Q: WHAT DO I DO WHEN I'VE FOUND A HOUSE I LIKE?

A: The first steps for first home buyers are always bewlindering. There is an overwhelming amount of information to absorb, and we are glad to see that questions as to the first few steps are being raised here.

We recommend that the first step you take is a visit to your lender. The amount of money you can borrow will dictate the area in which you can purchase, and the price bracket within which to commence your search. The lender should also be able to process a pre-approval for you, which will confirm that you are in a position to take out a loand for the next few months. It can be quite a lengthy process, so we would recommend that you tackle this step as early in the process as possible.

Once the pre-approval is in place, it's time to start searching for a property. Do your homework and search thoroughly for the house that best suits your needs, and make an offer based on recent sales data. You can check recent sales data by purchasing property magazines, or by checking sites such a RP Data, which can give you some basic information for free. Other more detailed information is avaiable for a fee.

Make an appointment to visit the property, and make an offer to the real estate agent, as to how much you would like to pay for the property. The agent is required by NSW Law to relay your offer to the owner. Once the owner and yourself have agreed to a price, you will need to appoint a conveyancer to undertake your legal work.

You will need to book pre-purchase inspections at this stage, which your conveyancer should be able to help with.

The steps outlined here will vary slightly if you are purchasing at an auction or purchasing with a cooling off period.

Please remember this advice applies to New South Wales Residential property only. To confirm your particular circumstances, please contact Liberty Conveyancing