The home buying process can be daunting, especially for first-time home buyers. But even for seasoned property investors or those buying a second home, the fluctuating and volatile property market can make it so you’ll have to adapt your strategy on the fly. From applying for loans and grants to making formal offers and organising conveyancing in Melbourne, the steps to buying a home can sometimes feel endless. However, by breaking the important parts of the process down into smaller and more manageable steps, the home buying process will not only become less daunting, but can become much more streamlined. This article will go over four of the most important steps of the home buying process.
Pre-Approval
A crucial first step for buying a home is getting pre-approval for a mortgage. For those who are buying a second home, pre-approval will be a much easier process, as the bank will have all of your financial data on record from your previous home purchase. For first home buyers, this process can be a little more drawn out, and you’ll need to make sure all of the financial data you give to your respective bank is accurate and up to date. Pre-approval acts as an indicator of a prospective home buyer’s borrowing capacity and therefore will dictate their maximum budget for buying a home. Getting pre-approved for a mortgage will help you narrow down your search to homes that fall within your price range.
Start Shopping
If all goes smoothly during the pre-approval process, you can begin the process of shopping around for your future home. While you may have a good idea of the number of bedrooms and maybe even the style of home you’re after, it’s also important to pay attention to and account for more nuanced details of the home you’re thinking of purchasing. For example, what is the distance between a particular home and your place of work? Can future extensions and renovations be made to the property easily? Does the home feature any extra built in storage or cabinetry you could utilise? While this is arguably the most fun part of the process, it’s important that you also keep a critical eye on the details and scrutinise everything the property has to offer.
Find a Conveyancer
Once you’ve found a property you feel confident putting an offer in for, it’s a good idea to have a conveyancer check over the property for you. Conveyancing in Melbourne exists to ensure the property title is successfully transferred from the seller to thebuyer. A good conveyancer will be able to look over any contracts the real estate agent and vendor give you and advise you on anything that seems questionable, such as any easements on the property that have not been previously mentioned.
Delegating conveyancing in Melbourne to an experienced conveyancer is a great way to keep the home buying process moving ahead efficiently and smoothly whilst having someone on your side that can provide you with critical advice and guidance.
Make an Offer & Close On the Home
If your offer is accepted, the next step is to close on the home. This will involve signing documents as well as transferring the deposit amount from your account to the vendor within 28 days after signing the final contracts. This is the home stretch of the property buying process, and once it’s complete, you’ll officially be a homeowner.
