New topic open for discussion:
Im looking for a clear step by step process to buying a house. in Australia. Currently overloaded with information need to prioratise in a
clear simple step by step manner
This is a very broad topic but hopefully (WE) can cut it down to the general basics eg:
demographic, ammenities, future progress development, resale value repairs, running costs, unforeseen expenses
cost of paper work, legal documents, history checks on property, deeds, weather climate. Employment medical public transport
Feel free to add additional content as this is just the surface
Andrew
Hi Andrew
Not sure if this is what you are after, I am listing the way I proceed when purchasing not all the costs associated as this is a given, and this list would change depending on whether its a development property, renovating or a build etc
Just making it simple – if I was chasing a property to renovate, this would be my check list to identify suitable property.
1. Purchase Price Range, Identify a number of areas/suburbs in this price range that fit my criteria
2. Look at all previous sales over last 6 months, identifying size, condition, location of property to establish true value
3. Rental returns
4. Network with local agents and work with a couple to locate the right deal/price, weekly contact and use other sources.Once a suitable property is located get costings of renovation and potential resale by using comparables and (20% min), also as part of this process if I was holding the property I would look at how much rent could be increased once the reno was completed.
As you mentioned this is broad and have no idea if this is useful to you.
Cheers WI
Hi Apex_147,
The following website provides a rough outline with regards to the steps involved in purchasing a property
http://www.qccu.com.au/step-step-guide
- Try to get a pre-approval on finance
- Search for property that meet your formula / set criteria
- Inspect the property, and check what fixtures are included with real estate agent
- Make an offer in writing, and real estate agent will organise the 'Disclose to buyer' form and a 'contract of sale' document witha 'warning statement' attached, but consider adding in special conditions such as: 1) subject to building and pest inspection, 2) subject to finance, 3) subject to sale of existing property
- As soon as ontract has been accepted: a) Apply for home loan, b) Contact solicitor to organise conveyancing, c) Organise building and pest inspection, d) Organise home and content insurance
- Transfer documents will be completed by solicitor and you will need to pay Transfer duty
- Settlement – paying the rest of the purchase price
In addition to the above it may be worthwhile to speak to an accountant to see what the best structure to purchase under is, and possibly organise a depreciation schedule
The criterias you've mentioned such as demographics, employment, public amenities etc probably fall into step 2, and depend on what you want to achieve from purchasing the property:
- are you looking for capital growth, lump sum cash or income?
- will this be passive or active?
Hope that helps,
Kong
Thankyou to Worldinvestor & Kong for your input I have found it to be very helpful. I am currently doing a summary and will post it when done.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
