If you are wondering how to buy a house in Australia, you’re not alone.
Most people have no clue what the steps to buying a house are. Fun fact: Most Australians will buy their first home between the ages of 30-35. This means that its something a lot of people spends their twenties working towards. Owning a house gives you pride of ownership, it’s a great investment, improves your credit score and you get autonomy over your day to day life. Below we have put down some basic steps to buying a house in Australia.
1. Get the groundwork done
As with any big venture, preparation is key to success. Sit down and decide why you want to buy a home and see if you are eligible to get one. Check if you have a good credit score. If you are in debt, clear that before starting this process. If you are not in a strong financial place to see this through, set a realistic timeline to get this done properly. Engaging a broker might mean you doing less. A broker can attain all your documents and present you a few different options to go with.
2. Deal with the financing
The next thing is to set a realistic budget for your new home and figure out how much you need to buy a house. Shop around for mortgages and start saving for the down payment on your home. As you are shopping for mortgages you will get a clear idea of what you can afford and what is beyond your reach. Take your time to find the most favourable loans and payment options. Work on your realistic budget for your new home and what location your budget will get you. A home that’s a little more expensive, yet closer to amenities and work, would ultimately mean less time in daily commutes and spending and more money in your pocket.
3. Hire a good real estate agent
This is a crucial part of getting a good bargain on your perfect house. A good real estate agent will explain the market and recommend homes that are within your budget. Make sure you make what you are looking for in a home, clear to your real estate agent. Before signing a contract with a real estate agent, look for reviews from previous clients. Don’t be embarrassed to engage a few agents and make them all work for you. At the end of the day, real estate agents have the seller’s best interests in mind and not you. Making them earn their dollar isn’t something you should take lightly.
4. Find a house and make an offer
Once you find a house you love, make an offer. If you and the seller agree on a price, get the home inspected so that you are aware of any building defects. If you find things that need to be fixed, speak to the agent and agree on how this will get done. You can also get the home appraised so that you know if you’re getting a good deal on it. There are plenty of home inspection business you can engage to check for any defects or remedial work that might need doing. This can be a condition of sale when making an offer to the real estate agent.
5. Sign the paperwork and close the sale
This is the final step in this whole process. At this point, most of the legwork would have been done and you can finalise the deal and move in. you can also put in place a delayed settlement. If where you currently live, has a few weeks or months of lease left, you can delay moving into your new home until for lease terms are finished. So, you aren’t caught in paying two bills.
At Xclusiv Built Projects we have a team of designers that’s eager to work with you and make your new house feel like home. Get in touch with our interior design team today!
Also, XB Projects are known as one of the most professional and reliable Interior Designers in Sydney, contact us to get a complete solution for your Interior Design projects needs.
