Would we be correct in saying, most of us all love a good plan? And most importantly putting it into action and seeing it work its magic!
It’s no secret, in today’s day and age we all seem to be time poor and our to-do-list growing by the minute leaving us with little (or no) time to find that perfect new home. But what if we said, we have a solution and it comes in the form of…A PLAN!!
Of course the plan needs to be strategically set out, week by week to ensure no stone is left unturned and all the necessary steps are taken to secure the property you have your eye on.
Week 1 –
Talk to your bank. And definitely don’t leave this till last but as well talk to a mortgage broker. They have the ability to research many different banks and loans to find the perfect one that will suit you. Remember that your finance can take time to be approved so getting in early is important.
Week 2 –
Great news – you’ve heard back from your broker and your application has been pre-approved. So it is time to start researching your home purchase with serious intent because you can now make offers with confidence you’ve got the dollars to close the sale.
Lock in a solicitor or conveyancer at this stage too, who will be able to review any contracts as well as give you legal advice when needed.
Week 3 –
Week 4 –
If you haven’t already found your perfect home, or if negotiations have stalled, don’t stop scouring the market this week. If you miss out on one there are always 10 more great properties just around the corner.
Week 5 –
You’ve whittled it down to a prospective home that suits your needs and falls inside your pre-approved budget. You decide to make a legally binding offer, which should be in writing, on a Contract of Sale, for the vendor to take it seriously.
Week 6 –
Your offer has been accepted, hooray!! Remember any cooling off period will enable your bank to approve your selection of property and give it time to conduct its own valuation. On agreement you’ll also be asked to pay your initial deposit on the home to the agent, who deposits it in a trust account until the home’s settlement.
Week 7 –
This week there’ll be lots phone calls and emails so stay in touch with your agent, your legal team and your broker. If you haven’t already – and you should do it as soon as your contractual offer was accepted – you should arrange building and pest inspection.
Week 8 –
As this week begins, things are pretty quiet on the legal and bank front. Your legal team will be busy conducting title searches to make sure your home has a clean title and your bank will be busy getting all your settlement funds ready for the big settlement day. You should hear from your broker/bank and learn that your valuation came back as expected and your home loan is now unconditional. This is extremely important news. It means your purchase has the green-light from a funding point of view. If you will need a removalist or need to hire a truck and DIY, use this week to start arranging the detail. Also use this week to connect your electricity and gas. Utility companies need time to organise connections so get on top of this before you move.
Week 9 –
So now you’re a definite yes for your new home it’s time to shout it from the rooftops. Or, more importantly, let relevant parties know of your new address. Organise to have your mail redirected, and be sure to cancel any services specific to your current property.
Week 10 – 14
Settlement day has arrived, depending on the terms negotiated in your Contract of Sale. Your legal representative will phone with the good news when everything is done. You are now the proud owner of your new home and can collect its keys from the selling agent and move in! Enjoy!!
SOURCE – Based on an article from realestate.com.au