Purchasing property is one of the most significant financial investments you will make in your lifetime. It is important to understand the process and all that is involved before committing to buy your dream home in South Australia. This article will highlight some key steps in the purchase process and provide tips that will help you avoid the common mistakes made by first time buyers.

Before buying your new South purchase property in South Australia property, it is essential to ensure that you have a firm understanding of your budget and the cost of building a home on your block of land. Spending some time researching and inspecting the allotments in the suburbs that appeal to you will give you a good idea of what is achievable within your price range. Identifying your perfect allotment before deciding on the design of your new home will also allow you to future proof your investment by choosing an area that is growing in demand.

Stamp duty is payable on the purchase of all properties in South Australia, however it can be a lot less when you buy land and build your own home. You pay stamp duty on the value of the land component only, rather than on the combined value of the land and the house as you would when purchasing an established home.

When you are ready to commit to purchasing your dream property, it is a good idea to talk to the lending specialists at LJ Hooker Home Loans. They can assist you in creating a budget and helping you to establish how much you may be able to borrow. They can also provide a pre-approval which will help you when negotiating the contract of sale.

A deposit is usually required when buying your South Australian property, and this can be a big hurdle for first home buyers. It is a good idea to have a savings plan in place and utilise online calculators that will help you to see how long it might take to save up for your deposit.

There are a number of additional costs that need to be taken into consideration when buying property in South Australia, including transfer fees, council rates, water charges, land tax, pest and termite inspections and strata levies (when purchasing a unit or townhouse). LJ Hooker can advise on the exact costs and fees that will apply to your new SA home and ensure that you don’t get any nasty surprises after settlement.

The purchase of a property can be subject to special conditions, such as obtaining finance, selling another property or a requirement that the vendor remove asbestos. These conditions must be incorporated into the contract of sale, and your LJ Hooker real estate agent can help you to prepare them.

It is a good idea to attend as many open homes and auctions as possible in a short period of time, in order to better understand the property market and to determine what price you are comfortable with paying for your South Australia property. A comprehensive knowledge of the local property market will give you more power at the negotiating table and will be helpful when making your offer.