Purchasing property can be a significant decision in your life. Here’s a brief overview on the key steps to follow.
- Research and Budgeting
- Identify Your Needs: Determine what type of property you want (house, apartment, land).
- Set a Budget: Consider your finances, including deposit, mortgage, insurance, rates, and additional fees (stamp duty, legal fees).
- Get Pre-Approval for Finance
- Approach lenders to secure pre-approval for a mortgage. This gives you a clearer idea of your budget and shows sellers you’re a serious buyer.
- Find a Property
- Use online listings, real estate agents, and open inspections to find properties that meet your criteria.
- Conduct Due Diligence
- Inspect the Property: Arrange building and pest inspections/ strata inspections to uncover any issues.
- Check Zoning and Regulations: Ensure the property meets your intended use and any local council regulations.
- Make an Offer
- If you find a suitable property, you can make an offer to the seller, either directly or through an agent.
- Exchange Contracts
- Once your offer is accepted, you’ll exchange contracts with the seller. This usually requires a deposit (typically 10%).
- Cooling-off Period: You may have a cooling-off period (usually 5 days) to change your mind, but this can vary.
- Complete Due Diligence
- During this period, finalize your financing, conduct any necessary checks, and ensure everything is in order.
- Settlement
- After the due diligence is complete, settlement occurs, typically 4-6 weeks after the exchange. At this point, you’ll pay the balance of the purchase price, and ownership will transfer.
- Post-Purchase
- Once you’ve settled, ensure you update your address with relevant authorities and manage any renovations or moving plans.
Feel free to ask if you have specific questions or need more detailed information!