The Buying Process For Your Next Home - Step 4 - Is it possible for you to keep your current home as an investment?
Another option chosen by some purchasers is to keep their current home as an investment and upsize to something larger. This can provide financial benefits, however, we recommend you speak to your financial advisor about your options before making any decisions.
The Buying Process For Your Next Home - Step 5 - Deciding on a block
Here’s where our team is key! Our team have years of experience and have a unique understanding of how daunting the process can be. They’ll be with you every step of the way to make sure your dream of buying land and building the right home for right now is seamless.
Once you choose a block of land, you’ll need to pay an initial deposit to secure the land. The initial deposit is fully refundable and paid into a trust account. Once the initial deposit has been received a contract signing appointment will be made.
The Buying Process For Your Next Home - Step 6 - Signing your contract
At your appointment, you will be required to sign an unconditional contract of sale and all parties whose name/s appear on your contract will need to attend, along with photo identification such as a Passport or Driver’s Licence.
The Buying Process For Your Next Home - Step 7 - The construction process
The civil construction of each land release takes approximately 12 months. Before any machinery comes onsite, plans must be approved by the relevant authorities. Once these are approved, the construction phases would generally include: removing topsoil; laying of sewer, drainage, water and gas systems; kerb and channel installed; electrical and communications cabling laid; and the construction of footpaths and asphalting of roads.
The Buying Process For Your Next Home - Step 8 - Choosing a builder
With your land now selected, it’s time to choose a home design and builder. Before you start visiting builders and display villages, you need to think about the home that’s right for you now and into the immediate future. First and most importantly, work out a budget, from here you can decide on the home features that are essential, the number of bedrooms, bathrooms, living areas, garage space, etc. Once you have these sorted, it’s time to search the net, visit builders, walk through their displays and ask lots of questions.
The Buying Process For Your Next Home - Step 9 - Settlement
Throughout the construction phases, you will be issued with letters from our conveyancing team providing updates on construction and when settlement is expected. Of course, our team are always there to assist, answer any questions and provide guidance.
If finance is required, you must obtain finance before settlement. You’ll receive a land title document at settlement and then you can start building your home.
Heard about the Australian Government’s new first home buyer deposit scheme, but not sure if you qualify or completely understand what it means for you? To help you, we’ve pulled together a brief overview of the Scheme and provided some useful links to help you on your way to home ownership a little more quickly.