There's no doubt about it, buying a house is a complicated process, a huge financial investment and a big decision. Unfortunately, those three factors are incompatible with most of our lifestyles these days, particularly with house prices pushing further upwards and balancing work and home life becoming ever more difficult.
So while you should never rush to sign that real estate contract, there are some things you can do to speed up the process of choosing your next place to buy.
Let's explore:
1. Know what you want
Before you do anything, know what you are looking for in your new home. Think about the 'big picture' like house features, local amenities and price limits long before you open those real estate pages, because it will sharpen your focus and avoid wasting time on properties that seem attractive but actually don't tick all the boxes you and your family want and need.
2. Get a mortgage broker
Getting a loan is more difficult than ever, and yet at the same time, competition between lenders is also unprecedentedly high - and so it can be a confusing and difficult world to navigate. Getting a mortgage broker will speed up the process because it's their job to match your circumstances to the best loan for you - and their established industry contacts will simply make it easier to seal the deal.
3. Get your grant application in early
If you're a first time home buyer, lucky you - you will be eligible for the First Home Owner Grant. And to get it approved as quickly as possible, have that application ready for when you apply for that home loan. If your lender is authorised to do so, get them to lodge it as it will probably be processed and approved more quickly than if you go through the government channels yourself.
4. Be ready for that loan
Many home buyers who are seeking a loan get their application rejected because of their existing debt arrangements. For instance, if you have big credit card limits, or cash in the bank but a big car loan, you might be rejected for reasons that you actually could have done away with. And if you can, get that loan pre-approved to further slash at those frustrating waiting periods.
5. Start saving early
Similarly, securing a loan these days requires a hefty deposit, so don't be stuck in a situation where the only thing you're waiting for is to save the last few dollars. Start saving early, and do everything in your power to accelerate that saving by prioritising your deposit over other things in your life, like eating out or expensive holidays. To learn more about fast ways to save money, read these tips put together by Business Insider.
6. Pay attention in that house inspection
A house inspection, done by a company that does the best building and pest inspections Sydney can offer like Compare Inspections, is the perfect way to speed up the process of buying. That's because when you get really serious about a potential home, a house inspection will quickly let you know if there are any downsides. But to speed things up even more, accompany the person doing the professional inspection and don't be shy to take your own notes and ask some questions, because while they won't miss anything, it might arm you with extra information and expert insights that could either convince you to confidently buy or to move on.
7. Take a friend to the first inspection
Another time-saving shortcut is to take a friend or family member (or two) along to the very first house inspection you do. That's because while you may fall in love instantly, it could be that second or third opinion that objectively points something out that ultimately you might have noticed somewhere along the line. Remember: two or three heads are always better than one.
8. Get other expert help
It's not just a broker or a building inspector that can speed up your buying process. An accountant can get your finances quickly in order, a financial advisor can help narrow your goals, and legal representatives can quickly prepare all those documents, give timely advice on contracts, and help you avoid those time-burning mistakes.
By Darel McBride
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