Owning a home is definitely one of the biggest dreams of any Australian. However, just like any important aspiration, owning a quality home in the country is not a walk in the park. Aside from being overwhelmed with the good number of choices you will have: split level houses, granny flats Australia, owner-builder houses, or any other type of house – the choices are almost endless. Just the thought of plunging into a big financial commitment is overwhelming and nerve-racking as it is, much more if you are already in that particular situation. While owning a home can be quite confusing, if you are equipped with the right information and knowledge, you can definitely have a smooth experience all throughout the process.
Have a Plan – A Realistic Plan
First thing’s first – prepare everything. Before anything else, you would need to iron out macro details. This means identifying and understanding your financial capability. Although there’s no harm in aiming for your dream home, you should also be realistic – you don’t want to commit to something you cannot cope with in the future. Hence, it is extremely important to set your budget. Aside from considering the price of the house, you would also want to zero in other financial factors that you would encounter in the future, such as paying for other financial obligations, health care expenses, property damage repair, among others.
Shop for Home Mortgage
After reflecting about your financial capacity, the next step you should focus on is loan shopping. This step can be quite tricky and complicated, especially for people who are still learning the ropes of mortgages. While loan shopping can be as complicated as it could be, you should never be overwhelmed as lenders will guide you throughout the process. What you would want to do is to contact different lenders, starting off with your current financial institution or bank. You may also ask your colleagues and friends who have prior experience in home loan as they may point you to a reliable and versatile lender. If both options do not materialize, you may opt to retain the services of a mortgage broker who can suggest different types of home loans that will suit your financial capacity and mortgage needs.
Look For Your Dream Home
This is when everything gets more exciting and interesting. After accomplishing the first two steps, the next step is to find a property. Let your budget be your guide in finding the right property, making sure that it fits your budget and will not drag you to financial burden in the future. Whether you want to buy a split level home or granny flats Australia, it is important to consider your financial health first. Additionally, before formally doing this step, you may want to talk with your family or spouse about it so they can give you suggestions on where to get property best. It is likewise vital to get advices and hints from real estate agents. These professionals know the ins and outs of the real estate industry so they are best qualified to assist and guide you in your property hunting. You may also supplement your real estate agents’ efforts by doing your own research online.
Another way to have an easier time finding the right property is to personally visit properties in your shortlist. When you do this, don’t forget to bring a camera with you so you can take pictures or videos of the property, which you can later use for reviewing and deciding whether or not the property is a good choice. While in the process of looking for a property, you may also want to start consulting with solicitors who will help you prepare documents for the registration and transfer of your property. These legal professionals will also serve as your legal advisers who will teach you the ropes on contracts and other related legal documents and requirements.
