After months of house hunting, you’ve found your ideal home or investment property. When auction day is approaching, it’s time to get serious about preparing to bid.
Here’s a checklist of five essential things to do before putting up your hand at auction.
1. Secure your finance
If you’re serious about a property, you’ll bid more confidently if you have pre-approval on a home loan. Above & Beyond Finance is the perfect place to start.
We will work with you to decide which loan suits your needs. Will you lock in a fixed interest loan or a variable one? Maybe a combination of both? Ask lots of questions so you are well informed. Also, if you’re a first home owner, we will notify you and take care of any Government Grants that are available to you.
2. Building and pest inspections
The home you’ve fallen in love with may look beautiful, but you want to make sure it’s structurally sound. A house is likely to be the biggest investment you’ll ever make in your lifetime. If you discover any expensive defects during a building inspection, it could save you thousands of dollars in the long run. Both building and pest inspections should be carried out by qualified tradespeople.
3. Get the contract of sale – and read the fine print
The contract of sale contains all the legal information about the property, such as the title, boundary measurements and recent building works. You’ll also find information about rates, local government building restrictions and easements (if any). A copy of the contract is usually available at open for inspections and you can request a copy from the real estate agent. Read it thoroughly before auction day. It’s also a good idea to get your conveyancer or solicitor to check it.
4. Set your budget
Even once you’ve got your Pre-Approval there are still other costs to be considered. These include:
- loan application fees
- building inspection fee
- solicitor or conveyancing fees
Above and Beyond Finance can assist you with your budget and how to stay on track, ask us how!
5. Register with your agent
Some agents will require you to register as a bidder, or at least advise that you’re interested. A quick chat with the agent in the week preceding the auction, or on auction day, should be enough.
Auctions can be intimidating, but don’t be afraid of the competition. If you’re prepared, you’ll bid with confidence.
If you are looking to purchase at Auction contact us today to get things moving!