You can search by maximum price and number of bedrooms to further refine your search.
Check that the area has all the local amenities and transport connections that might be appealing to a prospective tenant so that you can maximise your rental income.
When purchasing a unit, check where it is situated within the unit block: for example, a ground floor unit may be less appealing for tenants for security reasons.
Look at how much light the unit gets and the accessibility: does the block have a lift or just stairs?
The location of the unit within the block is important as a negotiating point for a higher sale price if you decide to sell.
If you purchase in a large unit block or complex, expect to pay higher strata fees than a small block with no lift access.
Talking to one of our property experts for their advice and knowledge is a great way to simplify the process.
4. Property Purchase
Ask for a copy of the sale contract as soon as possible so that it can be assessed by a solicitor or conveyancer.
You will need to pay the deposit straight away if you are purchasing at auction. There is no cooling off period associated with auctions.
When buying privately, you may be asked to pay a pre-deposit amount (usually around 0.25%) to show that you are serious about purchasing the property.
Once the contracts have been exchanged by yours and the seller’s solicitors and the deposit has been paid, the property will be secured.
The seller will not be able to accept any other offers.
A cooling off period applies in NSW for 5 days, where you are able to cancel the sale (in writing). However, you would forfeit 0.25% of the purchase price.
The cooling off period can be waived.
5. Building Report
Arrange the building inspection during the cooling off period.
The building report describes the condition of the property and any areas that need repairs or attention.
Knowledge of any issues with the property can give you negotiating power.
You may be able to negotiate a lower the price or request that the owner fixes the issue.
6. Finalise Your Loan
The lender will carry out a valuation of the property.
Lenders Mortgage Insurance or LMI (if applicable) needs to be paid prior to authorising the loan. Along with any other conditions specified in the conditional acceptance (pre-approval).
This generally takes place 6 weeks after the contracts are signed.
Solicitors from both parties along with the mortgage lender will meet to arrange payment of cheques and transfer of title deeds.
This is when you arrange a final inspection of the property, before the settlement, to ensure that the property is in the condition that you expect it to be.
Ready to start your property search?
Take a look at our property listings or contact our office on 02 9439 3188 if you would like to speak to one of our advisers about your investment strategy or off the plan options.
Once you have purchased the property we can assist you by finding tenants and managing the property, if required. If the property is outside of NSW we can also recommend property managers in different states.