Buying a Property on the Central Coast
Starting your real estate search
The Central Coast covers a wide area and range of options including rural towns such as Somersby, beachside towns such as Terrigal and urban areas such as Gosford. Therefore, start by narrowing down the places on the Central Coast where you would like to buy your next house, townhouse or unit.
Research property prices
Find out about recent property sales in your preferred Central Coast areas. You can search online for real estate values or you can contact Madeline at Boutique Real Estate who will happily provide details of recently sold Central Coast properties.
Budget
Make sure you know what you want to pay and set a budget limit for buying your next property. If you have an existing property to sell, get a valuation early in the process. Talk to your mortgage lender if necessary to understand your borrowing limits. Knowing your financial limit is particularly important if you intend to buy at a property auction.
Wish list
This is the exciting part! Make a list of your needs and wishes. Remember to prioritise what is important to you. Your list should include the number of bedrooms, bathrooms, parking needs and how close you need to be to amenities such as Central Coast schools and transport.
Purchasing under private treaty, at an auction, or by tender
Once you have found your ideal home, submit an offer to the vendor via your agent. If there are any conditions to your offer, you should convey them at this time. Once an offer is accepted, your solicitor will review the contract. ‘Exchange of contracts’ is the next formal step for you to buy the property, accompanied by a deposit, usually ten percent of the agreed price.
The process is different if you buy the property at auction – the contract is reviewed prior to auction day and the exchange and deposit payment take place immediately, with no cooling off period.
When you purchase by tender in New South Wales you would submit one offer, usually accompanied by a five or ten percent deposit, and it is accepted or rejected by the vendor.
Final settlement
Settlement is when the final payment is due, generally 42 days after exchange of contracts although both parties can negotiate a different period. Your solicitor will notify you once settlement has taken place. The real estate agent will then receive an order to release the keys to you for your new home! Time to move in and enjoy!