Checklist For Buyers
8 Essential preparations for buying a new home
The ultimate checklist to make sure you’re ready to go – even if you haven’t found a house to buy yet.
In preparation for finding the one:
- Get pre-approvals for financing so you can confidently negotiate on price. Don’t wait until you find a house you love to discover if you have the money to buy it. Start talking to a mortgage broker or your bank manager as soon as you’ve decided to find a new home. Going into negotiations with a clear understanding of your budget, whether you’ll need financing or are planning to buy with cash from the sale of your existing property, will give you the confidence to buy at a price you can comfortably afford.
- Find a reliable conveyancer/solicitor to meet your legal obligations during settlement. Before you sign a contract for a new home, it is recommended that you have a conveyancer/solicitor check it out to make sure everything is okay. With someone acting as your legal representative during the settlement, the process will go smoothly, and you can rest assured your interests are looked after.
- Calculate the estimated stamp duty so you can factor the expense into your budgeting. Every time you buy a new property, you’ll pay stamp duty on the purchase price. Use the Revenue SA Stamp Duty [insert link: https://www.revenuesa.sa.gov.au/stampduty/calculate-stamp-duty ] calculator to work out how much you have to pay for the asking price of properties you’re looking at. Make sure you have this amount ready to go in addition to your deposit.
- Be ready to put down a strong deposit to show your commitment to buy. You’ll be required to pay a deposit straight after a cooling off period or promptly after signing the contract if purchasing at auction. We recommend you have a deposit of approximately 10% to put yourself in a good position. You should always check your contract for clauses related to deposits so you can go into negotiations with confidence and secure the property you want.
When you sign on the dotted line:
- Arrange your property insurance to begin immediately so that your asset is protected. When you find a property and are finalising negotiations, call your insurance company to get a quote for coverage on the new location. If you have prepared this in advance, as soon as you sign the contract, you can call your insurance agent and purchase the policy, confident that you have already discussed everything you need.
- Book for the connection and disconnection of your gas/electricity/internet provider/alarm provider, so you aren’t doing it at the last minute. If you are transitioning from one property to another, call your utilities providers and notify them of the dates you want services to end at the old place, and begin at the new one. If you organise this early, there’s less of a chance that you’ll be without these services when you’re settling into your new home. Your conveyancer will take care of your water utilities, council rates, and other Revenue SA charges such as land tax and emergency services levies.
Organise your mail redirection (or hold) service so you don’t miss any mail while you’re moving house. Use the Australia Post website [Insert link: https://auspost.com.au/receiving/manage-your-mail/redirect-hold-mail ] to book a mail redirection for three or six months to give yourself some breathing space to notify of your change of address. If you are likely to have a transition period between homes
On the big day:
- Be prepared for potential delays on settlement day so that moving day goes smoothly. Typically, property settlements occur between 11am-3pm on the day of settlement and only once this is complete can the agent hand over the keys. We recommend that you don’t book your removalist until the day after settlement, just in case there are delays.
Need help to find a house you want to buy? Give Smith & Associates Real Estate a call now on 08 8332 6033
to ask about our Buyer’s Agent Service or click to find out more information now.