. Please feel free to contact us to update us with any information that comes to hang at any time.

It is important that you attend to the following tasks to ensure that the contract is completed and that you do not risk the contract falling over:

  • Your deposit is payable on acceptance of the contract and should be paid immediately. We accept cash, cheque or direct deposit. We are obligated to advise the sellers solicitor if this deposit is not paid, the seller has the right to terminate the contract if the deposit is not paid
  • You should provide prompt advice to your bank or financier to ensure that they act immediately if you require finance approval. Your financier should be advised of the unconditional date of the contract so that they know what timeframe they have to prepare your finance approval. (We can forward copies of contracts to your financier - please let us know if you require this)
  • Be aware that your financier may insist that a bank valuation is carried out on the property you are purchasing
  • If you have purchased the property subject to a satisfactory building and pest inspection, it is crucial that you make contact with the company of your choice to ensure that they can schedule your inspection and leave you enough time to read the report and be comfortable with it
  • Be vigilant with the communication from your solicitors and do everything you can to avoid requests for extensions to finance and building inspection approval dates. You risk losing the property if you ask for an extension and the seller decides not to grant it - the easiest way to avoid this to ensure that you are on top of all matters and acutely aware of significant dates within the contract period, particularly the date the contract is due to go unconditional
  • Insist your legal representative or conveyancing clerk keeps us informed of any changes to the contract or any issues which may arise

For more information on these issues, contact our team direct on 07 4772 1164 or send an email to Rohan or Lyn.

The Deal is Done
Unconditional contract

Once your finance is approved and you have received a satisfactory building and pest report, your solicitor will advise that the contract of sale is ‘unconditional'. You are now well on the way to owning your new home. It is at this point that you should be aware that you now need to insure the property as if it were your own.

Moving In

The hard part is behind you, but there are a few more steps before you can move in to your new home.

Final inspection

A few days before you take over the property, your solicitor may request a pre-settlement inspection to make sure everything is in order.

Utilities and services

Don't forget to change the services of the house over to your name.

e.g: telephone, electricity, gas etc.

And make sure the paper man knows your new address also!