Getting the right home can be a taxing endeavour. It can be a gruelling process matching your desire for a wonderful home with the reality of what's available on the market.
There are a series of steps – from finding the ideal home and location to preparing for settlement. Once you do decide to take the plunge, you'll be rewarded with the right investment, in the right place that you can either use as an investment or call home.
Research the Market
One of the best first steps in homebuying is looking for property listings on the internet, in newspapers and real estate agency windows. If you have a specific location in mind, it will be easier for you to narrow down your options, select an area and compare prices. If you’re still home shopping and do not have a particular neighbourhood in mind, you can specify your budget range and start from there. Make sure you consider current economic trends and changes in supply and demand because these have a long-term impact on housing costs. Once you’ve finalised your list of desired properties based on their listed price, do your due diligence including building and pest inspections than make an offer.
Appoint an Agent
What’s great about having one is you will have someone help you find suitable properties, negotiate with sellers, do background property checks and bid at auctions.
Once you’ve appointed your agent, they will prepare all the documents and contracts that need to be presented to the seller. You may seek a lawyer to advise you on your obligations as well as the terms of the contract. Then, you can start negotiating with the vendor, or his or her agent, for a fair price.
Choose a Home Loan
Once you have determined your budget and have your paperwork ready, it’s time to start shopping for a home loan. Remember, home loans are normally between 10 to 20% of the total purchase amount. When you meet with your lender, make sure to ask the maximum amount you can borrow as well as the maximum term of the loan. Because home loans have different fees and charges, ask what the interest and comparison rates are. Finally, ask your lender what the minimum deposit amount is.
If by any chance you find difficulty in securing a standard home loan, you can opt for high-risk loans. However, these have higher interest rates and more fees and charges.
Prepare for Settlement
When you’re done with all your paperwork and you’ve obtained your finances, your lawyer will liaise with your lender for settlement. You will then have the right to a final inspection of the property. Once all is good, both parties will sign and exchange contract documents. Settlement usually takes 30 to 90 business days, after which, the title is transferred and you now have the keys to your brand new home.
In Queensland, the demand for residential properties is high due to the area’s expansive regional centres and flourishing CBDs. A Townsville property, in particular, is coveted for its location. If you have an eye on this area, get in touch with us on our contact page and we will be glad to assist you with your property needs.