Buying a Property for the First Time
What is the process?
What professionals do I need to deal with?
Will it be a worthwhile process?
Where do I even start?
“The Bank says we need a valuation report from a registered valuer”
In brief, a residential valuation entails a comprehensive inspection of the property in order to complete a detailed report that will comply with the International Valuation Standards Council (IVSC) 2017.
The report is an impartial, independent and expert opinion on the market value of the property. It is always difficult to give accurate quotes without knowing any details of the property, so please contact us in regards to our fees.
Things to Consider:
- Open home – two inspections minimum
- Have a discussion with the real estate agent – beware of ‘sales push’, bias or intimidation
- Learn about sales methods (private sale, buying at an auction, tender, price by negotiation or, simply, there may be an asking price)
- Get to know the street/road and neighbours
- Financial decision – speak to your bank manager/finance lender/mortgage broker
- Property valuation – comprehensive report that details the property including the land, building, other buildings (garages or studios), other improvements (landscaping), comparable sales, market conditions and, most importantly, the market value
- Builder’s report and LIM
- Speak to your solicitor or lawyer – especially in regards to the certificated of title, (covenants, easements and interests), along with the sales and purchase agreement, conditions, negotiation process and/or your offer
- Only get an insurance valuation if you purchase the property
– Piece of Mind!
– Off-street Parking
– Cladding Materials
– Floor-Plan Layout
– Standard of Kitchen and Bathroom(s)
– Heating and Insulation
– Be close to family, friends, work and/or public transport
– Find a home that suits your needs
– If you’re not a property person, look for something low-maintenance
– DIY Renovations – only if you are capable or have good connections
“QV says it’s $500,000”
Quotable Valuations are done for rateable purposes, not market – highly irresponsible of individuals to give it serious consideration.
- Completed from street with no inspection inside dwelling
- Completed every three years
- Countless examples with extreme differences
- A computer can’t walk inside, smell and feel a property, or see it’s positive and negative attributes in the flesh
You may spend $750 on a valuation but save $7,500 to $75,000 in the long run.
- Rush or be pushed into it
- Be afraid to walk away
- Do what everyone else’s doing and jump on the ‘property bandwagon’