How long do they take? 

Homes aren’t impulse purchases. It takes time to sift through listings and make your way from one open home to the next; then, of course, there are those agonizing hours you wait to find out if your offer on a house was accepted, whether you can secure financing, and any number of other holdups

Just so you’re prepared to play the waiting game, here are the steps to buy a house and how long they typically take, so you aren’t sitting there holding your breath and wondering if something’s up.

How much home can I afford?

Answer: Speak with a mortgage broker or bank to understand your budget BEFORE you seriously start looking at homes as this will ensure that you make financial decisions over emotional decisions.

Often buyers get excited about the prospect of buying a home and they full in love with a property and have mentally placed all their furniture and envisaged their new life in this stunning home…… only to be told they can’t afford it.   Best to understand your lending capability ahead of time. 

How long does it take to get approved for a mortgage?

Answer: At least two weeks.

Getting approved (or pre-approved) for a mortgage is no simple process. Lenders need to examine your documentation, review your financial information, and reconcile any problems. So even if all your documents are in order and you’re a stellar candidate, expect to wait two weeks or more to find out if you got the green light.

How long does an open home inspection take?

Answer: 30 minutes to an hour

This one is largely up to you. A inspection could be as quick as five minutes if you immediately decide you don’t like the property. But if you are interested, odds are you will take your time, poking your head into every closet and turning on every faucet.

Other people are known to walk into a home and immediately know it’s “The One.”

Still, it’s essential to buy a home with your head as well as your heart, so go ahead and take your time to thoroughly vet every corner.

How long does it take for an offer to be accepted?

Answer:  this varies – one day to one week 

Unlike on “Selling Houses Australia” where offers are always accepted in a flash, the real world takes a bit more time. You may be tapping your toes in anticipation, but sellers have some leeway when responding to an offer. They have three options, each of which needs to be mulled over: Whether to accept your offer outright, counter it, or reject it.

How long does a Building & Pest inspection take?

Answer: One to two hours for the inspection, then 24 hours for the results

Buyers should attend the building & pest inspection, but be prepared for it to take a while. Inspections typically take about one to two hours—enough time for your inspector to examine the foundation, structure, and other common problem spots. Don’t be afraid to ask questions, even if it means taking 30 more minutes.

Once the inspection is completed, expect to see a report within 24 hours.  When you have it in hand, you can work with the sellers to determine if any changes need to be made before proceeding with an unconditional contract.

How long does a bank valuation take?

Answer: the time often lies with the valuer physically attending the property, this can take 3-5 days.  The actual valuer inspection will take 30 mins and the report presented to the lender within 48 hours. 

Like a building and pest inspection, the valuer—the professional who estimates the home’s value on behalf of your lender—might spend a few hours examining the property (and this time, your presence isn’t necessary). After viewing the house, the valuer will examine comparable homes in the neighbourhood (“comps”) and look through the neighbourhood.

Because their prepared report can be quite comprehensive, its composition can take some time. Expect your lender to receive the report within 48 hours. 

How long does it take to settle on a home?

Answer: depending on the contract dates, settlement often occurs within 30-45 days. 

Settlement can happen very quickly once the contract is unconditional, typically within the 30 day time period – it never is earlier than 30 days as all the legal documents need to be changed to ensure all the monies and change of ownership are ready to be immediately updated upon settlement. 

How can we help you?

Buying a house is an exciting adventure in life, but it’s also a journey filled with challenges. One of the most significant hurdles that buyers face is “Buyer’s Fatigue”. Yep, it’s a real issue and can make the process of purchasing a property overwhelming and exhausting. However, there’s a valuable resource that can help alleviate some of the stress: a Buyers Advocate – Joanna Boyd Buyers Advocate and the whole team are here for you.

House hunting is a time – consuming process. Scrolling through endless listings, attending numerous open homes, getting kids in and out of the car and competing with all the other buyers on a Saturday, this can quickly lead to burnout!!

Here at Joanna Boyd Buyers Advocates, we are experts in the local real estate market and can streamline and search process by identifying properties that are ticking all the boxes on your wish list from your first home, your next purchasing step in life or adding to your investment portfolio. Our knowledge and expertise save you time and energy, allowing you to focus on properties that are truly worth considering for you and your family, giving you back your weekends and free time.

Buyer fatigue, can feel exhausting when trying to process and understand all the factors about buying a property such as location, size, price, rental return and amenities. The team here at Joanna Boyd Buyers Advocate have a deep understanding of the market and can provide valuable insights to help you make informed decisions, ensuring that you get the best value for your money.

Emotionally, the house hunting process can be draining. From the excitement of finding a potential dream home to the disappointment of rejected offers or bidding wars, it’s easy to feel discouraged and overwhelmed. The team at Joanna Boyd Buyers Advocate, provide invaluable support and guidance throughout your whole buying journey, from search to settlement. We offer objective advice, manage expectation, take out the emotion and provide reassurance during moments of uncertainty.

We have extensive experience in real estate transactions and can offer valuable guidance, support and resources to help you navigate the financial aspects of buying a home. We can recommend reputable lenders, negotiate favourable terms, and ensure that you understand all your options.

Buyer’s Fatigue is a common experience for many homebuyers, it doesn’t have to be an inevitable part of the process.

Joanna Boyd Buyers Advocates can provide invaluable support and assistance, helping you navigate the complexities of house hunting with confidence and peach of mind. From saving you time and energy to offering emotional support and financial guidance, our expertise can make the journey to homeownership a smoother and more enjoyable experience.

What is the role of a Buyer’s Agent?

Buyer’s Agents advocate for buyers in all areas of researching, viewing, due diligence, negotiating and securing the right property.

What is the role of Real Estate Agents?

Real Estate Agents represent the seller of a property otherwise known as the Vendor:
* Preparing & marketing a property for sale (photos, advertising, property staging).
* Provide a guide on the market based on recent sales in the area.
* Conducting open for inspections.
* Create interest amongst buyers.
* Working in the seller’s best interest to get the highest sale price.

What does the team at Joanna Boyd Buyers Advocate Do?

We can provide our buyers with: 
* Compassion and understanding.
* Alleviating the stress and pressure of searching and securing the right property in a timely manner.
* Receive expert guidance on property investment and coordinate professional property management services to oversee and care for your newly acquired investment..
* Market research around the current property value.
* Attending open homes and arranging private inspections of a property.
* We want to get you ahead of the buying pack.
* Securing the most favourable price and terms on behalf of our clients through negotiations.
* Arrange and attend the building & pest inspections to ensure the property is in great condition.
* We are there for our buyers from the start of their buying journey, right through to settlement and beyond.

How can the team at Joanna Boyd Buyers Advocate help you?

We want to secure you the right property for you and your family on a shorter buying time then when you are on the buying journey alone by securing the right property for the right price.

We want to provide our buyers with an enjoyable buying experience with less stress and providing them more of their time back.

As a good buyer’s agent, we will save our client’s money and source a great property by leveraging our market experience, knowledge and skills.

Ensure you get the right buying team behind you:
The team at Joanna Boyd Buyers Advocate are all properly qualified, fully licensed agents that have experience with buying properties.
Like with anything in life, experience makes all the difference when it comes to getting the best outcome.

Contact the team at JBBA today and let a Buyer’s Agent be your secret weapon in finding the perfect home.

During a property acquisition you will come across many people that will either help or possibly hinder your property journey.

Often their intent is not to be implied in a negative way, however as you are already on emotional high alert you may become agitated or unsure of other’s motivations towards you.

It is important to consider who are your friends or foes during your journey?

Who can you openly share your thoughts with?  Get advice?

Who can help you without leaving you feeling that there was an ulterior motive?

Let’s look at The Selling Agent – are they a Friend or Foe? 

As a buyer, you have to remember that selling agents will always be on the side of the vendor and part of their job is to extract as much information as possible from buyers to provide supporting evidence to the vendor.

Equally the selling agent wants to achieve a “record” price for their sellers and a buyer wants to pay the least amount for a property so they feel they have secured a “great deal”

Some agents have been known to overly engage with you at an open home as they are hoping that if you need to sell before buying, the agent could potentially be appointed by you, to sell your home.

It’s really important to balance your relationship with the selling agent, as you need them on your side to give you some inside information of any potential new listing, or information that you can use to your advantage when interested in presenting an offer to buy a property.

Don’t give away too much and keep some cards to your chest.   You should never disclose your exact budget.   If you are too open and honest then you maybe have no room to negotiate.

An agent will call you following on from an open home inspection and ask for your feedback and thoughts around pricing, ensure that you provide some constructive commentary around the property.

If they ask you “What do you feel it is worth”?  be honest and transparent as they are simply obtaining your thoughts to educate their sellers and potentially setting the price expectation based on market demand.

The feedback will also show sellers the aspects the buyers love or dislike about the home.

During this phone call, you can open up dialogue and ask the agent what is the vendor’s price expectation?   Take control of the conversation and extract information for you to use to your advantage.

Some agents try to create competition amongst potential buyers and push for urgency and commitment.  If this was to occur then the agent needs to provide all buyers with a “multiple offer form”

This means, you need to put your best foot forward and present your best offer in terms of price and conditions.   There is no room to negotiate.  

You are safe to assume that if no multiple offer form is presented, then there are no multiple offers, therefore you may have some wiggle room.

Ask the Agent questions:

  • Why are the vendors selling?
  • Have they purchased elsewhere already?
  • How long have they lived there?
  • Are there planning guidelines?
  • Is the land unencumbered or has any restrictions?
  • What are the outgoings?

Use the selling agent as a friend so you can position yourself with strength.

Let’s look at other friends:

A conveyancer for instance, they will help you navigate the legalities of your purchase.

Building and pest inspectors, they will point out all the good and bad elements of the property and remember there could often be some negative elements, but are these a deal breaker for you?

Buyers Agents, they are absolutely your friend as they take an unbiased approach, provide you with evidence and support you during the journey.

There is an endless list of friends.

Let’s now consider those possible foes:

They could be friends, families, competing buyers, neighbours.  

Again, all with differing opinions and reasons behind their motivations, words and actions.

There is room and a purpose to have these friends and foes in your corner, but it’s important to acknowledge and be clear in your mind as to what a successful outcome could look like for you.

Don’t listen to the “noise”

Do you due diligence, get curious and ask question as ultimately it is your property and your investment.    

The First Home Super Saver Scheme

Did you know that there’s a smart way to save for your first home using your superannuation? In March 2023, the First Home Super Saver Scheme (FHSSS) opened up an exciting opportunity for aspiring homeowners. Let’s dive into the basics of how this scheme can help you unlock your dream home.

How Does It Work?

When you think of your superannuation, you probably think of retirement savings. However, with the FHSSS, you can contribute extra money to your super, and later, you can use it to buy your first home. The cool part is that super earnings are taxed at a lower rate compared to other investments or bank accounts in your name.

Am I Eligible?

To qualify for the FHSSS, you need to be at least 18 years old, have never owned Australian real estate, and be making voluntary super contributions.

Contributions and Withdrawals

You can put in up to $15,000 each year within your contribution limits. The maximum you can take out, including earnings, is $50,000. Your contributions can include money from your salary, personal contributions, and more.

How to Apply

Before you sign a contract or buy a home, you must get a FHSS determination through MyGov. After that, you can request to take out the funds, either before signing or within 14 days after.

Tax Talk

Some of the money you take out will be taxed, called the assessable amount. This includes contributions and earnings and is taxed at your normal tax rate, but you get a 30% tax offset.

What You Need to Know

After you apply for the release, it takes about 15 to 25 business days for the ATO to send you the money. You have 12 months to buy a home and live in it for at least six of the first 12 months. If you don’t, you’ll either need to put the money back into super or pay extra FHSS tax.

Important Point

Once you’ve contributed to super and the funds are released, they can only be used for your home purchase. Changing your mind means either putting the money back or paying extra tax.

Seek Advice

To get a full grasp of how FHSSS can help you and its potential benefits, consider talking to a financial advisor and check out ato.gov.au. Also, don’t forget to explore state-based incentives like stamp duty concessions or first home buyer grants.

In a nutshell, the FHSSS is like a turbo boost for your journey to homeownership. It’s a savvy strategy if you’re dreaming of owning your first home.

General Advice Disclaimer

This information has been provided as general advice. We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication.

Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither Alliance Wealth nor its relatedentities, employees or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.

All rights reserved. Use in whole or in part without written permission from Compound Freedom is not permitted.

Helen Nan, a financial adviser with over a decade of experience, assists numerous clients in realising their lifestyle goals and aspirations. She believes in tailoring her advice to each individual’s unique circumstances, understanding that everyone has distinct aspirations when it comes to their finances. Her articles, commentary, and book have garnered recognition and have been featured in various reputable publications such as AFR, Money Magazine, and Inside Network. Additionally, She is the author of the finance book “Your Best Life,” and is the founder of Compound Freedom

When it comes to purchasing property in Australia, Queensland (QLD) offers unique opportunities and challenges for buyers. There’s a critical difference that prospective property buyers from interstate need to be aware of, especially when it comes to due diligence: seller disclosure.

Currently, the lack of seller disclosure requirements in QLD emphasises the importance of the “buyer beware” principle. While QLD offers many advantages, such as its beautiful landscapes and a more relaxed lifestyle, it also places a more significant responsibility on property buyers to conduct thorough due diligence.

Knowledge is power in the world of real estate. Sellers are legally required under NSW law to declare any known faults or issues within the property being sold. Which means buyers in NSW get to see far more information about a property and can make far better buying choices with that knowledge.

However, when it comes to buying property in QLD, it’s a different story. Currently, QLD does not have the same level of seller disclosure requirements as NSW. Buyers must be prepared to take on a more significant share of the due diligence burden and be extra vigilant when inspecting properties.

Thankfully, this is all set to change in the very near future. The Queensland Government is introducing a seller disclosure system for land sales, shifting from a “buyer beware” approach to proactive seller disclosure. This change, governed by the Property Law Bill 2023 (Qld), will affect all types of property, including residential, agricultural, commercial, and industrial.

Under the new rules, before completing a sale, vendors must provide a disclosure statement and specific documents, including a title search and survey plan. This statement includes statutory warranties from the seller and information on encumbrances, zoning, environmental concerns, and more.

Sellers will not be required to provide information regarding the following:

1. The property’s history of flooding.

2. The current or historical uses of the property.

3. Pest infestations and the structural condition of the property.

4. Approvals for construction on the property (with the exception of work carried out by unlicensed individuals).

5. Restrictions imposed by zoning and planning regulations on the land’s use.

6. Any existing or potential connections to services related to the property.

It also seems that these newly imposed disclosure requirements will not be applicable to off-the-plan sales involving proposed lots on freehold land or units.

With this greater visibility, buyers will have the power to make informed decisions and also build confidence in the real estate market. Additionally, buyers will have confidence knowing that critical documents will be disclosed, and they will have a legal remedy available in case of failures to disclose, all adding up to a more transparent and honest real estate market in Queensland.

The Bill is likely to pass this year, but the rules implementing the Bill will be delayed by 6 to 12 months to permit additional consultations on the Property Law Regulations and to allow for market education.

The implementation of vendor disclosure in Queensland will no doubt strengthen buyers’ bargaining power and enhance their capacity to make informed choices, but it should be said that due diligence on the part of the buyer can never be dispensed with entirely.

I spend most days viewing homes on behalf of our buyers, however in a previous life, I was a sales associate and experienced all kinds of eye-opening actions taken by buyers at open homes. An open home is a great opportunity for buyers to inspect a property and for sellers to showcase their home. Open homes can be fun and exciting, they also require some etiquette and common sense.
Respect the property and their privacy of the sellers, and follow any rules or instructions that the agent might have.

Here are some of my tips and guidelines on Open Home Etiquette:

Shoes

Before entering a property be prepared to take off shoes at the front door. This shows respect to the agent and the homeowners, especially if the floors are newly carpeted, polished or renovated.
I have seen buyers come through an open home, where they had just finished at football training & still had the cleats on, covered in mud and grass, and have walked through the home tracking mud across the carpets that then needed to be steamed cleaned at the expense of this buyer- that ended up being an expensive viewing of a property they didn’t end up purchasing.

Furniture

Once inside the home, avoid touching or moving any furniture, such as tables, chairs, lamps or artworks. Again, this shows respect to the seller and the property, as well as to avoid any accidents or damage you may cause.
Previously, I sold a property for a family where the dad was fully blind and the mum had low vision impairment. The couple knew their way around their home from the furniture spacing, however upon their return home, the dining table and chairs had been moved to line up aesthetically with walls, however it threw out the family on their spacing and they were then running into other walls and furniture.

Cupboards/Pantry:

As buyers, you are welcomed to view the storage areas, shelving and wardrobe space, however, I suggest confirming with the agent before you start opening cupboards or pantry doors. Be discreet when looking inside and avoid touching or moving anything.  Close any cupboards, drawers or doors after you’re done. During one open home, I have seen a buyer open a seller’s fridge and help themselves to fruit and snacks for their children to keep them quiet, however the children have left half eaten fruit hidden in cupboards for the home owners to come home to find. YUCK!

Bedding

Walking through someone’s bedroom is a very private space. It is never ok to lay on a bed in an open home or touch the bedding, pillows and blankets. Look past the accessories, observe the size of the bed and the room furnishings that have been used to fill the space and work out if the room is large enough to accommodate your own bedroom furniture. I have seen buyers come through at the start of a very busy open home who looked as though they had too many drinks from the night before. When we were closing up the home at the end of the scheduled open time, we realised we hadn’t seen these buyers leave! We found them passed out in one of the bedrooms, tucked under the blankets and all!!

Bathroom

Avoid using the bathroom at an open home. Agents consider this to be inappropriate, rude and very disrespectful behaviour to the homeowner that has opened their home for you to view. However, if it’s urgent you should ask permission from the agent, be quick and clean, don’t forget to flush!

Children

Bringing children to open homes can possess some challenges and risks. Apart from the normal struggles of dragging children in and out of multiple homes, make sure that your kids are safe around pools. In summer it can get very hot and the pools at an open home can look very enticing. I have seen children wander off from mum and dad to inspect the pool. The children have stripped down to their underwear and dived into the pool for a swim. The absolute shock and embarrassment on the parent’s face, they couldn’t get the children out of the pool fast enough and kept apologising.

By following these simple tips, you can show respect and courtesy to the seller and the agent when attending open homes. If you’d prefer to have your weekend’s back, contact me to see how the team at JBBA can help.

In the realm of real estate, the spotlight often shines on sellers and their agents, leaving buyers to navigate the process alone.

However, the significance of a buyer’s agent should not be underestimated. In this blog, I’ll delve into the primary responsibilities of a buyer’s advocate and explore how they differ from traditional real estate agents. I’ll also uncover the key factors the team at JBBA consider, when selecting a property for a client and highlight common mistakes buyers should avoid.

  1. Understanding the Role of a Buyer’s Agent: A buyer’s agent is a licensed professional who works exclusively on behalf of the buyer during a property transaction. Unlike traditional real estate agents who represent sellers, buyer’s agents provide support, guidance, and advocacy to ensure the buyer’s best interests are upheld. 
  2. Selecting the Perfect Property: To find the ideal property, we invest substantial time and effort in understanding our clients. Through in-depth discussions and a Discovery Workbook, we identify underlying fundamentals for the purchase, creating a tailored client brief. We consider factors such as location, budget, amenities, growth potential, and any renovation requirements.
  3. Avoiding Common Buyer Mistakes: Buyers can fall prey to several common pitfalls during the property buying process. Some of these include overpaying, not conducting thorough due diligence, making emotional decisions, feeling pressured by real estate agents, and being unprepared. Buyer’s agents work with clients to create a well-thought-out game plan, supporting them with professionals, educating them about the process, and encouraging evidence-based decision-making.
  4. Advocacy and Client Representation: As Buyer’s agents, we remain unbiased throughout the buying process and prioritize our clients’ best interests. With a collaborative approach, we ensure clients receive education and evidence at every stage, empowering them to make informed choices. Daily communication helps build a strong partnership and keeps clients informed and engaged.
  5. Navigating the Complexities for First-Time Homebuyers: First-time homebuyers often feel overwhelmed by the complexities of the property market. We provide reassurance, education, and unwavering support. By encouraging conservative spending and guiding buyers through mortgage and additional costs, we foster confidence and a sense of preparedness.

Buyers agents plays a crucial role in the property buying journey, acting as an emotional filter and a trusted advisor for their clients. By understanding the buyer’s needs and aspirations, providing sound guidance, and ensuring a well-informed decision-making process, we empower our clients to make successful property acquisitions. Whether you are a first-time homebuyer or a seasoned investor, enlisting our services can lead to a smoother and more rewarding real estate experience.

Purchasing a property is like navigating a maze, but with the right approach, and the right team of professionals by your side, you can avoid costly mistakes.

Brisbane, with its vibrant property market, offers incredible opportunities, but it also demands careful consideration and research.

Remember, due diligence is the key to a smooth and rewarding property purchase!

So, whether you’re eyeing your dream home or a smart investment, don’t rush into it. Instead, take your time, do your homework, and remember that the agent works for the vendor, not you! It’s up to you to unearth the hidden details about the property under consideration for purchase.

Financial and Investment Considerations:

Assess your financial capacity, secure pre-approval for a loan, and understand all the associated costs, such as stamp duty, legal fees, and property inspections. If you’re an investor, dive into market research to understand rental yields and vacancy rates. Being diligent in financial matters empowers you to make decisions that fit your budget and align with your investment goals.

Ensuring Legal Compliance:

One of the primary reasons buyers must be diligent is to ensure legal compliance. Brisbane buyers need to dig into the nitty-gritty details, like checking if any renovations are unapproved or if there are boundary disputes or outstanding lines. Get in touch with professionals such as solicitors or conveyancers who can review contracts, title deeds, and all the zoning and planning permits. This way, you can avoid any potential legal mess or expensive disputes down the road.

Assessing the True Value of a Property:

Brisbane’s property prices can be as diverse as its neighbourhoods. To make sure you’re not overpaying, it’s crucial to assess the property’s true value. Do your homework! Look into recent sales in the area, analyse local property market reports, and reach out to real estate agents for their insights. By knowing the fair market value, you’ll be in a better position to negotiate and ensure that your investment aligns with reality.

Evaluating Structural Integrity:

There would be nothing worse than emotionally falling head over heels for a property and then finding yourself stuck with a property that’s a money pit. Thorough due diligence is all about assessing the structural integrity of the property. Call in the experts—building inspectors and engineers—who can spot any lurking issues like pesky pests, structural weaknesses, or sneaky water damage. Uncovering these problems before you seal the deal allows you to make an informed decision and potentially negotiate repairs or adjustments to the price.

Researching Development Plans:

Brisbane is a city that is experiencing continuous growth and development, especially as we head closer to the Olympics. Buyers must be diligent in researching future development plans for the area in which they plan to purchase property. Take advantage of local council websites, urban planning departments, and even consultations with town planners. This way, you can find out about upcoming infrastructure projects, zoning changes, or developments that might impact the property’s value or your quality of life. Stay informed and make decisions that align with the long-term potential of your investment.

Each step of your property journey demands thorough research and expert advice. By being diligent, buyers can make informed decisions, minimize risks, and secure a property that aligns with their needs and aspirations.

One valuable resource that can greatly assist you in your due diligence journey is a buyer’s agent. Together with their expertise and connections, you’ll have the support you need to navigate the due diligence process and secure the property that meets your requirements and aspirations.