Purchasing property

It can be a confusing, but we’re here to simplify everything for you.

Purchasing property

It can be a confusing, but we’re here to simplify everything for you.

Buying a house, apartment or investment property?

If you’ve ever wondered how buying an apartment – for yourself or as an investment property – is different to the steps involved in buying a house or house-and-land package, we’re here to help. We design, build and sell a broad range of properties at Pindan, and the process for buying different properties is slightly different.

Here’s a quick rundown of what you need to know.
 

First, get your finances in order

Before you can seriously contemplate buying land, an apartment, house or investment property, you need to arrange appropriate finance. This is arguably the biggest investment of your life, so you need to make sure everything is in order – finance-wise – before you do anything else.
 
We recommend speaking to an experienced mortgage broker who will help you find the best mortgage deal for your unique circumstances, then secure pre-approval so you can start looking for an apartment or house with confidence.
 

How to go about buying land

When you buy land, it’s important to remember that the value of your block is likely to grow faster than the value of your house. Choosing the right parcel of land is, therefore, a key decision.

Look for a location that suits your lifestyle. Consider the shape of the lot – it may dictate what kind of house you can build. Then, once you are sure you’re ready to buy, this is how the process generally unfolds:
 
  1. You sign an expression of interest.
  2. You sign the contract of sale.
  3. You nominate your settlement agent.
  4. You pay a deposit and obtain formal finance approval.
  5. You settle on your land purchase.

How to buy an off-the-plan apartment

When you’re looking for an apartment to buy off the plan – for yourself, or perhaps as your first investment property – consider the complex as a whole, as well as the apartments.
 
Look at the plans and try to picture life in the apartment and complex. What facilities does the apartment building have? What about sunlight and orientation? Try to imagine life there. Then, when you’ve found the apartment, the process usually goes like this:
 
  1. You sign an expression of interest to secure your apartment.
  2. You sign the contract of sale.
  3. You pay the deposit and nominate your settlement agent.
  4. You settle on your new apartment once construction is complete and the certificate of titled has been issued.

Buying a house and land off the plan

There are lots of benefits to buying a house and land package off the plan, whether you’re buying for yourself, or as an investment.
 
Most importantly, when you buy a house and land package, the process is much simpler than buying a parcel of land then building a house separately. It’s also quicker and more cost effective, with less money required upfront (loan fees) and less stamp duty to pay (with a house and land package, stamp duty is only charged on the cost of the land rather than the total purchase price).
 
What’s more, you don’t have to worry about whether your preferred house will fit on your block, obtain council approvals or seek out a suitable builder. At Pindan, we take care of everything for you and streamline every part of the process. All you need to do is choose your package and the buying process generally goes like this:
 
  1. You sign an expression of interest to secure your desired home.
  2. You sign the contract of sale and nominate your settlement agent.
  3. You pay the deposit on the land component.
  4. You obtain formal finance approval (if required).
  5. You settle on your lot once the Certificate of Title has been issued.
  6. As the build unfolds, your financial institution will need to arrange to make progress payments. These payments typically occur at key stages and will be advised by the builder.
  7. On handover day, you’ll pay the remaining balance of your new home purchase. To avoid potential delays, ensure your funds are available well before handover.

Buying a completed apartment or house

If you’re buying an established property, then there are a host of factors to consider including location, the local market, local amenities and access to transport links. Spend some time researching the area, as well as familiarising yourself with the house or apartment to get a feel for the place.
 
Perhaps most importantly, if you’re buying an older house or apartment, you need to consider the condition of the property – we recommend engaging a professional building inspector to assess its condition.
 
Of course, if you’re buying a completed apartment or house from Pindan, you can rest assured the property is in perfect condition.
 
When you’ve found the house or apartment you think you would like to buy, the buying process usually unfolds like this:
 
  1. You make an appointment to view the home.
  2. You negotiate and sign the contract of sale.
  3. You nominate your settlement agent.
  4. You pay the deposit and obtain formal finance approval (if required).
  5. You settle on your new apartment or home.