HOME FOR THE HOLIDAYS??? BUYING ONE IS EASY AS A B C!!!

Who needs fancy schmancy islands & a 5 star resort to escape to for the holidays when you buy your own home to enjoy not just for the holidays however forever.

We ve put together an A – Z guide with a collection of top tips to make your process of buying a tad easier.

AUCTION is the best way for buyers to know they are purchasing a property for its true market value. However, the auction process itself can be a little intimidating for some buyers, so it s advisable to go into the auction with a firm idea of what you are willing to pay for the property in question and seek the advice of a professional.

BUYERS AGENTS work on your behalf, as a buyer, to help find you the perfect property and negotiate to achieve the price. Relationships with real estate agents ensure that your buyers agent has access to properties that are fresh on the market and sometimes have not even been advertised yet.

CONVEYANCING is the process by which real property is legally transferred from one person to another. It involves gathering information concerning a property and preparing the documents for the transference of the property.

Remember to ask your solicitor to conduct searches for flooding, as some areas are especially prone to this problem in high rain and storms.

DEPOSIT is often not required to form a legally binding contract but it can show the seller that you are a serious buyer.

EQUITY in your home will ensure you can build your investment portfolio when the time comes. Put simply, equity is the difference between the market value of a property and the claims held against it.

FINANCE and the acquiring of it is an essential part of the home buying process. A finance broker has access to a range of lenders and could help you source the best loan for your individual situation. The Novak Agency is also happy to recommend you through to a broker as well.

GENUINE SAVINGS are demonstrated where supporting records in the name of the applicant(s) confirm the applicant(s) has accumulated a minimum of 5% of the purchase price (3% for first home buyers) by way of progressive and regular savings over a period of not less than three months prior to the time of application for a mortgage. Since the credit crunch, banks have become stricter in the requirement of genuine savings.

HOUSE, apartment or land, there are a number of different options to choose between when deciding upon your home, depending on your requirements and budget. Of course The Novak Agency has a massive range of all of the above! Cant find what you?re looking for? That?s ok, we ll find it for you.

INSPECTIONS or open houses are an important way of educating yourself about what is currently available on the market and what the asking prices are. For our full list, check out our website or our ad in The Manly Daily.

JOURNEY as opposed to the destination. The process of buying a home, whether it is your first or thirty-first, should indeed be considered a journey, and an enjoyable one at that.

KEEP PERSPECTIVE – get used to tuning out to the (well meaning) advice of the “industry experts” including your neighbors, current affairs media, the taxi driver and your in-laws. Rather consult with, and trust, a true professional who is familiar with your individual situation and has their finger on the pulse of the local market, like The Novak Agency.

LISTING TYPES – including open listings, online, silent, tenders and auctions – can become confusing and confronting for buyers, as each needs its own strategy to ensure you receive the best price for the property. The Novak Agency will help you to ascertain what s the best strategy for you!

MORTGAGE BROKERS can source the best finance solutions for you, due to independent access to a range of lenders.

NEGOTIATION is key to achieving the best price, and a real estate agent s job is to achieve the best price for the seller. Yes! That s our job at The Novak Agency

ORIENTATION refers to the way the house is facing and the impact of the sun. Check whether the orientation of the property would best make use of the Winter sun and minimise the impact of the heat of the Summer sun.

PRICE is often what makes the ultimate decision between whether or not you will buy a particular house. However, how do you know if what you have offered, or the asking price, is indeed true market value? A market professional, such as The Novak Agency can help to provide you with some facts and figures..

QUALIFYING buyers for finance is often a very individual process, depending on the lending institution in question. While one lender may not qualify a buyer due to one particularity, another may well differ, making it all the more important to consult with a finance broker, who may be able to assist with sourcing a lender for you.

REAL ESTATE agents act on behalf of the seller – achieving the best price for them (well we do!). Real estate agencies such as The Novak Agency are very useful places to source and view property. Just call us on 02 8978 6888 or 1300 4 NOVAK (24/7-we never sleep)…It s as easy as A B C

SALES contract is an agreement by which the buyer and seller agree to the terms and conditions of a sale. In many cases, a licensed real estate agent (such as The Novak Agency) can prepare a contract, but a buyer should always read and understand the warnings on the front of the contract, and in many cases it may be advisable to consult a solicitor prior to signing.

TITLE is the term used whereby one has just and full possession of real property – in other words, it?s yours and you can move straight in!

UNDER CONTRACT is the term describing when a property for which a purchase offer has been accepted by the seller..Often a buyer will have specific conditions that allow them specific time to obtain finance approval, arrange building and pest inspection and conduct other investigations. During that time, the seller cannot accept offers from other buyers.

VALUATION is the estimated worth of a property, and is carried out by a qualified property valuer. If you are remortgaging, or considering purchasing an investment property, your home will be valued.

WANTS VS. NEEDS – sometimes you will need to weigh them both up when determining the right home for you. And consider your future needs as well, such as an expanding family.

XCLUSIVE means that no other agent can sell the property that a particular real estate agency has listed.

YIELD is a measure of investment performance of an investment property, gauging the percentage return on each dollar invested. It is also known as a rate of return.

ZONING is a method of regulating use of real estate by dividing a city or other area into zones and designating which uses may be permitted for land in each zone. Good luck with your purchase & if you want more info, please call The Novak Agency on 02 8978 6888 or 1300 4 NOVAK 24/7 we never sleep!

Please note that the above information should not be used in any way, shape of form as legal or financial advise. You should always consult a professional real estate agency, financial advisor and/or legal professional.