Who you need on your home-buying dream team
The home-buying journey is one that’s exciting and at times, pretty nerve-racking. There’s paperwork to complete, legal hoops to jump through and a raft of things on your to-do list to ensure that your home purchase is a sound investment that brings you many happy memories long into the future.
A solid way to pave a smooth pathway to settlement is by starting with the right team in your corner, Your Home Buying Dream Team, as it were. Cheesy team t-shirts are optional but encouraged.
So, what positions are open on your Dream Team?
Real Estate Agent or Buyer’s Agent
Two real estate powerhouses with two different roles.
Having local knowledge about the real estate market when you’re purchasing a home is an invaluable asset to you. Your real estate agent, or buyers agent will have insider knowledge about recent local sales, trends, any potential hurdles or things to be on the lookout for and overall be an independent voice of reason to ground what can be a really emotional process.
Which one is right for you?
That’s a personal choice. While a real estate agent can provide you with general advice about the market, a buyer's agent will zero in on your requirements and enter negotiations on your behalf, even bidding at auction for you.
Depending on your personal situation, a trusted real estate agent may offer you some reassurance or flag any problems, while a buyer’s agent will do a lot of the leg work for you - from finding properties, conducting inspections and providing advice. A buyer's agent will come with a fee attached, often a percentage of the purchase price of the home although some will charge a flat fee.
Broker
Call us biased, but we think a great broker might just be the MVP of your team. If there’s one thing that is absolutely essential to you buying a home? It’s money! Aligning yourself with a broker who understands your goals, your finances and the way the banks work is the fast track to securing the finance you need to buy your first home or your next home.
The most recent data suggests that 70% of Australian home buyers use a broker, and it’s not hard to understand why. With more than 450 mortgage products available in the market, from over 40 different lenders sourcing the best mortgage for yourself is an eye-wateringly mammoth task. One you probably don’t have time for while finding a home, working, maintaining a social life, and not sending yourself crazy.
Brokers have an intimate knowledge of the products available, and various grants you might be eligible for, and can take into account your current financial circumstances together with goals you have for the future. Your broker will also check in with you periodically to make sure your mortgage still suits your needs and conduct a general ‘health check’ to see if there is a better deal out there for you.
Accountant
If you’re self-employed or have more complex finances than the average person there’s a good chance your accountant is going to work hand-in-hand with your broker. With their expertise, they can often put their hands on required documents and statements quickly and easily, and they can provide you with advice on your personal situation and guide you to ensure your application is as strong as it can be, giving you a greater chance of securing finance.
Conveyancer
When it comes to purchasing a home, you want to know your contract is watertight, that you’re appropriately protected during the settlement period and that you have fair terms and conditions. That’s where your conveyancer comes in.
They’ll ensure the transfer of Title happens seamlessly, navigate any potential hurdles with you and prepare all that is necessary but let's be honest, boring, paperwork.
Building and Pest Inspector
When you’re purchasing a home, one of the most important steps is ensuring you know exactly what you’re getting yourself into. A recently renovated bathroom could be hiding moisture in the walls, or your lovely brick dream home could have termites lurking in the frames. Your building and pest inspector will look for the most common (and uncommon) concerns that could end up costing you big dollars down the track. From those obvious ones to more obscure and location-specific things - like areas that have been impacted by severe storms and damages haven’t been rectified.
Rounded up your best players? It’s time to hit the streets (or realestate.com.au), scope out your purchase and shoot for the stars.
Need help getting your A-Team together? Get in touch with Lenny, with a black book of industry-leading professionals that we trust to guide you through this process and years of knowledge at our fingertips, we can help you to make this journey a memorable and stress-free one.
Get in touch with us now via dean@lennygroup.com or by calling us at 0487 688 487.