Home
ownership is still the great Australian dream, but many
Australians seem to be afraid to take that initial step
towards making home ownership a reality.
You’ve
been renting awhile. You’ve enjoyed it. You have the
freedom to move without the worry of selling a home first.
You don’t make repairs or pay rates. But something
is missing; a sense of security, or perhaps a gut feeling
that your weekly rent is vanishing into a bottomless pit.
A
home is:
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A
financial asset and more
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It’s
a place to live and raise children
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It’s
a financial plan for the future
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It’s
an investment in you community
Knowledge
is said to open doors and this is especially true when it
comes to home buying. You think it might be time to take
the big step towards homeownership, but where do you start?
How
much mortgage can you afford?
You can save yourself a lot of wheel spinning if you take
the time to figure out how much mortgage you can afford.
Generally, a lender will want your mortgage payment to total
no more than 30% of your monthly gross income.
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You
also need to consider current loan interest rates
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These
can be obtained from this web site
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Use
our simple calculators to see how much you can afford
Create
your own "wish list".
Start with your essential needs e.g. 2 or 3 beds, carport
or garage. Once you have established you needs expand to
those features that you would like e.g. swimming pool.
Knowing what you are looking for will help focus your search
and will be of enormous assistance to your real estate agent.
Your
real estate agent
You will want to start searching for an agent as soon as
you have decided to buy.
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Look
at the weekend papers to see who is active in you preferred
area
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Check
the Internet
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Start
attending open homes and auctions to see what happens
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Drive
around the suburbs and look for signs
You’ve
found a home.
Once you have found a property which you feel will be suitable
you will have to make an offer.
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Your
offer should be sensible and must be in writing
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The
agent will prepare a contract based on the offer you wish
to make
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You
will have to sign this contract
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A
deposit will have to be paid into the agent’s trust
account as soon as a price is agreed upon
Conditional
Contract.
Depending on your circumstances you will probably wish to
have one or more conditions included with your offer. In
other words these conditions will have to be satisfied to
your satisfaction, within an agreed time frame, before your
contract becomes valid and binding.
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The
sorts of conditions most commonly used are:
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"Subject
to finance"
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"Subject
to a building inspection"
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We
recommend if nothing else you make your contract subject
to a building inspection
You
will have to pay for this inspection yourself, but it could
save you from buying a house that may cost you thousands
of dollars later on. Within Queensland you will a cooling
off period of 5 days.
So
you’ve bought your property and are ready to move.
There’s a lot to consider as you plan what should be
one of the most exciting and memorable events of your life.
The good news is that there is lots of help. Check out this
site to more assistance.
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