I’ve saved my deposit… now what?

The financial sacrifice to save a house deposit these days is an achievement in itself, but what do you do once you get there? Browse some internet listings and just turn up on a Saturday to do a 5min inspection like it's another rental, right? Wrong! Here are 5 steps to consider?

1. You need a team of people to make sure you are buying a quality home at the right price. This includes a mortgage broker to get your finance pre-approved, a solicitor or conveyancer to review the contract of sale, and a strata records inspector (for apartments) or a building/pest inspector (for houses). Using a local Buyer's Agent will outsource the whole process to a professional ensuring you can pop the champagne in no time. 

2. You and anyone else you are buying with e.g. partner, sibling, friend need to agree on what is a must have, what is a nice to have, and what is not important to both of you. If one of you thinks parking is a necessity and the other doesn't then you will waste time and energy looking at properties that aren't suitable. Sometimes it may help to have an independent third person help you work this.

3. Research, research, and more research. Review properties that are recently sold in the area you are looking for and validate that the price they are selling for is within your budget. If the price is undisclosed, give the Real Estate Agent a call and ask for an indication of the price. Wasting months looking in an area outside your budget is a key frustration for home buyers and is easily avoidable.

4. Inspect properties and be sure to evaluate a property based on what can't be changed e.g. the location, the aspect, or the floorplan (unless you are willing to extensively renovate). Remember you can change wall colours or put in a new kitchen, but you cant change a south facing home to be north facing. Look past the display furniture and consider if the property is the right size based on your furniture and general level of clutter in life (we could all benefit from a touch of Marie Kondo).

5. Once you find the property you want, then ensure your due diligence is completed (see step 1), your finance is sorted, you have the means to pay the deposit, and you understand how to buy it e.g. Is it going to auction, is the agent accepting offers? This can be a complex process to navigate and help from a Buyer's Agent can end up saving you thousands.

Now comes the fun of finding new furniture discussing ideas on how you will make the place your own and organising everything for move in day, or in the case of an investment, finding tenants as soon as possible. Once all that is done, time to pop the champagne and call yourself a homeowner!

If you are looking to buy then be sure to download a copy of our free Home Buyer’s Guide.