Buying FAQ

So, you’ve found the property that’s right for you. How do you research what you should pay and avoid paying too much?

The best way to research how much you should pay for a property is by doing some comparative market research on recently sold properties. When you begin to research sold properties make sure you’re comparing apples with apples. Stay close to your target property’s location and make sure the surroundings are similar. If your property is on a quiet back street, don’t compare it with another that’s on a main road.

Get your comparable statistics right:

1. Count the bedrooms, bathrooms and car spaces as a starting point and make sure your comparables are also for the same type of property (House/townhouse/unit/land)
2. Look at the land area – go for the same or similar land size
3. Choose sales that have occurred within the past 6 months maximum
4. Choose properties in a location radius within 2km
5. Compare the style of house, what it’s made of and how old it is. Is your target property in a similar condition and state of repair with comparables on your list?

Keep a list of sold properties and make your own notes – you may even find it helpful to drive past some of these to be sure they are comparable with your target property (driving around the area is always a good idea, especially if it’s new to you).

Part of life in the river city of Brisbane is the possibility of flooding. Make sure you check the Brisbane City Council’s Floodwise property report so you know all there is to know about your new place.

Researching prices based on what has sold is the number one way to figure out pricing. Alternative methods include looking at the sold sections of the property portals or using a property research tool like the one supplied by Core Logic to check a property’s value.

A large majority of buyers will agree to purchase a home subject to certain conditions, the most popular of which are the building and pest inspection. A building inspection will reveal any and all flaws in the property so that you know exactly what you’re purchasing. The pest inspection is a separate report and an important one, especially for our Queensland timber and tin homes.

Based on the results of the building and pest inspections, a buyer has the option to take minor flaws in their stride, factor major repairs into their purchase price offer, or in the worst case, can the deal altogether if the purchase is subject to a satisfactory report.

If you’re purchasing a unit or townhouse that is strata titled, then a search of the body corporate records will also form part of the property inspection process.

A few days before you settle on the property you can personally conduct a final inspection to ensure that the property is in the same condition it was in when you agreed to purchase it.

The cooling-off period applies to private treaty sales, and a standard contract of sale comes with a 5-business day cooling –off period. This means that if you change your mind about the sale within that time-fame, you may cancel the sale. Auction sales do not have a cooling off period.

The cooling off period starts when you receive a copy of the contract signed by both parties (seller and buyer). If you get the contract on a weekend day, the cooling off period will start on the next business day. Cooling –off ends at 5pm on the fifth day.

If you wish to cancel the sale during this time, your notice must be in writing with your signature and delivered to the agent. The seller or agent will then refund your deposit within 14 days but they are entitled to deduct a penalty of up to 0.25% of the purchase price.