Steps to Buy a Home in Australia

1. StepstoBuyaHomein Australia

2. Huge investment is required in buying a home in Hampton Park or nearby suburbs.Buyersinvestemotionallyaswellasfinancially.Theprocessofhome buyingisprobablyoneofthemostlife-changingdecisions.Itisabigdecision andrequirescarefulconsiderations. Whetheryouareafirst-homebuyeroryouarelookingforwardtobuyingan investmentproperty,theprocessincludesextensiveresearch. Butapartfromthat,youwouldalsoneedtofollowthestepsexplained. Wehaveputtogetheraten-stepguidetohelpyounavigatetheprocessof buyingahome.

3. “LookBeforeyouLeap” Thisholdsreallytruewhenyouarebuyingaproperty. Beforeyouleapintofindingyourdreamhouse,justtakeabreathandask yourselfabigquestioni.e.,AmIready? Ifyoustillfeelthatyouarenotsatisfiedandaresomehowexperiencingitchy feet,itmeansyouarenotquitereadyforthecommitmentatthistime. But,ifyouthinkyouareallinandhaveeverythinginplace,justgoforit. GetReady!

4. Youmustbewonderingabouttheamountyoucan borrowfromabank.GoodQuestionThough! However,theanswertothisquestionisdeterminedby anumberoffactors. Amortgageisahugefinancialresponsibility.Togeta goodideaofwhereyoustand,itwillbebesttohavean honestconversationwithyouraccountantandfigure out what you can actually afford. If you are aware of thisyouwillbeabletostartsearchingfortheproperty. CheckYourFinancesandBudget

5. It pays to seek financial advice from a financial advisor,accountantorlender.Theycantrulygiveyou aclearpictureaboutthefullcostsassociatedwith buyingahome.Hereisalistofcostsyouarelikely incur Deposit Stampduty Legalandconveyancingfees Financeandinsurancecosts Buildingandpestinspections Other costs that you must consider are ongoing mortgagerepayments,movingcosts,utilities,home, contentinsurance,councilrates,stratafees,and mortgageprotectioninsurance. ConsidertheCostofBuyingaHouse

6. Itisessentialthatyoucovermaintenance,propertymanagement,insurance,landtax,councilandwater rates,andbodycorporatefees. InvestigatingMortgagesandInterestRates Ifyouhaveyourdepositready,butyoustilllookforsomethingtoshoparoundtofindtherightfinancing foryou.Justbecarefulandmakesureyouunderstandallthetermsoftheagreement.Findoutaboutthe interest rate, term of the loan, whether you can redraw funds or not, can you make additional repaymentsandarethereconditionsattachedornot,andhowoftenistheinterestcalculated? Ifyoudonothaveadepositsaved,fullfinanceofthehomepurchasepricemaybeanoptionbyusing yourrentinghistoryofsavingsasaproof. Therearetwotypesofinterestrates-fixedandvariable. Yourfinancialadvisorwillhelpyouindecidingtherightoptionforyou. ExtraCostsInvolvedWhenBuyinganInvestmentProperty

7. Alsoknownasconditionalapprovalorapprovalin principle, securing pre-approval loan even before searchingforyourhomeisidealbecauseyouwillget toknowthepricerange. Allthatyouneedtodois-provideyourbankorlender withyourfinancialdetailslikecreditreport,income, investments,andsavings. Theyaretheprofessionalswhowillhelpinreviewing theinformationandgrantingyouwithpre-approvalto borrowuptoacertainamount. GetHomeLoanPre-Approval

8. Whatkindofareaorlocationyouwant–havethisclearinyourmind. Also,decidewhattypeofpropertyareyoulookingfor. Thelistofprioritiesmayvaryforsingles,investors,andthoselookingtopurchaseafamilyhome. Makeachecklistofallyournon-negotiable,“musthave”requirements.Like: Location Accesstopublictransport Isthereestablishedinfrastructure? SuburbCharacter Also,figuringoutwhattypeofpropertyisrightforyou;ahouse,unit,studio,townhouse,oracreage. ChoosetheSuburbandTypeofProperty

9. Incaseofbuyingtheinvestmentproperty,thefactorsaregoingtodiffer.Firstofall,youwillhavetodecide whetheryouwanttofixitupandwanttoholditorrentitout. Forstrongcapitalgrowth,youwouldneedtolookforapropertythatwillincreaseinvalue.Thismaytakea while,butitisbettertolookfortheareaswithhighrentalyieldscomparedtothepropertyprice,research recentsaleprices,isthereastrongrentaldemand?Also,lookfortightvacancy.Lookforthemaintenance cost,numberofbedrooms,bathrooms,andparkingspots. DoYouNeedaRealEstateAgentorBuyer’sAgent? Forthis,youmustreachouttothelocalrealestateagentandgetinformationonthetipsforbuyinga houseinthearea,howthepropertymarketisperforming,andsoon. Hiringabuyer’sagentishandyespeciallyifyouarelookingtobuyatauction.Buttheycanalsowork tofindsuitablepropertiesforyou,negotiatewithseller,andalsocompletethebackgroundcheckson theproperty. BuyinganInvestmentProperty

10. Assoonasyouenterthehomeyouarethinkingto buy,youwillgetanimmediateemotionalresponse, either negative or positive. Just listen to what your instinct says. If you feel negative, just walk out and positivefeeling,thenitistimetothinkaboutthedeal. Watchforthefollowingthings: Dampormouldspotsontheceilingsorwalls. Saggingceilings Bucklingwalls Doorsandwindows Testthetapsforflow Checkthefloors Takealookatsink Checkthehotwatersystem Roof,gutter,anddrains Exteriorwalls-checkcracks,ifany ConductingPropertyInspections

11. Alicensedconveyancercanrequestinspectionsandcanalsomanagetheexchangeofcontractsandother legalsearches. Onceyouhavegotthehomeyouwanttobuy,justgetapropertyvaluationdonesothatyoucanfigureout therightprice. Aftervaluation,youwillbereadytomakeanoffer! Decideaboutafigure,reachouttoarealestateagentandletthemknowhowmuchyouarewillingtopay yourdepositamount. Inthenextstep,justexchangethecontractsandpaythedeposit. Bothyouandthesellerhavetosignthecontractwhichwouldincludethenamesofparties,property address,purchaseprice,termsandconditions,specialinclusionsinthesale,andthedateofsettlement. Ifyoubuythroughaprivatetreaty,youwillhaveacooling-offperiodbuthiswillnotbeinthecaseofsale madebyauction. Duringthecoolingoffperiod,youcancancelthesaleifyouchangeyourmind,butyoumayhavetopaya penalty.Thecooling-offperiodvariesfromstatetostate. Betweentheexchangeandsettlement–generally,sixweeksarethere,andinthistime,youshouldbe arrangingthebalanceofthesellingpriceandshouldbefinalizingthefinanceandsigningofmortgage. Youmayalsowanttoensureyourproperty.Forthat,youwillberequiredtotakeoutbuildinginsurance. Onceyoupaythebalanceandthestampduty,thesettlementofthepropertyisdone.Afterthis,yougetthe keysandtitledeeds. PrepareforPurchase

12. Now,youwillbereadytomoveintoyournewplace. Sortoututilityaccounts Packyourbelongings Employthehelpofacleaner(ifyouwish) Donotforgettotransfertheaddressonallyourregisteredaccounts Organizeformailredirectiontoo FHBGrant(FirstHomeBuyersGrant) Ifyouandyourpartnerhaven’teverboughtapropertybefore,thereisafairchancethatyouare eligibletoreceivetheFirstHomeOwnerGrant(FHOG). WhatisFirstHomeGrant? FHOGisanationalschemebuteverystatefundsitsownandtheamountvariesfromstate-to-state. Thegovernmentdeterminesifyoucanreceivethegrantbasedonwhetheryouhavepurchaseda homeorinvestmentpropertypreviously,orwhetheryourspouseorpartnerhastoo. TogetFirstHomeGrant,youarerequiredtosubmityourapplicationwithin12monthsofpurchasing yournewhome. MoveIntoYourNewHome

13. POBox137LynbrookVictoria 0425843786 carlton@carltonvaz.com.au Content Resource: https://www.jasminerealestate.com.au/post/Steps-to-Buy-a-Home- in-Australia-- GetInTouch