Home Buyers Guide

Buying a house is one of the biggest decisions you’ll ever make. It’s not just a financial consideration, but a lifestyle one; you want to make the right choice for your finances, your loved ones, and yourself. Buying your first home will be an exhilarating and rewarding experience. At the end of your property buying adventure, you’ll have the keys to a home to call your own and an investment for your future.

This guide will start you off on the right foot and provide practical tips and advice to help you along the way.

1. Research

The first step toward your new home is to research. Once the decision to buy a home has been made, the majority of people turn to the internet for their research. While there can be an overwhelming amount of information to wade through online, there are ways you can narrow down the search.

What are Your Non-Negotiables?

Before you even turn to Google, sit down and write out your property deal-breakers. Consider questions like:

• In which suburbs would you most like to live?
• Are local schools a consideration?
• What is the proximity to shops, sports facilities, cafes, and restaurants?
• What are the dream features of your home?
• How many bedrooms do you need? Do you need a garage?
• Do your desirables fall within your budget?

Once you’ve decided on the non-negotiables, it will be much easier to narrow down your search parameters, giving you a good list to start your hunt.

2. Inspections

You’ve set up the alerts on your phone and planned out the calendar. Bring on the open homes. Open homes are about more than just the house; it’s a chance to see the rest of the street, explore the neighborhood, and check out other potential buyers. Go to as many as you can.

What to Look for at an Inspection

As you’re walking through and around the property, take note of the following:

• Does everything open and shut? Do doors close smoothly or do they stick?
• Do lights turn on and off without flickering? Do taps work and is the water flow adequate?
• Are there signs of water damage (i.e., peeling or bubbled paintwork, mould, stained ceilings)?
• Do the floors slope or bounce? This may mean piles need replacing.
• Are there cracks in the walls, which could be an indication of subsidence or earthquake damage?
• Don’t forget to walk around the outside of the property to check fences and the condition of the building’s exterior, including gutters and downpipes.

3. Finance

Buying a house is a major investment, and it’s important to make sure your finances are in order before starting the process. Once you have an understanding of the market, the next step is to start thinking about how you’re going to pay for it.

How Much Does it Cost to Buy Property?

• Deposit: The more deposit you pay, the more likely you are to get a loan. You may be eligible for government help if you’re buying your first home.
• Other Costs: Property inspection reports are not compulsory, but it’s a good idea to get a house inspection to uncover any likelihood of hidden costs.

Four Steps to Securing Your Home Loan

1. Set your goal: Once you know the type of property you want and its likely cost, set a target for saving a deposit.
2. Talk to a broker: It’s worth speaking with a broker before you start actively looking for a property. They’ll give you an accurate assessment of your borrowing capacity.
3. Get the green light: You’re in a stronger position with a pre-approval from a lender to spend up to a certain amount. This is generally valid for three to six months.
4. Close the deal: After securing a property, you’ll need to move fast to organize a few important things, including a deposit, a solicitor, and notifying your broker.

4. Buying

Once you are satisfied that there are no major problems with your chosen property and it meets all your non-negotiable requirements, the next exciting step is to think about the buying process.

Auctions

The excitement and anticipation of an auction is probably the way most people imagine they will buy a property. The idea of bidding at an auction can be daunting or thrilling depending on the individual.

Preparation

• Attend as many auctions as possible to understand how they work and observe bidding behaviour.
• Take note of the recently sold prices in your area to know what price range to expect.
• Thoroughly read the contract of sale and get all of your questions answered by the agent before the big day.

Bidding

• It’s important to set yourself some limits and goals, as it can be easy to get caught up in the moment when the auction is in full swing.
• Start with a strong bid, then increase by smaller increments.
• Keep calm and be aware of your body language.

Other Ways to Buy a House

It’s not all about auctions; there are other ways to buy a house. These include:

• Private treaty sale: A property listed for sale with an asking price, with the price negotiated between the buyer and seller.
• Expressions of interest: A formal written offer is submitted for the property by a specific date.
• Tender: A method of buying a property through private and confidential offers made by a set deadline.
• Make a pre-auction offer: If you’re unwilling to wait, you can make an offer to the seller to see if they’d accept it.

5. Moving

The big day has arrived. All the paperwork has gone through and you have the keys in your hand. Moving into your new home should be the exciting part. Follow these tips, and moving will be a breeze.

Pre-Move

• Throw away, recycle, or donate all your unwanted items in advance.
• Book the removalists and boxes in advance.
• Make a note of all the mail you get and gradually change your address.
• Pack and label your boxes by room.
• Pack a box or suitcase of items you’ll need for the first night.

On the Day

• Have plenty of water and snacks throughout the day.
• Keep some cash handy for unexpected items like taxis and pizza.

Post-Move

• Organize the collection of used boxes.
• Book the cleaner for the day after moving.