7 Steps to home ownership

Buying your first home can be a daunting experience. After all, the purchase of your Real Estate property will probably be the most important and biggest investment you’ll make in your life.

Step 1: Deciding to buy

Although it’s not always easy to get into the property market, it may be more expensive to stay out of it. If you are smart and choose a respectable suburb, with growth potential and good facilities nearby, you should see growth in the value of your property and your investment. Your first home may not be that massive family house you’ve always wanted – and that’s okay. It is simply your first step onto the property ladder.

Step 2: Finding the right loan

Making an appointment to meet with a Home Loan Specialist could save you hours of stress when buying your first home.

A Home Loan Specialist will talk to you about your income, your budget, your plans for the future and any other loans you may have. They will provide an indication of how much you can borrow, and the right loan for your income, budget and circumstances.

Step 3: The real cost of buying

Before you leap into the property market for the first time, make sure you know exactly how much money you’ll have to shell out to get the perfect home. The real cost of buying a house is far greater than the actual sale price of the property.

On top of your deposit, there are substantial expenses associated with buying a home and it’s essential that you draw up a comprehensive list of these to avoid any last-minute surprises.

Step 4: Searching for a new home

Every first home buyer has to make a choice when searching for a new home – whether to buy their very own house with a garden or an apartment that’s close to transport, looks great and is affordable.

There are excellent benefits to both and ways to discover whether buying a house or an apartment best suits you. A new website just launched, Oz Owners, can assist you in finding your dream property.

Step 5: Making an offer

So you’ve found your dream home and it seems to be in your price range. But there are a few more steps you must take before you can call it your own. By now, you should have pre-approval for your home loan. In order to get formal approval, you need to give your home loan specialist the details of the property (and any other outstanding information your home loan specialist may require). Final approval is likely to take a few days –, as the lender may organise such things as an independent valuation of the property.

Step 6: The buying process

There is a verbal agreement between you and the vendor or agent to purchase the home. However don’t start celebrating the deal just yet.

Neither you nor the vendor is legally bound to proceed with the purchase until the contracts have been signed.

This is a worrying time for both parties. Essentially all you’ve done is offer to purchase the vendor’s property. Until contracts are signed you’re in the danger period which means either party can pull out or you could be gazumped.

Step 7: Moving in

Now all you have to do is move in.

Although moving house is often described as one of life’s most stressful experiences, it doesn’t have to be especially if you’re organised and start planning early. The first thing you need to work out is whether you want to handle the move into your new home yourself or call in the professionals.

Happy house hunting!