The Five Critical Steps in Buying a House

Owning a home is one of the core concepts of many people’s dreams. When you're ready to turn that dream into reality, there are concrete steps to follow. These steps ensure that you get the best deal and that the purchase of the property sails through with as few problems as possible. 

1. The Deposit

You must afford the deposit to purchase a home. Set aside some money in the form of savings. Most lenders require you to have at least 20% of the house price for the deposit.

2. Get Pre-approved

Before you embark on the home buying process, know what you can afford. YourMortgage.com.au suggests you visit a mortgage company for them to run a check on your finances and debts and tell you how much you can afford.

3. Choose a Reliable Real Estate Agent

Having an agent is the key to understanding the market trends and rates. Choose an agent from a company with good reputation. Alternatively, friends and family can recommend one for you.

4. Shop for the Ideal House

A real estate professional will help look around for properties within your price range. Your desired location and type of home determines the residences you'll be checking. GardnerVaughanGroup.com.au recommends finding a development that meets your expectations. Once you find a home or apartment for sale in Brisbane that suits your requirements, make an offer. Your agent is invaluable when making the offer — he will prepare the legal contract that is agreeable to both the buyer and the seller.

5. Inspections and Closing

Carry out an inspection to determine the stability of the house and the presence of pests and moulds. Find out if there are any electrical, plumbing or drainage issues with the building. MoneySmart.gov.au suggests you acquire homeowners insurance and decide the closing date. Settle any closing fees as you finalise the contracts.

Buying a house is an enormous financial commitment that requires time, patience and effort. Go through these steps carefully to successfully own your dream home.