Buying your home is probably one of the biggest financial transactions you will ever undertake.
Contact your bank or broker to determine what finance you are eligible for so you can start searching for your new property within your price range.
Establish your requirements
- Make a list of what you absolutely require in a property
(Don’t get carried away & buy something that looks ‘great’ but doesn’t meet your absolute needs)
- Make a ‘Wish List’
(This may help where desired but non-essential items can be taken into consideration when making your final decision and placing an offer)
Be Aware of the Current Market
- Inspect as many properties as possible within your price range (This will give you an idea of what different properties are offering enabling you to then compare value for money within your price range)
- Be aware of what has recently sold in your price range. (This will help to assist you in making a realistic offer on your selected property)
Have an understanding of the basic steps involved in a real estate transaction to help guide you through the procedure smoothly.
A written ‘Offer to Purchase’ is submitted to the Vendor for acceptance.
A contract (with a 4 day ‘cooling off’ period) is then drawn up by the agent who will then obtain signatures from both the vendor and purchaser.
You will then be required to pay agreed deposit to the agent to be placed in Trust.
The agent exchanges the contracts and submits to the relevant conveyancers within the same day.
You will then be contacted by your conveyancer within this 4 day period to explain and confirm contract of purchase with you and make any adjustments or order any reports required, prior to the expiry of the ‘cooling off’ period.
Once all conditions are met, contracts will be made unconditional and a settlement date will be set.
You will then have an opportunity to do a pre-settlement inspection with the agent.
Upon settlement all keys will be handed over to you by the agent.
Following the above steps should assist in making you feel more confident and therefore satisfied that you have found the right house at the right price and make the contract process less daunting.