If you want to buy a house in Australia, there are a number things that must be done to get through the process. Once you have been pre-approved for a mortgage, formed a budget and found a property you like, it’s time to begin the paperwork. This can be a daunting task, but it is well worth it to buy a house for your family, business or investment portfolio.
Step 1: Find the Home You Want
Find a home that meets your needs and offers a good value for the price. You should already have a budget drawn up at this point so you know how much house you can afford. There are a number of factors to consider while you search including location, accessibility, amenities and affordability. This is also a good time to see if you are eligible for any grants, like the First Home Buyers Grant.
Step 2: Building Inspections
Building inspections are a good way to find out if there are any hidden problems before you buy a house. Along with a general building inspection, you should also have a pest and electrical inspection done. Depending on the property, you may also need to schedule a strata inspection and/or property survey. This step is crucial so you don’t find out something expensive needs repaired or replaced after you have committed to buy.
Step 3: Make an Offer
If you are happy with the inspection results, then it’s time to make an offer. Remember that you may need to be flexible and willing to compromise during this step. Reasonable requests should be considered so both parties can come to an agreement. Being unreasonable or inflexible could cause you to lose the property should someone else come along with a similar or better offer while you’re negotiating.
Step 4: Arrange Conveyancing
Once the offer has been accepted and everything is in order, it’s time to start the legal part of the sale. You must arrange conveyancing, or the property title transfer from seller to buyer. This is typically done by a conveyancing expert or solicitor. Fees for this service may range from $600 to $1,500 depending on who handles the transfer. Buyers should note that this fee does not include the Stamp Duty that must be paid at settlement.
Step 5: Settlement
Once settlement day arrives, make sure you have all necessary documents and funds with you. You will be expected to pay the Stamp Duty. After payment is rendered, the title of ownership will be given and the sale is complete. Your conveyancer or solicitor is responsible for notifying the government of the ownership change. Contact Catrina at Seajay Mortgage Brokers to learn more about how to get a mortgage and buy a house in Australia.