When buying a property, you want to make sure you are making the right decisions for your finances, family and yourself. Buying a house is one of the biggest decisions you will ever make and purchasing your own home can be very exciting. But where do you start? Below are a few steps to guide you the right way.
Determine your non negotiables– This means deciding on a suburb that you would like to live in. Think about whether you would like to live near a park, shopping centre or school, the amount of bedrooms you need (sizes, mirrored wardrobe doors etc), whether you would like a garden, big back yard or medium sized, patio, how many square metres you would like the property to be, the colours of your home etc. Once you have decided on all the negotiables you will then be able to narrow down your search.
Finance– Make sure you take the right steps to secure your finances- You need to discuss how much you are willing to put down as a deposit. The more money you are willing to put down as your deposit will make it more likely for you to get the loan. Australian Securities and Investments Commissions recommends having a deposit of 20 per cent of the purchase price of your anticipated property. Some states will allow as little as 5 per cent for a deposit. It is also a good idea to get the house inspected- It is not compulsory but is something you should do. No one wants to move into a home and realise there are issues with it. You will end up paying more money.
Inspections– Does everything open and shut? Do doors close smoothly? Do all the taps work? Check for any signs of water damage (peeling or bubble paint work, mould, stained ceilings), make sure you check for cracks in the ceiling, wall or tiles. Don’t forget to inspect outside the house.
Buying– Auction Tips & the legal process –
Always make sure you do some research first. Attend as many auctions as you can to learn how they work and observe the bidding behaviour. Take some notes on what a few properties (similar to your home) have sold for so you can have an idea of what price range to expect. Before the auction, make sure you read the contract of sale and get all your questions ready before the big day.
Moving– Now that you have the keys in your hand moving should be a breeze right? People usually rate moving as one of the most stressful experiences which is why it is important to be organised. Throw away anything unnecessary in your house before hand, book the removalists and boxes in advance and change your mailing address on everything. Clear your schedule a couple of days before the big move. Make sure you have enough tape, scissors and black markers.