Congratulations on going unconditional! You’re on the homeward stretch toward getting the keys to your new home.
If you’re a new home buyer who’s never been through this process before, it’s tough to know what to expect. I always like to be straight with my clients about all the steps involved between going unconditional and settlement day. There’s no point keeping anyone in the dark when such a huge, important purchase is concerned.
If you want to know what to expect as you approach settlement day, here’s a run down of what needs to be done:
- Finalise your finance. Come settlement day, you’re going to need to transfer all that money to the vendor, leaving you with a brand new mortgage. How do you intend to structure that mortgage? Look at your options – fixed vs floating vs revolving vs a mixture of all these – and have a chat with me if you’re feeling confused. I can definitely advise on your different options.
- Organise home insurance. You don’t want any gaps in your insurance, so make sure you get your house and contents insurance sorted early. If you’re not happy with your current provider, I can put together quotes to compare insurance options.
- Write or update your will. You now own a huge asset. It’s important you protect your wealth for your heirs, so make sure you have a will in place. Talk to your lawyer about drafting a legal will.
- Make arrangements to move. You’ll need to pack up your current home, sell or donate possessions you no longer want, and make arrangements to move in your stuff.
- Sign and process the documents. Before settlement, you’ll need to sign documentation authorising your lawyer to complete the sale, as well as the home loan agreement from the bank.
- Conduct a pre-possession inspection. A few days before settlement you should visit the property and make sure it’s still all in order and in the same condition as when you last saw it. You can also make note of any repairs or alterations you want to make before moving day.
- Pay the balance. Make sure all money owed is paid into the lawyer’s or real estate agent’s trust account by settlement day.
- Arrange access. Where and when will you receive the key to the property?
- Move in! It’s yours! After a hard day unpacking, relax and enjoy your brand new home.
I’m here to help make the whole process as smooth as possible for you. If you ever have questions about any stage of the home-buying journey, just pick up the phone and give me a call.
If you’re a new home buyer looking for a way to get on the property ladder, call Mike Whittaker Mortgages today for a free no obligation consultation. Our service is completely FREE and could help you get into your new home sooner.