Queensland’s property market has experienced stable growth over recent years and continues to attract young families and first homebuyers looking for affordable coastal properties. By hiring knowledgeable real estate and financial professionals as your guides, purchasing a new home in Queensland can be enjoyable and stress-free experience.
Queensland residential real estate sales typically occur via private treaty whereby vendors set an asking price they wish to sell their home for, while their real estate agent negotiates with prospective buyers until as close as possible is reached. Some also prefer an auction process which allows bidders to compete for properties. Both options offer advantages; your real estate agent can advise which may best meet your needs.
No matter the method by which you purchase your new home, all potential homeowners should carefully consider some key points before taking the leap. Doing your homework about local suburbs, house prices, and market trends is vital in making an informed decision that will yield long-term benefits.
Start off right by estimating your borrowing capacity using one of several online calculators; keep in mind though, these tools should only serve as guidelines and your borrowing power may change throughout the process. A good rule of thumb would be not exceeding 30% of pre-tax income as your mortgage repayments.
Once you understand your purchasing power, the next step should be shopping around for home loans that meet your needs. Speak with an experienced mortgage broker at this stage who can assist with creating your budget and working out how much can be affordable; at LJ Hooker Home Loans we can arrange pre-approval which gives an indication of how much can be borrowed.
One of the primary expenses when buying property is putting down a deposit, which should represent at least 20% of its purchase price. First home buyers may qualify for grants like Queensland First Home Owners Grant which can assist them with this expense, enabling them to purchase existing and off-plan homes more affordably.
As with any purchase of property, buying requires meeting certain legal obligations such as insurance requirements, finance arrangements, building and pest inspections and transfer duty (commonly known as stamp duty). Your conveyancing solicitor will advise on these aspects and disburse any required payments on your behalf.
Once contracts are exchanged and settlement dates agreed upon, the process of moving into your new home can begin. Typically this takes between 30 to 90 days and involves verifying paperwork, finalising finance arrangements, inspecting the property, completing necessary checks and preparations before receiving keys for your new Queensland home! At its completion you will become proud homeowners!