As we’re sure you’re aware, it’s wise to think these sorts of things through pretty comprehensively before you go ahead and buy it. A leap of faith isn’t your best bet in this instance.
We’ve written up a short checklist for you, so you can be absolutely certain the property you’re thinking of buying is going to be a good investment rather than an expensive regret;
Are you ready to buy? First and foremost, (as you probably guessed already),you’re going to want to have a good think about your bank account. Have a chat with your financial planner if you have any concerns.
The longer you can save up before you buy, the better off you’ll be in the long run, so it’s not always such a bad idea to hold off buying a home for a good while. Find out how much you need to save up for your deposit, and how much you can afford to take out in a loan well before you even consider properties. This will give you a sound budget.
Choosing the right property is obviously the most important step.
You should first consider the location. Where do you want to live and why? Do some research and find out exactly which suburb or suburbs you wouldn’t mind living in.
Next have a think about what sort of property you want and what is available in your chosen location. The age, attributes, features, style and size are all important factors. Be realistic; at the end of the day you’re budget will be the ultimate authority on what you can and can’t have.
Inspect properties for sale that match your criteria. Try to inspect a few homes, even if you absolutely love the first one you see. Make sure the one you eventually choose ticks all the right boxes, and that the neighbours and surrounding area are all above board.
Wrapping it all up
Now comes the fun part; the paperwork.
Once you are certain you’ve found your perfect home, you should waste no time submitting an offer. If its accepted by the seller the contract process will begin.
Any special terms you do agree on (such as finance approval, building inspection, pest control, etc) should be settled then. Once they are, and everyone is satisfied, the property is yours on the settlement date you have agreed upon.
Get ready to move your things, and congratulations on your new home.