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If it’s your first time buying a property in Brisbane, whether it’s to live in or as an investment, make sure you follow these 6 steps:

1. Get preapproved!

Before you look for a property, you need to know which properties are within your price range. Unless you are paying in cash, it is likely that you will need to borrow money in order to purchase the house. Online calculators are great at giving you a quick estimate of your price range, but the only way to know for sure is to get your finance preapproved. When an Urban Home Loans mortgage broker secures preapproved finance for you, it means that you have the comfort of knowing the exactly how much you can borrow and how much your repayments would be.

2. Research the market

Buying a property involves a substantial investment on your behalf. It is always wise to know the statistics of the area you are buying such as the median sale price of homes, average rent prices, and the capital gain (or loss!) experienced by the area.

3. Inspect the property

We always recommend that you inspect the property in person to see that it meets your expectations as photos on the internet can only reveal so much.

4. Make an offer

After finding the property that best suits your needs you can make an offer. Written offers are often looked upon as the formal way of conveying to a seller that you are serious. It is important that you clarify what is included with the property when you make an offer, such as air conditioning units and other moveable chattels. Your offer should also include a finance clause of at least 14 days to allow yourself and your broker plenty of time to secure an unconditional approval from your bank. Another condition to include is that a trusted building and pest inspector visits the property to ensure the property’s condition is acceptable to you.

5. Seek legal advice 

When signing contracts, it is always best to seek advice from a legal professional. You will need to seek the services of a solicitor or conveyance to help assist with taking care of the legal side of purchasing a property.

6. Return the contract to us

Once you have signed the contract you should return a copy to your Urban Home Loans broker so that they can organize securing an unconditional offer of finance from the bank we preapproved you with.

Author:

Ben Heremaia

Speak with an Urban Home Loans finance broker today on 3841 4831.