6 things you should do to make buying your home trouble-free

Posted 23 months ago by Joerg Schmidt-Liermann

Property

How simple steps can ensure you are on your way as a prospective purchaser of Real Property.

Are you looking to purchase a property but not sure how to get started? Buying a home should be a happy experience, not one that occasions stress, doubt or resentment. The surest way to elicit this is by being informed on all aspects of the conveyancing journey. The following is a pre-purchase guide for those individuals or families ready to invest.
In the initial stages, prior to purchasing a property, it’s important to sort out a little housekeeping.

Before you even start looking here are 6 things you should do:

1. Know how much you can afford.

It is important that you have a clear understanding of your expenses and income, before you start setting your sights on your dream home.This helps ensure your eyes aren’t bigger than your wallet so you don’t unwittingly induce the stress of owning a home you can scarcely afford. 

2. Know how much you can borrow.

Talk to your banks and lenders prior to actively searching for your property. Having an idea of how much you can borrow and what your mortgage payments might look like, will assist with your next steps as a prospective purchaser of property.

3. Check your credit report.

Your credit report significantly impacts how much credit a lender is willing to provide a borrower (in this case, you!). A lower credit rating may mean a lender will charge extra interest, or you may be declined a home loan altogether. It’s important to do your research and become aware of these outcomes before searching for your property.

4. Find a Home Loan Deal that suits you.

With the competition and complexity of the lending industry continuously on the rise, finding a home loan that works for your personal needs can be a tiring and lengthy process. Look at your situation. Are you a first-home, second-home or investment buyer? What is your employment situation? Your home loan needs to work best to your individual finance requirements and include the features necessary for you.

5. Apply for and receive pre-approval for a Home Loan.

You’ve done your previous research; now it’s time to start locking it in. Having a pre-approved Home Loan is an integral part of preparing for the purchase of a property.

6. Start looking for a property in your price range.

The final pre-emptive step, and often the most difficult, in your prospective purchase of a property journey. Now it’s time to start finding the property that meets your requirements and the best place to start is within your price range. Remember that real estate agents are not financial planners and are likely to spin higher prices for their own best interest. 

Once you’ve found your prospective property, the next steps are easy, provided you obtain good advice and know what to expect and what you need to do. The purchasing of a property can be a complicated process, but it doesn’t have to be difficult. Having a clear understanding about the conveyancing process and getting sound advice and assistance from a qualified lawyer, reduces the stress and eliminates any of the future risks involved.

Tune in next week for legal tips from our experienced Property Law solicitor Joerg Schmidt-Liermann on:
  • the things to look for in the Marketing Contract to help you understand WHAT you are buying and if there are any hidden costs; and
  • the key stages and timeline of the Conveyancing Process.

 


 * This article does not represent legal advice and prospective purchasers should obtain legal advice as early as possible and always before entering into a sale.

Get advice early! We are here to help – If you have a question about anything in this article, call us on 02 8095 7977 or DM our Facebook or Instagram page and we will be more than happy to answer your questions.