For homebuyers, the process of buying a home can seem to go on forever.
There’s finance to think about, and then the home searching itself… not to mention the negotiation process. It can take months or even years from the moment you decide you want to buy to the moment you get the keys to your new home.
Stage 1: Working out finances
To help avoid any hiccups on the path to your future home, it’s a good idea to get your finances organised as early as possible.
Figure out what you can afford to borrow and talk to a lender about getting pre-approval.
The good news if that some lenders can offer almost instant pre-approval, making this part of the process rather quick and pain-free. However, be aware that you won’t be granted formal approval from a lender until all factors are known and a valuation has been done on the property you intend to buy.
Stage 2: The house hunt
Once you have done your sums you can start looking for properties that suit your needs and budget requirements.
This part of the home buying journey can be the most frustrating. Buying a home isn’t the same as picking out something you like at the shops. Every property has pros and cons and you might have to compromise a little to find the right balance of everything you want.
Some people are lucky and buy the first property they visit, but others might spend many weekends looking at open homes until the find the perfect place.
It doesn’t end once you decide on a place either. Some buyers might make a number of offers, or bids at auctions, before they finally end up purchasing a home.
Stage 3: Waiting for settlement
After all that time spent talking to lenders and going to open homes, real estate offices and auctions, you’ll probably be ecstatic when you eventually purchase a home.
Hopefully it will be a smooth ride from here on in, but settlement times can vary from an average of 30 days or considerably longer depending on the conditions set out in the contract.
At this point it is important to have a good conveyancer or solicitor on your side who can help guide you through the settlement process and ensure you’re in your new home as quickly as possible.
Patience is key
Buying a new home won’t happen overnight and it could be some time before you decide on a home that meets all of your requirements.
Some people take a couple of months to buy a home and some people take years. Everybody is different, but if you’re getting frustrated with the whole process then try to be patient – it will all be worth it in the end!
Good luck on your home buying journey and if you would like any help then don’t hesitate to get in touch with the team at Professionals Mudgee Real Estate.