Between sorting finance, inspections, contracts and deadlines – not to mention the competitive nature of today’s real estate market – the property buying process can seem overwhelming, especially for first-timers.
That’s why at LJBA, we’re passionate about assisting first time buyers in Brisbane, so they can take the first step on the property ladder with confidence, not confusion.
From before you even start house hunting, here’s an overview of the buyers process:
Step 1: Align Your Team
We highly recommend building the right team around you before you start the buying journey. This should include:
- A good conveyancer who offers free contract reviews
- A reliable building and pest inspector who can attend and return reports promptly
- An experienced mortgage broker
Step 2: Get Pre-Approval of your Loan
Getting pre-approval early is essential. It clarifies how much you can borrow and what deposit you need. Your mortgage broker can investigate this with various lending institutions, and advise whether you’re eligible for benefits like the First Home Owner Grant (FHOG).
Step 3: Understand the Market Properly
- Start looking online. Most buyers search the “for sale” section online – but this often creates a false sense of value. Instead, review the sold results from the last few weeks to see what properties are actually achieving.
- Complete your due diligence. Before attending an open home, you should:
- Check flood maps and City Plan overlays
- Review council aerial maps for up-to-date visual data on property boundaries, infrastructure (sewer/water), and vegetation
- Call the agent for price advice, and to confirm body corporate fees or any tenancy details.
Step 4: Inspect Thoroughly
At inspections, check every surface – ceilings, internal and external walls, floors, fences – and keep a look out for things like brickwork cracking, signs of moisture, timber rot, and termite damage or risk.
Step 5: Build a Rapport with the Agent
Importantly, build a relationship with the real estate agent. You want to leave the open home as a serious, qualified buyer in their eyes. That way they won’t sell the property without letting you know – and they might even give you more inside info than others!
Step 6: Contract Time
Once your contract is executed:
- Send it immediately to your broker and conveyancer
- Pay your deposit on time and ensure the bank details are correct by calling the agent, to avoid cyber fraud
- Organise building insurance by 5pm the day after signing the contract
- Book your building and pest inspection – and attend if possible
- Obtain quotes for any issues identified
- Ask the agent to check if the sellers will rectify any problems prior to settlement or agree to a reduction (they may not, in which case you need to decide whether you can afford them)
Step 7: Investigate the Body Corporate
If purchasing an apartment or townhouse, review at least three years of AGM minutes. Gain a full understanding of the fees, including how much is in the sinking fund, and look for any major defects, special levies, or upcoming works such as roof repairs or retaining walls. And don’t be fooled – while there is usually some body corporate information in the standard disclosure statement (Form 2) this usually isn’t sufficient.
Step 8: Going Unconditional
After your contract goes unconditional, it’s time to ensure that:
- Loan documents are signed
- Utilities are organised
- Funds are ready for settlement
Step 9: Pre-Settlement Inspection
Conduct a thorough pre-settlement inspection – checking all appliances and fixtures, and that the seller hasn’t taken anything they shouldn’t, nor left rubbish behind.
You might want to book in a clean for after settlement as, unlike rentals, sellers aren’t obliged to leave property clean.
Step 10: Settlement
One week before settlement, your conveyancer will send you your settlement statement, outlining all the financial transactions, costs, and adjustments required for your property sale. Your conveyancer or broker should be able to guide you on how to organise each step.
Settlement occurs electronically, usually between 2-4pm, but keep in mind delays can happen, as both parties are entitled to an extension of up to 5 business days with no penalties. So, don’t book a fridge or removalist truck until after that!
Simplify the Property Buying Process
We understand the buyers process can be daunting for first-timers – but it doesn’t have to be. When you engage LJBA as part of your team, the benefits include:
- Only having to view properties within budget
- Due diligence already completed before you view
- Accurate price appraisals
- Power to negotiate, as agents generally viewing a buyer with a buyers agent as more committed – putting these offers at the top of the pile
- Faster, specialist body corporate searches – usually within 4 business days
- Tight contract conditions
- Ongoing deadline management and pre-settlement checks
Contact our Brisbane Buyers Agency Today
With the right guidance and a structured buyers process, purchasing your first home can be strategic, smooth – and yes, even exciting!
Ready to take the first step? Let’s get your property buying process started. Contact our experts at LJBA today.