Home construction is an exciting way to escape the rent trap, and more and more people are opting to build their homes instead of buying them. Building a house after purchasing a piece of land gives you full control over the home construction project’s budget, scope, and duration. However, before you can move on with the home construction process, you have to buy the land.
That is where our team at Stop Renting Albany comes in with their expert advice and help that allows you to find and buy the perfect piece of land for your home construction. With that being said, many people out there aren’t sure about the process of purchasing land in Albany. To help anyone wondering about the steps to buying land, our team created this article, and we suggest you read it until the end.
If you want to stop renting start owning, you have to get the financing ready
The land is expensive, and it can be difficult for most Australians to save up enough money to buy land upfront. So the best way to stop renting and start owning your own home by building one is financing the land for your home. Our team can quickly get you a pre-approval letter that gives you an idea of how much you can borrow.
You can then start looking for land within the range of how much you can borrow based on the pre-approval. Pre-approval also tells potential sellers that you are serious about buying the land. So before you do anything else, apply for a loan and get pre-approved by the lender.
Make an offer and sign a contract of sale
Once you are pre-approved, you can start making offers for the land you like and sign a sale contract. This contract contains the amount you are offering and the terms and conditions for buying the land. If both the seller and buyer agree on these terms, then the contract of sale is signed, and you can move on to the next step.
Pay a deposit for the land
If you have been asking yourself how to get out of the rent trap, you are halfway there to become a homeowner. Once the contract of sale is signed, you are ready to make a deposit that will start the actual land ownership process.
Finalize the loan and sign a transfer of land document
Once you have paid the deposit and handled the associated paperwork, you can finalize your loan by signing the necessary documents. Once the loan is finalized, you can transfer the land to your name, and the land is registered in your name through the Registrar of Titles office.
These steps might seem complicated to first-time land buyers. However, even if you think you can’t afford to pay rent or buy a home, we can still buy land and start your home construction. Just get in touch with us, and we will help you in evaluating the possible alternatives.