Before you start
Questions to ask before buying your home
Whether you are a first-time buyer or a seasoned real estate investor, buying property is an exciting process. But there is still a lot to consider when you decide to buy. Before you begin your search for the perfect property, here are some questions you should ask yourself:
What do I want?
Take the time to figure out what type of property you want to buy. From single- to multi-family homes; apartments to small holdings, there are many different options on the market, and it is important to choose the type that best fits your needs.
Our advice is to make a list and prioritise your needs before you begin your search. Questions you might want to ask include:
- Where do I want to live?
- How many bedrooms and bathrooms do I need?
- Would I be willingly to take on a fixer-upper?
- What features am I looking for in my next home?
- Does it need to be pet-friendly? Near to work or school? Close proximity to transport routes?
Knowing your preferences can help with filtering out homes that don't fit your criteria.
Be sure to communicate your list when meeting with a property practitioner, as they can assist you in your home search.
What can I afford?
The rule of thumb is that you shouldn't spend more than 30% of your monthly income on a home loan repayment or homes that are priced at around 2 ½ times your annual salary.
For a more tailored look at what you can afford use our online affordability calculator to determine what your monthly mortgage payments could be if you bought a home today.
Why should I get pre-qualified?
- Provides you with the assurance that you can afford the homes you're viewing.
- It lets the Seller know that you are a serious buyer.
- Should it come to the point where more than one buyer has put in an offer, the pre-qualification will boost the chances of your offer being the one that is accepted.
Am I financially ready?
Buying a house is a long-term commitment that requires a strong financial standing. A few months before you start searching for a home, review your credit history and make sure you are in good standing. Get a copy of your credit report and fix any issues you discover.
It is also advisable to have cash savings for a deposit on a property and associated costs of homeownership.
Contact us today to discuss the financial commitments associated with homeownership.
How do give myself the best chance of securing my dream home?
Becoming pre-qualified for a bond is a great first step in the home buying process. Not only does it help you to focus your home search in the right price range, it also assures the seller that you can complete the purchase on the home you choose.
Our mortgage partner, ooba, can help lead you through this process.
NOTE: These amounts are only 100% finalised after the bank has completed a property valuation and has received a signed Offer to Purchase on the property in question.
Qualifying for a Loan
A lender will determine how much you can afford based on your income, employment history, education, assets (e.g., bank balances; other property; insurance policies; pension funds) and your debt.
Don't forget to check your credit report before the lender does to clear up any problems.
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Advice For the Home Buyer
Buying a house is a major decision and real estate transactions can be complicated. It's probably the biggest purchase decision most people will make in their lifetime.
The Wakefields Buyer's Guide will answer many of your questions and even tell you things you didn't know you should consider when buying a home.
Download guide
The Home Buying Process
The process of buying a home can be overwhelming at times, but you don't need to go through it alone.
Wakefields will assist you each step of the way.
Our property practitioners will help prepare an offer, negotiate, and ensure that all the necessary regulatory and contractual requirements are fulfilled through each of the following stages:
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