Steps for Buying a House
Buying a property can seem overwhelming, but following these key steps will help simplify the process and guide you towards owning your new home.
2. Understand Your Finances
Before moving forward, assess your financial situation. Determine how much you can borrow, ensure you have a 20% deposit to avoid Lenders Mortgage.
3. Research the Property Market
Research your desired areas and compare recent sales to understand market trends. You can explore suburbs within your price range and identify the best options for your lifestyle and budget.
4. Building Contract and Contracts Signed
If you’re building a new home, the building contract is prepared and signed. Review the contract thoroughly, ask questions, and ensure everything is in order before signing. Contracts will be sent electronically for signing, and you’ll have a 5-day cooling-off period.
5. Final Amendments and Sales Acceptance
Finalize any amendments to the contract and pay the balance of the deposit. Once all formalities are completed, the sales team will update your agent, who will provide further instructions and progress updates.
6. Pre-Start On-Site Meeting
Attend the pre-start meeting with your Building Supervisor to discuss the construction plan and ensure your site is ready for building. This includes completing necessary surveys and ensuring all required documents are in order.
1. Expression of Interest
Once you’ve found the property or home design that fits your needs, fill out an expression of interest form, select your upgrades, and pay the initial deposit to secure your choice. This is the first step towards making the property yours.
7. Building Approval
Building approval will be lodged with an independent surveyor. You will need to provide signed loan documents to the Customer Service officer to move forward.
8. Commence Construction
Construction begins! This includes installing underground services and pouring the foundation (slab). At this stage, the slab stage claim invoice will need to be settled.
9. Attend Inspections
Throughout the construction process, inspections at key milestones are important. This includes frame completion, lock-up, and finishing stages. Stay involved to ensure the build meets your expectations.
10. Lock-Up and Fixing
After the frame is erected, external cladding, electrical and plumbing work are completed, and the house reaches the lock-up stage. Internal finishes like painting, tiling, and other fixtures are done in the fixing stage.
11. Quality Assurance and Handover
A final Quality Assurance inspection ensures the home is built to the highest standards. Once approved, the keys are handed over, and you can officially settle into your new home.
12. Moving Day
Organize your move, notify relevant parties of your new address, and arrange utilities for your new home. On moving day, ensure everything is ready and enjoy settling in.
13. 90 Days Maintenance
Post-settlement, you’ll have a 90-day maintenance period to report any issues. The builder will address any concerns to ensure your home is in perfect condition.
