As soon as you have saved enough for a down payment, you will automatically start looking for the house of your dreams. However, if you are new to buying a house in Australia, you would need a guide. So, here it is. This blog will tell you when and when not to start looking for a house.
The process involved in buying a house is no doubt lengthy and can also get tough. However, with an experienced real estate agent, everything gets easy. Once you hire a real estate agent, things are taken care of right from scratch. If you are struggling to find the right property for yourself, contact Manny Singh, a top ranked real estate agent in Hampton Park, Narre Warren, Pakenham and the nearby suburbs.
This blog will give you a complete guideline on how early you should start looking for a house and the steps you must take that lead you to that time.
When Should You Start Looking for a House?
It is said that the best time to start looking for a house is about five months before you finally move in. This gives you enough time to process the rest of the things and get them in order. Looking for a house that gives you satisfaction both emotionally and financially is important. Five months is just an estimate. You may even take more time until you get completely happy about the house you have looked into. Looking for a house is just not enough. You will have to take into consideration some of the most important factors such as budget, time frame, sellers, location of the house, area and the list is endless. Read this blog to know about the home buying process in Australia.
After you have looked for a home for yourself, the next step is to make a purchase. This decision should be made with the assistance of a real estate agent by your side. A home buying process does not only involve a monetary exchange between the two parties i.e., vendor and seller, but there are a lot more things that go until the deal gets finalized. So, looking for a house in Australia means considering all the above factors at length.
How Much Time Will You Take to Buy a Home?
Assuming that you have done prior research on your house, you would also need some things just to get started from somewhere. Buying a home can take as much as three months or even more. The average timeline is three months. For someone who is new to buying a home in Australia, it may take more than the average time since the process involves a lot of complexities. For someone who has already been into buying and selling real estate, it may take less time. In either case, the buyer and the seller would need a real estate agent for themselves. For that, you can contact Manny Singh, a real estate agent serving in Hampton Park, Pakenham, Narre Warren and nearby areas.
Pro Tip on How Early Should You Start Looking for A House
To know how early you should be looking for houses, go backwards. Looking for a property and getting into the subsequent process requires time but the last thing you would want to do is put things in motion i.e., to put an offer on a house. Finalizing and putting things on paper can take about 24 to 72 hours, depending on the terms you set out in the offer. So, just for instance, let us say three days.
Possessing a house usually takes around a month or can even take more than that. Sometimes, you may even get an extended possession date that may prevent you from getting into the house for a very long time, say, 3 months or even longer. Such a stay in making a big purchase would demand from you to hire some professionals such as mortgage broker, real estate agent, home inspector, and even a lawyer.
Apart from that, you will also have to get your finances in order that can take a month or even two, depending on how busy you are.
Home buying is a big investment that you would make in your life and you would definitely never want to get into any legal trouble because of lack of knowledge. So, to help you get through the entire process smoothly, hire a real estate agent i.e., Manny Singh.
Hiring an experienced real estate agent means keeping the stress away. Manny Singh will take care of everything from scratch and will serve you until the deal happens.
If you are thinking of buying a house in Australia, contact real estate agent, Manny Singh. He will assist you throughout the process.
Steps to Buying a House in Australia
By following the given steps, your great Australian dream will come true.
Step 1: Determine Your Budget
The first and the most important thing you must do before even proceeding to buy a property is work out the budget. This step involves a little introspection which requires you to take a long, hard look at yourself and your finances. Determine what you are planning in the years ahead and how much you can afford to repay.
This part of the process can take as little as a few months to a year, given the fact that you might need some time to build yourself a plan. You will have to consider how much you can afford every month to set aside for the mortgage repayments.
Step 2: Know How Much You Can Borrow
After deciding the amount, you can set aside for monthly mortgage repayments, the next step will be to work out how much you can borrow. The amount will vary from one lender to another.
Your mortgage offers easy-to-use calculators and tools that also help in modelling any complex mortgage and investment related scenario.
Step 3: Shop Around for Deals in the Market
If you are doing everything alone, you will have to explore the market in the first place before signing anything. Advertisements on television, radio, newspapers and magazines are a great medium to find out what kind of deals lenders are offering at present.
Be proactive in approach. Whether it is a lower interest rate, zero establishment fee, frequent flyer points or other value-adds, the more you understand about the home-loan market, the better your negotiation skills get.
Step 4: Choosing a Home Loan
The next step will be to find the right home loan for yourself. Borrowers in the market need to educate themselves about different home loans.
Also, the borrowers need to familiarize themselves with the different types of interest rates on these loans as well as the product features that can help them in the journey.
Step 5: Get Loan Approval
After finding a suitable deal, the next step will be to apply for a home loan, attend a loan interview and also get approval. Make sure you have all the important documents ready for your broker or lender.
Procedures differ from lender to lender, but it is likely that you might be issued either a ‘home loan guarantee certificate’ or a ‘pre-approval certificate’. It means that subject to a few conditions, your home loan will either have been or will be approved when you the property you want to purchase. One of the main conditions is the right valuation of the property to ensure the buyer is not paying too much for the property.
Step 6: Finding Your Home
At this point, you will know your budget. Next step will be to determine for how much you would like to buy a home and in which suburb.
You can conduct your own research by referring to the newspapers, online property listings or you can even hire real estate agents. If you are looking forward to employing an experienced real estate agent, contact Manny Singh serving his expertise in the areas of Hampton Park, Narre Warren and Pakenham.
Once you hire a real estate agent, you can tell him about your preferences and what you are looking for. Remember, real estate agents are hired by vendors, so make sure you do your research well.
Step 7: Conduct a Home Inspection
After finding yourself a suitable home, the next step would be to conduct home inspections. It is one of the crucial steps in making such a big purchase.
A suggestion – Homeowners must arrange for both building and pest inspections, especially when making such a big decision.
Step 8: Making an Offer
After inspections, the next step would be to make an offer. It is important for you to be cautious while negotiating. If you are going to sell first and then buy a house, you can also look for a real estate agent who will help you in the process of buying after selling the house. Real estate agents are good at negotiating, an important aspect that can make or break a deal. So, if you are new to buying or selling a house in Australia, then you should definitely hire a real estate agent like Manny Singh. After all, the last thing you would want is someone to beat your best bid by a few hundred dollars, knowing that the property is worth more.