Buying your next home is a big financial decision, but it also an exciting step along your journey.
This quick guide will walk you through the steps to take towards buying your next property, whether it be your first, second, fifth or an investment home.
Step 1: Work out how much you can spend on your property.
Before you jump in and pick the features you want for your next property, it’s a good idea to have a realistic understanding of what you can afford. If you require finance, have the discussion with your lender first so you know what your borrowing potential is, your deposit requirements and your budgeting needs.
Step 2: Determine what features you want from your next property.
What are you looking for from your next home? What lifestyle do you want to enjoy? Do you want a home office, three bedrooms and/or an alfresco? Where do you want to live? Do you need to be near the kid’s school?
Take some time to work out the life you’d like to lead and the story you’d like to create in your next property. This will keep you on track during open homes and ensure you don’t make a quick decision on a property that you will regret.
Step 3: Research open homes in your chosen areas and inspect as many properties as you can.
Yes, these should be within and outside of your pricing bracket. Taking the time to inspect the properties in your chosen areas will give you an informed understanding of price and value in those suburbs. It will also give you a greater appreciation for the features and property you can expect for your budget.
Attending open homes and auctions is also a great way of gaining an understanding of how those processes work. You’ll get a feel for how the agents operate and you’ll see demand in the region. How many bidders or visitors were there? Did the property sell under the hammer? Did it reach the reserve quickly? Did it exceed the listed price? Or did it fail to sell?
Step 4: Speak to a real estate agent who specialises in your chosen areas.
Our team of real estate agents specialises in properties in suburbs across the Hunter region. Speaking to a specialist in your chosen area will allow you to receive insight on the market and updates on properties relevant to your search. Your agent might even give you the heads up on a property before it goes to market, giving you a great opportunity to put your interest forward first.
One of our agents will also help walk you through the steps involved in buying a property and the information you will need.
Step 5: Request a copy of the contract.
If you find a property that just feels right, speak to the agent and request a copy of the sales contract and any available building reports to be sent to your solicitor or conveyancer. This will give him/her time to undertake due diligence on your property.
Step 6: Checking the property is the perfect fit for you.
If you choose to make an offer, one of our sales agents will work with you through the process and through negotiations with the current owner of the home.
We thoroughly recommend (and all lending institutions will insist on this) that you have a building and pest inspection carried out prior to exchange of contracts. We can arrange this on your behalf or provide details of reputable inspectors.
Following your lawyer or conveyancer’s advice on the sales contract and taking into consideration the building reports, you are now able to make an informed decision on whether you want to proceed to purchase the property or withdraw from the sale.
Step 7: The buying process.
Once you’ve found a property you love and have your offer approved, the buying process begins.
- Once negotiations have been finalised on your new home, you will be asked to sign the sales contract and pay a 10% deposit. Your deposit will be held in a trust account until settlement. Once the contracts have been exchanged between yourself and the vendor, the sale will be unconditional and proceed to settlement.
- Prior to settlement, your solicitor/conveyancer will arrange for the balance of funds to be made available in readiness for settlement. It is always advisable to undertake a pre-settlement inspection in the days leading up to a settlement to ensure that the property is in the same condition as when you purchased it and that all inclusions are as per the contract you signed.
- Immediately following settlement your solicitor/conveyancer will advise you that your property is now yours.
From the moment you receive the keys to your new home, the real fun begins!
Step 8: Stay connected.
Our extensive list of property services will help you with everything from finding the right home through to connecting you with a painter, conveyancer or cleaner. Our complete property service is designed to support you to sell and live with ease beyond the time you spend with us.