Tag Archives: Buying A Home

The typical timeline to buying a home

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.

5 things to know before negotiating on property price

Have your eye on a property that’s being sold via private treaty? Not sure where to begin negotiations?

If you answered, “yes” to the above then you’re not the only one, with many prospective buyers asking us how they should kick off negotiations or what they need to know first. Unlike an auction, where all the bidding is done on the day, a private treaty sale can take time and it might be awhile before a price can be agreed upon between the buyer and seller.

Here are some tips that might help your negotiations go smoother:

  1. Don’t be afraid to move quickly on a property you want

If you like a home and it ticks all the boxes, it’s best to make a move on it as quickly as you can, particularly if you know others are interested in the property. It only takes one other buyer to make an offer ahead of you to result in you missing out.

Things can move very quickly when a property is in hot demand, so put in your best offer upfront and do it as soon as you can, otherwise you might regret missing out.

  1. Get mortgage pre-approval

It’s always a good idea to have your finances sorted before you start making offers. By having mortgage pre-approval you will have a solid idea of your financial limits and can feel more confident when making offers. Having pre-approval will also allow you to move quickly when you find a property you want and help ensure your offers don’t fall through.

  1. Put offers in writing

If you just mention figures in passing then you might not be taken as a serious buyer. When you are serious about a property and know how much you’re willing to pay then make your offer in writing to the real estate agent who will then take it to the vendor for consideration. If your offer is not accepted then you might need to reconsider your initial offer and this is where there may be some back and forth before both parties can come to an agreement.

  1. Think about contract terms

Price isn’t the only thing up for negotiation in a property sale. Property contracts can be subject to a broad range of conditions such as finance, building and pest, or the sale of the buyer’s property. It’s best to keep terms as simple as possible, however chat to the real estate agent to see if there are any terms that might seem attractive to the seller such as a long settlement or a lease back. In some cases you might be able to negotiate a sale price down if it has terms in favour of the seller. It’s also a good idea to seek advice from your solicitor or conveyancer.

  1. Remember that negotiations aren’t a game

Ultimately, if a property has everything you want and need then ask yourself if it’s really worth holding out because you want to save a few dollars or “win” in negotiations.

Every property is worth something different to different people, and there is no right price to pay. Don’t worry so much about what other buyers are doing and instead consider what a property is worth to you – would you be upset if it sold to someone else over the matter of a few extra thousand dollars?

When negotiating for a property you need to consider the big picture and ask what is more important – the extra bit of money you could potentially save, or locking in the home that you really want.

If you’re after any more advice about buying in Mudgee then don’t hesitate to get in touch with the Professionals Mudgee Real Estate team.

How to work out what you can afford to borrow

Thinking about buying a home in Mudgee this year? If so, you will need to take a long and hard look at your current financial situation.

Going through all of your financial comings and goings isn’t a particularly fun task, but the sooner you have a financial plan in place, the sooner you’ll be able to start shopping for your ideal Mudgee home.

Take control of your finances

Talking to a lender might be the first step on your home buying journey, but don’t expect them to do all of the hard work for you. It’s really important to take control of your own finances and understand your financial limits, and what you can comfortably afford to pay for a mortgage each month.

Sure, your lender might tell you that you can borrow a larger than expected amount, but if you take the full amount you might find yourself under financial pressure and unable to live the lifestyle you’re accustomed too. So get to know your finances and spending habits and figure out a budget you can work within.

Track all spending 

Start tracking everything you spend money on, whether it’s big items like rent or smaller ones like your morning coffees. While you’re tracking your budget, look for things you think you could cut back on to help you save, and potentially help you increase your borrowing capacity. Perhaps you can cancel your gym membership? Or maybe you’re paying too much on your credit card? Even the smallest expenses can add up over time, so without them you can save for your home deposit faster.

Keep a financial buffer

Generally, people add up their rent and savings when figuring out their borrowing capacity, however there are a lot of extra expenses that come with home ownership that you will need to account for.

Expenses you might need to budget for include (this is a non-exhaustive list):

  • Building/pest inspections
  • Moving costs
  • Insurance
  • Council rates
  • Ongoing maintenance
  • Utility bills
  • Stamp duty fees
  • Strata fees/body corporate
  • Conveyancer/solicitor fees

Try to be conservative when calculating what you can afford so you don’t end up overstretching yourself later on, and always get financial advice as early in the buying process as possible.

For those who are ready to buy, feel free to browse our properties for sale at professionalsmudgee.com.au.

Are Big Houses on Big Blocks the Australian Dream?

In past decades we’ve always heard that owning your own home is the great Australian dream, but as finances become tighter for many especially in city areas, is this still true? And if it is, is it still a big house on a big block of land that Aussies are dreaming about?

For a long time, Sydney-siders just didn’t consider the option of a big block of land a possibility without spending a lot of money, and New South Wales saw a lot of residents move to places like Brisbane and Perth where city living could offer a big house on a big block at more affordable prices. This doesn’t appear to be the case any more though…

In recent times property data has shown that rural cities in New South Wales (such as our very own Mudgee) are becoming more popular for Sydney-siders. Where interstate migration used to be relatively high, we’re now seeing intrastate migration.

Buyers are starting to realise that they can achieve their goal of owning a big home on a big block of land by living in a rural city like Mudgee and travelling to the city when needed. You don’t need to move interstate for an affordable land package and lifestyle – there are plenty of wonderful properties in the Mudgee region and we would be happy to recommend some to anyone who is looking to upsize to their great Australian dream home.

Want Insider Advice on Everything Real Estate?

We try to share as much real estate information as we can on the I Love Mudgee blog, because we believe that helping people to research and educate themselves in the language and processes involved in real estate is beneficial to helping them achieve their ultimate property goals.

So in this day and age where many of us are expected to be experts at everything whether it’s knowing our industry, being parents, finding our way around technology and social media, cooking MasterChef inspired meals or everything else, we would like to present REinsider – a free community resource from Professionals, offering hints, tips and up-to-date property information direct from industry insiders.

Whether you’re making decisions about buying, selling, investing and renting, the guides, information booklets and videos that are offered as part of REinsider can be used by anybody! Combine the forces of REinsider with our very own Showtime Magazine, and you’ll have just about everything you need to achieve your next property goal.

The website has all of the latest information and it is live right now – so jump onto www.REinsider.com.au (UPDATE: Link no longer active) and check it out for yourself.

What Makes A Home Family Friendly?

We quite often hear buyers refer to their dream home as being family friendly, so we thought today we’d clarify just what that means in terms of property searching, because for the most part, property searches are filtered by number of bedrooms, car accommodation, land size and other specific items.

A family friendly home is one that is suitable for one or many children to grow up in, from infancy to teenage-hood. Here are the things that we believe make a home family friendly:

  1. Proximity to desirable schools, amenities, shops and parks. If you’re searching on our Professionals Mudgee website, you can use the ‘Walkscore’ feature on each property to see how it rates for walking distance to different types of facilities including eateries, schools, entertainment, parks, banking, shopping and more.
  1. A family orientated neighbourhood. Talk to your preferred agent about the demographics of the area you’re buying in, having plenty of other families around you can help you build a network of friends and also help keep the neighbourhood safe.
  2. Transport accessibility and car accommodation. They’re not just something that city-dwellers definitely have to consider, here in Mudgee, you may want to consider how your children will get to school and how you and/or your partner will be getting to and from work, as well as how many cars/bikes/caravans/trailers etc you’re going to need to park on your property.
  3. Adequate area for your child or children to play indoors and outdoors. A home with a larger backyard, room for a play set and undercover areas outside, plus a separate rumpus or living area inside may be desirable for families who don’t want to feel like they’re living on top of one another.
  4. Necessary bedrooms and bathrooms. You can’t underestimate the necessity for an additional or separate bathroom and toilet. The more people in your home, the more likely there are to be issues when the bathroom is occupied, so having enough amenities in the home to accommodate everyone is recommended.

One of the greatest things about Mudgee is the fact that it’s hard to find areas that don’t offer family friendly homes like the ones described above. Whilst not all properties will tick 100% of the boxes, you can generally find something to suit your needs by weighing up what you absolutely need in a property and then looking for the added bonuses or budgeting to renovate or add onto the existing property at a later date when the kids get bigger.

If you’d like to chat property or anything “Mudgee”, please don’t hesitate to get into contact with us – Adam and Chandelle Woods, Professionals Mudgee  – 6372 2584.

Property Research Resources

Buying or selling a property can involve a lot more research than simply finding a home or an agent online, so we wanted to share some of the resources that might help you in researching local areas, demographics, market trends and more.

Below we’ve listed some websites that help you compare real estate statistics so that you be informed about where you’re buying or selling. Whilst much of the information on these sites is general, it is a good starting point for your property research. Remember to check the date that the information was published as well to ensure you’re getting the most up to date data.

–          MyRP: Reports for Buyers, Reports for Sellers, Reports for Investors

–          Australian Property Monitors: Reports for Buyers, Reports for Sellers, Reports for Investors

–          Real Estate Institute of New South Wales: Helpful Links

–          Realestate.com.au: Local Voices, Suburb Profiles

–          Domain.com.au: Suburb Reports

It is always a good idea to talk to real estate experts in the area to make sure what you’re research says is reflected in the current day market and that you’re interpreting it correctly. But as a place to start with your property research, whether it’s in Mudgee or otherwise, if you are looking to buy, sell, rent or invest then these websites should be able to offer you valuable information.

To chat to us about the local Mudgee market, please feel free to contact us any time.

Moving Tips for the Budget Conscious

Moving house can be more expensive than people realise. By the time you’ve bought boxes, tape, hired a moving company with two big blokes and then spent all of your energy coordinating everything, your precious time and money can been chewed away quite significantly.

Here are some tips we came across that we thought you might find helpful, especially if you’re moving on a budget!

  1. Sort out whether you’re going to keep, sell, give or throw things away. Only keep what you’re going to use in your new home.
  2. Time permitting, sell old belongings online or in a garage sale to make a little extra cash.
  3. Empty your fridge, pantry and freezer as much as possible by eating what you can.
  4. Contact your utility companies and service providers to advise of your vacate date.
  5. Pack it yourself, but start as early as possible so you’re not rushed to meet your moving deadline.
  6. Pack into things you already have, like suitcases, shopping bags, school bags, tubs etc.
  7. Use recycled boxes from friends or local businesses.
  8. Save newspapers or ask local newspaper or newsagents for old paper to wrap breakables.
  9. Ask friends to help, they’re generally cheaper than professional movers.
  10. Get multiple quotes if you’re going to use professional movers.
  11. Clean up as you go, it will make the final clean up after everything’s gone a bit easier.
  12. Have a plan for moving day – who takes what, when things need to be moved by etc.

Do you have any other moving tips you could share with readers? We’d love to help out as many people as we can, so feel free to share these tips or comment below.

First Home Buyer Grants Still Available

It’s not too late!

If you’re a first home buyer, you would know that the 1st of January brought about the end of the First Home Plus Scheme exemptions and concessions here in New South Wales. The good news for first home buyers is that it was replaced by the First Home – New Home Scheme.

For new homes valued up to half a million dollars, the new scheme means first home buyers will still be eligible for Stamp Duty exemptions. The same goes for vacant land valued up to $300,000 which also still allows the $7,000 First Home Owner Grant rebate.

So our advice for first home buyers is to get serious about your property plans. With so many changes happening within Government, it’s important to stay abreast of what rebates and concessions are available to you for the type of property and price bracket you’re looking to buy in so you can maximise your finances.

If you’re interested in vacant land in or around Mudgee, we’d be happy to help you out, or you can check our property listings online.