Getting Organised
It is important to locked up your finances before you make an offer on
properties. You might have the idea how much you can borrow but remember
that you are at the business end of the deal. The best thing to do is to
get everything documented and properly signed.
There are lenders that will give you a pre-approval on how much they
will lend you. If you are borrowing more than 80% of the value, your
lender may require mortgage insurance. This mortgage insurance is a dept
instrument used to purchase real estate and a mortgage insurer has rules
which depends on the size of the property. If you don’t meet the
requirements your lending authority will not allow you to lend beyond
80% of the property value.
It is absolutely important that your finances are organised, because you
will have a branch out of 10% of non-transferable deposit if you are
bidding for public sale. Don’t exchange your contract of sale if
you are not sure that your finance is secured.
It is also important to organise some inspections for your peace of
mind, your lending authority might require some of them as well. When
organising the inspection it is always important to know the standard
quality of the job. It is depends on the experience and qualifications
of the people doing it.
Pest inspection and building inspection are the two main inspections you
need. There are some companies that offer both inspections but the
course of action may not be worth considering.
Pest inspection requires checking whether the house have crawling animal
problems such as termites and cockroaches. While building
inspections, requires architects to inspect if the building is highly
qualified and you will need their advice if the building needs a
renovation.
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