buying guide Live the life of your DREAMS

Transcription

1 buying guide Live the life of your DREAMS

2 buying with Jim Aitken + Partners Buying a house is one of the biggest financial decisions a person will ever make. It s also one of the most exciting times in a person s life as they get ready to move into the home of their dreams, or experience the thrill of their first big investment. For many people, this will be the first time they go down this path and we know the process can be daunting. However, with a little help and guidance it doesn t have to be overwhelming. At Jim Aitken + Partners we want to make the process as easy and enjoyable as possible, which is why we have prepared this detailed booklet to guide you step-by-step. In these pages you will find advice and information to help you through the home buying process, from finding the right home, signing contracts and finally, the most exciting part moving in. Of course, if there is anything else you need to know, just ask. You ll find your Jim Aitken + Partners Real Estate agent is happy to help. eight offices one team Our energetic and proactive sales team is dedicated to meeting your specific buying needs. Like all of our clients you ll receive five-star treatment, with our agents working tirelessly to find your ideal property. It is our job to make your property search simple, efficient and hassle-free. We will provide honest market advice and feedback you can rely on. Do not miss out on your perfect property. Stay one step ahead of the market and be informed of new listings before they are advertised to the wider market by registering with your local Jim Aitken + Partners agent or by signing up on our website today. Simply register your details and property criteria and you will receive an update as soon as we list something meeting your requirements. Using these methods you will get the opportunity to find out about new properties before the general public. The strength of team work. The reputation for results. TALK TO US.

3 why buy your own home It gives you financial security Buying a home is a great form of saving as each payment takes you closer to the day when you achieve total ownership. Your home then becomes your greatest asset and can provide you with long term financial security. It gives you emotional security Having a home creates a feeling of belonging. Home is where you feel welcome and safe. As the saying goes, Your home is your castle. It keeps the family together Your home is the foundation of your family unit and is a warm sanctuary for children as they grow. It is an anchor that helps bring the family together and make lasting memories. It records your life The word home is a positive word and makes us think of all the good times we have enjoyed together. Your home creates special feelings, from a favourite room to the fragrance of the garden. How we can help? Contact one of our eight offices and we will help you find the property that is right for you. Jim Aitken OAM FAIM We have been trusted for over 18 years. With time comes exceptional experience.

4 where to start? our tips for buying 1. Create a budget Make a list of your current and future expenses. Don t overextend yourself as borrowing more than you can afford can cause serious financial and emotional distress. Make sure that you are realistic when you create your budget. 2. Sort Your Finances In order to be perceived as a serious buyer and be in a position to put forward an offer on a property, you ll need to obtain loan pre-approval. There are multiple lenders who offer loan pre-approval, so shop around before you settle on a provider. You ll want something with a good interest rate, but consider other features like an offset account. You ll need to have a deposit in order to take out a loan. The Australian Securities and Investments Commissions recommends saving at least 20 per cent of the purchase price, plus enough to cover one-off costs, such as stamp duty. Once you choose the loan and have been pre-approved you ll know what the repayments will be and how much you can afford to spend on a property. 3. Purchasing expenses You will need to factor in various associated costs that come with your purchasing a new property. Home loan Loan establishment fees can range from zero to $1000 so make sure you check with your broker or lender and find out their charges. Valuation Every lender will require a valuation of your property to ensure that the property is worth the selling price. A standard valuation generally costs between $300 to $500. Lenders Mortgage Insurance (LMI) If you re looking at borrowing more than 80 per cent of the property s purchase price you ll need to factor in Lenders Mortgage Insurance (LMI).This is a one off premium that provides coverage for the lender, should you default on your loan. The cost of LMI will vary depending on the amount of money you borrow, the size of the deposit and the type of loan but around $10,000 is not a bad estimation. Legal Help Given the numerous legalities tied up in property transfer and purchase, it pays to engage the services of a reputable solicitor or conveyancer. A conveyancer specialises in the legal aspects of transferring property while you might need to enlist the services of a solicitor for any other legal issues you encounter. Expect to pay anywhere between $500 and a couple of thousand dollars, depending on the depth of services you require. Stamp Duty Stamp duty can be one of the biggest expenses property buyers may have to bear so it is crucial that you include these in your buying estimations. Since stamp duty is charged by state and territory governments, the amount you will be charged will be determined by the state you buy the property in. How much you pay will also depend on the price of your property with the levy generally charged on a sliding scale, with more expensive properties being charged at a higher rate. Building, Pest and Strata Having a building and pest inspection carried out on any property is a worthwhile investment. If you are considering purchasing a unit or apartment, it is also best to have a strata inspection conducted. This report notes the assets, liabilities and financial position of the apartment complex. While having a building, pest or strata inspection completed on the potential property will cost you initially, it could be an invaluable safeguarding against buying a lemon. Expect to pay around $300 for a building inspection, $200 for a pest inspection and around $250 for a strata report. Council Rates and Strata Fees Once a seller hands their property over, you immediately inherit all of the attached council and strata fees. While both owners of houses and units are obliged to pay council rates, it is only owners of units or apartments that will incur strata fees. Strata fees cover the property s grouped maintenance and building insurance fees and are collected by the building s owners or Strata Manager. These fees are ongoing costs that are generally charged and due quarterly, even after your initial property purchase payment, so it s important to incorporate these into your ongoing budget. The scope of strata fees will vary considerably depending on the age of the building, facilities, and location. The actual move Expenses, such as moving, connecting water and electricity and even mail redirection, can seem irrelevant when compared to the large fees but they still have the ability to place unnecessary strain on your finances if not taken into consideration. Factor these expenses into your budget to avoid any surprises and shortfall on settlement. 4. Browse and Inspect Whether you re an existing homeowner or a renter that wants the taste of home ownership, you ll need to have a look around the suburbs that you are interested in. Do your homework and work out the going rate of particular properties in the area. Open inspections are a good way to see a property in more detail if you ve singled it out as a favourable option. Looking for a home can be tiring and you may feel desperate to buy something reasonable rather than something suitable. The best step forward is to talk with your local Jim Aitken + Partners agent and tell them exactly what you need. Let us find the perfect property for you we are here to help.

5 finding the home of your dreams Buying a home is a massive commitment, both financially and emotionally. Making a list of the features you really want or need in your dream house will save you hours of time searching. Prioritising this list into must have / should have / would be nice to have will also help you figure out which features you are prepared to compromise on and which are non-negotiable. Eliminating any properties which don t meet the must haves will make it easier to find the home that s right for you. Make your list What you like about where you currently live? What you do not like about where you currently live? The number of bedrooms you want? The number of bathrooms? Do you want a garage, a fireplace, a view, a bathtub or loads of storage? What type of property are you looking for a unit, townhouse, apartment, existing house, vacant land for a new home? What services / facilities do you require to be near? What areas would you prefer to live in? View, bush, land size, accessibility... which features are you prepared to compromise on and which are non-negotiable? Jim Aitken OAM FAIM The strength of team work. The reputation for results. That s our commitment. TALK TO US. start on the right foot So you have done your searching and you think you have found the home you want. The next step is to make an offer. Figuring our what you can afford and what you are willing to pay is not always easy to decide, so here are a few questions to ask yourself which might help you figure it out What is the ideal price I would like to pay for this property? What is the highest price I will pay? What have similar properties in the area sold for? What am I willing to sacrifice in order to stretch it a little further? If I missed out on this property, would I regret it down the track? Remember that you have invested a lot of time and energy into finding the right home, so carefully consider these questions and talk with your local Jim Aitken + Partners agent who will guide you through this process.

6 what to expect from the pre-purchase inspections Items that your inspection reports should cover Protect your investment Never buy property without getting an independent building and pest inspection report done, as well as a strata report if you are buying an apartment. These reports will highlight significant defects or issues relating to the property. Each report will cost a few hundred dollars, however this is money worth spending. You do not want to discover a major structural problem with the property once you move in, which could potentially cost you thousands. For apartment buyers, doing a strata report is a must and will show you the records of the strata scheme, which can include any special levies proposed in the future that you may be required to contribute to, a history of the building s maintenance work, as well as the amount of money in the sinking and administration funds. These are all factors that could have a big impact if you become an owner in the building. These pre-purchase property inspections could save you thousands of dollars in the long run. as they will reveal any significant building problems or hazards, whilst also providing you with peace of mind to continue on your journey of purchasing your new home. Licensed, trained and Accredited The individuals that carry out these property inspections are typically a licensed builder and a qualified pest inspector. They will check the condition of the interior, roof and roof space as well as the under-floor space of the home you intend to purchase. They ll then provide a detailed summary, usually in a checklist format, once they have completed their report. Repairs to bathroom, replace damaged framing, damp course and tiles Repair electrical damage Replace roof truss or replace end gable roof truss Remove and replace wall and window framing Jim Aitken OAM FAIM The strength of team work. The reputation for results. That s our commitment. TALK TO US. Repair kitchen, ceiling and cupboards Repair 2 bearer and 3 joists Remove and replace door jamb and refit door

7 congratulations your offer has been accepted what happens next There are two ways you can complete the purchase. Exchange in our office You pay a deposit equal to a 0.25% of the purchase price of the property. You and the Vendor sign a contract and it is then exchanged in our office. We then send this contract to your legal representative. By doing this, the property is taken off the market and you re the only person who can pull out of the sale. The vendor is locked in. You then have either a five business day or ten business day Cooling-Off period. During this period you can change your mind for any reason. If you change your mind the deposit is forfeited to the vendor. During the Cooling-Off Period your legal representative will attend to all matters from obtaining formal loan approval to pests and building reports. They will ensure that you are in a position to proceed with your intended purchase. By the last day of your cooling off period you pay the balance of the 10% deposit and are on the way to moving in to the property in around 4-6 weeks time. This is the only way you can hold a property. You cannot be gazumped if you go this way. You are in control. Exchange by sales advice You place a $500 refundable deposit. We send notification to your legal representative that you have found a property. You wait for the contract to be sent to your legal representative. You wait for your written loan approval. Once received, you then... Wait for a building inspection. Once received, you then Wait for pest inspection. Once received, you then Wait for your legal representative to call you to sign the contract and pay the 10% deposit. You have already waited between 3-6 weeks to simply get to the point of exchanging contracts and after this your time to move into the property is generally 5-7 weeks. Since the property is still On The Market whilst waiting for the contract to be exchanged, you can be gazumped at any time. You can lose the property without compensation even though you have spent hundreds of dollars!

8 our partners Jim Aitken David Reeves Marlene Aitken James Aitken Jim Aitken OAM FAIM Born in the little country town of Bogan Gate, Jim is a true country boy at heart. Leaving school early, Jim completed his Butchers trade and became fully qualified in this industry. He went on to marry his first love Pamela, and together they welcomed three beautiful children into the world. Jim, with Business Partner David Reeves, opened their first real estate office in the Lennox Shopping Centre, Emu Plains. Jim understood that the key was to act with honesty and integrity with every client. Offer the same advice that I would give to my own family. Today Jim is the managing director of the Jim Aitken + Partners group which is comprised of eight real estate offices and various other business ventures, together employing over 200 locals. Further, Jim has served on council for two decades, in a number of roles, and is regarded as a senior figure awarded with the Order Of Australia honour for his charitable work. I always maintained a vision to make a positive contribution to my community. Through our business and my role as councilor, I feel blessed to be able to serve those individuals in need and support the many schools, sporting groups, churches and charity organisations that in turn serve us all. David Reeves Approachable and extremely focused, David is passionate about the Real Estate industry and about delivering first class client service at Lennox Shopping Centre, for over 18 years. The key to success in real estate is a combination of really listening to a client s needs and doing what you say you are going to do. Then applying creative marketing, thorough follow up and be genuinely interested and caring when providing advice to clients. True to his word, David delivers every time. One of the Partners of Jim Aitken + Partners Real Estate, David is extremely active within the business. Raised in Penrith, David still lives locally. Married to Tracey and together they have three beautiful children, Cameron, Brittany and Sophie. Marlene Aitken The smile says it all. It speaks of that infectious enthusiasm which Marlene Aitken brings to all aspects of her life, be they private or professional. With over 18 year s experience, Marlene is a partner at Jim Aitken + Partners Real Estate, specialising in the Lower Blue Mountains from Lapstone to Springwood. Marlene recognises that every client is different; each with their own needs and requirements, and her local knowledge is a true asset for both existing residents as well as people looking to move into the area. Her fresh approach has delivered astounding results to her clients. With her track record spanning over 18 years, straight forward approach, attention to detail and incredible energy. Together Marlene and husband Raph have a handsome little boy Jacob. James Aitken James Aitken is one of the partners of Jim Aitken + Partners Real Estate and the Licensee of their busy Penrith Office. Approaching every property transaction with complete integrity, James has over 17 years of real estate experience and a lifelong association with his specialist area. His determined attitude and exceptional negotiation skills are matched with a commitment to assist his clients in achieving their real estate goals and ambitions. Through strategic marketing and constant buyer feedback, his well-informed advice is invaluable in achieving a premium outcome. One of James other skills is standout photography - his ability to capture the ambience of a room on a photo gives his clients a distinct advantage. A wonderful father to two beautiful children, Celine and James Junior, James simply loves creating life long memories with his family. We have been trusted for over 18 years. With time comes exceptional experience.

9 proactive in our community Live simply. Give more. Expect less Jim Aitken + Partners real estate proudly supports Jim Aitken + Partners have always been an integral part of the community. We have been and will continue to be a major sponsor of important events and we are actively involved in raising funds for numerous charitable organisations and many local schools. We take our corporate and social responsibilities very seriously as we believe in our community. Over the years, our team has rolled up their sleeves and become involved in many different projects. We are locals just like you and we love living here. So if you see us around, please say hello or ask for assistance that s why we re here. In 1998 Jim Aitken was recognised for his commitment to the community when he was awarded an Order of Australia Medal for Service to the Community of the Penrith District, especially through Youth Welfare and Service Organisations and to the Local Government. In 2007 at the Champion of the West Awards, he received an award for Outstanding Contribution to Western Sydney. Local charities and mission outreaches in Australia and overseas Over 300 community/charity events each year use our community BBQ s Brothers Penrith Junior Rugby Football Club St Vincent De Paul Penrith Cricket Club Watato Raising Future Leaders - providing hope to orphan children in Uganda, Africa Westcare - Financial contributions, Trivia Nights Penrith Junior Rugby League Club Kurrambee School, Werrington Rotary Club of Lower Blue Mts - Major Sponsor of Community Events Penrith Legacy Emu Plains Hockey Inc. Cranebrook Neighbourhood Centre Penrith Symphony Orchestra - Diamond Sponsor Emu Plains Junior AFL Penrith Softball Club Emu Plains Little Athletics Penrith Softball Club St. Thomas Anglican Church Emu Plains Little Athletics Glenmore Park Brumbies Junior Rugby League Football Club Chaplaincy Australia - Assisting to raise funds for our Hospitals and the Community Rotary Club of Nepean Valley Winmalee Netball Club Lower Mountains Community Band Rotary Health Fund / Medical Research Cancer Council of NSW - Sponsoring teams in the Relay for Life Supporting a Papua New Guinea Family Paying school fees for three Papua New Guinea Students Mission Australia Mission Outreaches in Australia and Overseas United Christian Broadcasters - Supporting the radio and print media Over 300 community/charity events each year with the use of the Jim Aitken & Partners community BBQ s Many Individuals with Sporting, Musical and Educational Sponsorships Jim Aitken + Partners community involvement A strong advocate of community values, Jim is not one to sit idly as his involvement in our local community shows! Supporting local talent and many schools and church groups Sponsoring over 50 sporting activities throughout the region Former President of Nepean Medical Research Foundation Patron of Nepean High School Patron of Glenbrook Swimming Club Patron of Nepean Softball Club Patron of Penrith District Historical Society Emu Plains Probus Club Rotary - awarded a Paul Harris Fellowship in 2006 Active in the Church community Penrith City Councillor for 13 years Director of Western Sydney Regional Organisation of Councils (WESROC) comprising nine Western Sydney Councils We believe a community is only as good as you make it. Many local organisations, individuals and sporting teams benefit from Jim Aitken + Partners success. When we support each other, business thrives and so does the community.

10 8 high profile office locations 1 team of professionals The Jim Aitken + Partners Advantage. We have larger choice of homes in this expanding region that we know so well. Less inconvenience for you. VALLEY HEIGHTS / SPRINGWOOD Strategically positioned on the Great Western Highway Allocated customer parking High profile location Convenient for out of town buyers 7 Great Western Highway, Springwood P F E springwood@ GLENBROOK / LAPSTONE Strategically positioned visible from the Great Western Highway Only local agent with Great Western Highway exposure High profile position Convenient for out of town buyers 5 Wascoe Street, Glenbrook P F E glenbrook@ BLAXLAND / MT RIVERVIEW Strategically positioned on the Great Western Highway Street front position 24 hour a day exposure Parking facilities at rear Convenient for out of town buyers 134D Great Western Highway, Blaxland P F E blaxland@ GREAT WESTERN HIGHWAY, EMU PLAINS Strategically positioned on the Great Western Highway 24 hour a day exposure Prominent location Ample Parking Facilities 91 Great Western Highway, Emu Plains P F E emuplains2@ REGENTVILLE / GLENMORE PARK Strategically positioned at the entrance to Glenmore Park Allocated customer parking High profile location Convenient for out of town buyers 30 Mulgoa Road, Glenmore Park P F E glenmorepark@ CRANEBROOK / JORDAN SPRINGS Strategically positioned in the Shopping Village Only locally based agent Positioned close to entrance Ample parking facilities Shop 9, Borrowdale Way, Cranebrook P F E cranebrook@ PENRITH / SOUTH PENRITH Strategically positioned in the busy CBD Precinct Street frontage position 24 hour a day exposure Parking facilities at rear 429 High Street, Penrith P F E penrith@ LENNOX CENTRE, EMU PLAINS Strategically positioned in the busy Lennox Centre Reaches up to 35,000 people per week Located close to entrance Ample parking facilities Shop 31, Lennox Centre, Emu Plains P F E emuplains@

11 committed to customer service, for over 18 years in this region Winmalee Castlereagh Agnes Banks Woodford Faulconbridge Yellow Rock Valley Heights Springwood Sun Valley Llandilo Warrimoo Cranebrook Mount Jordan Springs Riverview Emu Heights Cambridge Gardens Emu Plains Blaxland Cambridge Park Lennox Centre Penrith Kingswood Werrington Leonay Glenbrook St Marys Jamisontown Lapstone Regentville South Penrith Claremont Orchard Hills Meadows Glenmore Park Mulgoa Wallacia Silverdale Luddenham 1 team with 8 offices attracts more buyers in this expanding region, achieving best sale prices. If you are looking to buy, sell, lease or have your investment managed, we have been providing premium service for over 18 years and with time comes exceptional experience. The strength of team work. The reputation for results. TALK TO US. penrith 429 High Street Penrith NSW glenmore park 30 Mulgoa Road Regentville NSW emu plains 91 Great Western Highway Emu Plains NSW blaxland 134d Great Western Highway Blaxland NSW cranebrook Shop 9, Borrowdale Way Cranebrook NSW emu plains Shop 29, Lennox Centre Emu Plains NSW glenbrook 5 Wascoe Street Glenbrook NSW springwood 7 Great Western Highway Valley Heights NSW