A professional’s checklist for First Home Buyers

In this post, we provide with you with our six easy to follow steps to follow when buying a house.

1. Find a trusted broker and know your budget before you start looking for a property. At Winterkorn Legal Group, we work with a hand-picked selection of trusted brokers and advisers. Should you need a recommendation, get in touch today and we would be happy to introduce you to some of the best in the business. 

2. Once you have found a property you like, ask the agent for a copy of the listing contract. Before making any offers, engage a conveyancing solicitor to review the contract and provide you with their professional advice. Winterkorn Legal Group offers free contract reviews to ensure the demographic of first-home buyers is getting the appropriate advice.  

3. Include a buffer on the amount you must pay upon settlement. In addition to your purchase price, on settlement, council rates and fees will be adjusted for the lodgment of property-related legal documents. It is not uncommon for an unexpected fee to occur throughout the settlement process, and it is always important to include a saving buffer to avoid any unnecessary settlement delays. 

 4. Take out a building, home, and contents insurance policy after signing your contract. While the risk remains with the seller until settlement, most lenders require building insurance between the signing of the contract and settlement. If you need a trusted insurance broker, feel free to contact the team at Winterkorn Legal Group for our recommendations. 

5. Always arrange a pre-settlement inspection with the selling agent. You must view the property as close to the settlement as possible. Test all appliances and ensure the property has not been subject to damage or dilapidation between signing contracts at settlement. Should you attend a pre-settlement inspection and have concerns, contact your conveyancing solicitor as soon as possible so your concerns may be addressed appropriately. 

6. Dont schedule removalists for the same day as your settlement. When it comes to conveyancing, when things go wrong, things go spectacularly wrong, which is why it is crucial to engage an experienced conveyancing solicitor. A textbook conveyancing problem is an unexpected settlement delay, often on a Friday afternoon, when the Buyer has removalists waiting in the property's driveway, and the buyer cannot get the keys. To avoid unnecessary costs and stress, where possible, it is wise to schedule removalists for the day after settlement in the case of delay.