Buying real estate. Buying real estate and owning your own home remains part of the "Great Australian Dream". Becoming a property owner is a major emotional and financial step on many levels. Buying your own home can be a very positive and defining moment in your life. Whether you are a first time home buyer, or a veteran of several purchases, and you are now buying real estate for investment purposes, the excitement of making a successful bid or offer on a piece of real estate is still very real.

While owning real estate will different things to different people, there are some results that are common:

Buying real estate result no.1. - You will feel good.

It is hard to describe the happiness owning your own home can bring.

Immediately your feeling of security is increased you have control over your accommodation you can no longer be given notice to move out by a landlord.

Buying real estate result no.2. - You can save money.

Building up equity in a home by making regular mortgage payments is one of the best ways for many people to save a large amount of money over time.

Buying real estate result no.3. - You pay no more rent.

Buying real estate result no.5. - Its yours to improve.

When you own your own home, you no longer face problems associated with renting , no visits from the landlord, no need to renew a lease every 12 months or so and no need to ask permission when you want to make improvements.

You can have a working bee and get some decorating and landscaping done at your property and add value at the same time.

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Buying real estate result no.6. - Can help to make your retirement easier.

Many people understand that owning their own home will make things easier when they retire, mainly because even though your level of income may change if you own your own home you have the security of knowing your accomodation situation should not have to change.

Buying real estate result no.7. - Its a great investment.

Buying your own home or piece of real estate is not only one of the largest purchases you're likely to make, it can also be one of the best long-term investments, so it's important you get it right.

This means doing your homework and making sure that the property you are buying is the right one in terms of price, location, value, size and lifestyle.

4. Real estate newspaper and magazines advertisements;

Ultimately the best way to get a feel for the market when looking at real estate is to start popping into open home inspections in the area you are interested in. This is also a great way to meet local real estate agents.

Spread the word amongst friends, there is a good chance a friend may see something you may have missed which may be the very thing you're looking for.

Step 2 Buying real estate. Arranging inspections.

Inspections should be made at the advertised times or by appointment with the real estate agent.

You need to look at the location and style of the property in relation to your requirements: the size of the property, proximity to the lifestyle features you are after should be considered. Once you have found a property that suits you, it is wise to check it out during the week as well as on the weekend, as a peaceful environment one day might be quite different at other times.

You should have a property checked out by a builder inspector or architect to assess whether there are any defects that might affect your decision to buy. This is particularly relevant if large-scale renovation or extensions are planned.

Step 3 Buying real estate. Ready to make an offer.

Missing out on a property that you have your heart set on can be a very disappointing experience, but understand it is not uncommon particularly if it is your first home purchase; this often happens because the offer process is misunderstood. When making an offer to purchase a property, it is important to be aware of the following :

The property remains on the market while the vendor considers all offers. Just because your offer is the first one submitted, does not necessarily mean that it will be accepted.

An offer is not legally binding on both parties until the buyer and seller have signed a contract, and the contracts have been exchanged.

A Contract must contain details of the property, the price, deposit and settlement terms. Once the offer is made in writing, it is then up to the vendor whether or not to accept it or whether to give other parties the opportunity to increase their original offers.

The agent is not obliged to give you another opportunity to increase your offer. The vendor is under no obligation until they accept the buyer's offer by counter-signing the contract.

We wish you well with your buying real estate experience if you have any comments you can contact us.

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At ref real estate we offer a real estate service with a genuine difference.

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We are paid a referral fee by the real estate agents, but the difference is we give you 75% of what we have been paid back as a refund.

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