Brisbane is one of the top Australian cities to live in. For one thing, prices haven't escalated the way they have in other parts of Australia.
Brisbane has a variety of cultural offerings including world-class art exhibitions and a top university.
Are you ready to buy a house in Brisbane? Read on to learn how.
Know Your Budget
Many people start house hunting without knowing what they can afford. Not only is this disappointing and frustrating, but it also wastes the time of your realtor and the sellers.
Instead, start by knowing what you can afford, how much you can borrow, and how big of a deposit you have to put down.
At this point, you should choose a mortgage broker that can help you line up your financials so you don't get in over your head.
Go House Hunting
Now comes the fun part of buying a house in Queensland. Ideally, you should look at 20 properties in the area before you buy a house in Brisbane.
Why so may? Because seeing just a few houses will not give you enough data to compare prices and value. Plus, the more you look, the more you will start to fine-tune your eyes to see the small details.
Note that it can take anywhere from three to six months of house hunting before buying a property in Brisbane. That means you can start looking a couple of months before you've saved up your full deposit.
Then, when you find the perfect house, you will be ready to make an offer.
Prepare Your Offer and Conditions
Once you have found your dream home, you can prepare to put in an offer. First, you will settle on a price that you are willing to pay.
You also need to choose the terms and conditions of your offer. These are often to do with what is included in the price and the date you take possession etc.
Be prepared to negotiate. The sellers may come back to you with a counteroffer.
Sign Paperwork and Pay the First Deposit
Your offer has been accepted! Hooray. Now you will pay a deposit and sign the contract.
Usually, a deposit is between $1,000 to $10,000. This amount must be paid within 24 hours of signing the deal. The money is held in the realtor's trust account.
Finalize Financing to Buy a House in Brisbane
Next, you need to finalize your financing. Maybe you are getting a loan or are moving money from savings accounts.
Once you have your loan finalized, it's time to pay the second deposit to the real estate agent.
The amount that you need to pay is listed on your contract of sale.
Get the Keys and Move In
The final step of buying a house is the settlement. This is when you pay the third deposit to your lawyer. You will sign some papers and get the keys to your new home once the settlement is complete.
Then all that's left is to move in and unpack.
Enjoy Living in Brisbane
Now you know all the steps required to buy a house in Brisbane. We hope this article was useful to you.
Be sure to come back soon for more interesting articles to read.