Guide to buying a property
Whether you are a first home buyer or looking to make a wise investment for your portfolio, the decision to buy property will probably be one of the most life-changing and perhaps daunting decisions of your life, with many factors to consider carefully. We have put together this guide to help you easily navigate buying a property.
Evaluate & understand your finances and budget
A mortgage is an enormous financial responsibility. It is best to take a long, hard look at yourself and your finances and determine what you are planning in the years ahead and how much you can afford to repay. It would help if you also had an honest discussion with your accountant to determine what you can afford.
Understand the cost of buying a house!
If you are considering buying a property, it is vital to seek advice from a financial advisor, accountant, or real estate agent to truly get the scope of the total costs associated with buying the property.
Deposit
The deposit is crucial to securing the property you would like to purchase. This is the amount you must put towards the overall cost before buying the property.
Stamp duty
One of the key considerations to factor into your costs when buying a home is the amount of stamp duty you will pay on the purchase. The amount of stamp duty tax you pay depends on the state you live in and is applied to the purchase value.
Legal and conveyancer fees
Depending on the amount of legal work required for conveyance and other legal checks, you should put aside enough money to cover that.
Other costs
- Finance and insurance costs
- Building and pest inspections
- Ongoing mortgage repayments
- Utilities
- Council rates
- Strata fees
- Do not forget repairs and maintenance to your home.
Investigating mortgages and interest rates
Once you have your deposit ready, you still need to shop around to find the right financing for you. Seek the advice of a financial advisor or professional real estate agent to ensure you understand all the terms of the agreement.
Start your property search
When riding the emotional rollercoaster of buying a home, it is crucial to have a clear sense of what you are looking for. Using realestateworth.com.au can help you make the most informed decision. However, consider making a checklist of all your non-negotiables, “must-have” requirements.
Here is a list to work from:
- Figure out what type of property is right for you.
- Location – close to work, schools, family, and friends
- Access to public transport, services and shops
- Is there established infrastructure or plans to develop the area?
- Security in the area
Meet with your realestate worth agent!
One of our expert local real estate agents will be available to inform you about what is for sale, tips for buying a house in the area, what the community is like and how the property market is performing, along with any other general queries. They can also find suitable properties for you, negotiate with the seller, and complete background checks on the property.
Property inspections
Ensure you do the necessary structural checks, investigate the utilities, and check out the new neighbourhood of the property you are considering buying.
Your estate agent and their team will help you negotiate and guide you through the closing process, and then you will sign the contract online. Exchange contracts, make final agreements, complete your purchase.
And congratulations! You are now the proud owner of your new home, and you’re ‘in the real estate market.