Buying a first home is a truly memorable milestone, no matter how early or late it arrives. In many ways, it is the realisation of the great Australian dream.
But the journey does not start or end with signing the dotted line on your first Contract of Sale. It starts well before and ends well after this happens.
So, as a first home buyer, what do you need to know?
As an experienced conveyancing team with many years of experience in helping our first home buyer’s dreams come true, Tick Box Conveyancing has walked countless people just like you through this process.
In this blog, we will share a range of tips that will help you understand the journey ahead and prepare for your first purchase.
What to expect as a first home buyer?
The first thing to expect is that this journey is not guaranteed to be an easy one.
However, if you have done the hard yards of saving a decent deposit, then you’ll be ready for the trials ahead.
However, you should be prepared to experience disappointment at not getting the first house you come across that you like and you’ll probably need to be prepared for the roller-coaster of emotions that come with bidding at auctions or the tense negotiations that can take place during a private sale negotiation.
Ultimately, though, you should expect the feeling of triumph when you find, buy and settle on your first home.
That’s what it’s all about and at Tick Box Conveyancing, we’re determined to help you get there.
How to prepare for your first purchase?
The main things to do when preparing to buy a first home are:
- Speak to a mortgage broker and work out what sort of loan you can get approved for and what your budget should be
- Check for any grants that may be available to you – such as the Victorian Government First Home Buyers Grant
- Settle on the area you want to live and the type of property you want with your budget in mind
- Speak to a conveyancer about a pre-purchase contract review before you sign a contract.
These four key points will help ensure you are ready to start your hunt in earnest.
You might be wondering what the importance of a pre-purchase contract review is.
This is a vital step in ascertaining important information about the contract of sale you will sign, the property you are purchasing and the vendors (AKA: sellers) you are buying from.
For example, a pre-purchase contract review allows Tick Box Conveyancing the chance to:
Review the Contract of Sale: This allows Tick Box to review the terms of the sale and provide you with an easy-to-understand breakdown of the terms and conditions – as well as any disadvantageous special conditions – so that you can fully understand what you are signing. We can also help you negotiate conditions into or out of the contract upon further instruction.
Conduct a title search: This is an important part of the pre-purchase process that helps Tick Box confirm that the vendor has the right to sell the property, as well as informing you of any caveats on the title or restrictive covenants (EG: single-dwelling covenant) that may restrict your future use of the property.
Once everything checks out, you can sign that Contract of Sale with confidence!
After the contract is signed: First Home Buyer Conveyancing
Once the contract is signed the waiting game for settlement begins.
Well, at least it does for you.
At Tick Box Conveyancing we’ll be busy getting everything ready to ensure that the property settles on time, whether that’s in 14 days, 30 days, 60 days, 90 days or longer.
On the road to settlement, Tick Box will:
- Apply for all relevant certificates
- Lodge a caveat on the property on your behalf to protect your interest in the property
- Prepare documents for the transfer
- Coordination of the transaction with the client’s lender and the representative of the vendor
- Calculate the status of adjustments and the needed cash balance for settlement
- Book in the electronic settlement
- Prepare a Notice of Acquisition and send it to the proper authorities to notify them of the change of ownership.
- Provide customers with a Settlement Statement and Tax Invoice to conclude the transaction
First Home Buyer Conveyancing in Summary
Tick Box Conveyancing’s pre-purchase advice will assist you in understanding the duties you will incur by acquiring a house and land package in a specific development and will ensure you are aware of any unique restrictions that may apply during the construction of your new home.
Once acquired, our expert staff will maintain continual communication with the vendor to keep you informed of building progress and to guarantee that everything is in place when settlement is due to ensure it goes off without a hitch.
Contact us today to learn more.