this post was submitted on 21 Feb 2024
9 points (90.9% liked)

Melbourne

1865 readers
50 users here now

This community is a place created for the people of Melbourne and Victoria. We are a positive, welcoming and inclusive community. We might not agree about everything, but we always strive to stay civil and respectful.

The focus of our discussions is based around things that effect Victoria, but we are also free to discuss our local perspective on wider issues. Or head to the regular Daily Random Discussion thread to talk about anything.

Full Community Guidelines

Ongoing discussions, FAQs & Resources (still under construction)

Adoption Certificate for Nellie, the Daily Thread numbat (with thanks to @Catfish)

Feedback & Suggestions

founded 1 year ago
MODERATORS
 

Another scorcher today Melburnios ๐Ÿ”ฅ

you are viewing a single comment's thread
view the rest of the comments
[โ€“] [email protected] 5 points 8 months ago (2 children)

Step 1 - sort the money - talk to bank about borrowing limits, knowing that these can change in a blink of the eye. If you can get a guaranteed borrowing amount GET THAT IN WRITING and the expiry date. Step 2 - look at houses available. Set up list of criteria in 4 sections - 1) Must have 2) Nice 3) Nice but can do without 4) Dealbreakers. Get agreement from spouse and kids on these. Step 3 - identify possible purchase. Then get council reports, engineering reports, architectural reports - and any other reports you think apply like flood prone land, possible future freeways, asbestos and other soil contamination etc. They are cheaper than remedial works - trust me on this. Step 4 - start negotiations. If the house needs essential work, an estimate of price of the work (not from the REA) should form part of your calculations. If they want the $$ fast, expect to get a substantial discount for settlement in less than 60 days. Don't allow REA to panic you into a fast decision. You might want to employ a purchasing agent - they charge a fee but do Steps 2, 3 & 4 for you once they have your criteria. As these are the difficult bits, this might be time/hassle effective.
Step 5 - pay up. Step 6 - move in.
Step 7 - discover all the stuff that you should have done in steps 2, 3 and 4 above. Scream and regret not having a father/brother/sister/cousin with electrical/gas fitting and other general trade qualifications. Step 8 - install petunias

Source: purchased just before the pandemic. Yes I did employ a purchasing agent cos I was ignorant/out of date of all that stuff. Seamless experience which I recommend. They even went to the auction and bid for me (within the limits I'd set) so I didn't have to panic about that either.

[โ€“] [email protected] 2 points 8 months ago

Thanks. The criteria bit has been discussed at much length. The no. 1 bit how much can we really is the biggest right now. Needs an app with ๐Ÿ or similar.

Thanks for the petunias ๐ŸŒธ

[โ€“] [email protected] 2 points 8 months ago (1 children)

Could I trouble you to share your purchasing agent? Here or perhaps DM if you prefer. :)

[โ€“] [email protected] 5 points 8 months ago

Happy to provide. The firm is Select Property Advisers based south of the yarra but can act all over Melb. My agent was Michelle. She was an REA for twenty plus years and left industry in disgust, but has vast knowledge of the dodgy tricks other REAs try on newbies routinely. She was a tireless advocate for me. I purchased with full knowledge of what needed to be done in the next 5 years, the next 10 years as separate categories to help me with the purchasing decision, and generally went out of her way to ensure I got the best possible place for my price range. All my criteria were met, and the price at auction was actually a bit less than I was expecting. I think she scared the REA conducting the auction into good/legal behaviour.