Buying a property is an exciting experience, but can be somewhat daunting, especially if you're buying for the first time. However, a little planning, some property work, and a clear understanding of the steps involved should mean that the hardest part is actually choosing your property. Our guide outlines the steps involved, from working out what you can afford to buy, through to buying a property.
Before you start looking for the house of your dreams, it's a good idea to have finance approved. This will also give you an idea of what price range you can afford. You should also keep in mind the additional ongoing costs that you will need to allow for when owning a home, such as rates, insurance, etc.
Once again, before you start house hunting, do your homework. Think about what you need (in contrast to what you want) in your home. Is a small home or apartment situated closer to work preferable to a larger home further away from work but in a good “lifestyle” area? Take into consideration how many rooms you need, whether proximity to community facilities, schools and transport is important, or whether you are prepared to do renovations on the property in the near future. Make a list and stick to it!
The next thing to do is consult your lawyer. Usually, the lawyer will be provided with a copy of the sales contract by the seller's lawyer or agent. Your lawyer should check the contract and make sure it contains all required documentation, terms and conditions. The contract should include a copy of the property title, any local planning certificates, a diagram showing sewerage, copies of any documents pertaining to easements, a list of any special conditions and inclusions (such as floor coverings, curtains, etc.).
When coming to documents you need to ensure that the below documents are provided:
1. Sale deed
2. Title deed
3. Building Plan Approval
4. Commencement Certificate
5. Encumbrance Certificate
6. Power of Attorney
7. Completion Certificate
8. Possession Certificate
Although the steps above are only a guide and vary slightly from state to state, you can see home buying doesn't have to be overly complicated. Remember to do your homework, think about what you want in your new home and find professionals with whom you are comfortable.