WHY BUY WITH MCWEST?
Buying real estate can be one of the biggest financial decisions of your life. Therefore, it’s understandable that a prospective purchaser can feel overwhelmed by the abundance of information available. By entrusting McWest, we can help you navigate the complex world of investing in real estate.
At McWest, we provide you with advice and assistance on the local real estate market. We can assist you with every stage of the buying process, including but not limited to finding a suitable property within your price range, property reports, property searches, and much more…
At McWest we take the hassle out of the purchasing process, making the entire process more enjoyable, so that you will have a pleasant positive real estate experience.
Let McWest help you in achieve your real estate dream.
WHY BUY WITH MCWEST?
Private Treaty:
A vendor sets a price for the property from the start of their campaign. A vendor can negotiate with prospective purchasers and receive offers in writing, at any time during the sales campaign. The sales campaign can be extended through this method of sale. Offers are made via a sales contract completed by the real estate agent.
On acceptance of the real estate contract, there is a 5-day cooling off period in QLD. Should the buyer cancel the sales contract during the cooling-off period, the vendor may deduct a penalty of up to 0.25% of the purchase price from the deposit.
The remaining deposit will need to be refunded within 14 days. If the buyer wants to proceed with the sales contract, due diligence should be carried out via a building & pest inspection. Finance will need to be obtained if finance is needed. After these conditions are met, the sales contract becomes unconditional, and the property will become the buyers on settlement.
Auction:-
Is a very popular method to purchase property in Australia. A buyer can make an offer prior to the property going to auction. If the property goes to auction, as a buyer, you would need to register your bid on the day of auction, in order to make a bid on the property. In most Generally, the vendor of the property would set a reserve price, which is a minimum price they would accept for the property.
If the bids do not meet or exceed the reserve price, the property may be passed in or withdrawn. In this case there will be an opportunity for the bidders to negotiate with the vendors agent to secure a contract on the property.
Generally, a buyer will need to be able to pay the deposit on the day of auction. Properties sold by auction are not subject to any conditions. This means a buyer would need to complete all inspections prior to auction day. Finance would need to be approved prior to auction. Auctions do not have a cooling-off period.
Tenders/ Expressions of interest:-
This process requires a buyer to put forward a formal offer by a specified date. The property is not advertised with a price. The vendor will access all offers simultaneously on close of tender date. Properties are usually sold to the highest bidder with the most favorable conditions.
COSTS TO CONSIDER WHEN BUYING REAL ESTATE…
Buying a new home can be an expensive exercise, it’s worth its weight in gold, but it is worth planning ahead for the costs involved such as:
- Loan costs, including establishment fees, valuation fee, monthly or annual charges by the mortgage lender.
- The deposit, is the initial fee a buyer pays in order to purchase a home, usually 5-10% of the homes overall cost. A buyer may be made to pay lenders mortgage insurance by the mortgagee if the deposit is less than a 20% of the homes overall cost. If you already own real estate, you may be able to access the equity you have in your current mortgage to use as the deposit.
- Lenders Mortgage Insurance. If you want to borrow more than 80% of the property purchase price, you will normally be charged Lenders Mortgage Insurance. The insurance covers the lender in the event that you can’t pay the home loan back.
- Stamp Duty, is the tax charged by the state government for the sale/purchase of residential property. Usually calculated on the price of the home you purchase and can differ depending on whether it’s a vacant block, new build, existing dwellings, if it’s an investment property or primary residence.
- Building insurance, is usually required by your mortgagee, other types of insurance that may be worth considering include mortgage protection insurance, income protection insurance and contents insurance.
- Building & Pest Inspections It’s vital to do your own due diligence when purchasing a property, therefore consider having a building and pest inspection done on the property you are considering purchasing
- Strata Inspections. If purchasing a property that is part of a body corporate, you might want to consider a strata inspection, which is a report detailing the assets, liabilities, and financial position of the body corporate
- Conveyancers and Solicitors Fees. Conveyancers and solicitors charge a fee to make use of their services.
- Council rates. Owners of homes within a body corporate and those not part of a body corporate would both need to pay council rates.
- Strata fees. Property owners will need to pay strata fees if the property they own forms part of a body corporate. These fees will collectively cover exterior property maintenance, building insurance, etc.
- Moving or Transport costs.
- Utility connection costs and monthly utility costs including water, gas, and electricity
- Mail redirection costs.
