An Essential Checklist for Buying Real Estate

If you are looking to acquire property in the near future, there is much to consider. If this is your first time, it can seem a daunting prospect, what with all the legalities, and with that in mind, here is an essential checklist to make sure that nothing is overlooked.

  • Mortgage Preapproval – Simply put, no seller will take you seriously unless you have mortgage preapproval, and besides, you will not be sure that you can secure a home loan if you don’t make an initial application. Getting preapproval is really quite simple and can be done over the Internet, and it does not involve you making a commitment – rather it means that, providing the information you have provided is correct, based on the figures, the lender is prepared to accept your application.
  • Conveyancing Services – Buying real estate involves a lot of legal paperwork, which is handled by a conveyancing lawyer, and whether you are looking for conveyancing in Geelong or anywhere else, a Google search is all it takes to source such a legal expert. The solicitor would carry out essential searches on your behalf, to determine if the property is as stated and is not subject to any building restrictions. The lawyer would advise you on which searches you should carry out, and they will also handle all of the paperwork that goes with buying real estate.
  • Real Estate Agent – Unless you are lucky enough to have stumbled on the perfect property, you will need a real estate agent to help you find your dream home. They might work on a commission basis or charge a fixed fee, the latter being the preferred option. Whoever you decide to use, make sure that you understand the fees involved.
  • Check your Finances – There are a lot of fees to pay when you buy real estate; stamp duty and legal fees, commissions and taxes, then you have the expense of relocating, not forgetting the many essential items you will have to buy for the new home. You should list all your expenses and make sure you have the funds to cover it all before talking to sellers, as the worst thing that could happen would be if you went ahead with the purchase and haven’t the money to complete. This would cost you money for sure, perhaps in the way of a loss of deposit, so it is essential that you know the costs involved in advance and can meet the requirements.

One thing you need to be careful about is overstretching yourself financially, which is often the result of buying something that is beyond your means. Many people have found themselves in this situation, and faced with losing their home, they take out loans that they cannot afford to repay and it gets worse from there on in. Check and double check that you can afford both the monthly mortgage payments and the various costs involve with buying real estate.

If you are sure you can afford the property you desire, you can proceed with confidence and let the conveyancing lawyer handle the legalities.

News Reporter