Even if you've bought a house before – or more than one – it's probably not something you do every day. It's a complicated process, so you'd be excused for overlooking a step or two. Especially, as the fees and regulations frequently change.

For us at Savills, on the other hand, the buying process is a normal part of every day. It's just 'another day at the office'. So we're intimately aware of the do's and don'ts of buying.

In order to fast-track your purchase and reduce your frustration, we've compiled a list of handy buying tips. Tips that should see you through all but the most complicated purchases with a minimum of fuss. Please contact your local Savills executive for more detailed guidance.

The Buying Process

1. Know your borrowing capacity – If you fall in love with a property you can't afford, the whole process will be stressful and, most likely, disappointing. So you should speak with your financier before you start your search. At the very least, you should make use of a borrowing power calculator. Then you'll know how much you can afford, before you fall in love!
2. Shortlist your favourite areas and property features – List the areas and features that suit your preferences, budget and lifestyle. And remember to consider not just today, but also tomorrow. E.g., proximity to services, transport, cafes, restaurants, schools, parks, work. (See our My property wish list for some ideas.) This exercise will not only help you figure out exactly what you need, it'll also help our executives find you the perfect property.
3. Research sales – Do your homework and research sales in your preferred areas. Start with the major metropolitan newspapers and the Internet, but also try to attend open houses and auctions in those areas. This will give you a feel for what you can reasonably expect for your budget.
4. Work with an expert sales exec – Develop a relationship with a Savills Sales Executive. That way, you'll know the moment a suitable property enters the market – before it's advertised. (Many properties are sold even before they're publicly advertised.) You'll also benefit from additional advice on the market.
5. Start inspecting – You'll find our 'Deciding on The Right Property' checklist very helpful for tracking and comparing the particulars of each property you inspect. We suggest you print a copy of the checklist for each inspection.
6. Get legal advice on the sale contract – When you find 'the property', send a copy of the sale contract to your solicitor or conveyancer, for their comments and advice.
7. Order building & pest reports – Arrange a building and pest inspection so you're aware of any major defects and pest concerns. (TIP: If these reports cost less than the legal advice above, get them done before you seek legal advice on the sale contract.)
8. Consider your offer – Once you have the opinions of the experts (legal, building, pest), you'll be ready to make an informed offer through your Savills Sales Executive. We'll act as negotiator and advisor in this process, presenting your offers to the seller, and their responses to you. (TIP: If you're bidding at an auction, you might like to download our 'Buying at Auction' checklist, which presents a wealth of tips and strategies for participating in a property auction.)
9. Entering into the sale contract – Once negotiations are complete, and the contract has been signed and dated, it is legally binding. (TIP: Unless you buy at auction, you can enter the contract subject to certain conditions, such as the results of building and pest inspections (if not already completed), approval of finance, sale of your current property, and vacant possession (if the property has tenants occupying it).)
10. Pay your deposit – You'll need to pay an agreed deposit amount – usually up to 10%. (NOTE: This deposit is a different deposit from that which the banks require.) Your deposit will be held in a trust account by the seller's agent until settlement day, when the balance of the purchase price is paid. (TIP: Having paid your deposit, you have a financial interest in the property, so you should consider taking out insurance on it.)
11. Use the cooling off period to make sure you're happy – Some Australian states give you, the buyer, a 'cooling off period' – usually 3-5 days from the date of the contract. During this time, you can change your mind and withdraw from the sale. This is not applicable if you purchased at auction. (Some buyers invest in building and pest inspections only after they've secured the property. If those reports are unfavourable, they can take advantage of the cooling off period to opt out of the purchase.) IMPORTANT: If you pull out of the sale, you'll incur a financial penalty. For further information on your state's requirements, contact a Savills Sales Executive.
12. Settle and collect the keys! – On settlement day, the property becomes yours. You pay the balance of the purchase price and other adjustments, and the title and transfer documents are exchanged. Your solicitor or conveyancer may request that you inspect the property one last time before settlement. This ensures that the property is in the same condition as when you last inspected it, and that all the inclusions are as per the contract you signed (particularly relevant if you included conditions in the sale contract).

More questions? Call your local sales executive now.