Steps to Buy a Home in Australia

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Steps to Buy a Home in Australia
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Huge investment is required in buying a home in
Hampton Park or nearby suburbs. Buyers invest
emotionally as well as financially. The process
of home buying is probably one of the most
life-changing decisions. It is a big decision
and requires careful considerations. Whether you
are a first-home buyer or you are looking forward
to buying an investment property, the process
includes extensive research. But apart from that,
you would also need to follow the steps
explained. We have put together a ten-step guide
to help you navigate the process of buying a
home.
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Get Ready!
Look Before you Leap This holds really true
when you are buying a property. Before you leap
into finding your dream house, just take a breath
and ask yourself a big question i.e., Am I
ready? If you still feel that you are not
satisfied and are somehow experiencing itchy
feet, it means you are not quite ready for the
commitment at this time. But, if you think you
are all in and have everything in place, just go
for it.
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Check Your Finances and Budget
You must be wondering about the amount you can
borrow from a bank. Good Question
Though! However, the answer to this question is
determined by a number of factors. A mortgage is
a huge financial responsibility. To get a good
idea of where you stand, it will be best to have
an honest conversation with your accountant and
figure out what you can actually afford. If you
are aware of this you will be able to start
searching for the property.
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Consider the Cost of Buying a House
It pays to seek financial advice from a financial
advisor, accountant or lender. They can truly
give you a clear picture about the full costs
associated with buying a home. Here is a list of
costs you are likely incur Deposit Stamp
duty Legal and conveyancing fees Finance and
insurance costs Building and pest
inspections Other costs that you must consider
are ongoing mortgage repayments, moving costs,
utilities, home, content insurance, council
rates, strata fees, and mortgage protection
insurance.
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Extra Costs Involved When Buying an Investment
Property
It is essential that you cover maintenance,
property management, insurance, land tax, council
and water rates, and body corporate
fees. Investigating Mortgages and Interest
Rates If you have your deposit ready, but you
still look for something to shop around to find
the right financing for you. Just be careful and
make sure you understand all the terms of the
agreement. Find out about the interest rate,
term of the loan, whether you can redraw funds or
not, can you make additional repayments and are
there conditions attached or not, and how often
is the interest calculated? If you do not have a
deposit saved, full finance of the home purchase
price may be an option by using your renting
history of savings as a proof. There are two
types of interest rates - fixed and
variable. Your financial advisor will help you in
deciding the right option for you.
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Get Home Loan Pre-Approval
Also known as conditional approval or approval in
principle, securing pre-approval loan even
before searching for your home is ideal because
you will get to know the price range. All that
you need to do is- provide your bank or lender
with your financial details like credit report,
income, investments, and savings. They are the
professionals who will help in reviewing the
information and granting you with pre-approval to
borrow up to a certain amount.
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Choose the Suburb and Type of Property
What kind of area or location you want have
this clear in your mind. Also, decide what type
of property are you looking for. The list of
priorities may vary for singles, investors, and
those looking to purchase a family home. Make a
checklist of all your non-negotiable, must have
requirements. Like Location Access to public
transport Is there established infrastructure?
Suburb Character Also, figuring out what type of
property is right for you a house, unit, studio,
townhouse, or acreage.
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Buying an Investment Property
In case of buying the investment property, the
factors are going to differ. First of all, you
will have to decide whether you want to fix it
up and want to hold it or rent it out. For strong
capital growth, you would need to look for a
property that will increase in value. This may
take a while, but it is better to look for the
areas with high rental yields compared to the
property price, research recent sale prices, is
there a strong rental demand? Also, look for
tight vacancy. Look for the maintenance cost,
number of bedrooms, bathrooms, and parking
spots. Do You Need a Real Estate Agent or
Buyers Agent? For this, you must reach out to
the local real estate agent and get information
on the tips for buying a house in the area, how
the property market is performing, and so
on. Hiring a buyers agent is handy especially if
you are looking to buy at auction. But they can
also work to find suitable properties for you,
negotiate with seller, and also complete the
background checks on the property.
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Conducting Property Inspections
As soon as you enter the home you are thinking to
buy, you will get an immediate emotional
response, either negative or positive. Just
listen to what your instinct says. If you feel
negative, just walk out and positive feeling,
then it is time to think about the deal. Watch
for the following things Damp or mould spots on
the ceilings or walls. Sagging ceilings Buckling
walls Doors and windows Test the taps for flow
Check the floors Take a look at sink Check the
hot water system Roof, gutter, and
drains Exterior walls- check cracks, if any
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Prepare for Purchase
A licensed conveyancer can request inspections
and can also manage the exchange of contracts and
other legal searches. Once you have got the home
you want to buy, just get a property valuation
done so that you can figure out the right
price. After valuation, you will be ready to make
an offer! Decide about a figure, reach out to a
real estate agent and let them know how much you
are willing to pay your deposit amount. In the
next step, just exchange the contracts and pay
the deposit. Both you and the seller have to sign
the contract which would include the names of
parties, property address, purchase price, terms
and conditions, special inclusions in the sale,
and the date of settlement. If you buy through a
private treaty, you will have a cooling-off
period but his will not be in the case of sale
made by auction. During the cooling off period,
you can cancel the sale if you change your mind,
but you may have to pay a penalty. The
cooling-off period varies from state to
state. Between the exchange and settlement
generally, six weeks are there, and in this time,
you should be arranging the balance of the
selling price and should be finalizing the
finance and signing of mortgage. You may also
want to ensure your property. For that, you will
be required to take out building insurance. Once
you pay the balance and the stamp duty, the
settlement of the property is done. After this,
you get the keys and title deeds.
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Move Into Your New Home
Now, you will be ready to move into your new
place. Sort out utility accounts Pack your
belongings Employ the help of a cleaner (if you
wish) Do not forget to transfer the address on
all your registered accounts Organize for mail
redirection too FHB Grant (First Home Buyers
Grant) If you and your partner havent ever
bought a property before, there is a fair chance
that you are eligible to receive the First Home
Owner Grant (FHOG). What is First Home
Grant? FHOG is a national scheme but every state
funds its own and the amount varies from
state-to-state. The government determines if you
can receive the grant based on whether you have
purchased a home or investment property
previously, or whether your spouse or partner has
too. To get First Home Grant, you are required to
submit your application within 12 months of
purchasing your new home.
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Get In Touch

• PO Box 137 Lynbrook Victoria
• 0425843786
• carlton_at_carltonvaz.com.au
• Content Resource https//www.jasminerealestate.c
  om.au/post/Steps-to-Buy-a-Home- in-Australia--

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