Property For Sale In Australia, How to Buy a Home

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Are you hunting for a property for sale in Australia? Here are five steps you should take when looking to purchase a house or unit in this country.

House values in Australia have grown over time, so when you own your home you build equity and wealth.

But with the rising prices of real estate, your mortgage payments will probably take a good percentage of your income.

There have always been discussions whether it is better to rent or buy.

Renting may be cheaper but you are actually paying your landlord's mortgage and you are at their mercy.

Have you thought about what can happen if they sell and the new owners want to move in?

You have to start packing your bags.

So the general wisdom is that buying is better than renting.

Let's see what are the steps of buying property in Australia.

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Property for Sale in Australia, Five Steps to Buy a Home

1. First you need to know your budget:

  • what is your deposit,
  • what is the maximum price you can offer,
  • how much you can afford to pay every month,

2. Think about the amount of work and additional money the house will demand:

  • in case you need to renovate or just freshen up the property,
  • or how difficult it is to maintain it. For example, if you want a big back yard, you need to mow the lawn, water the garden and keep it nice and tidy. Work and money.           

3. Start thinking about what you want:

  • a house or a unit,
  • its size,
  • its looks - new, renovated or in need of an upgrade,
  • its location.

4 Then start doing your research:

  • read the local newspapers,
  • grab property booklets,
  • visit real estate agents and talk to them,
  • go to open houses,
  • learn about property auctions, if you want to consider them.       

5.     Understand the process:

  • get a home loan - contact several banks and some mortgage brokers and compare their offers,        
  • check if you need to take mortgage insurance. You would if your deposit is not high enough;        
  • find a conveyancer to do the legal stuff: search for the property title, review the sales contract, give you advice and organise your settlement,            
  • clarify what happens after you make an offer.
  •  organise property inspections by licensed tradesmen,            
  • know your settlement date.

Then, if all goes well invite your friends to the house warming party.

There is a lot of research to do and also some leg work, but you are buying the home of your dreams, so it is worth taking all the steps.

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