To a point, you might get tired of living in a place which is not your home; you might think it’s time to have your own shelter, but you are nervous for this big investment and don’t know where to start. We understand this normal feeling, that’s why we have conducted a compilation with condensed tips and resources from our experienced experts to keep you on the right track from the beginning of this life investment. Basically, buying a house in Australia requires your serious considerations to the following items:
First, have you made the final decision of your purchase?
As we sometimes can not avoid spontaneous moments, it is advised that we be sure about our intention of owning a home before you are under contract. You might note down:
- Reasons for your buying decisions
- The pros and cons of renting and buying a house to see which one is better at the moment. For example, if you are buying a home with a partner or significant other before tying the knot, you need to think ahead and consider potential financial consequences.
- Your long-term plan: Ask yourself if you plan to stay with the same job or remain in the same city. If you desire the ability to move elsewhere and experience various places, buying a house might not be the best option.
Second, have you found an agent/ a lawyer/ property law expert for help?
Buying a home is complicated and time-consuming journey in which you can not go alone. It is important that you obtain professional assistance from property lawyers or agents who are capable of delivering not only advice but also potential listings, good deals before they are available online.
Third, have you prepared your finance well?
By making an advance calculation of your financial resources, you will know exactly how much you can pay, what will be your loan program and what related costs you should pay. Such costs as stamp duty, land tax, loan application fee, mortgage insurance, incur in accordance with your first home purchase.
Fourth, start your search and criteria set of your choice
Might you get lost with absolutely no idea where to start at the first time of conducting a property market search for your house, you can look at the following options:
- Google – our handy friends
- Property portals and newspapers, such as The Advertiser with updating listings
- Dev Smith Nguyen: with our extensive network and daily updates on property market, we can hopefully narrow down your search and enable a clear pathway for next steps of the journey.
- Australian Property Monitors and CoreLogic RP Data are superb online source of property data and other information.
- Websites like domain.com.au, realestate.com.au and our very own ljhooker.com.au will show you what is on the market.
Once you’ve carried out your research, you can determine on what kind of property to buy, an existing home, city centre apartment, or new build as well as where you want to buy.
Fifth, could you arrange time for real inspection to potential options?
Try to withhold judgment until you have a site inspection to the house as well as don’t let the shining coats of paint or superficial effects of online photos mislead your decision. It is always a wiser choice to pay a visit to make sure that your targeted property meets your expectations.
Fifth, contract and closing sale
The contract of sale is a fairly complicated document. Besides basic required information such as contact details of the seller, buyer and related parties, how and when the deposit will be paid, and where it will be kept; the date of the final settlement; the ownership transfer,…there are many more other complicated items that you might definitely need the aid of a solicitor to ensure a safe negotiation and avoid potential confusions.
The contracts of sale will be signed and exchanged, and you will be required to pay the deposit.
As soon as the contracts are exchanged, the settlement process begins. During this period, things are finalised – paperwork will be checked, finance re-evaluated, and preparations for the move itself begun. It’s worth pointing out that you are not allowed to move in until after your settlement date, which is usually between 30 and 90 days after the period begins.
There are many more things that you should take notice when buying a new home that we might not be able to go into deeper insights in this article. If you have any concerns, feel free to give us a call. Our experienced property solicitors at Dev Smith Nguyen is definitely more than willing to give you an ear, guide you along the journey and enable the happiest result of your dream house.