A Comprehensive Guide on How to Purchase an Established Home

Becoming a homeowner is an exciting milestone, but it requires careful planning and preparation. This article will guide you through the process of purchasing an established home, providing valuable insights and tips to make the journey smoother. By following these steps, you’ll be well-equipped to navigate the real estate market confidently.

Sorting Out Your Finances

Before you can embark on your homeownership journey, it’s crucial to have your finances in order.

By understanding your financial capabilities and exploring potential Government Initiatives, you can make informed decisions. To assist you with this important step, we recommend connecting with a reliable finance broker. A finance broker will provide unbiased advice tailored to your situation and guide you through the necessary financial milestones of purchasing a home. Click here to connect with a finance broker and start your homeownership journey.

Determining Your Preferences

Once your finances are sorted, it’s time to identify your ideal home.

Organising your finances before starting your search ensures you focus on properties within your price range. Additionally, distinguishing between your “must-haves” and “nice-to-haves” will help you find a practical home that suits your family’s lifestyle. “Must-haves” could include specific bedroom requirements or essential amenities like a home office or garage. On the other hand, “nice-to-haves” are desirable features that can be added to the house after purchase, such as a newly upgraded kitchen, smart home features, or a pool.

Initiating Your Property Search

Now that you have a clear picture of your preferences, it’s time to begin searching for your dream home. Start by focusing on your ideal suburb or region and utilise real estate portals to explore available properties

Attending open homes is another excellent way to connect with real estate agents and build relationships in your desired location. Keep in mind that the current buyer demand is high, and you may face competition from other buyers. It’s also advisable to connect with local real estate agents to stay informed about off-market properties and upcoming homes for sale.

Making an Offer and Contract Signing

Once you’ve found the perfect property, it’s time to make an offer through your real estate agent. However, it’s important to note that your first offer may not always be accepted, as other buyers might outbid you. Nevertheless, stay proactive in your search and maintain communication with real estate agents to explore other potential opportunities. If your offer is accepted, you’ll proceed to the contract signing stage.

Before signing the contract, ensure it contains the same conditions you listed in your original offer, including Building & Pest, Finance, and Settlement. The Building & Pest clause allows you to have the property inspected, while the Finance condition sets a timeframe for meeting your lender’s requirements. Once these conditions are met, you’ll move forward with the settlement and officially become the owner of the property.

Take Away

Whether you’re a first-time homeowner or experienced in the real estate market, purchasing an established home requires thorough preparation. Start by getting your finances in order and connect with a finance broker for expert guidance. Next, determine your preferences and differentiate between your “must-haves” and “nice-to-haves.” Once you’re ready, embark on your property search using real estate portals and attending open homes. Remember to build relationships with real estate agents and stay active in your search. Finally, make an offer on your desired property, ensure the contract aligns with your original conditions, and proceed with signing and settlement. By following these steps, you’ll be on your way to achieving the dream of homeownership.

If you’re ready to take the next step, click to receive a Free Homeownership Assessment or connect with a real estate agent.

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