Reason for Buying a House
The first thing before buying your house you need to ask yourself why you want to buy.
• Are you excited for a change?
• Are you paying a rent for a long time?
• You want to build a space for your family?
• Are you not happy with your current living space?
• Are you ready for a new investment opportunity?
Some of the personal Consideration
• Am I Ready to commit?
• Am I Ready for A New Lifestyle?
Homes are long term and expensive investments. Don't pressurise yourself for the sake of society to carry forward.The other consideration can be, you are looking to buy a home for your family or you might want to put your first step towards your investment journey. This might later become your investment property. Most savvy investors also consider buying a property while they are renting. The popular method is known as ‘reinvesting’. Whatever your reason for buying, understanding your long term plan is the first thing you should work out.
Get your Finance Ready
In order to approve your mortgage, lenders require a number of information before they can approve a loan. Here are some of the informations which you need to share with your lender:
Research the Market
Once you have mapped out your ideal property in terms of price and location. Start searching on real estate websites to search for a suitable house, or use a local agent who can do it for you. Price and Location are directly proportional when buying a property. Make your decision wisely. Find out your reason to buy before making any decision.
If you are going to buy a house to live with your young family. Find out:
• Is it close to all the amenities?
• Is it close to the primary, secondary schools and colleges?
• Is it close to public transport?
• Are there shops and cafes nearby?
• Do any of your families and friends live nearby?
• Is it a nice quiet street with minimal traffic?
If you are buying an investment property to rent out, is it close to all the amenities, an institution and public transports.You need to consider all these aspects while buying the house.
The Home Search
The search process is the most exciting part of buying a home. You get a chance to view potential homes, find the pros and cons of each home. Before starting the process make a list of “must have” for your future and share this with your real estate agent. This will help you to customise the search.
Find Yourself a Right House
The search process is the most exciting part of buying a home. You get a chance to view potential homes, find the pros and cons of each home. Before starting the process make a list of “must have” for your future and share this with your real estate agent. This will help you to customise the search.You should consider following points before choosing your “Dream Home”
• The number of bedrooms (will you need more? Do they face the right way?)
• Size of the property
• Front yard and backyards
• The street nearby and garage/carport access (too narrow? To Steep ?)
• All the appliances are in good condition.
• Water runs smoothly and the toilet Flush.
Title and Statutory Authority Search
Title search generates the official record of a property’s ownership history and will provide you if there’s anything which will prevent you from buying it. Each state and Territory has a different title search. Please consult with your buyer’s agent or conveyancers if you are not certain.
Have a Professional Inspection
Spend a couple of hundred dollars to have a professional inspection done, which will cover all above points. Professional inspectors will conduct a thorough detailed inspection about all the aspect of property such as potential structure and safety issues with the property that you might have otherwise missed.Pest Inspections are different to building inspections; although there are some companies that will do both at once.
Negotiate a Good Price
This is the hardest part while buying a house. After doing all your research, now you have a fair understanding about the price and how much it will be worth in the current market. If you don’t, you can always ask for the advice from local agents or One Agency Gungahlin if you are not certain about the price. Our dedicated agents will help you with all your buying needs.
Making an Offer
While making an offer, it is a good idea to let your real estate agent handle the most of your work. The local agent knows what comes in your area is generally worth and how to write an offer legally. Consult with your local agent when you decide how much to offer for the home and leave him or her to draft the letter.To make up on the price is often the single most stressful part of buying a home. This can leave you with a mortgage you can’t afford. Your real estate agent can help you know when to walk away- and can show you new dimensions of property. Once your offer is accepted, we have to prepare for contract exchange.
Exchanging Contracts
Exchange of contracts is the formal process of creating a contractual relationship between the seller and buyer of a property. By law, a residential property cannot be put on the market until a contract of sale has been drawn up, and a purchaser will have to sign a contract of sale to formalise the sales agreement.
Pre-Settlement Inspection
Known as the pre-settlement inspection, this step is a crucial one – especially if someone has been living in your new home since you signed the contract of sale, as this makes it more likely that the home will not be in the same condition as when you bought it. We need to check that the property is in good condition on the pre-settlement inspection and any special contract conditions have met during pre-settlement inspection.
Settlement Day
Property settlement is a legal process that is facilitated by your legal and financial representatives and those of the seller. It's when ownership passes from the seller to you, and you pay the balance of the sale price. The seller sets the settlement date in the contract of sale.