Buying property can be an exciting yet challenging journey. Be sure you are working with people you trust through all aspects of your journey and this will make your experience much easier and less stressful. There is a lot to consider whether you are buying your first home, building a new home or looking to start investing. Below are a few tips for you to consider which will help you be more prepared once you set out on your journey of purchasing property.
1. Make a Plan
Do your research and make sure you understand your financing needs and if you are going to be:
– Buying your First Home – (First home owners grants may apply)
– Purchasing and Investment Property
– Building a Brand New Home
– Purchasing a Parcel of Land
– Purchasing a commercial property
2. Work out your Budget
Speak with your bank and use the handy calculator on this website to work out what repayments are manageable for you.
– Save your deposit in readiness to purchase
– Make an appointment with your lender and organise a pre-approval
– Consider your upfront purchasing costs (legal fees, insurance, stamp duty)
3. Research the Market
Start your research my looking at all the major property portals such as realestate.com.au and see what is For Sale and what has SOLD in your area recently.
– Subscribe to property alerts on this website and websites such as realestate.com.au
– Start working with a trusted real estate agent who is going to be your guide on this journey
– Start SHOPPING
4. You Have found a Property
So now you have found a home and you are ready to sign a contract
– Make another appointment with your lender and secure your funding
– Make an appointment with your solicitor and have them review the contract of sale before you sign
– Investigate insurance companies and ensure you have cover on the property as soon as you sign your contract
5. You are ready
Now you have made sure you are ready to purchase.
– Go ahead and sign your contract and ensure your terms and conditions are included within the document, such as finance, building and pest inspection clauses
– Wait for the contract to become fully signed and pay your deposit to your agents Trust Account
– Forward a copy of the fully signed contract to your financier and you lawyer
– Book your building and pest inspections if applicable
6. You are ready to Move In
Now the exciting part arrives.
– Confirm with your lawyer that you are satisfied with your building and pest clauses
– Confirm with your lawyer that your finance is fully approved
– The lawyer will then confirm to the Seller and your Agent that you are unconditional on your purchase.
– The SOLD sign goes up. Be sure to take a photo with it!!
7. Settlement Day
Settlement day arrives before you know it.
– Your agent and your lawyer will contact you to advise settlement has been completed and you can collect your keys.
Enjoy your new home.