Step By Step Guide To Buying A House In 2023

Are you considering buying a house in 2023? With the ever-changing property market, it can be a challenging and sometimes overwhelming process. Worry not, as we’ve got you covered with this comprehensive step-by-step guide to help you navigate the world of property purchasing.

What To Consider Before Buying A House

Debt-To-Income Ratio

A crucial factor when determining if you can afford a house is your debt-to-income ratio. It’s essential to ensure your debt doesn’t exceed 36% of your gross monthly income. This ratio will help you understand if you’re financially ready to purchase a property.

Duration Of Stay

Consider how long you plan to live in the house. If you expect to move within a few years, it may not be a wise investment. Ideally, you should plan to stay in your new home for at least five years.

Job Security

Job stability plays a significant role in your ability to afford a house. Before committing to a mortgage, ensure you have a secure job with a steady income.

Down Payment

Saving for a down payment is essential. The more you save, the better the mortgage terms you may receive. Aim to save at least 20% of the property’s value to avoid paying private mortgage insurance (PMI).

Local Market Indicators

Research the local housing market to ensure you’re making a sound investment. Look for indicators like property appreciation, supply and demand and suburb trends.

Mortgage Rates

Keep an eye on mortgage interest rates, as they can impact your monthly payments. Work with a mortgage broker to find the best rate for your needs.

Monthly Budget

Calculate your monthly expenses, including your mortgage payment, property taxes and insurance. This calculation will help you determine if you can afford the house.

What Do I Need To Do When Buying a Home?

You Need to Choose a Solicitor

Find a qualified real estate solicitor to assist you with the property conveyancing process. They’ll ensure the legal aspects of the transaction go smoothly and efficiently.

Instruct Your Solicitor and Inform Relevant Parties

Once you’ve chosen a solicitor, instruct them to start the conveyancing process. Inform your mortgage lender, estate agent and other relevant parties about your chosen solicitor.

Provide Your Solicitor with ID and Proof of Funds

Your solicitor will need to verify your identity and proof of funds for the purchase. This step is necessary for compliance with anti-money laundering regulations.

Ensure Your Lender Has All the Required Information

Keep your mortgage lender informed about the progress of your purchase. Provide them with any required documents, such as the property survey report or the seller’s details.

Instruct a Surveyor

Hire a professional surveyor to inspect the property and identify any potential issues. This step can help you avoid costly repairs down the line.

Your Solicitor Will Carry Out Searches and Raise Enquiries

Your solicitor will conduct necessary searches and raise enquiries to ensure there are no hidden issues with the property. They’ll check for matters like planning permission, environmental concerns and outstanding debts.

Exchange of Contracts

Once your solicitor has completed their checks, you’ll exchange contracts with the seller. This step legally commits both parties to the transaction.


On the completion date, the funds will be transferred to the seller and you’ll receive the keys to your new home. Congratulations, you’re now a homeowner!

Bottom Line: Taking the First Step

Buying a house is a significant milestone in life. By following this step-by-step guide and working with a trusted real estate solicitor like GMS Legal & Conveyancing, you can navigate the process with confidence. Start your journey towards homeownership today.