Buying your first property is an exciting milestone, but it can also feel overwhelming. The process involves several steps, which can leave first-time buyers unsure of where to start. At FMS Sales and Leasing, we guide buyers through each stage, making sure your journey to home ownership is smooth, informed, and stress-free.
Step 1: Assess Your Finances
Before you even begin looking for your dream home, it’s important to understand what you can afford depending on your credit score. Take stock of your savings, monthly income, and existing financial commitments. Online bond calculators can be a handy tool to estimate how much you could borrow and what your monthly repayments might look like.
Most first-time buyers also apply for a pre-approval from a bank, which will give you a clear budget and demonstrate to sellers that you’re serious about buying a property.
Pro Tip: Remember to factor in one-off costs like your deposit, transfer duties, conveyancing fees, and registration fees. You may also need to budget for extras such as levies, ground rent and service charges if you are buying property in a sectional title complex.
Step 2: Start Your Property Search
Searching for your ideal home can be fun, but also time-consuming. It’s helpful to make a list of your priorities, such as your preferred suburb, whether you’re looking for a house or an apartment, and how important proximity to things like schools, work, and amenities are to you.
Pro Tip: Enlisting the help of a property agency like FMS Sales and Leasing can help simplify your search. Our team can help match you with properties that fit your lifestyle and budget, saving you time and effort.
Step 3: Make an Offer
Once you’ve found the property you love, the next step is to decide on an offer. You don’t have to pay the asking price, and sometimes a lower offer can be negotiated based on market conditions, the property’s value, or any repairs that might be needed.
Your FMS agent can help you determine a fair and competitive offer. Once you settle on this, you need to sign an Offer to Purchase, which is an agreement between you and the seller, outlining the conditions that must be met before the sale can proceed.
It’s a good idea to have a property agent review the agreement with you to ensure nothing important is overlooked.
Pro Tip: Make sure the agreement includes a home inspection clause. This requires the seller to disclose any defects before the sale is finalised.
Step 4: The Legal Process
After your offer is accepted, the legal transfer of ownership begins. A conveyancer will handle this, ensuring all documents are in order and the property is legally transferred to your name.
At FMS Sales and Leasing, we work closely with trusted conveyancers to make the process as smooth and efficient as possible. We keep you informed at every stage, so you always know what’s happening and what’s coming next. This includes checking that all rates, taxes, and levies are up-to-date and making sure there are no unexpected issues that could delay the transfer.
Pro Tip: Stay in regular contact with your conveyancer and respond promptly to any requests for documents or signatures. Timely communication can prevent delays and help you move into your new home on schedule.
Step 5: Take Ownership and Move In
Once all paperwork is complete, you receive the keys to your new home. It’s an exciting moment, and our team is always on hand to provide support even after you’ve moved in.
Pro Tip: Before moving in, do a thorough walkthrough of your property. Check that all appliances, fixtures, and fittings are in working order, and take note of any minor issues.
At FMS Sales and Leasing, we’re committed to helping first-time buyers take confident steps into the property market. If you’re ready to start your home-buying journey, contact FMS Sales and Leasing today and let us guide you every step of the way.
