Becoming a homeowner is an exciting milestone. For many new homeowners, this can be an intimidating time as they are unsure how or where to begin the process. To aid you for the journey ahead, we’ve broken down the process in 7 clear and easy steps to guide you into homeownership.
Research
Before you make the first enquiry, you must determine if you are ready for the responsibility of being a homeowner. It is a large financial and emotional commitment to make, so it is important you understand the roles and expectations involved. There are three questions you can ask yourself to determine if you are ready to become a homeowner.
Once you decide you are ready to be a homeowner, it is recommended you do your own research on what to expect during the process. Research can be conducted online or by seeking advice from family and friends about their property buying experience.
Enquire & Become Qualified
Every homeownership journey begins with the initial enquiry.
Your first enquiry should be to assess your eligibility on becoming a homeowner. It is important to assess your current situation, before deciding a location or house, so you can address any limitations you may have.
By completing a Homeownership Assessment, you can determine if you are eligibile for any current Government and if you meet most banks’ lending criteria for a home loan application.
This step may seem overwhelming for some first-time buyers. At QLD Property Group, we support all future homeowners at every stage of the homeownership journey by providing ongoing support until you achieve your property goals.
Receive Financial Pre-Approval
Once you complete the Homeownership Assessment, you can connect with a Finance Broker that is most suited to your situation.
Although it may seem daunting, the initial finance appointment will provide your Finance Broker with a thorough insight of your current financial situation, so they can assess what your future in homeownership looks like.
The initial appointment is the first finance milestone you will achieve in your homeownership journey.
After the initial appointment, your Finance Broker will take the appropriate measures in assisting you attain finance pre-approval.
Pre-Approval means you have been approved for a home loan with a lender for a specific amount. Once you are pre-approved, you can confidently begin searching for your new home.
Find the Property
Finding the right property can be tricky, especially if it is your first property.
The first step in finding the right property is determining your ideal location and property preference that is within your budget. From there, you can begin house hunting confidently.
The first decision to make is to decide if you would like the purchase established or build a new home. Then to choose the type a home as there are numerous types of homes for you to consider. Examples of these homes you can choose:
- Detached Home;
- Townhouse or Villa;
- Apartment; and
- Dual Living.
If you prefer to own an established home, booking an inspection or attending open homes will help you find the property.
If you prefer to explore building your first home, booking an appointment with a new home consultant will help you understand the type of property you would like to buy.
When you’ve found your ideal property, you can confidently make an offer by completing an Expression of Interest with your contract conditions and submitting to the Real Estate Agent or New Home Consultant. Once your offer has been accepted, you’re ready to move to contract signing.
Contracts
The contract signing stage of the homebuying process is where the property purchase begins to feel real. Although it may seem daunting, this is where your conveyancer will come into the process and assist you with the legal process.
If the property is established, you will only need to sign one contract. If you are building a new home, you will sign two contracts – Land Contract and New Build Contract.
Once you receive the contract, ensure all your personal details and contract terms are correct as per your Expression of Interest before signing.
If you require finance for the purchase, the bank valuation can be ordered once your contract is executed.
Unconditional
Unconditional – one step closer to becoming a homeowner! At this stage, your lender has approved your loan without any additional conditions, and you can move towards settlement.
You will be issued documents by your lender which will need to be executed and sent to your lender’s solicitor in preparation for settlement.
Settlement
At this stage, all legal and financial representatives for the seller and buyer will handle the settlement process.
Once you receive notification of settlement, this is the time to celebrate! You are officially a homeowner or landowner.
Click here to turn your homeownership dreams into a reality and become qualified. Alternatively, click here to book an appointment and connect with an industry expert.