Who should be on your property buying team?
Whether you’re in the first stages of purchasing or have found a home that you’re ready to make an offer on, buying a property often involves assembling a team of experts around you who will walk you through the purchasing process.
So who should be on that property buying team? Let’s take a quick look at the people who generally assist buyers as they purchase a home and when their expertise comes into play.
A buyer’s agent?
Most people embark on the property hunt personally, scouring listings, attending open homes and considering whether this is the right home for them by a process of elimination.
But for some people they may not have the time, might have a specific type of property in mind, or may not be physically located in the area where they intend to buy.
In this case they might want to engage a buyer’s agent to assist. This agent works to understand what you’re looking for and does the preliminary searching on your behalf.
They can then help liaise with you about whether this is a property that suits your needs and negotiate the offer process.
Mortgage broker or lender
Unless you have the full financial reserves to purchase a property in cash, chances are you will require the services of either a mortgage broker or lender. And this is an expert you should consult early in the purchasing journey.
Your lending institution or broker will help you determine your available budget for a property, and can assist with finance pre-approval so you’re in a position to make an offer when the right property comes along.
Conveyancer or solicitor
A conveyancer or solicitor comes into play at the point an offer is accepted and a sales contract is to be signed. This legal expert will ensure all the boxes are ticked in that initial contract and between signing the document and settlement.
They might also add conditions to that contract on your behalf and conduct any required due diligence to ensure the property transaction is legal and there are no hidden surprises.
Building inspector
On the topic of due diligence, you will also require some experts to determine the condition of the property, and this includes a building inspector who looks for issues such as structural defects, water leaks, hidden mould, approved additions and more.
Pest inspector
While the building inspector looks for structural issues and defects in the property, the pest inspector seeks to determine whether there are any unwelcome inhabitants residing at the property, such as termites, borers, and other pests.
Architect, builder or designer?
If you’re planning on renovating the property or adding to it, you might want to bring a builder, architect or designer into the purchasing process as part of your team.
They can help guide you on whether the property is suitable for renovation, what can be achieved and what that’s likely to cost.
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