Buying first house
 

Hey people. So im looking at purchasing my first house. But i dont want to over look anything that may cost me alot of money in the future. Basically i want to know what things you didnt do that later on down the track you wish you did. Im a sparky so i will be doing my own electrical inspection and having my mate who is a roofy inspect the Tile roof, which i suspect will have sagged a fair bit. Also going to have it termite inspected as its in the hill. Will also be getting a building inspection as the house was extended from a 2 bedroom to a 3 bedroom so i want to make sure that is sound. Are their other things i should look out for that i may have missed with my limited experience in buying houses?

Also what is counted as a rude offer.? obviously i want to save some coin so can blow it on my Rex :D but i dont want to offend anyone or look like a dick (the house is 45000buks and is very neat if that helps)

Tony

As a general rule the real estate agents mark up the value by anywhere between 5-15% depending on circumstances so use that as a guide. When putting in an offer consider how long it has been on the market, try to gauge how desperate the vendor is to sell (ask the REA what the reason for sale is; divorce, upgrading etc).

You can get away with a lower offer if you are willing to put down a volunatry desposit held by the real estate agent as this will show the buyer that you are serious and are not strapped for cash.

Oh and make sure you have your preapproval ready and waiting, the easier you make things for the buyer (i.e the less conditions in the offer) the more attractive it will be.

(Disclaimer: I am a first home buyer myself, currently halfway through the buying process waiting on inspections prior to settlement, and this is the advice I've been given from various sources along the way and with my own research)

If you need finance, Speak to Sam, good guy, helped me secure my finance
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[url=http://www.themortgagegallery.com.au/find-a-broker/manager/sam-zurzolo.aspx]Sam Zurzolo - Manager - The Mortgage Gallery - Home Loans and Finance[/url]

[QUOTE=Tony;714320]Hey people. So im looking at purchasing my first house. But i dont want to over look anything that may cost me alot of money in the future. Basically i want to know what things you didnt do that later on down the track you wish you did. Im a sparky so i will be doing my own electrical inspection and having my mate who is a roofy inspect the Tile roof, which i suspect will have sagged a fair bit. Also going to have it termite inspected as its in the hill. Will also be getting a building inspection as the house was extended from a 2 bedroom to a 3 bedroom so i want to make sure that is sound. Are their other things i should look out for that i may have missed with my limited experience in buying houses?

Also what is counted as a rude offer.? obviously i want to save some coin so can blow it on my Rex :D but i dont want to offend anyone or look like a dick (the house is 45000buks and is very neat if that helps)

Tony[/QUOTE]

Sounds identical to me like a month ago mate. Sparky part. In the hills etc. My best advice in regards to offer and every thing else is pm Sam aka REXXED. He knows all

I would avoid getting mates to do the building inspection. Find a proper inspection company who write up a complete report. They should investigate everything from termites to are the joists in the roof as per the correct design. This is handy for having a 3rd party check the legalities of things like pergolas or extensions with the council. You are about to spend a truck load of money, so a couple of extra bucks for a proper report is always the best way forward imo.

Ensure that the contract states a building report to YOUR satisfaction (or ask the people who are doing the report what to put on there). Anything that is found wrong, may be ok, but you want it to be to your satisfaction. i.e. a roof doesn't need to be attached, motar can be missing and a building is still deemed 'sound' under the standard REIWA contracts.

Have financed approved prior. Make sure your contract states finance with your bank/mafia don/what not. Do not put a vague 'subject to finance'.

Do your own research and value the house yourself. Use that as the basis for the start of your negotiations. Do not be worried about 'offending' people, some will be offended if you offer $1 less than their asking price. Do not get attached to a house prior to your offer being accepted otherwise you can throw too much money into a poor investment.

Also make sure you factor in for all the 'unforeseen' costs that happen with a new house.

Best of luck!

Thanks for the advice guys. Keep it coming.

6 months under your roof without a formal boarding rent agreement and she can take half your house whether you are shagging her or not

[QUOTE=gorotsuki69;714350]6 months under your roof without a formal boarding rent agreement and she can take half your house whether you are shagging her or not[/QUOTE]

Assuming you are implying defacto laws?

The above is generally incorrect unless both parties pay half upfront or children are involved. A rent agreement or rent receipts do not remove a defacto relationship if that can be proven i.e. pics of you together on facebook.

People who are concerned on the matter should seek legal advice prior to any property purchases. Mainly as there is a lot of hearsay and confusion between WA laws and other states.

Paying for a independent 3rd party to inspect the house is a very sound thing to do.
If a roof falls off/wall falls in/house full of pests, you dont have to complain to your friend about what he/she didnt see.

Anything can be argued in court but it will certainly help your cause to disprove an alleged defacto relationship if she pays rent