Page 5 - Real estate: a guide for buyers and sellers

Introduction

Making the right choices Seeking advice from different sources will
give peace of mind that you are getting
Buying or selling a home can be complex value for money and your needs are being
and time-consuming. Even before you met. Increasingly, service providers are
make the ‘big decisions’ about which developing smartphone apps that can
property to buy, which home loan to assist with finding properties or funding a
select, or which agent you engage to sell home purchase.
your home, you have other important
decisions to make. Buyers’ and sellers’ checklists
at the back of this guide provide
You are more likely to make the right prompts which can be helpful
choices and avoid expensive mistakes in ensuring you don’t miss any
by doing your research. important steps.

Know what you want Dealing with an estate agent

Start by making a list of all the essential Although you can buy and sell property
features you require in your property. directly, most people will deal with
Then write a separate wish list of desired an agent.
but non essential characteristics, to factor
into your decision making when you find Laws govern the licensing and conduct
them in a property you can afford. of agents. These laws prohibit unethical
practices such as misrepresentations about
Be informed property including the price, location, size
and dummy bidding at auctions.
Learn as much as you can:

• research the market value of property
• educate yourself about building terms
• attend auctions and monitor results.

Shop around

Educate yourself about the products
and services offered by agents, legal
practitioners, conveyancers, buyer’s
advocates, mortgage brokers and lenders.
There are many free services or sources
offering advice – by shopping around you
can put their advice into context. Websites
– including the Consumer Affairs Victoria
website consumer.vic.gov.au – can be an
excellent source of information.

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