Home buying is a dream. It can be a reality if you do your homework by doing some research and equip your self with the knowledge required.  With so much of information available on the internet, you can easily get tips, suggestions and advice you may need in the home buying process. Use the maximum resources available online to be prepared with these learning to buy a suitable home with the best possible deal.

Have a check list

The first step in home buying is to prepare a check list with all the things you want in the house you want to buy. When you go for inspection of the house having this list will help you to be careful not to miss any item that the house lacks. Check for any problem with the flooring and wall tiles, plumbing and any such problem. Find the council rates and what kind of settlement the seller would accept.  Find out your loan eligibility and shop around for the best home loan and the lender.  Seek the legal advice of a solicitor to examine the contract to see the correctness and validity.

Home loan eligibility

You have to decide how much you will need as home loan for home buying. You will have to submit various documents to the lender to convince them about your eligibility and capacity to repay. These documents include proof of your employment, income, your current debt, liabilities, identity proof, your savings and how much you are prepared to pay as deposit and so on.  They will also do an inspection of the house you intend to buy to see if the house is worth the price that you are willing to pay.

Here are a few tips for selecting the best house

• If the house is near shops, bus stops, library etc,
• The distance to schools, other facilities required by your family
• If the car park or garage is suitable for your needs
• If size and number of rooms match your needs
• Will your furniture fit into the house?
• Check if the kitchen and bathrooms suitable for you
• See if the yard area sufficient for your needs?

Make sure to inform the seller that the offer you make is subject to satisfactory building inspection and the approval of the price and loan by the lender.

Home buying at auction

• Attend a few auctions to get a feel of the process
• You will be required to register with the auctioneer with proof of your identity to be able to participate in the auction. Only registered members or their representatives are allowed to bid in the auctions. You will have an identification number display at the time of bidding.
• Talk to the representative of the auctioneer to know the terms of the auction and the description of the property
• The highest bidder will buy the house. If you are the highest bidder, you are legally bound to buy the house and should pay the deposit.
• Set your limit for biding and stick with it.

Australian government provides eligible first time home buyers the First Home Owners Grant to ease the burden of home buying.