It’s one of the biggest decisions of your life!
Buying a house is big step to take no matter what age you are. Getting it right usually relies on good research and excellent local expertise.
We list down some of the most important things to consider and do when buying a house in Sydney Penrith and some of the local businesses you should speak too.
Secure your finances – consult with local Penrith finance experts
Understanding how your new property will be financed is one of the most important first steps, even before you start looking for a property to buy.
It is important that you know how much you can borrow well in advance. Consult a financial planner or financial broker in Penrith on getting a pre-approval from a lender.
The process can take weeks so you should be ahead of it. Make enquiries as early as possible. If you cannot prepare your funds to buy the property after finalising the contract, you risk losing your deposit.
Don’t forget looking a home insurance for your new property. You have to check with your insurance broker in Penrith about the type of coverage you can get and get a feel for the costs involved.
Do your research- get to know the Penrith region
The Penrith region is huge so it’s important you take your time to get familiar with the area and map our specific suburbs that you want to buy in. Write down what you like or dislike about certain suburbs. Consider ease of access to public transport, schools and shops and other relevant criteria important to you.
With the help of a good local real estate buyers agent or real estate sales agent you can also better understand trends and prices in the area. The more you can do to narrow down the specific suburbs you would be interested in, the easier it will be to find the right property.
Don’t get caught out – understand property legals
“Property exchange” refers to the time when both the seller and the purchaser have signed the contract and agreed to the deal. Once the exchange happens, the property is taken off the market. The seller also becomes legally bound to the deal.
The contracts are usually exchanged in the office of the real estate agent. Make sure you have consulted with a local Penrith conveyancer or property lawyer on all legal matters of concern and complete any final checks during the “cooling off” period like completing building and pest inspections reports, valuations and confirming all your finances are in order. You need to work quickly as this is the only time you have left to ensure there are no “show-stoppers”.
Buying a home is one of the most important decisions of your life so remember not to rush into it, do your research and make sure you are supported by the right local business expertise from start to end.
Need help with other local business in Penrith?
Whether you are buying, selling or maintaining your home, our Tradebusters Connect Top 3 Local Choice directory can help you connect with recommended tradies, real estate and other professional service providers with confidence.