Many people don’t realise they have a credit file that indicates how creditworthy they are. If you think you may need this request copy of your credit file and do everything possible to improve it before making a loan application.

Consider what amount sensible to borrow. You may want to consult an accountant about this.

Many banks and mortgage brokers provide home loans. Do your research to find out which ones you’re most comfortable dealing with and the terms and conditions attached to the home loans they offer.

Apply for pre-approved finance before you begin your search for houses for sale in Inner West Sydney.

These can include:

Moving costs: These can range from several hundred to several thousands of dollars.

Stamp duty: This is levied at approximately 4.7% in NSW, which means you can expect to hand the State Government $47,000 for every $1,000,000 you spend on a property. You can get an estimate using this calculator.

A building and pest inspection: It’s wise to get this done on any house you’re considering buying. Expect to pay somewhere around $500 – $800 for this.

A strata report: If you’re considering buying an apartment, you’d be foolish not to invest $250-$300 to have an expert examine the strata scheme’s financial reports.

Conveyancing fees: You’ll be up for $1000-$3000 to have a conveyancer or a solicitor transfer the legal ownership of a property to you.

Before you start inspecting properties and real estate houses for sale, ask yourself the following questions:

What kind of property do I want? A free-standing house? A terrace house? A townhouse? A unit?

Do I want a renovated home or am I prepared to take on a project, to renovate.

How close does the property need to be to public transport, shops, my work, my friends and my family members?

When considering the real estate properties for sale, what developments and infrastructure are planned for the area I want to buy in? (The local council should be able to supply this information).

For your offer on a commercial or residential property for sale to be valid, you must present it in writing.

It’s then up to the seller to accept or reject your offer.

It’s common for the seller to ask for a higher price than you’ve offered, so don’t be concerned if there is some haggling. There may also be some negotiation about things such as the settlement period at this point.

Just as the seller can accept or reject your offer, you are free to make a counter-offer.

If you and the seller do agree on a price, try to act quickly. (There may be other interested buyers and you don’t want them swooping in at the last minute).

In general real estate houses for sale are available at Auction or a Private Treaty sale.

You’ll need a 10% deposit ready if you’re bidding at Auction. It’s advisable you have unconditional bank approval because once the hammer falls, you’re legally obliged to go through with the purchase, there is no cooling off period.

If you buy via a private sale, you get a cooling-off period of 5 days and you’re required to put down a deposit of 0.25% of the sale price which is forfeited if you pull out of the sale.

Your bank will independently value the property within 14 days of the contract date. You may have financing issues if the purchase price is higher than its valuation.

The Realestate Agency recommends you get independent legal advice from a qualified solicitor or conveyancer before committing to any contract.