Brisbane, Queensland is currently the fastest-growing city in Australia–living here provides easy access to some of the most beautiful beaches in the world. Having sunshine for at least ten months of the year is another perk even in winter, it’s rarely below 20°C.
The place is also famous for many things–koalas, Lamington cakes, the underground opera, the 1982 Commonwealth Games, and crocodile hunter Steve Irwin’s Australia Zoo. Because of these wonders, you may be planning to move into one of the best suburbs in Brisbane, looking for investment properties in Brisbane, or you might be trying to plan around the property market cycle in Brisbane. Regardless, here’s a checklist of things you should keep in mind before buying a home here:
Do Your Homework
If you have the freedom to take your time, it’s worthwhile to consider a property carefully before going forward with an offer and starting the ownership process. View the houses for sale in Brisbane in person whenever possible and ask yourself questions such as:
- Do I like the area and the street?
- Is the house equipped with everything I need? Will I have to renovate or give up any of my must-haves?
- Is the suggested price in my budget?
- Is there anything that needs to be done around the house right away?
- Is this something I can afford?
- Is the planned payment duration suitable for me?
Before making an offer, be sure your funds are in order. Talk to your mortgage broker, financial advisor, or bank manager if you need to borrow money. Check that your deposit is in order and that you understand the process. A broker, financial planner, or bank manager can also tell you if you are qualified for government incentives or subsidies as well as assist you in selecting a home loan. Additionally, consult your financial planner before withdrawing from your superannuation.
Understand the Full Cost
When buying a home, there is more to the house purchase price than meets the eye. Make sure you understand what you’re getting into at each level of the purchasing process. Costs typically include the following aspects:
Before you purchase–
- Transfer duty
- Professional valuation
- Estate Inspections
- Buyer’s agent commissions
- Legal expenses
- Costs of conveyancing
- Fees for searches, such as title searches
When making a purchase–
- Bank or mortgage charges
- Moving expenses
- Utility connections
- House and furnishings insurance
Following your purchase–
- Council fees
- Body corporate fees
- Ongoing maintenance expenses
Engage a Solicitor
A solicitor can assist you with various tasks while purchasing a home, including:
- Examining your contract and disclosure materials before signing
- Helping you understand your mortgage deal
- Conducting title searches and explaining the findings
- Explaining land taxation and how the purchase may change your liability
When hiring a solicitor, request a quote. This way, you’ll know the first fees and services.
Check Your Contract
When you make an offer, the seller’s agent will provide you with a contract to sign. The contract specifies the price you propose for the property, the day and time of settlement, and your deposit amount. Don’t be pushed into signing a contract immediately. Take your time and read the contract terms thoroughly. A solicitor can help you understand your obligations and whether you need any additional considerations.
Remember that residential property contracts have a five-day cooling-off period, meaning you can back out at any moment during this timeframe.
Organise Your Conveyancing
The conveyancing process will begin once both parties sign the contract. The process of transferring possession of land to a new owner is known as conveyancing. While you could handle it yourself, you risk making a mistake and losing the home or your deposit–this is especially important if your property sale is complicated or involves high risk. A solicitor can advise on matters not covered by a normal conveyancing transaction.
Have a Final Inspection
The pre-settlement procedure begins once you have checked all your legal boxes for finance, building, and pest control. This involves working with your lender to get your finances ready for payment. Remember that in most conventional contracts, you have the right to undertake one final inspection. This might help confirm the house is in the same condition as when you first visited it.
Closing Thoughts
Brisbane is a great place to live or invest in, and after considering the increasing prices, purchasing now will look like a steal in a few years. Be mindful and efficient, and start checking the boxes as soon as you can!
