So you want to make that bond move from being a tenant to a homeowner for the first time? Well, that’s a smart move, but you need to learn a few things first to get it right. First and the most important is learning the whole process of buying a home. There are steps of buying a home that every buyer should follow to buy a perfect home. Note that buying a home could the most expensive transaction you will ever make in your lifetime. Therefore, you must very careful not to make costly mistakes that are common in the real estate.
We understand that every buyer has got a taste of the type of house they want, the compound, fencing, neighbourhood among other features. In Australia, the case is not different. Buyers have to go through a lengthy and tiresome process to acquire a home of their choice. From payment preparation, house search until you get to move in, there are several processes involved. Discussed below are some of the key steps of buying a home in Australia.
You can’t just wake up and decide you will buy a house as the first order of the day. There are several things you need to prepare including your mind. You must first figure out the house you need to match your needs, the source of funds and the desired neighbourhood. Furthermore, you have to evaluate your availability of time during the house search. Another factor to consider is how long you intend to live in that new home. Access the next three to five years and decide whether the home will still serve you. During that time, many things may have changed such as your status, moving in with a spouse and maybe children. Your mind has to be ready for all these things and many other before you get into buying your new home.
Evaluate Finances and Budget
Although sometimes one may own home through inheritance or in the form of a gift, in most cases it requires buying. Buying a home means money, and therefore you have to be ready financially before even you start looking for that dream home. First, assess your abilities to buy a home to have a clear idea of the home you will afford. Your crediting rating has to be good if you intend to source the funds from creditors such as banks and other lenders.
Moreover, you also need to have in mind that it is not the home alone that you need. There are other expenses that you still need, and therefore you need to put them into consideration. You must clothe, eat, travel, repairs, and pay for other bills. You also have to accommodate the cost of moving in and settling in your budget. Once you have evaluated these, you can go ahead to start searching for that house. Therefore, the budget is a crucial factor in the home buying checklist for any buyer.
Buying a perfect home can never be a one-man endeavour. It is very necessary to get help from professionals or from a person who has gone through the process. Reach out to your friends or family members who have experience in home buying.
In addition, utilize the help of real estate agents if you can during the whole process of home ownership. Although at a fee, they offer valuable assistance through their expertise which you cannot have. A professional real estate help from the process of home search, negotiations for a great deal and also inspection. They also assist through the tedious paperwork required.
Another crucial factor in the home buying checklist in the process of home ownership is gathering information about the market. You may end up being overpriced, conned or sold a sub-standard home if you fail to understand the market and the process. First conduct self-research on the available homes for sale, compare their prices and locality even before you seek for professional help. Through this, you have the upper hand during the process.
After you get ready with your finances and you are through with your research, it’s time to choose the perfect home for you. By this time you probably have several homes that fit the type of home you want. This is where you get much closer to your real estate agent to get the finest details about the available homes. Though the agent may offer advice on the best one, the final decision will be yours.
Another key home buying checklist is an inspection. When you have decided on the particular home that most favours your needs, you must conduct a thorough inspection. With the help of the agent and maybe friends and family members, you tour every part of the house and compound checking whether things are in good conditions. The common things that are inspected include probable moulds and cracks on the wall and sagging ceilings. The buyer also checks the condition of lights, fuse box, taps, sink and also toilets. Moreover, other necessary things checked include the stability of windows and doors and safety of gas and water systems.
Once the buyer is through with the inspection and contended with the condition of the house, the next step includes the exchange of ownership through payment. The price must be agreed first before this process commences. The necessary documents are then signed and exchanged where need and there the home changes ownership.
Once payment concludes, and ownership exchanged, the next and the last thing of this process is moving in. The timetable to move in, in this case, is dependent on the new owner. One may first decide to make some renovations and adjustments before settling in.
It is evident that the whole process is lengthy and tedious one. It requires great preparation and a lot of time investment. With these steps of buying a home, you are guaranteed a perfect new house that will meet your needs.