Editor Nila Sweeney says homebuyers are often guilty of not having everything ready before purchase.
“When buying a property, particularly for investment purposes, there is a lot of time and effort that goes into doing your research and getting the professional advice you need,” says Sweeney. “But there are also other things to worry about. Even if you find a property that ticks all the boxes, if you haven’t got your loan approved or you aren’t ready to exchange contracts, you may end up missing out on your dream home or investment property.”
According to Your Investment Property, some of the common mistakes buyers make before purchase are:
• Not having sufficient funds – It’s your responsibility as the buyer to ensure you have enough funds to cover the deposit, stamp duty and the balance of funds due at time of settlement. If you are taking out a loan, don’t sign the contract until it’s approved. You don’t want to be scrambling for money from family and friends at the last minute.
• Not providing all the necessary information in mortgage documents – Lenders need loan documents signed with all the right details and returned promptly to settle the purchase on the agreed due date. If you haven’t signed the documents in all the right places or have not provided all the relevant information, this could mean settlement is delayed.
• Not doing a final inspection – Usually properties will be in the same condition at settlement as they were at exchange of contracts but there have been situations when removalists have damaged the property when moving furniture out. Always best to be safe than sorry.
For the full list of tips and other information to help you make smart property purchasing decisions including a free mini-mag full of tips for 2012, see the latest issue of Your Investment Property. On sale at leading newsagents or online at www.yourinvestmentpropertymag.com.au.
Your Investment Property
Your Investment Property is the intelligent property owner’s choice when it comes to learning about Australia’s property market. The magazine provides readers with the most complete set of property data, independent commentary and thoroughly-researched articles about all aspects of investing in property in Australia and abroad.
Every issue features in-depth analyses of the market trends that affect property investments. Practical tips and advice on how to manage and finance these investments are also featured regularly to help readers make the best decisions.
Your Investment Property carries the most comprehensive data section of any Australian property magazine, with extensive and exclusive data about every suburb in Australia, and independent expert advice on the best investment strategies as well as market analysis from Australia’s most trusted and experienced property experts.
Plus, every month Your Investment Property carries exclusive information about Australia’s up-and-coming property hot spots; real-life success stories of ordinary, hardworking Australians who have achieved financial independence through property; and the latest and most practical legal, tax and financial advice.
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