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Change is the only constant thing in life; we all have experienced change in one area of our lives or another. Change is usually a good thing but it can be scary and difficult to accept. Change is necessary in order to adjust and accommodate new realities in life. Change defines our lives and for every new phase that comes up, there are things we need to alter.
Change can come in the form of a new car to accommodate a growing family, or you may have relocated to a new environment due to a work transfer, a change of school, a new job or retirement from work. If you have recently experienced change and are having a tough time settling in, the following moving tips will make integrating into a new space on settlement day a whole less stressful.
Prior To Settlement Day
Sometimes change also means purchasing a new property. It’s one of the many actives that will be carried out before the settlement day. The legal process of conveyance is very important when purchasing a property. You may need the services of a conveyancer or a solicitor or a settlement agent. This professional will guide you through the property purchasing process to make sure you do everything by the book. They will also address any questions that you may have.
It is very important to check and ensure that the solicitor is licensed in that state or region. You may also need a mortgage provider or mortgage broker to provide you with a loan to purchase your dream property and having this professional by your side will help speed up things.
Another professional you may need to work with is an accountant. The expertise of an accountant would be instrumental in helping you organise your finances. Just in case you are not able to go in person to properly investigate your dream property, you can employ a buyer agent. This agent will make all the needed transactions and will relate with the real estate agent on your behalf. They can make better deals by making informed decisions about the property; they can also estimate the real value and growth potential of your property.
When purchasing a property, make sure you have access to a loan facility just in case there are unforeseen additional costs. This is where a mortgage provider comes in, and having one ready to lend what you may need is helpful. You may need a loan to help speed up purchasing and, possibly, renovation of a property. It also gives you a competitive edge against other interested buyers as they may not have access to the kind of money you would have, and that would make it easy for you to grab a dream house off the market. Therefore, getting a loan before bidding for a house is a smart move.
If you are a foreigner looking to invest in Australia, you must apply for the Foreign Investment Review Board (FIRB) license. Buyers who have this license before purchasing a property will have an easier time as it helps reduce potential delays in the property acquisition process.
Once you have your paper work and license squared away, you can now proceed to look for an investment property. This is also the point at which you engage a buyer agent. When you find a property that you like, the negotiation process kicks in.
The negotiation process differs across Australia and this is due to the varying demand for property in the country. While negotiating, your conveyancer will always keep you informed to ensure everything runs smoothly before you sign any agreement.
When a price has been agreed upon, the conveyancer will give you an overview of the whole agreement before you finally pen down your signature. In case of any change in conditions or renegotiation, then the paper work will be altered to reflect the new agreement.
Even after you secure a pre-approved mortgage, you must finalise the mortgage contract with the mortgage provider. When the loan has been approved and your solicitor has approved the whole process, you are now free to move forward to sign the agreement with the real estate agent.
Usually, a deposit is paid and it is not dictated in law what that figure should be. The FIRB is very important and must be included in the agreement. The FIRB will ask for a copy of the agreement or contract for formal approval, after the exchange of the contracts between the real estate and yourself. Legal advice is very important and it is highly recommended at this stage.
The last step of process involves the exchange of property ownership. This process is usually handled by the mortgage provider and your solicitor. The real estate agent will hand over the keys and the new title holder certificate will be given to the mortgage lending institution.
When buying a house, there are other costs that go with purchasing cost. Your conveyancer will fill you in on these, but in a nutshell, they include:
- Agent fees
- Legal fees
- Conveyancer or solicitors fees
- Government taxes
- Property inspection fees
- Insurance
- Council rate
Settlement Day And Moving Tips
It is exciting to be a new homeowner, and most people can’t wait to move in and start making memories. However, there are several things to do before moving into the new house. One important thing that happens on settlement day is going through a final inspection. This inspection will help you identify and repair damaged appliances and other parts of the house such as broken tiles or repainting the building to suit your taste. After this inspection, you can now go ahead to pay the balance of the house on the settlement date. Payment could be made through a bank cheque or any other means that has been agreed on.
Now you are ready to move in! This is often a very stressful process for some people, but don’t worry. There are moving companies that will take this task off your hands for a reasonable price. These companies can be found locally and they can move your homely possessions to any part of the country. But, before you contact a moving company, go through their business portfolio to ensure that they are professional, and that the things you want moved are covered by insurance.
A reliable moving company has professional staff who will make sure that everything goes according to plan, right from parking till the unboxing at the new home. Once you find a moving company that seems like a good fit for your needs, find out more about them by visiting their webpage or visit their offices and explain your needs.
In a situation where you don’t intend to live in the house and would wish to want to rent it out, you can manage the property yourself or have it taken care of by a property managing agent. A professional managing agent can handle leasing of the property. They will be in charge of every aspect of the leasing process, which might include collection of rent as well as general maintenance and repairs. They will also manage any disputes that may arise, and conduct inspections before a tenant vacates the building to ensure that nothing serious has been damaged or stolen.
A property manager’s fee is usually 5 to 10 percent of the house rent; they also collect fees for finding a tenant. Before employing any property manager, ensure the agency is licensed by the Office of Fair Trading for that state or region where the property is located.
If you are an investor who buys and sells houses, then it is best to work with an agent who can make your house stand out from other houses in the market. You can find out if an agent is competent by checking their sales rate and the time it takes to complete a sale. Ensure that agent has good understanding of the social media, and knows how to promote a property to the right audience. This will help to boost your chances of getting the house sold in good time and making your profit faster.
In conclusion, whether you are looking to invest in a house for profit, or to live in, it is best to seek the guidance of professionals who understand the whole process. Also, only choose an agent who is registered as they will have your best interest at heart. When making any deal that relates to real estate, ensure you have enough money at your disposal to purchase your dream house so that there is delay during the negotiation process.
