Home' Snap Shot Magazine : April 2012 Contents snapshot magazine snapshot.realviewtechnologies.com april 2012 | 31
So you want to buy a house, but don't know
where to start. This can be especially daunting
for anyone stepping into the property market
for the first time.
There is definitely an order to putting yourself in the right
position to buy a property, but there are a few standard steps
to follow that will make the process a lot easier.
You should feel more confident about your home buying
journey when you understand what is required of you and
every other person who is involved in the transaction.
1. Get pre-approved for a mortgage
Do you know what you can afford to buy - probably
not, unless you've talked with a lender. Pre-approval
not only lets you know what you can afford to buy it
can also be an essential tool in securing a purchase if
more than one person is vying for a property.
2. Determine your wants and needs
Buying a home isn't as difficult as you might think,
but identifying your needs and wants before you begin
your search will make things a little easier.
3. Start the search
The Real Estate Agent can provide multiple listing
sheets to study and no doubt you'll also pick up House
For Sale publications and read classified ads in your
local area. You'll probably also spend time surfing the
internet for homes. You might even plan afternoon
drives to preview neighborhoods. These are all excellent
ways to see what's available.
It is important to do your homework - know what
area you want to look at, what prices are being
achieved in that area and what services are available
that best suit your needs.
With this in mind keep an eye open for
bargains in some of the pricier suburbs and don't
overlook stale properties that may have been on the
market for some time.
It can also be beneficial to wait out your search - for
example traditionally the demand is higher in spring, so
why not wait until slower periods demand is lower.
4. Make an offer
So you have found a property that suits your needs
and your budget. Now is the time to make an offer on
the property. This could no doubt be followed by some
negotiations through the real estate agents as the
buyer and seller reach to an agreed sale price, but don't
be afraid to stand your ground on your offer.
5. Pest and building reports
Home inspections are done before the final
purchase contract is signed.
Certified inspectors can assess the property for
structural and pest related problems.
6. Exchange of contracts
If you are happy with the results of pest and
building inspections, it is time to proceed with the
exchange of contracts.
7. Avoiding and correcting last minute problems
As your closing date nears, everyone involved in your
real estate transaction should regularly check its progress,
because staying on top of things means you'll know
immediately if there's a problem that must be dealt with.
8. Prepare to move
With the purchase process now well underway it is a
good time to start making plans for the move into your
9. Arrange insurance
It is important to take out building insurance on your
new home and this should be done to ensure that it is
cover immediately from the time you take ownership.
Most of your home buying challenges should be
behind you now and you're on your way to settlement, the
event that transfers ownership of the property to you.
Once this has been done it's time to prepare
for the move into your new accommodation.
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