The Property Buyers Guide by Simply Altruism
We at Simply Altruism are proud to present “The Property Buyers Guide” App and the best part is it’s absolutely FREE!
We know that Real Estate will be your biggest purchase in life! So why would you buy a property without doing your due diligence? With this guide you’ll have everything at your fingertips to make the best informed decision of your life.
Have you ever come home after a long day looking at properties to realize you forgot what features were in what house? Did house “XYZ” have such and such? That’s where this simple checklist like guide comes in.
Get the inside scoop and be in the know:
- Simple and easy to use checklist to remember all the features of the property.
- Questions will pre-populate to the specific type of property you are looking at saving time.
- Get the results emailed straight to your personal email to refer back to at any time.
- Specific questions to ask the Agent.
- What to look for at the open house/inspection.
- Investors will love the quick and easy calculators.
- Always with you on any of your favourite devices.
Don’t pay thousands of dollars at those “Property Seminars” – information should always be FREE and easily accessible.
Our Mission: “Helping people achieve their dreams…Guiding as many people to buy the right property at the right time for the right price for their circumstances”
Happy Property Hunting!
Sincerely the team at Simply Altruism
For all information related property, this website provides all the latest news, links and information that you will need to not only get insights into the elusive real estate industry but stay up to date on market trends. Go on take a look around and see for yourself…
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But be wary we are only interest in people with a genuine passion to help others…. Period!
**Warning long read – may contain traces of boring!! 🙄 **
You’ve made the decision to purchase your own slice of Australian Real Estate. Sincerely congratulations, now let this topsy-turvy roller coaster begin….
Many argue this point but first you must find out how much you can borrow. The reason for this is there is no reason to put sooo much effort in looking on line, attending all those open homes etc. just to find out you simply cannot afford to purchase what you have fallen in love with.
There really are only a couple of options here in Australia; they are 1/Engage with a Mortgage Broker or 2/Go directly to the bank. Both have pros and cons, more on this in another section but for now they both will give you a great indication on exactly how much you can A) borrow B) comfortably repay. I really urge you to have an in-depth conversation about the repayments side of things as the type of rate (variable or fixed) can play hugely in your day to day budget and can even quite easily lead to financial stress with worst case scenario; forcing you to sell your slice of the Australian dream.
They will issue you what’s known in the industry as a “Formal Letter of Approval” which simply states how much you can borrow and will last up to 90 days from date of issue before your circumstances will need to be re-looked at and the process starts again.
Whilst you are talking to your chosen lending institution you will also need to research what ownership structure is right for you. Again talk to your lender and tax accountant as there are multiple ownership structures to consider. The most common structures are: Tenants in Common, Joint Tenants and held with in a Trust with individuals being the beneficiaries.
- Joint Tenants – Owning a property by two or more parties held via equal shares. If one person dies then their share of the property will pass onto the remaining joint tenant – creating a “Right of Survivorship”.
- Tenant’s In Common – Owning a property by two or more parties held via equal shares. If one person dies then their share of the property will pass onto the deceased parties will. Therefore there is not “Right of Survivorship” in a tenancy in common.
- Held with in a Trust – This usually is when you own predominantly multiple properties as investments and can be owned by one or multiple beneficiaries or even company owned within the trust. The trust (depending on type of Trust) can then distribute any income to those beneficiaries. The advantage of using a trust is that any income received will be taxed at a flat rate of 30% instead of your marginal tax rate. *Note although it’s a very basic rundown of a trust this is the very principle of a SMSF (Self-Managed Superannuation Fund) and as simple as it may sound there can be quite extraordinary cost involved in administration and running of Trusts. But this is just to bring to attention what is available out there and again you should always consult with your accountant as to what is the best ownership structure for your situation.
Next you’re ready for the fun part: Research what suburbs/areas you would like to live in. When doing so take into consideration transport, location to work/schools/family/friends and anything that is important to you. You will be surprised by adding even just another 15-20 minute (one way) commute onto your day this will have an impact on your overall day and lifestyle in general.
…Before you starting throwing rotten fruit at me I hear you, I hear you! But Ben you want to pay the extra $$$’s for me to get that little bit closer? Now I’m not saying to put the dream of owning your own property on hold I’m simply saying that an option perhaps could be being closer to better public transport maybe a better option for you. So again this will be more a personal decision and one that you alone will need to way up (insert sigh of relief here).
You will also need to decide what are your needs are in a property – this will determine if you are going to buy established, land, new, house, townhouse, villa or even an apartment. Again add a hand full of personal preference and add a dash of supply as the suburbs of choice may dictate what you can buy.
Now that you’ve established how much you can borrow, what location you want to buy in and what type of property to purchase you need to consider the actual sales process that suits your needs. For example if you are going to purchase via Auction or Private Treaty? If you are going to do your own legal work or have a Solicitor/Conveyancer deal with the transfer of Real Estate into your own or entity’s name. For further information refer “What is a Conveyancer/Solicitor and what do they Do?”
Congratulations on getting this far! – Looking back it’s taken quite a bit of effort but the fun continues: searching for the right home or property. Don’t forget to download “The Property Buyers Guide” App now to help at the open house inspections. It will enable you to not only remember what features were in each property but guide you as to what questions to ask and the research needed to make an informed decision before buying.
Now many agents will be talking to you about compromising and the old “I really don’t think your budget will allow for that”. So a great exercise to find your “Non Negotiables” is simple write down your top 10 (or more if needed) “must haves” down the left hand side of the page with a tally column running down the right hand side of the page next to it. Now read #1 vs. #2 must haves and place a mark next to the one that takes priority. Next #1 vs. #3 etc. and repeat until you have a Top 5 clearly.
This will give you a clear indication on what is ultimately your true “Must Haves” and not “Nice to Haves” – these then form a basis of what you should be looking for in a property. A pre-filled form can be found further within this website for your ease: “My Wish List vs. Absolute Must Haves”
By now you have had many ups and downs throughout your journey… Let’s meet a new emotion; uncertainty and fear with the “offer” process. Just like many of you the fear of the unknown will take hold here. Which is exactly what the Real Estate Agent will take advantage of (insert evil laugh here). Unless you have hired a Buyer’s Agent see “What is a Buyer’s Agent? And should I engage one?” Then the negotiation process will be completely up to you.
The buying and negotiation is a personal journey and there is really no right way to negotiate. Some start extremely low and work their way to a mutual price pint. Others will go the whole hog and then there’s the purchasers that “simply can’t live without the property”! They usually out bid everyone simply to secure the house of their dreams. The only advice is that only you know your budget, you alone will have to live with the repayments so the purchase must fit within what you feel comfortable with!
Now what? You have successfully negotiated to buy the property and the dreaded paperwork follows….I think I’d rather poke my eye out with a fork….
Here you will need to organise any building/pest inspections, pay the deposit and of course liaise with your solicitor/conveyancer (unless doing yourself), realtor and lending institution. It really is as simple as filling in all the paperwork. Especially as the loan side of things has been taken care of already and simply waiting until settlement…..now arduous wait beings… which will seem like a life time!! (Insert sigh here)
The Settlement Process: By now all the paperwork has been submitted and a formal approval has been given. Meaning that the contact is bound by both parties and the property will be officially yours! Woot Woot!!
So there are a few things you will want to get organised prior to the big day, besides the obligatory “packing of the boxes” and the endless pursuit of “How did I get soo much stuff”. You will need to organise the transfer of all utilities, changing all mailing addresses and organising insurances. Click here the “Change of Address Cheat Sheet”.
Also little industry insight – be warned that your solicitor/conveyancer will be your best friend when it comes to the actual settlement day, if something goes wrong or settlement gets delayed for some reason…ever wondered why agents make a majority of settlements on a Friday and it happens to be their one day off.… hmmmm a thought to ponder…
OMG!!! 😛 There seriously not enough emoji’s to portray my excitement!! 😆 The big moment has arrived…..eeek I could pee my pants!! So what are you doing here? Go get the keys to your new place and on behalf of everyone here at Simply Altruism we sincerely wish you all the best and hope you enjoy your new property 😉
….Oh and don’t forget to tell your friends about “The Property Buyers Guide” App
Download “The Property Buyers Guide” for FREE here…
Buying a property will be the biggest purchase of your life! Whether it’s land, investment or your home, with the aid of “The Property Buyers Guide” you can make a better informed decision.
By making a better and more informed decision you could potentially save thousands of dollars!