BUYING TIPS
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.
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.
Purchasing under private treaty or at an auction
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 10% 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.
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!