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Get an understanding about the house buying process, know the common pitfalls and be informed about due diligence and the use of clauses to protect your interests when making an offer.

 

House Buying Process — Be confident making an offer

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Klauster Properties Limited  (KPL)

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Seller (Vendor) vs. Buyer

 

As buyer, you want to make sure to get what you are bargaining for. On the opposite as seller you want to get the best possible price. Both groups of people sometimes forget that a good deal must have two satisfied parties.

 

Losing or winning depends on the service providers, which you as client (seller or buyer) have engaged. During the property buying process you deal with financial institutions, lawyers, accountants, building inspectors, councils, trades people and with the buyer’s or seller’s agent. If you trust these people blindly and accept bad services, you might end up with a problem  (examples: properties with unpermitted work, leaky homes, defect homes or titles). Don’t be foolish by being focused on price only.

 

 

Understand the house buying process

 

Looking with different eyes we have posted few blogs about the buying process, due diligence, price considerations and possible pitfalls. Often getting wrong is working out a buying strategy. In details:

 

· Due Diligence - How to avoid buying a lemon? 

 

· Financial Due Diligence - How to avoid costs for re-financing or a mortgagee-sale?

 

· House Buying Process – How to prepare and make an offer? 

 

· Due diligence on apartments—avoid pitfalls by dealing with Body Corporate

 

 

You would not expect in life that everything goes to plan. Selling or buying a property is not different. It may be incredibly exciting but can also be nerve-racking. Each deal has its specific and the due diligence (DD) is for figuring out whether the property is worth buying or not.

 

Apartments

 

Buying or selling an apartment is even more specific as you deal with the unit title, a share of the apartment building, Body Corporate and professional services (Body Corporate management, Building Management). Here are some examples:

 

· Apartments – Safe Haven for First-Home Buyers?

 

· How much does a Body Corporate cost you?

 

· Body Corporate AGM - Your chance to minimize expenses or loss?

 

· What has changed for apartment owners?

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