Engage a mortgage broker. This will use some of your money but it is well worth it. They will be able to help you go over your finances and see what kind of loan you can get, they will do all the legwork finding out best rates and such, and you can even state preferred banks. They will also do all the negotiating with the bank for you, so you just need to look over what they present you, nod assent or shake thy head and then provide some ID and signatures.
When you have your loan, you have your budget. Begin looking at places within this budget, preferably below it so you have some wriggle room for reno or repairs. When you find a place you like enough to attempt to purchase it, engage the services of a building inspector (this will cost you money, but is worth it). The REA flogging the place will not bat an eye at this and will allow them access to do all their bits and bobs.
look over the building inspection report and see if there are any deal breakers. If not, then place an offer usually “pending finance” (see below). This will bandy back and forth between the REA and owners a bit.
If all goes well and everyone agrees, there is usually a deposit to be paid and then the bank will shove its beak into the property, looking here and there and making sure that it’s worth what they’re lending you. This is the pending part. They will also request you get insurance on the property (this will cost you money but is worth it). If all goes well, they say yes, you may purchase it with your loan and you start the torturous crawl towards the settlement date.
Once settlement date arrives the bank transfers the money to the seller, the debt to you, and the keys are placed in your hand.
There also a conveyancer required to handle the actual transfer of the money and legal documents. At one point all the parties would have a rep that would physically meet up and hand over paperwork and cheques, but I presume it’s all electronic these days.
That would be good. My brief stint at home ownership was about 25 years ago and I don’t think brokers existed at that stage - there weren’t many options for loans either, you really just went to the bank you had your account with. It’s all changed so much.
yeah those two are the priciest rooms :/ Once you get plumbing involved you’re rather farked. Also most likely to have asbestos in older houses as it was used for waterproofing
Boyo is an unlicensed builder carpenter. Good for spotting issues even if can’t do the paperwork. Hopefully asbestos nasties won’t get under the radar!
have money
Engage a mortgage broker. This will use some of your money but it is well worth it. They will be able to help you go over your finances and see what kind of loan you can get, they will do all the legwork finding out best rates and such, and you can even state preferred banks. They will also do all the negotiating with the bank for you, so you just need to look over what they present you, nod assent or shake thy head and then provide some ID and signatures.
When you have your loan, you have your budget. Begin looking at places within this budget, preferably below it so you have some wriggle room for reno or repairs. When you find a place you like enough to attempt to purchase it, engage the services of a building inspector (this will cost you money, but is worth it). The REA flogging the place will not bat an eye at this and will allow them access to do all their bits and bobs.
look over the building inspection report and see if there are any deal breakers. If not, then place an offer usually “pending finance” (see below). This will bandy back and forth between the REA and owners a bit.
If all goes well and everyone agrees, there is usually a deposit to be paid and then the bank will shove its beak into the property, looking here and there and making sure that it’s worth what they’re lending you. This is the pending part. They will also request you get insurance on the property (this will cost you money but is worth it). If all goes well, they say yes, you may purchase it with your loan and you start the torturous crawl towards the settlement date.
Once settlement date arrives the bank transfers the money to the seller, the debt to you, and the keys are placed in your hand.
There also a conveyancer required to handle the actual transfer of the money and legal documents. At one point all the parties would have a rep that would physically meet up and hand over paperwork and cheques, but I presume it’s all electronic these days.
in our case the conveyancing shash was also handled by the broker. I cannot express enough how much to get one. All the bullshit is Not Your Problem.
This sounds good. An advocate was already in mind both would save brain big time.
That would be good. My brief stint at home ownership was about 25 years ago and I don’t think brokers existed at that stage - there weren’t many options for loans either, you really just went to the bank you had your account with. It’s all changed so much.
Thanks! One of our things is redo bathroom or kitchen but not both. I think that’s reasonable…
yeah those two are the priciest rooms :/ Once you get plumbing involved you’re rather farked. Also most likely to have asbestos in older houses as it was used for waterproofing
Boyo is an unlicensed builder carpenter. Good for spotting issues even if can’t do the paperwork. Hopefully asbestos nasties won’t get under the radar!