Should I buy before I sell or sell before I buy?

This depends on your particular circumstances though we recommend you check with your mortgage broker or bank if you can buy before you sell. Your accountant would give you the financial impact of this decision.

What should I budget when considering selling my Home?

 

Quotes Average cost
Cost of legals. $1500
Commission payable to the agent. 2-3%
Cost to advertise your property. $2000-5000
Removalist and misc costs. $2000
Mortgage discharge costs. Speak to your broker

 

What should I budget when buying a home?

Cost of property
Stamp duty. Use the stamp duty calculator provided for your state.
See below.
Legals. $1500-$2000
Cost of inspections. $500
Mortgage costs. Speak to your mortgage brokers
Cost of repair or improvements of your new home is $5000

How do I prepare my house for sale?

External
Go outside your home and have a look at your home as a product. As the front of the house would probably be the main photo in all your advertisement, check that there are no overhanging branches in front of the house. Cutting these branches down will show more of your house and also allow plenty of light into the house.

  1. Check to see that the front lawn is neat and the edges are done well. It is recommended that there is some colour. Garden beds should be mulched. All hard surfaces are cleaned using a high pressure water system.
  2. The front door needs to look impressive and painted or polished if required. If the front door lock looks tired, it is recommended one replaces it, as the first impression is the last impression
  3. Remove all clutter which could lie in front of the main door.
  4. All gutters need to be cleaned. All leaves would need to be checked for water marks.
  5. Roof tiles would need to be checked for cracks.
  6. Fences need to be checked for wood rot or termites .The fences need to be treated and/or palings be replaced.
  7. Have a roofer check the roof for cracked ridges, torn sarking etc. Clean the internal activity of the roof.
  8. If your house is on peers check to see under the house is cleaned and there is no dead wood lying around. If It is musty,  you may want to look at means of
    improving ventilation by increasing the size of the outlets or even installing strong exhaust fans.

Internal

  1. De- clutter . Less is more. This may be a good time to sort out things you would not take to the next home. Sell what you don’t need by way of garage sales,ebay or gumtree. You may want to consider giving away what you can’t sell.After this exercise you may decide to put a few things into the garage or into storage.
  2. Have all windows look sparkling clean.
  3. All rooms should have plenty of light and if it needs you to put sky lights, get the curtains down, change the globes to high wattage lamp, so be it. Buyers love bright homes and can overlook privacy though would not be happy with a dark house.
  4. Shower recesses should be checked for mould and grout. Re-grout if need be.Shower screens need to be cleaned and not show any soap.
  5. Kitchen bench top should be cleared of all appliances .
  6. Check below the sink for any water stains by earlier leaks . Remove any stains .
  7. Oven and grills should be cleaned and if required professionally.
  8. Remove all fridge magnets.
  9. Remove all personal photos and replace the same with colourful paintings.
  10. Repaint the house to pastel colours . Light colours make the house look brighter and larger.
  11. Carpets need to be cleaned or replaced if need be. Specific improvements would be suggested by your real estate agent or a stylist.

Should I get a building and pest inspection done?

While there is talk to make this mandatory and be a part of the contract, no legislation has been passed. It does cost $400 – $500 and an astute buyer should rely one’s own report. A building and pest report done by you, would give you the peace of mind, that your sale would not fall over because the buyer received a poor building or pest report.
Important links

Stamp duty calculator
First home buyers

Why should I refinance?

Today money is a product, that banks borrow from various sources and lend the same to investors and prospective home owners. Since interest rates vary and there are new products coming in to the market all the time, you could save a lot of money if you shopped around and refinanced your mortgage. The best person to discuss this would be a mortgage brokers who knows the products, from various lending institutions and after understanding your circumstances, could suggest if refinance was possible and the best flavour of the month, that would suit your circumstances.
Please select mortgage broker while filling in your details and a mortgage expert will be in touch with you.

What are the lowest mortgage rates available?

Banks and non banking organisations lend money for home loans. Some reduce their costs by not providing shop fronts and provide vanilla products .Then there are banks which have provide you with various add on facilities and they do charge more. There is a possibility that some lending institutions go on a special to fill their books and entice people with a lower rate. A mortgage broker is generally aware of the flavour of the month and hence he is your best starting point. Please select mortgage broker while  filling in your details and a mortgage expert will be in touch with you.

How much can I borrow?

It would depend on a few factors like, what your present loans add up to, your income, credit card debt ,your assets and liabilities and your age. Whilst this sounds complicated the mortgage broker requests the data and prepares an application for you. Please select mortgage broker while filling in your details and a mortgage expert will be in touch with you.

Can I help my children buy a house now?

A mortgage broker would look at all incomes, age, assets and liabilities, equity in the house and let you know how much you could assist your children. Please select mortgage broker while filling in your details and a mortgage expert will be in touch with you.

When should I contact a Conveyancer ?

You ought to contact your Conveyancer early in the piece as legislation is changing continuously and you may need to make modification to the house and get certificates prior to getting the house on the market. Please select Conveyancer under resources while filling in your details.

If I am buying a property what should I be aware of?

You should be aware that in NSW all contracts are generally unconditional, if it were transacted, at Auction or after a cooling off period, when one purchases a property, with a cool off period. All due diligence like building, pest and strata report, surveys or anything else your Conveyancer suggests is done before Auction or in a cooling off period. Your Conveyancer will suggest inspections to be carried out and advice you accordingly. The Conveyancer or solicitor has a duty of care to look after and protect your interests. You should also have a pre approval ( please check the validity of the same) from your mortgage broker or bank ,prior to the purchase of the property.

How long does it take to prepare a contract:

Generally, we are able to issue a contract to the Vendor and to the Real Estate agent within 1 week of instructions. We are unable to issue contracts until the zoning certificate is received from the Council – we generally order these online and they are usually returned to us within 3-5 days. Accordingly, once we have this certificate back we are able to finalise the contract.

Can we use the deposit monies?

Yes and no.   We have a special condition in our contract enabling the deposit paid by your purchaser to be released so you can use it as a deposit on your purchase.    We will arrange for this released to take place and be transferred from one agent to another.   However, the deposit generally will not be released directly to you for your use until settlement.

When do we pay you:

We are paid at the time of settlement of your sale (and/or purchase).

Do we need to be at the settlement:

No you don’t need to be at settlement. We do like to be able to speak to you though so like to be able to contact you by phone should we need to and also to advise you when settlement has been completed.

When do we have to move out?

Most contracts are sold with vacant possession, so you need to arrange to be moved out of the property by the time we settle. Most settlements take place between 11.30 a.m. – 3.30 p.m. We will advise you when the settlement is booked what time you have to be out of the property by. You should immediately advise your removalist.
If you are purchasing at the same time as selling, you have to move from one home to another, which is a daunting task, however removalists do it all the time and can help you through.

Do all conveyancers carry professional indemnity insurance?

All licensed conveyancers should be covered by a policy of professional indemnity insurance. This is done for your protection in the unlikely situation that something goes wrong with your transaction. You should check to see that your conveyancer is a member of the Institute, and if they are then you will know that they are covered by the policy held by the Institute and approved by the governing body, Department of Fair Trading.

Should buyers and sellers use the same conveyancer?

There is nothing legally wrong with using the same conveyancer, however, the Institute does not recommend this practice. Your conveyancer is working for you and to give you the best advice and guidance throughout your transaction.
It is not always possible to give a buyer and seller the same advice and a conflict can arise. Sometimes these conflicts are only small but can have a large bearing on your transaction and it is not always possible to predict when a conflict may arise. The small amount of savings made, if any, when using the same conveyancer will not balance out the risks that are potentially huge. Large delays can be experienced if the conveyancer cannot continue to act for either party if a conflict of interest arises.
Remember that conveyancing is not just the filling out of forms and attending to stamp duty payments. This may be the largest transaction of your life and you will want to know that your conveyancer is acting in your best interests and not compromising with someone else’s at the same time. Have comfort of mind by using your own Conveyancer.

We have a swimming pool do we need to have a compliance certificate:

Compliance certificates do not need to be included in contracts until 29th April, 2016. Accordingly, until then all that is required to be done is for the swimming pool to be registered on the NSW Swimming Pools Register. If you are not registered please attend to same regardless. This also applies to Spas www.swimmingpoolregister.gov.au

We carried out extensions/built the property as owner builders:

As an owner builder, if you carried out work in the last 7 years, then you MUST take out Home Owners Warranty Insurance to protect future owners of the property if you sell the property before the 7 years is up. Please contact us and we will provide you with details of where you can take out such insurance. You will also need to provide final occupation certificate for the work carried out.

We are buying again can you help us with that:

Yes we would love to assist you with your purchase. In fact it makes it easier and less stressful if we do, we can then control both sides and make sure everything runs smoothly.
Unfortunately, if you are purchasing interstate, we cannot carry out the conveyancing however we can assist and liaise with your representative in that state.

When is stamp duty on our purchase payable:

If you are purchasing a property you have to pay stamp duty.   It is payable at the earlier of settlement or 3 months from exchange.   There are some exceptions to this if you are purchasing off the plan.  Please call and discuss with us so we can advise for your particular situation.

We are first home buyers what do we do:

We love helping first home buyers with their first property. We will hold your hands along the way, but the first thing you need to do is obtain a pre-approval for your home loan so that you can confidently make offers on property. Some first home buyers will be eligible for stamp duty exemptions and first home owners grants. Speak to us so we can advise for your particular situation.