Through various calculations based on your transactional records, the credit bureau will provide your bank with a three-digit number ranging between 0 and Naturally, the higher the better, and a high credit score rating is one of the most valuable personal finance assets you can have. The aforementioned Bond Indicator , as well as being able to determine your affordability, can also provide an estimate of your credit score. Find an estate agent you can develop a good working relationship with consider asking friends and relatives for recommendations.
Their knowledge of the housing market, and their ability to handle paperwork and deal with sellers on your behalf, will make for a much smoother process. Furthermore, their services are free, as their commission is paid by the seller. Now the part people generally enjoy most about the home-buying process, the house hunt itself.
Of course, the first step is having a clear idea of what exactly those requirements are before embarking on a house hunt. Give some thought to:. Once you have a clear idea of what you want, you can begin the house hunt.
This is an agreement between you and the seller that stipulates the terms and conditions for the sale of the property. Also bear in mind that the seller is legally obligated to disclose any known defects in the building. The offer to purchase should include a requirement for a home inspection. Sellers are liable for all latent defects in their property for three years after the defects have been discovered.
Once you and the seller have come to an agreement, the next step is acquiring a home loan to fund your purchase. A home is a significant investment, hence why banks have a system in place to help people acquire them within their affordability range, without having to file for bankruptcy afterward. You can apply to your bank for a home loan directly, or acquire the services of a home loan comparison service like ooba home loans. Like the estate agent, bond originators come at no cost to the buyer.
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Please refer to our cookie policy. Your browser is out of date! It looks like you are using an outdated version of Internet Explorer. Stay in touch. Sign In Register Your Email. Your Password. Forgot Password? Enter verificationCode. In your contract negotiations, you can agree with the seller for early or late possession.
The seller may need an additional day or two to close on their next home and move out, or perhaps the buyer is trying to get early possession to facilitate their own move.
In general, we recommend strongly against early or late possession agreements of any sort. Early possession by the buyer can have disastrous consequences if the sale fails. Sellers in this scenario are faced with the unappetizing prospect of having to evict the buyer. Or what happens in a fire or flood?
Delayed possession is more common, giving the seller additional time to facilitate their next purchase or move. It does introduce similar sorts of risks, since the home you own is occupied by someone else, and what happens in a disaster?
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