The three key steps you need to take when purchasing a new property

Introduction

When you decide to buy a new property, the number of things to do to get started can seem overwhelming at times. Do you know what steps to take to end up with your dream home? AA Finance Solutions has you covered. This blog post breaks down the three key steps involved in purchasing a property. This includes organising your finances, doing your research, and putting an offer in. AA Finance Solutions has a wealth of experience in all of these areas, and this guide will help you gain some insight as well.

Body

• Finance:

If you’re buying a property, the first step is understanding your financial position. This means you need to speak to a mortgage broker to get pre-approval. Pre-approval is a process where you organize your finances before you buy any property. You also need to get to know your budget. Understanding how much you can afford to spend and still be able to pay back your loan is incredibly important. When planning your budget, you can also discuss the amount that you can afford to deposit on a home loan. Mortgage brokers have great experience in this area. You also need to outline your objectives. Do you want to buy an established house, or do you want to build one from scratch? Are you looking for an owner-occupied property, or for an investment property? AA Finance Solutions can assist you with all of this in order to help you get the best possible deal.

• Research:

When buying a new property, research is key. Make sure you research the area, as well as the prices of houses in the area – a sales comparison will help you know that you are getting the best deal, and how much you should offer. Knowing how much homes have sold for in the area in the last three to six months could give you that extra edge. Furthermore, go to as many home-opens around where you would like to buy to make sure that you have a feel for the area and like the neighbourhood.

• Making an offer:

When putting in an offer, make sure the property is subject to finance approval so that your deposit is protected. Also ensure that you carry out a termite and building inspection, as well as finding out the ongoing costs associated with the property. These costs can include strata fees, council rates, and more. It is also important to make sure that all appliances and electrical outlets are working properly before you purchase the property.

Conclusion

In conclusion, if you’re purchasing a new property and considering the first step to get the process started, remember these tips. Get pre-approval, get to know your budget and deposit, and have clear objectives when purchasing. Furthermore, make sure you do your research to get the best home for you, and when you put in an offer check of all the boxes to be certain that the property complies to all standards. Ultimately, the more work you put in before you sign the papers, the better off you will be.

If you have any further questions, require some extra help, or are looking for quality advice, the friendly team at AA Finance Solutions is here for you.

Give us a call at 0433 068 970 or drop into the office for a chat.