April 24, 2015
That’s a pretty big decision! Probably the biggest investment you’ll make in your life, so it’s not one to be taken lightly. So what’s next?
1. Find the right loan
There’s a whole load of questions you need to answer and a lot of information to plow through to figure out what type of loan will best suit your needs and what features you really need. There are a swag of lenders in the market all competing for your business. Talk to us and we can help you cut through the marketing hype and get down to basics. We can make this step really easy for you and arrange pre-approval so that when you find the right property, you know how much you can spend and we just have to formalise the loan. We can also help with any government incentives on offer, like the First Home Buyers' Grant.
The cost of the property is just one of the costs associated with buying property. There are also legal fees, strata search, building & pest inspections plus lender fees and stamp duty. Make sure you factor those costs into your budget.
3. Find the home
We recommend getting a pen and paper and writing down a list of the things you want in your home, then categorise them into “essential” and “nice to have”. Do you need a separate laundry or could you cope with washer and dryer in the bathroom or kitchen? Do you need a lock up garage or lockable storage? Is natural light more important than your outlook. What are the plans for infrastructure development in the suburb you’re interested in and the surrounding area? This could have an impact on resale value.
Get really clear on what you want, do your research and then start looking.
4. Make an offer
This is often the tricky part. What if you go in too low and someone beats you too it? If you go in too high you may wonder if you’ve paid too much. It’s a good idea to search on what similar properties have sold for in the neighbourhood and then just take a leap and make your offer. Remember the real estate agent is working for the vendor, so don’t show your hand too early.
5. Buy the home
Once your offer has been accepted, if you have a cooling off period, make the most of it. If you haven’t already done pest, building and strata inspections, do them now. Formalise your loan and make sure everything is ready for exchange and settlement.
6. Move in and celebrate
Yay! You’ve achieved the Great Australian Dream. Move in, put your own stamp on your home, invite friends and family over and celebrate!
Anything we can do to help along the way, we’re just a phone call or email away.