A first home buyers’ checklist
Don’t rush into your decision!!
NUMBER 1 – None of us are ‘experts on everything’! - Get advice and assistance from professionals and specialists who will work in your interests (mortgage brokers, property specialists, lawyers / conveyancers, financial planners) – and listen to them!
Do your real estate research – gather your preliminary information and ideas use online tools to gather information, access grants
Type of property – advantages and disadvantages of existing v new, freestanding house v apartment / townhouse etc; most importantly, what suits your needs, lifestyle, and budget
Access grants – keep up to date with the rules and available assistance in your state or territory
Get advice on and understand your mortgage options – save your deposit, choose the right home loan for you, and get pre-approval
Legal advice - Land title implications – understand and evaluate the pros and cons of types of title and ownership structures (joint tenancy v. tenants in common)
Legal advice – Contract and conveyancing - have a lawyer or conveyancer on board to provide advice on contracts and guide you through the process.
Purchase process – make sure you understand the process (offers and acceptance, contract conditions, contract exchange, building contracts if building, settlement and completion) and that each step is completed correctly
Additional home buyer costs – be aware of the fees and taxes (stamp duty, etc) that apply in your state and factor them into your budget