Buying your first home is exciting, but it can often feel overwhelming with so much to consider. Before you start the home buying process, here are some key things to think about.
- Set a budget
While you might be considering basing your budget on which properties are for sale in your ideal suburb, first base is to determine your deposit and borrowing capacity.
We recommend you speak to an expert lender or mortgage broker, such as My Local Broker, at the beginning of your home buying journey. They will be able to give you the best advice based on your unique situation. The typical deposit is 20 per cent of the purchase price, however, homes can be purchased with a deposit as low as 5 per cent. Find out more about the First Home Loan Deposit Scheme, here.
Along with the purchase price, you should also factor in other costs such as:
- pre-purchase inspections
- stamp duty
- council rates
- strata fees
- home insurance
These costs can all add up, so it’s a good idea to realistically map out your expenses at the very beginning.
- Starting your property search
A good time to start looking for property is after you have sorted your budget. We recommend beginning this process by compiling a checklist of non-negotiables. This might include an exact number of bedrooms, bathrooms, parking spaces and specific local amenities. It’s also a good idea to consider factors that you are willing to compromise on. This will really help with the decision making process.
- Engaging your conveyancer and making an offer
Before making an offer on a property, we recommend engaging a conveyancer as early as possible and BEFORE you sign the Contract of Sale. Transferring the legal ownership of a title of land can be complex and confusing, but your conveyancer will be able to guide you through the whole process.
In most cases, real estate agents will ask you for your conveyancer’s contact details once you are ready to enter into negotiations.
When an offer is accepted or a property is bought at auction, the buyer and seller each sign a Contract of Sale and keep a copy of this document. This is the ‘exchange of contracts’ stage. Before signing a Contract of Sale, it’s a good idea to have your contract reviewed by your conveyancer.
At Settle Easy, we believe that purchasing a home should be easy, stress-free and convenient. Get in touch with our team on 1800 88 66 88 or email firstname.lastname@example.org to speak with a conveyancing expert today.
Need some help identifying your borrowing capacity? Our partners, My Local Broker, are mortgage brokers with a directory for people looking for a home loan, refinancing, property investment or are interested in doing more with their money.
Their friendly team is based in Victoria and can help connect you with a broker who will work hard to understand your property goals and make the process fast, simple and personable. It’s all about finding the right solution for you. For further information, visit the My Local Broker website.