Tuesday, February 10, 2009

Tips for Homebuyers

Peter.com.au has the following tips for buying a house. Worth remembering some of these whilst looking for a house. 
  • In general, real estate agents work for the buyer - they are more interested in a quick, low effort, sale than in a good price (it is much better to earn 10% of $100,000 with one day of work than 10% of $120,000 with one months work).
  • Check any city by-laws, caveats, or easements on the house.
  • Check caveats on the contract.
  • Ensure enough time is allowed for loan approval, at least ten working days.
  • Try to keep your emotions under control and not get too emotionally involved with the house you might purchase (this is usually not really possible). Try not to let them play on your emotions.
  • Allow money for fixing the place up (new carpets, repainting, cleaning, repairs). It is often better to buy a house five or ten thousands dollarys cheaper and use the difference to fix the place up (the same applies for cars).
  • Remember (preferably photograph) wall fixtures lest they disappear between acceptance and ownership.
  • Check light fittings (some people even steel the light bulbs out of the house!).
  • Redirect your mail and also print stickers for readdressing your mail and leave them with the new owners of your old house. The post office understands NATA = Not at this address and RTS = return to sender, so after six months or so you can just scribble NATA RTS on any wrongly addressed mail and drop it in the outgoing mail pile.

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