Buying a prestige property on the North Gold Coast
The Home Buying Process
Buying a prestige property can be an exciting but sometimes overwhelming process. Often, your Agent is the key figure to making the process run smoothly. We provide a streamlined path of the basic steps of buying a prestige Gold Coast property in order to acquaint you in what lies ahead and some advice on “Proper Research” that will help you to get you up to speed and feel comfortable with some of the details of the process.
Yes, we do take the time to identify what you are really looking for!
A Needs Assessment is the critical beginning to the buying process.
At this stage we establish the price group you are looking to stay within.
We establish the preferred areas that you would like to live, based on your lifestyle and needs.
We research and recommend the best value for money properties that we have listed or know will be coming onto the market soon. Many high end prestige properties are never advertised, so we can also alert the sellers of your interest.
We will sit down with you and discuss what your requirements are for your ideal property. It is important that we have a clear idea of what your priorities are, as they pertain to your day to day life.
We will discuss:
- Price group
- Desired neighbourhoods
- School requirements
- Commute times
- Style of home
- Water front requirements
- Size and number of rooms
- Investment property or owner occupier
Once we have a thorough understanding of your priorities, we will offer you a list of properties that are applicable and you can then make an appointment to inspect the properties of your choice.
The concept is to eliminate those areas that just won’t work for you whilst fine tuning and showing you the neighbourhoods that best fit your requirements.
Once we have the property under contract the due diligence period begins.
Our goal during this period is to systematically remove all contingencies.
These contingencies are short periods of time to get the funding in order (loan conditions), verify that the property condition is acceptable (building and pest) and supervise the settlement and final handover.
Most people have a preferred lender organised prior to even looking for their next property but in case you haven’t, we can provide a series of lenders who have demonstrated their willingness to be competitive.
We do not receive commissions from Lenders of any type!
The lender will arrange to have the property valued. This is an upfront charge that the lender will collect at loan application. A professional, licensed valuer will research the value of your home and provide the valuation for your lender.
The seller must be able to provide, via the Conveyancer, a clear and merchantable title to the purchaser. The title company includes all parties in their research, so as a result, you will receive extensive paperwork throughout the transaction period. The Title Company provides a current “status” on the title. This is usually where a flag will appear for any potential problems by notifying all parties what liens and/or judgments need to be paid at closing. The Title Company also provides a proposed commitment for your new title policy. This is where your lender will be listed as a lien holder.
Prior to attending the closing, we walk through the property one more time to make sure any contractual inclusions are still at the property. Additionally, we make sure the property condition is acceptable, prior to the Seller receiving funds.
The Final Walk-Through
You’ve found your dream home…the offer was accepted…the loan is secured…your building and pest inspector has given the thumbs up…and you’re about to sign the closing papers.
There’s one more important step we urge you not to overlook before you receive the keys: the final walk-through.
The final walkthrough should be done the day before, or even the day of, your closing. It is a critical part of the home buying process.
We will both visit the property to make sure that the home is in good condition and that you are getting everything that was written into the sales agreement. This generally includes all window coverings, attached light fixtures (e.g. chandeliers, track lighting), appliances, area rugs/carpets and spas/pools, unless otherwise indicated in the agreement. You’ll also want to ensure that any previously agreed-upon repairs have been completed.
Make sure that the home is clean, the cabinets and garage have been emptied, the toilets, sinks, dishwashers and laundry machines are functional, the heat and air conditioning work and that all trash has been removed. Turn on all the light switches and test the outlets. Other potential surprises include large carpet stains that were hidden by furniture, large wall cracks that were camouflaged under paintings or mirrors, or water stains from leaks that have developed since you last saw the property. If you discover any of these conditions, you have the option of asking the owner to repair them before closing or to provide financial concessions on the selling price.
Once you have settled, the sellers are no longer obligated to make any repairs.