When you start looking for a home, how do you know which is the right one?
Give some thought to what type of home you require and where you would like to live. It may be a brand new house in a new area that appeals to you because of the kind of people – young families perhaps – who will be living there. Maybe you would prefer an established house, an older style home or a property with a lot of land. Are you interested in renovating? Importantly, you must consider not only what looks attractive, but what will suit the size of your family now and in the near future.
Make a list of your priorities. Do you need to be near public transport? Are there schools in the area that meet your needs? How will you get to work and what cost will be involved? If there is limited public transport will you require an extra car? If you are a one car family, are shops in close proximity? Is the garden relatively maintenance free? If you don’t enjoy the garden you may wish to consider a villa unit or a town house.
Your final selection of a home may be one that requires some general repairs and you may be concerned about its structural soundness. You should have an expert in the building industry inspect the property thoroughly and supply you with a written report on the condition of the property and a general indication of the cost for repairs.
It is important that you budget for all the associated costs when purchasing a property to ensure no extra strain is placed on the family finances and that you can relax and enjoy your new home.
Allow for the cost of State Government Stamp Duty, the conveyancing costs, mortgage registration, stamp duty on any mortgage, financial institution costs – such as a valuation fee and/or establishment fee. Other costs to include are pro rata adjustments of council and water rates, insurance on the building and contents, removal costs ranging from hiring a truck yourself to using professional removalists. Also seriously consider insuring the contents in transit.
Buying at auction
Firstly, inspect the property thoroughly. This may be arranged by appointment with a Ray White Turramurra agent or by attending an “Open House”. The agent will not disclose the reserve price but may give you a general indication of the expected price range, based on comparable sales in the area.
Importantly, contact your financial institution to ensure that you are eligible for a loan as the auction contract is an unconditional sale. Read the contract and other documentation to discover if the terms of sale will suit your requirements and whether any items are not included in the sale.
Bidding at Auction
Position yourself so that the auctioneer can see you. There is no benefit at all in being hidden at the back of the audience. You will need to get to the auction with enough time to register as an interested party in the bidding. The auctioneer will read the terms and conditions of sale and then conduct the actual bidding, probably calling for an opening bid and you will need to show your bidders registration throughout the bidding process.
If you are the highest bidder and the property is sold to you, you will be expected to sign the contract immediately and pay the required deposit.
In the event of the property being passed in, the highest bidder often has the first right to negotiate at the reserve price.
If possible try to attend a Ray White auction or two prior to the day to get the “feel” of how an auction is performed.
Department of Fair Trading Information on bidding at auctions.
Can a Ray White agent bid at auction for me?
We are very much aware that bidding at auction may appear to be a daunting task to some people. However, we are unable to actually bid on your behalf when we act for the vendor, as such a situation involves conflict of interest. That is to say, we are engaged by the vendor and indeed charge the vendor a fee to obtain the highest possible price in the market place at that time. We can however assist buyers who are comparative strangers to the auction system by explaining the very straight forward procedure for bidding and by being present at our auction to ensure you are given every opportunity to place bids and buy the property.
We can bid for you at auctions that are not being conducted by our office.