This post has been written in collaboration with Action Property Inspections
Purchasing a home is one of the biggest decisions we make in our life time, and purchasing a home rather than building a home, comes with its own risks to look out for. Today I would like to share my top 3 tips of what to do once your offer is accepted on the home you wish to buy.
What To Do During The Conditions Period, When Buying a Home
Engage a Conveyancing Solicitor
Buying a property can be a legal minefield, so many little things to look for. It is essential to engage a conveyancing solicitor to help you sort through it all. Little things like non-payment of rates can impact you as the potential new home owner. Engaging a conveyancing solicitor will ensure all these loose ends have been addressed prior to the conditions period expiring.
Arrange Your Finance
Most of us, have already spoken to the bank prior to looking for a home to build. It is a simple way to get a guide on home much money you have to spend. But did you know it is also important to send through a copy of the contract as soon as you have signed off on it? This will give the bank plenty of time to process the finance requirements at their end, hopefully before your conditions period expires. There are options for this period to be extended while your finance is sorted, however it is essential to contact the bank or financial institute as quickly as possible to minimise any delay.
Carry Out a Building and Pest Inspection
In my opinion the most important step in this process! Walls, floors and ceilings can hide all manner of nasty surprises, that can be extremely expensive to fix. Knowing about these things prior to the conditions period, will give you opportunity to back out of the contract if the discoveries are too expensive to fix, or factor in the price of repairs to your finance amount, or some bargaining power to negotiate the price to allow a little room in your budget. Knowledge is power, in all aspects.
As builders we have seen some really scary defects in homes, like no waterproofing, stumps that are rotting, asbestos walls and termite infestations that have gone on to cost the new home owners a great deal of money to rectify. Engaging reputable building inspectors like those at Action Property Inspections, will guarantee you the peace of mind you need when purchasing your home.
As always do your research prior to beginning on the process of buying your new home. Be sure about your rights and obligations, and then most of all, enjoy the process!
Did you get a house inspection when you bought your home? Do you have a horror story to share? Ever come across a termite?