10 Steps to Successful Home Buying

1. Step 1: Figure out how much you can afford. The first and the most important step to buying a home is to talk to a mortgage broker or bank so you know how much you can afford to borrow, as well as the repayments. Typically 5 to 20 percent of the purchase price is required, depending on the loan terms. Your income, current monthly expenses, deposit and the current interest rates will determine how much you can borrow. You can’t forget to include the other expenses such as moving, insurance, etc. into the account. It is always a good idea to talk to several lenders to compare costs and interest rates and negotiate to get a better deal.
   
   
2. step 2: Make a ‘wish list' of what you're looking for in your new home. Think about where on the list you would like to own real estate. You will surely have a list of “must have’s” and “nice to have’s”. For example: you “must have” one, two or three bedrooms, or be close to activities such as golf or located on/ close to the beaches. A “nice to have” is a gated community, with a lovely land or sea view.
   
   
3. Step 3: Research areas and prices. Start here Start here to carry out official inquiry about prices and housing styles in different areas. Our website is particularly useful if you are moving between countries, etc..
   
   
4. Step 4: Decide where you wish to purchase. This will be based on what you can afford, so have your deposit ready! A forfeiture of legal documents is introduced to most agreements. Golf Course, Beach and family lifestyle are some of the options you might have in mind. It is important to be flexible with your area selection.
   
   
5. Step 5: Property Title. Once you find a home you like, check what type of title the property has: freehold, leasehold, etc... With leasehold properties, check how long the lease has to run and what the annual land rent is. With condominiums, check whether the property has a body corporate or other associated fees.
   
   
6. Step 6: Specialist Inspections.If you are serious about a property, but unsure of structural issues, you should arrange for a building inspection by a building inspector or qualified tradesperson. We can assist in having this done.
   
   
7. Step 7: Buying at an auction?Buying property at auction is an incredibly exciting and a profitable way to buying a property. You first register your interest with the real estate agent in advance. Also, get pre-approved finance, and if you are the successful bidder, the contract will be guaranteed. Secondly make sure you have the funds available to pay a deposit on auction day. Remember to carry out necessary checks before the auction.
   
   
8. Step 8: Making an offer. You’ve found your dream home and you’re ready to make your offer. When making an offer on a property, make sure a copy of the contract is sent to your solicitors and follow their advice. If the seller responds to your offer, you may need to negotiate until you both agree on the terms of the sale.
   
   
9. Step 9: Deposit. When you have reached an agreement with the seller of the property, a deposit will be payable. This is usually around 5 – 20% of the purchase price. Until the offer has been signed, you shouldn’t give the earnest money deposit to the seller. Otherwise, if something goes wrong with the deal, you could find yourself in a situation where your earnest money deposit is held by the escrow and you cannot reach an agreement with the seller. Deposits are held in the real estate agent or lawyer’s trust account for a minimum of ten working days.
   
   
10. Step 10: Final walk- throughs.Final walk-throughs are not a home inspection. It’s not a time to begin negotiations with the seller to do repairs, nor is it a contingency. A final walk-through is an inspection to make certain that the property is in the condition you agreed to buy. It is never a good idea to forget the final walk through. This can be arranged through us.