How do I successfully complete the sale of my first home?

How do I successfully complete the sale of my first home?

It can be all very well to read about the application processes and the fees involved in buying your first home, what about when it comes time to actually make the bid and process the sale? Don’t worry because we can walk you through that too, as successfully buying your first home can be as easy as:

Making an offer. When you find and have fully inspected a home which suits all of your requirements for your first home you are free to put in an offer to the seller and you are not obligated to that price until you have signed a contract. Consider whether your offer is reasonable with regards to the surrounding areas and asking prices so that you are taken seriously, but at the same time feel free to offer less than the asking price because you may be able to get a better deal if there are not a lot of other people making offers.

You can choose to buy at auction or a traditional sale. Property which is for sale through a real estate agent often has a fixed price, whereas if you go to an auction you can make a bid or two or three, which you feel you can afford and which you think is a good price for the property on offer. When you are making a bid at an auction, keep in mind that if you are the highest bidder you are legally required to make a purchase. If you make an offer on a private sale, you are not bound to the property until you sign a contract.

Know your cooling off periods. If you buy at a traditional private sale you will have a cooling off period after you sign the contract, which can vary from state to state for example in New South Wales you will have five days in Victoria you will have three days but in Western Australia you will have no days. Also if you buy at auction there is no chance to change your mind as the sale is final once you have bid and been named the highest bidder.

Get organised during the settlement period. The settlement period is the time which you and the seller agree to, to give you both time to organise and finalise finance, property inspections, and moving trucks. When the settlement day arrives your solicitor or conveyancer will organise payment of the final amount and check that no damage has been done since you signed the contract.

Organising insurance on your new home. This may be a requirement of your home loan, and even if it is not, it’s a good idea to organise insurance on the property you have bought as soon as possible after you have signed a contract. Seeking insurance on your first home can be very different to just organising renters insurance, and you will need to check for features such as mortgage discharge coverage where your insurance will pay for any mortgage discharge costs if your home is a total write-off.

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