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Making The Right Choice | Making the Right Choice |
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Purchasing a property is a large, ongoing financial obligation, so purchasers should spend some time working out what they require and can afford. Here are some guidelines to make this crucial decision a simple one. Pre-approval We always recommend you to obtain a pre-approval before you start searching for a property. To be more certain about your capacity to borrow, call us to arrange a meeting with one of our accredited mortgage consultant or just try our calculator. The property search When looking for the ideal property it is very important to decide on the following: * What you require? * Where you want to live? * What you can afford? You must do a lot of research and gather all possible information. You should look at all accessible options in the real estate market to get a fair idea of all the properties that are offered for sale. There are certain factors which might affect the property price and hence should be looked into, such as, the existing property price in that locality, how long the property has been in the market and whether it has been re-listed at any point of time etc. Negotiating for the property Once you find the home you want, negotiating is the next step of the home buying process. Prior to making an offer, know the market value of the home. Be flexible. For every increase you make in the offer price ask for a service in return, like maintenance, appliances and lawn mowing. Always remember it is your money that you are investing, so negotiate the best deal and do not get carried away by your emotions. Property inspections and legal advice For the best interest of the buyers, property inspection and legal advice is of prime importance. Purchasers must inspect a property to see that it meets their requirements. They should also consider having a qualified building inspector provide a professional condition report prior to purchasing. Such inspection may reveal certain defects like pest infection, unsound foundation or any lapse which may adversely affect your decision to buy the house. We strongly recommend you have a subject to finance clause on the sale contract you sign even if you have a pre- approval in hand. Choosing the right loan Selecting the right home loan is as important as selecting the right home. Consult a mortgage consultant in person to obtain full details about the different loan packages available. A mortgage consultant will provide a clear understanding about the loan that best suits your requirement. In case a particular loan does not suit your needs, you can choose to split your borrowing between one or more products. Getting your home loan formally approved It is advisable that you request your lender to send one of their panel valuers to value the property to ensure that the lender is happy with the price you offered for the property and to be able to provide you with the full amount of loan that you require. There has been instance where the lender, at the time of settlement was unable to lend the full amount requested by the borrower as the value of the property was much lower than value offer by the borrower. Once valued by the lender, ask the lender to provide a formal approval as soon as possible so that you would not have any technical difficulty at the time of settlement. Reviewing your Loan Agreement Once the loan is approved, we will send you a Loan Agreement which needs to be read, signed and returned to us. If you cannot understand any terms do not hesitate to call us or seek help from your conveyancer, solicitor or your financial adviser. Liaising with your conveyancer or solicitor Irrespective of your transaction, your best action is to consult your conveyancer. Your conveyancer ensures that your dream is turned into reality. Your conveyancer is there to ensure your dream doesn't become a nightmare. Make sure you approach a registered conveyancer or solicitor, who can provide expert advice and professional service. Congratulations your Settlement has taken place! |