Just like in other places, buying and selling a house in Australia takes time. It’s an entire process of regulations and decision making that depends on so many factors.
In Australia, selling a house takes anything from 30 to about 120 days, including settlement.
This article is going to discuss the peculiar factors that affect the time it takes to sell and also the time it takes to buy.
Read on to find out.
Factors that Affect the Selling Process
How Quickly You Get the House Ready.
Selling your property on time is dependent on how fast you move from the time you decide to sell it till when you finally get it ready for sale. You may need to get a professional to make upgrades on the house, as well as repairs.
More stylish improvements that involve the lawn, wall decors, style changes such as rustic or Victorian additions, and so on, will take some time. You must factor that in as well.
The Pricing of Your Property
Pricing correctly will also determine the number of buyers that will show interest in your house. The more buyers you have, the quicker you’ll sell out.
The Location of Your Property
When people are buying a home, they consider its location. Questions such as how accessible the house is to public services, major roads, and transport services will be a factor.
Mostly, the ease of living in your home based on the location will affect how easily and quickly you’ll sell. Friendly neighborhoods with a positive environment, security, and accessibility are key checks here. So, if you want to close the deal on time, you should make sure those are in place.
Factors That Affect How Long It Takes to Buy a House
How Long the Settlement Process Takes.
The settlement process is the entirety of the duration that it takes to complete the purchase. This is where you’ll consider how quickly you can get a mortgage approved, settle upfront payments, and sign the contract.
Getting a mortgage approved can take two to three weeks, and the rest of the process can make everything total into 35 to 90 days. If the parties involved move quickly and there are no hassles, you’ll become a proud homeowner in no time.
The State of Your Purse
This is perhaps the most important factor after you have found a house you want. If you have enough money to settle the bills on time, you’ll be able to run a smooth and speedy process.
Of course, it isn’t compulsory to have the property’s value in cash before you can sell. It’s generally a smarter move to buy the house with someone else’s money. This is because you would get benefits like tax write-offs, etc.
You’ll also have to consider settling conveyance fees, mortgage deposit of 10% to 20%, insurance costs, and so on.
An important preparation before you go into the process of buying or selling a property is doing a lot of research. This will give you an idea of what to expect on the journey.
If you want to sell, be sure to take into cognizance the pricing and marketability of your property. If you’re buying, what will determine how quickly you close the deal is the settlement process.
Steve McManus is a digital strategy manager at a prolific real estate agent comparison business. His expertise lies in the real estate market in Australia, particularly in selling property. Steve enjoys writing about the current market, forecasting and giving guidance to sellers who are overwhelmed by the selling process.