Confirm your finances
Talk to a mortgage broker, bank or financier so you know how much
you can afford to spend. Take into account extra expenses needed to
cover moving, insurance etc.
Make a list of requirements
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Break your list into "must have’s" and "nice to have’s". For example:
Must have ... 4 bedrooms and be close to public transport.
Nice to have ... fully fenced and low maintenance.
Research areas and prices
Use the internet (www.barnhillrealty.com),
local papers and real estate publications to investigate prices and
housing styles in different areas. The internet is particularly useful if
you are moving between towns.
www.barnhillrealty.com is a Myrtle Beach and surrounding area-wide
website and the official property directory of the Coastal Carolina
Association of Realtors.
Decide where you wish to purchase
Take into account affordability, transport, schools and
family lifestyle. Be flexible with your area selection.
Property Title
Check what type of title the property has: freehold,
leasehold, unit title, cross lease.
With leasehold properties, check how long the lease has to run and the
annual ground rent.
With apartments or terraced complexes, check whether the property has a
Body Corporate and any associated fees.
Specialist Inspections
If you are serious about a property but unsure of structural issues,
arrange for a building inspection by a building inspector or qualified
tradesperson.
Auctions
Register your interest with the real estate agent in advance.
Arrange your finance in advance; if you are the successful bidder, the
contract will be unconditional.
Make sure you have the finance available to pay a deposit on auction day.
Talk to the real estate agent to make sure you understand the auction
process.
Carry out any necessary checks before the auction.
Deposit
When an agreement has been reached by both buyer and seller,
a deposit will be payable. This is usually around 10% of the purchase
price. Deposits are held in the real estate agent or lawyer's trust
account for a minimum of ten working days.
Final inspection
You have right to make a final inspection of the property prior to
settlement to ensure it is in the same condition as when you first
inspected it. This can be arranged through the real estate agent.
General Features to Consider
Positive features:
- sufficient storage space in kitchen, bedrooms and outside
- level floor and sound piling
- good water pressure (turn on the taps and shower, flush the toilet)
- insulation (check for insulation batts in the roof, ceiling and
walls)
- which fixtures will remain (eg heaters, carpets, dishwasher).
Negative features:
- traffic/airplane noise
- house movement (revealed by cracked window sills or walls)
- dampness (can be detected by smell and/or mildew)
- leaking roof (check the wallpaper and ceilings for stains, ensure
the iron is not rusty or tiles decayed)
- zoning restrictions (check with the local authority)
- potential flooding/slipping (check aspect of neighboring land,
banks, streams)
- old electrical wiring
- structural defects (check for dry rot and borer).
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