If you’re looking to secure your dream home in today’s hot property market, you’ll probably face some stiff competition. Even if you’ve had your offer accepted, things may go wrong that are completely outside of your control. That’s why it’s always best to get on top of what you can control before you kick off your property search.
Get clear on your finances.
First things first – make sure your finances are in order and you’ve got enough money to cover all the costs involved in your property purchase. That means at least a 10% deposit, stamp duty, search fees, legal fees, any lender or broker fees, and removal costs. Don’t guess at the prices. Calculate stamp duty, go online or make some calls so you can feel confident your finances aren’t going to be a roadblock.
Arrange your mortgage.
Having your mortgage approved in principle can be a great negotiating tool. That’s because it tells the seller you’re a serious buyer, and you’re as close as you can possibly get to full approval. If your finance is agreed in principle, the only hurdle left is for the property to pass your lender’s valuation threshold. And when it does, your mortgage is in the bag.
Instruct a conveyancer.
Choose your legal representative with care. A skilled conveyancer is crucial for a stress-free property purchase because you don’t want mistakes made along the way or any delays coming from your side of the transaction. Ask friends for recommendations, read reviews. And use someone local because you’ll need to attend their office to sign documents.
Stay in close contact and act quickly.
It’s essential to stay in close contact with your property professionals throughout the purchase process. Once your offer is accepted, it will be a race for time to get contracts exchanged because the seller will want the agreement binding as soon as possible. You’ll need to get the green light on your mortgage, get local searches completed, and pest and building inspections arranged. Your lender, conveyancer and real estate agent will all want you to provide information. Respond to them quickly to make sure the process runs smoothly.
Make an action list.
Once you’ve signed contracts, you’ll have a lot to arrange before settlement. It’s always a good idea to make a list of practical tasks such as transferring your utility suppliers, arranging a removalist, and informing your bank and other companies of your new address as soon as you can.
If you follow these five simple steps, you’ll be as close as you can get to a stress-free property purchase. And that means you’ll be kicking back and enjoying all the benefits of your new home in no time!
If you have any questions about the process of buying a property, please call Ed on 0418 660 063.