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First Steps of Buying a Property

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the sky's the limit when looking for a new home

So you’re scrolling through listings on realestate.com or Domain and come across something you like. You have a closer look at the floor plan and the property’s features and think its worth a look in person. You may have to convince a partner to join you, selling it before you’ve even seen it yourself, and if the timing is right you make it to the inspection. Nine times out of ten its just another property you walk away from. But what if it’s the property of your dreams? What next?  

When you find 'The One' 

Property inspections are usually a rushed thing, not a whole lot of time to inspect every nook and cranny. There’s real estate agents hovering, the luring bowl of welcoming Mentos mints your child keeps wanting to return to and of course the other parties inspecting who you can’t help but consider competition. Some will be walking through all business like, others will be wistfully meandering as they try to visualise themselves living in the space. There’ll be plenty of poker faces but you may spy from the corner of your eye an occasional flicker of emotion as someone takes it all in (I once spied a grown man lovingly caressing a curtain with a far away look of contentment on his face at an inspection). Meanwhile you’re there trying to ignore all of the above and make an educated decision as to what kind of price it will sell for (and if you can even afford it), whether it ticks enough boxes to make it worth your while to pursue and where would you put that particularly chunky piece of furniture you own if you did move in….

It’s an emotive journey looking for a home, and one’s first home is even more daunting as the process of bidding or making an offer on a property is all new and quite frankly, rather scary. And yet, the rewards of owning a property are well worth the effort (and nerves) if its the right place. 

A Pre-Approval is the First Step

Once you’ve decided you like a place enough to take the next steps, you need to decide the most you’d pay for it. Research sales in the area and get an idea of what kind of price it will likely sell for. If you don’t already, you need a pre-approval from your bank before you even begin to entertain the idea of buying a property. With a clear figure in mind you can then work out the potential repayments, checking and double checking if it’s within your budget. A pre-approval can be a very quick process if you have your tax up to date and ready access to payslips and other income sources. But be prepared for it to take a couple of days as you fill in forms and gather the required paperwork if it's the first time you've applied. Having a pre-approval sorted before you begin seriously looking for a property is the best idea, as it means you can move quickly if needed. And usually the nicest places with all the features you want are snapped up quickly…

Next week we’ll look at the next steps to securing a property purchase. From negotiating price with the vendor, understanding contacts, hidden costs to consider and having the necessary checks done such as building inspections and valuations.

If you are ready to buy and want to take advantage of the current housing climate, a fast approval will ensure you are in a position to act when the right property presents itself. The lending specialists at Endeavour can assist you in obtaining a full approval quickly and easily. Whether you’re saving for a deposit or getting ready to bid at an auction, Endeavour Mutual Bank can provide continued support and up to date information along your journey to make the process as simple as possible. The friendly staff at Endeavour can help guide you through the process of applying for a home loan and ensure you are on the right track.

To find out more about preparing yourself for purchasing property contact us or explore our easy to follow Home Buyers Guide for some more handy hints and tips.   

Alison Gallagher is a freelance writer, resourcefulness expert and entrepreneur. She has been featured in various publications including Stellar Magazine, Australian Health and Fitness Magazine, and Cleo Magazine. Alison is particularly passionate about sharing practical tips on how to live simply, sustainably and seasonally.