Buying a new home is an exciting endeavor, but it can also be a complex and often daunting process. There are many facets to consider, some of which are not commonly known to buyers. In this blog, we’ll shed light on several critical aspects that can make your home purchase smoother, more secure, and ultimately more satisfying.
1. License Agreements: Your Key to a Smooth Transition
One lesser-known aspect of home buying is license agreements. These can significantly benefit you in various ways, such as gaining early access to your new property. This means you can start renovation works or even sell your old home before the official settlement. Negotiating a license agreement can provide you with the flexibility you need during this transitional period, making your life easier.
2. Title Insurance: Protecting Your Property Rights
Title insurance is a safeguard against unforeseen complications with your new property. It covers issues like structures built without proper permits and boundary disputes. Without title insurance, you might find yourself entangled in legal battles and unexpected costs. This insurance ensures that your property rights remain intact and that you won’t face any surprises after the purchase.
3. Negotiable Deposits: Tailoring the Deal to Your Needs
Many buyers assume that they must provide a standard 10% deposit when purchasing a home. However, this isn’t set in stone and is negotiable. A skilled buyers’ agent can help you negotiate a deposit that suits your financial situation, making homeownership more accessible.
4. Flexible Settlement Periods: Aligning with Your Plans
The conventional settlement period for property transactions is often 30, 60, or 90 days. But it doesn’t have to be. You can work with the seller to determine a settlement date that aligns with your plans and the vendor’s situation. This flexibility can reduce stress and streamline the entire process.
5. Professional Conveyancer: Your Guardian in Property Transactions
Before making an offer on any property, it’s crucial to have the contract reviewed by a professional conveyancer. These experts are well-versed in property law and can identify any potential pitfalls, protecting your interests and ensuring a smooth transaction.
6. Building & Pest Inspection: Safeguarding Against Defects and the Impact of Legislation
When it comes to inspecting a potential new home, a thorough building and pest inspection are essential. It’s a step that’s often taken for granted but can save you from costly surprises. However, it’s important to understand the significance of choosing the right inspector.
Here’s the key point: If your chosen inspector isn’t a registered builder, which is the case with many inspectors, you may face potential complications due to updated legislation. In some regions, recent changes in property law mean that you may not be able to exercise your right to exit the contract if a major structural defect is found during the inspection.
This is why it’s crucial to engage a registered builder to perform your inspection. They possess the necessary expertise to identify structural issues and ensure that you’re protected by the law. By doing so, you can confidently uncover any hidden defects and make informed decisions about your potential new abode. Your peace of mind is our priority, and a qualified inspector is your best ally in this process.
7. Planning Permit Checks: Protecting Your Property’s Value
To prevent any undesirable surprises in the future, always conduct a search to ensure there are no known planning permits for undesirable building structures in the vicinity. These structures could affect your enjoyment of your new property and potentially hamper its future value.
At Abode Advocacy Group, we take pride in offering these services to our clients, ensuring they navigate the property market with confidence. If you ever have doubts or questions during your home buying journey, don’t hesitate to reach out. We’re here to help you make the best choices for your new abode. Your dream home awaits, and we’re here to make it a reality.
