16 Steps To Buying A Home
Fred’s helpful hints to taking the stress out of buying
Moving house is an exciting experience, but it can be stressful if you don’t prepare! If you, your family or friends are thinking of buying your first or subsequent home, here’s a list I’ve put together for you, giving you some tips of steps that may help you take the stress away, put things in order or priority and enjoy moving into your new home.
1. Decide what type of home you want
For example do you want a unit, town house, traditional house or apartment. Some people tend to look too big too soon. A little tip here; a lot of people are buying a smaller home as their first home than the one they have always dreamed about. On average most people will upgrade homes within the first 5-6 years. Buy a property with that in mind and remember with your first home, it’s all about getting into the property market and enjoying future capital growth that you can put towards your next home.
2. Decide how much you can borrow
Talk to an Assured Home Loans consultant and have your loan pre approved so you can work out how much you can borrow before looking for your home. A pre approval means you can go shopping for your home and put an offer in with confidence when you find the right one. We’ll show you a range of options from our panel of 30 + lenders and let you choose which one you prefer and most importantly our service to you is absolutely free.
3. Determine the areas you would like to live in
This is a biggy and must suit your needs which may include a good school nearby for the kids or a crèche for the little ones or could even be near your favourite shopping centre.
4. Research possible properties using the internet to see if what you are after is in your price range
The world wide web is a huge time saver as you will virtually be able to visit the home online and have a look around! This saves you wasting time waiting for open inspections and being rushed out the door after 30 minutes due to the agent needing to go to his next open. Take note of the dimensions of each room and compare them to the home you currently live in.
5. Visit the area and drive around
Visiting your chosen area and taking a drive around ensures it has all the facilities you use on a regular basis which could include doctors, dentists, gyms, shopping centres, hairdressers, libraries etc.
6. Make a short list of properties to visit
Making a short list of the properties you want to visit keeps you focused and saves valuable time.
7. Always inspect your top properties more than once
It’s easy to get excited and fall in love at first sight but this means you may miss major problems with a home. Make sure you visit the property 2-3 times before committing.
8. Get a building inspection done
Always get a building inspection done or at the very least, if you have someone you know in the industry, ask them to come along to the third inspection with you. Sometimes it’s what you can’t see that will be the most costly to repair or upgrade. If you’re looking at a home that is not new then it is always advisable to get a professional inspector to look over the home and you can make this part of the conditions of the contract.
9. Make an offer
If you’re happy with a property make an offer! Don’t forget, always make your offer subject to finance.
10. Loan Approval
Once your offer is accepted, send a copy of the purchase contract to the Assured Home Loans consultant who had your home loan pre-approved and ask them to take your loan to formal or unconditional approval.
11. FHOG appliation
If you’re a First Home Buyer, make sure your application for the grant is submitted to the appropriate lender with your application.
12. Find a Conveyancer
Find a Conveyancer or solicitor to organise the settlement of your loan. (We can refer you to someone if required). In some cases the agent selling you the home may suggest that you use the same broker as the vendor, however I prefer to use my own knowing that they only have my interest in mind.
13. Start Preparing to move!
Once your formal approval has been received, your well on your way to start packing and preparing for your move.
14. Contact people who need to know you’re moving
Contact anyone that requires your new postal address. You will be very surprised how many people or institutions will need to know that you have moved so make a list of them well before you move and notify them in advance.
15. Make sure you’ve organised the removalist
Make sure you organise your removalist in plenty of time. As soon as you get the phone call from your lender telling you your loan has settled, you’ll be ready to move on in!
16. Sit back and enjoy your new home
Happy house hunting!