Buying a house is one of the biggest decisions you will ever make! Not only is it a financial decision, it is also a lifestyle one! You want to make the right decision for you and your family.
Choosing the right property for you comes down to knowing what you need; what you can afford and knowing exactly what’s available at the time you are ready to buy. Our expert sales team have put together some tips to help you navigate the home buying process to ensure that you find the perfect home.
Know what you need
Determining the type of home you need should be the first step in the home buying process. The type of home you buy should reflect the lifestyle you are planning for the future. Take some time to think about features that your new home 279absolutely must have and which features you could live without. Consider aspects such as the number of bedrooms and bathrooms you and your family will need, the size of the block, proximity to amenities such as schools, cafe & leisure activities and the suburb as well as surrounding suburbs.
Know what you can afford
Knowing what you can afford will help to refine your property search to make the most of your house hunting experience.Your budget will be based on how much you’ve saved and the amount of money you can borrow. Consulting a mortgage broker will help determine your budget level and find mortgage lenders that are best suited to your needs. Some home buyers are eligible for state government grants, discounts and schemes so be sure to check your eligibility during this step. It is important to consider other associated fees such as legal and stamp duty.
Investigate the market
Learning about buyers, sellers and the current market conditions to get the most out of your investment. Real estate publications, Newspapers and the Internet are excellent platforms to explore the Real Estate market. Keeping up to date with new listings, property auctions and open homes will assist you in finding your perfect home.
Our website is regularly updated with our newest listings. We also have a Sale Property Alert notification tool that you can access to guarantee you will never miss our new listings!
Inspect – everything! Photographs don’t do properties justice! Attending an open home is an excellent way to explore not only the home, but also the street, the neighbourhood and other potential buyers. Try and go to as many open homes as you can! As you’re walking through take note such things as any damages, working order of doors, windows, drawers and cupboards, structural condition and any damages and the condition of the exterior!
Our team regularly updates our website with listings that are open for inspection with dates and times. We also provide this information on our social media platforms.
When you’ve found the perfect property
Now that you’ve found the ideal property that meets your requirements, it’s time to think about buying! Depending on the vendor and advice from your Real Estate agent, there are a number of ways you can proceed. You may make an offer on the property through a private treaty sale or bid on the property at an auction.
A private sale has no specific closing date and involves the buyer, putting forward an offer to the vendor in which they can either accept or decline. There are two types of offers that you can submit: unconditional and conditional. Consulting your agent or solicitor during this process is highly recommended to negotiate a sale that best suits your needs.
An auction is a public sale where the property is sold to the highest bidder. If you can’t wait for your dream property to go up for auction, some vendors may accept offers priors to auction date. Keep that in mind however, you are required to pay an upfront deposit of 10% of the sale price when the hammer goes down.
For more information on the buying process visit Domain. Your offer has been accepted
Congratulations! Your offer or bid has been accepted and your purchase now begins the conveyancing process! This process includes two phases:
A contract of sale is a formal document signed by the buyer and seller. It outlines the property details including the price agreed by both parties. At the time of the exchange, you are required to pay a deposit.
It is highly recommended that this step is left up to the professionals! Enlisting the help of a professional conveyancer or a conveyance solicitor will ensure the process progresses as smooth as possible. During the settlement period your solicitor will assist you with carrying out a title search, meeting the special conditions that may be listed in the contract of sale, ensuring that council, water and other rate payments are up to date, paying other fees or charges (stamp duty, registration fees) and preparing all legal documents.
Settlement occurs when the ownership of the property is transferred from the vendor to the buyer and generally occurs six weeks from the date of exchange. This step is managed by your solicitor and the vendor’s solicitor. Prior to settlement day you can arrange a pre-settlement inspection of the property to ensure that the home is in the status prior to the exchange of the contract of sale. Given that the home is the same condition, solicitors will arrange for the transfer of the balance of the purchase price from the lender and the buyer’s bank account into a trust account which is then paid to the vendor.
Once all payments including stamp duty, fees and the purchase price are confirmed, the title to the property and the keys are all yours!
With all the paperwork out of the way and the keys in your hand, it’s time to move in! This part of the process is the most rewarding and exciting. However, many people say that moving house is one of the most stressful experiences, but it doesn’t have to be! Ray White Concierge offers a range of services and discounts to make your moving day as simple as can be! From complimentary insurance and storage solutions to discounted tradies and even free pet-sitting & transport! Take advantage of the exclusive specials, unique to you as a Ray White client.