The real estate buying process can be an intimidating one, especially in such a hot market. Purchasing a home, whether it's your first or first in a while can be a tricky process even after taking out the stress as much as possible.
So, if you're new to the process or unsure on the latest processes for purchasing property in NSW, here are the steps you will need to take when buying real estate in Nelson Bay and surrounds in 2022.
Finances
The first thing you will need to do is get your finances sorted. Figure out exactly how much you have available to contribute to a deposit. When applying for a mortgage, you will likely be expected to contribute at least 10% of the purchase price upfront.
You can go to a few different banks and find out how much you will be able to borrow. This amount will be specific to your savings, income and other personal and financial details like your credit score. It will also depend on many other market factors heading towards the end of 2022 as interest rates have been on the rise.
It is also important to consider the other fixed costs associated with moving, including removalists, solicitors' fees, building and pest inspection costs and buying any furnishings that you will need when you first move in.
The money for these needs to be set aside so that the initial expenses are fully covered.
Property search
Once you have established how much you can spend and how large a mortgage the bank will offer you, you can move on to searching for houses.
It is important to sort out the financial side of the process before you get too involved in your property search. It can be very upsetting to have your heart set on a particular property and find out further down the track that it is out of your price range.
It can become a stressful task if you have a low budget, especially in the current sellers’ market in the region that is making competition high for buyers. Consider looking outside of your initial region that you were considering to give yourself more properties to consider.
Some of the key features to focus on and keep you on track are location, parking and the number of bedrooms in the home. This will ensure you find a place you are interested in that also suits your specific needs. Keeping an open mind during this process will help you
Making an offer
Before making an offer, you can ask for a copy of the sale contract and pass this on to your solicitor to ensure everything is in order.
You can then submit a verbal or written offer and your deposit (which will be refunded if your offer isn't accepted) and wait to hear if your offer has been accepted.
Legal requirements and the contract
It is recommended that you hire a solicitor or conveyancer to assist you with exchanging all legal documents. This includes arranging payments and the change of title.
It usually takes a minimum of 30 days for the settlement to go through, which is when the house is officially handed over to you.
If you are looking to buy a property in Nelson Bay but are still a little unsure of what property is best for you or how you should go about making an offer, get in touch with Nelson Bay Real Estate and let us help you find the right home your you in the region.