Questions To Ask Yourself About The Home Buying Process

What is the process of buying a home?

It’s a question we’re asked often. When buying a house, there are a number of factors to consider. Simply finding your dream home is just one piece of the puzzle; there are a few boxes to tick before you get to your turn key moment. We are often asked about the process of buying a house and find there is missing information, or misinformation, on a few key milestones.

We answer the most commonly asked queries buyers have to help fill in a few gaps so that your process is as smooth and surprise-free as possible.

  • How do I know the market value of properties?

Although it might be tempting to only attend inspections on homes that fit your needs and wants perfectly, it’s often a good idea to go to inspections on houses you don’t necessarily want. Doing this will help you understand the market more and the value of homes in an area. Although we are more than able to share with you knowledge on the local market, it’s good to see it for yourself too. This way, expectations of what you can attain for your budget (both higher and lower) can be better understood in the lead up, even up to a year, before your purchase or your meeting with us.

  • What finance issues do I need to be aware of?

Stamp duty is one of the most common financial surprises we see buyers deal with. Not necessarily because it exists, but rather the sheer amount it comes to and it isn’t included in the overall cost of your home. It’s also worth noting imminent changes to how stamp duty is calculated. As of July 1 2019, stamp duty will be indexed in the Consumer Price Index, keeping it tied to inflation and ensuring housing tax doesn’t grow as rapidly as it has the last few decades. This could save buyers up to $500 for the next few years, with this amount expecting to grow year on year.

  • How much should I tell my agent?

Be transparent with your agent around expectations and budget. We are here to assist you and match you with your perfect home, whatever its purpose. Your expectations, needs and wants, might change over time, but you are free to alter your preferences at any stage; it’s just important your agent knows and can work for these preferences accordingly. Also, by being up front as early as possible, you may have a chance to benefit from a house that hasn’t hit the market yet that your agent has been made privy to.

  • What are the legal requirements of buying a house?

Your solicitor will be well versed on the legalities around your home purchase, but it’s good for you to have a firm idea too. Double check that your contract clauses cover a settlement timeframe that you are comfortable with, and that it is as fair for you as it is the seller. Your mortgage documents will also be required, and check certain obligations such as any consequences if you refinance your home, or pay your mortgage early.

For more information on the buying process, do not hesitate to contact us to discuss more or visit NSW Fair Trading.

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