When it comes to purchasing a property, there is a multitude of factors to consider. It's crucial to take the time to ensure you've covered all the necessary aspects of the process. To assist you, we've compiled a home buying checklist, emphasizing the essential steps to take before making the big decision. Whether you're sorting out your finances or arranging property inspections, these guidelines will serve as your roadmap.

The first step in your home buying journey is pinpointing the perfect location. This decision can streamline your property search and save you valuable time. Here are some key factors :

If you're not familiar with the neighborhood, spend time there at different times of the day to get a feel for the area. This will help you determine if it feels like 'home' or if you should explore other options.

Your choice between a house or an apartment largely depends on your specific circumstances. Here are some considerations:

Don't be swayed solely by the appearance of a property. Ensure it meets your specific requirements, including:

Deciding between purchasing an established home or building a new one is another important choice. Each option has its pros and cons. Buying an existing home is typically quicker and less stressful, while building allows for customization. However, building might limit your location options and can be costlier.

Most likely, you'll need a home loan to purchase your property. Before you start, it's essential to:

For detailed information on becoming the 'ideal' borrower, refer to our guide.

If you're buying a property as an investment, research the performance of rental properties in the area. Key factors to examine include vacancy rates, rental yields, and property price trends. Keep in mind that while property is generally a stable investment, various factors can influence rental income and capital gains over time.

Property investors may also be eligible for tax benefits, so understanding the tax implications is essential.

Although not mandatory, home loan pre-approval can simplify your property search. It provides a clear budget, making offers more confident. Additionally, some sellers may favor buyers with pre-approval as it suggests a faster settlement process. Pre-approval typically lasts for 90 days and can often be extended if needed.

To avoid unexpected issues after purchase, engage a qualified building inspector. Common issues to check for include cracks in walls, mold, functional aspects like taps and doors, and structural concerns. Hidden problems such as roofing issues or water damage can also be uncovered by an inspector. Don't forget to have a pest inspection done to catch potential pest-related problems.

If you're considering a property that needs improvement, allocate a budget accordingly. It's essential to consider the cost of repairs or renovations, especially if they are necessary for you to move in. While a fixer-upper can be exciting, a move-in-ready home might better suit your needs.

Negotiating with the seller can save you money. If the seller is open to offers, having home loan pre-approval can expedite the process. You can also use identified faults or needed repairs as negotiation leverage.

Conduct a title search to ensure the property's legality. Check for liens or encumbrances on the property that could impede your purchase. The process may vary by location, but a conveyancer can assist with this step.

Given the complexity of buying a home, having a conveyancer is highly recommended. They'll handle property ownership transfer, review the contract of sale, and offer legal guidance throughout the process.

After purchasing your home, obtaining insurance should be a top priority. It's advisable to research insurance premiums for your specific property type before making the purchase. Different locations and property types may require varying levels of coverage.

Always review the insurance terms and conditions listed in the product disclosure statement for a clear understanding of your coverage.

In conclusion, purchasing a home is a significant decision that requires careful consideration of various factors. The Everest Home Loans team is here to assist you at every step of your home buying journey. We aim to make the process as smooth and stress-free as possible. Contact us today to get started on your path to homeownership.