Before you invest in the Australian real estate market, it is pivotal for you to understand the entire home buying process along with the Australian laws and rules.
Whenever it comes to buying a first home, you want everything to perfect. Whether its about choosing the most suitable housing options or a preferred location, you need expert guidance to make a well-informed decision. It is good to consult a local real estate agent who can offer you professional advice and help you choose an ideal location with great ROI.
Here is a complete buying guide to simply the process:
1. Hire Seasoned Professionals
1. Hire Seasoned Professionals
This is an crucial step especially if you are buying a property for the first time. Since you are new in this field, you may need professional assistance throughout the process. So, the first thing you need to do is to hire the following professionals:
An experienced and reliable mortgage broker will help you apply for a mortgage while buying a property in Australia. The Australian government has imposed lending restrictions on foreign buyers. So, it becomes important to hire a mortgage broker before buying a property.
You will also need a solicitor or conveyancer to take care of your legal things, necessary for the property buying process. They do a complete research on the property to manage the transfer of ownership and check the contract before signing it.
You also need to obtain a tax file and it is best to appoint a tax accountant if your are managing your property investment.
2. Evaluate Your Financial Needs
Do not forget to understand and secure your finances. It is an integral step that can help you find the most suitable house within your estimated budget. You can take assistance from a mortgage expert and understand how much you lend money and what your loan repayments will be.
3. Choose a Preferred Location
Living in a metropolitan city is a dream of every single individual in Australia. Some wants to live close to the CBD while others want to wake up seeing the breathtaking beachside views.
If you are planning to buy a new house, make sure you do thorough research about the city or suburb depending on your estimated budget. You can also take professional assistance from a real estate agent to know more about the place, nearby schools, hospitals, and other facilities.
After finalising the location, your next quest will be finding the residential property you always dreamt of. Whether you want a luxury apartment or a townhouse, you can contact the real estate agent and get more details.
Borrowing funds is a crucial step when buying a home in Australia. Make sure you compare the different types of home loans and choose a one with a lowest interest rate. Do not forget to know the different between variable and fixed interest rate loan.
You need to follow the legislation and regulation of an Australian government while purchasing a residential property. Secure the property by presenting an offer-contract of sale, exchange of contracts as well as settlement.
You can hire a legal expert if you are in any doubt.
Follow this process and buy your first dream house in Australia. Make sure you hire professionals to streamline this complicated process.