Buying or selling a home can be a complex and time-consuming process. Even before you make the ‘big decisions’ about which property to buy and home loan to select, there are many other important decisions.

doing some homework can help you avoid potentially expensive mistakes. You are more likely to make the right choices if you know what you want; are informed about your options; shop around for the best price and service or product that meets your needs; refuse to be hurried into a decision; take your time; read everything before you sign it; and ask questions.

Be informed

Make a list of what you absolutely must have in a property so that you
don’t get carried away and buy something that looks ‘great’ but doesn’t have what you really need. Make a ‘wish list’ also, so that these desired but non-essential items can be factored into your decision making when you find them in a property within your price range.

Learn as much as possible about all aspects of the property buying and selling process. Find out all you can about the market value of property in your preferred areas by searching the internet, attending auctions, speaking with a variety of estate agents, and reading newspapers for auction results and prices of properties listed for sale. Shop around.

Don’t hurry

Never rush or be pressured into making hasty decisions. There is a lot
of money at stake – a lot of years will be spent paying off the mortgage.
Make sure that you are making this commitment for the right property. If you take your time and do your homework, you will feel more confident that you have found the right house at the right price, the right agent and the right loan when it comes your way.

Read before you sign

During the buying and selling process you may come across several types of
contracts such as loan agreements, authorities to sell, contract notes and
contracts of sale of real estate. A good general rule is not to sign any document without reading and fully understanding its contents including all terms, conditions and fine print. Make sure that anything which has been agreed to verbally is put in writing. You will therefore know exactly what you are committing yourself to. If something is unclear, ask for an explanation. If you are still uncertain, it is better to wait and seek professional advice before signing.

Negotiate

Many terms and conditions are negotiable between the parties. Estate agents, loan providers, solicitors and conveyancers, as well as buyers and sellers, want your custom.

Details: www.consumer.vic.gov.au