The process to buy your very own property
“Hello and welcome back to daily buying tips I’m Dean Berman from Berman Buys.
Today we’re going to talk about the process to buy your very own property.
It can be a very confusing process, like solving a rubik’s cube to some, so today I’m gonna explain the process from start to finish for you.
The first step is simply setting your goal. Like I want to buy a house for my family within 6 months or I want a property that can pay for itself or I want a property that I can build equity from. There are a few points which affect the goal such as your buying timeframe, which type of property, amenities, lifestyle, beds and baths etc…
Second, is working out your budget with a mortgage broker or bank. How much can you afford and how much can you repay. Will it be your place to live or an investment?
Third, is researching what is possible. Can you afford a grand mansion on the water or a studio apartment? Will it be in a prime location or a developing area? Near the city or away from the city?
Fourthly, the search. This is looking on the main online portals and through offline channels to come up with as many options as possible.
Five, is selecting an option or options you like. I generally recommend focussing on a select few options at once to limit confusion.
Step six. You will generally either like or dislike the property. Remember you can generally change things in the property such as the cabinets or bench top.
Seventh day of the week, is almost metaphoric, as the negotiation can often come to a conclusion over a number of days or can happen relatively quickly. Depending on the strategy. The ultimate goal is securing the property.
8th part of the process is exchanging. After the solicitor/conveyancer has ensured the contract is fine, the pest and building inspector has made sure the structure is fine and the lender has made sure the finance is fine and any family or other professionals have made sure they think it’s fine. Then you can sign and pay the deposit!
The final step 9 is when the property settles. You will be given the keys once the settlement period has passed (usually around 42 days), the final inspection goes well, final deposit has been paid and mortgage has formally come through.
Now you know, how to buy your very own property.”