Tremains - helping you find your special home

BUYING A HOME IS A BIG DEAL, ESPECIALLY IF IT’S YOUR FIRST OR YOU’RE GOING SOLO. IN FACT, MANY PEOPLE THINK HOME OWNERSHIP IS SIMPLY A DREAM, WAY OUT OF THEIR REACH. BUT THAT’S NOT ALWAYS THE CASE. WHEN YOU CONNECT WITH PROPERTY PROFESSIONALS, YOU MAY BE SURPRISED BY WHAT YOU CAN ACHIEVE. BUILDING THE RIGHT TEAM AROUND YOU – YOUR REAL ESTATE AGENT, LAWYER, FINANCE PROFESSIONAL AND BUILDING INSPECTOR – IS KEY, AND BY WORKING TOGETHER, WE CAN FIND THE HOME TO SUIT YOU.

As real estate professionals, it’s important to us that we understand our clients’ property aspirations, now and into the future, so you’re able to build a trusted, long-term relationship with your agent. Recently I helped Sarah (not her real name) into her own home. Sarah had left a bad relationship after 30 years and was struggling with living costs on a low wage. She thought her only choice was to live in a caravan. Read Sarah’s story.

Images VANESSA LAVAL-GLAD

I’d lost everything but finally I did the scariest thing and walked away from my marriage. It took ages to get any money through, and financially things were tough. I was paying rent to live in a caravan as well as high fuel costs to get to work. With my low wage, my bank wouldn’t even give me a credit card. When I finally received the money, I thought I’d never be able to live anywhere else; that all I could afford was a caravan!

And then a friend said to me, “You can do this. You can get a mortgage – a small mortgage to top you up. If you get a lodger, you can do this.”

There were so many calculations and my head was buzzing. I truly wondered how it would ever work, however the bank agreed to the mortgage, if I had a lodger. I was stoked!

TIP: There have been recent changes to bank lending criteria around the use of boarder income when borrowing over 80%. There is currently only one bank that will include the income of one boarder (max $150 pw) to help with the servicing of your mortgage. If you are borrowing under 80% LVR most banks are happy for a maximum of two boarders ($300 pw). This needs to be verified by a signed boarder’s letter with all relevant contact details.

The first house I saw, a private sale, was really disheartening. There was no electricity, no kitchen, and in one room there were flies everywhere. Oh my god, I thought, this house needs to be demolished! Is this really all I can afford?

I thought to myself, okay what do I believe in? I had to bring in some focus because I knew I could do better than this. I needed to rewrite my affirmations and what I wanted in life. I wanted to be able to do my Reiki with a beautiful view. I wanted something small and nice, with an okay kitchen, and friendly neighbours. Somewhere safe was also really important for me.

TIP: Going through a real estate sales consultant gives you an extra layer of protection. They are trained, licensed professionals who must follow the standards set out in the Code of Professional Conduct and Client Care and meet their obligations underthe Real Estate Agents Act 2008. They can be held accountable for misrepresenting a property.

Then I saw a really nice house up for private sale, so I put an offer on it. But unfortunately, I missed out because the lawyer wasn’t able to process things in time. I still got charged for it though – money going out that I didn’t have to spare! I got pretty low then, thinking about what more life could throw at me after all I’d been through, and when I’d been trying so hard.

TIP: Purchasing a property is one of the largest financial decisions of your life. Find an experienced lawyer or conveyancer who will assist you with the due diligence process. The due diligence process should include reviewing the agreement before you sign to spot any fish hooks, and reviewing the certificate of title, LIM report, and considering cheap conveyancing options so that you understand what you are purchasing and make an informed decision.

So then I met Deborah Peake. She spent time with me to understand what I was looking for and about my situation, and then took me to view five or six properties. I was still feeling really low at this point so when a new house came up and Deborah said, “let’s give it a go”, I couldn’t help thinking about the other ideal house that I’d lost. This time, though, I had my lawyer sorted in advance and I had really great people working with me – it felt like this time I might have a better chance.

TIP: Ensure the agent that you’re dealing with is a competent negotiator. Ask to see their testimonials or references. Successful deals only happen when two parties come together, amicably.

When I looked at the road, I thought, okay it was a little busy, but the house was hidden away and it was peaceful, and the neighbours were lovely. And the view – that was stunning. It was just incredible; exactly what I had on my wishlist!

Looking back now, it was amazing that we found it. Because the budget was so tight, there weren’t many options, but by working with Deborah, she was an expert on the market and knew exactly what I was looking for. The only thing I’d do differently is to get a building report. I couldn’t afford one at the time so had to cross my fingers. Luckily the house was brick, so I trusted that things would be okay, however getting a report is the sensible thing to do.

TIP: Get the specialist help you need. The Real Estate Authority (REA) recommends you hire an accredited property inspector, who will write a report about the property and identify any defects, and what urgent and long- term maintenance is required.

Deborah Peake, sales agent for Tremains, chats with her delighted client

Staying positive was key. Honestly, there were some low points, but surrounding myself with the right people made all the difference to my success. Now I have my own home and I love it.