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Home Purchase Template

Buying a Property


As a first time buyer, I used Trello to track and manage all of the things we needed to do buying our first house.

I hadn't anticipated just how many things would be required...but Trello helped keep on top of things and track what was current, upcoming and where we might need to chase things.

Basic Use

The labels helped see at a glance who we needed to chase.

Everything we eventually ended up needing to do is in the Upcoming list. When it becomes relevant for you, just move it to the appropriate "w/" list for the card.

Adding things like Due Dates and checklists can be extremely helpful for tracking when you expect to do tings, or when you need to do things by.

Where I think I've been able to add value, I've added notes to the example cards detailing why the card is there. Some of the cards are self-explanatory, so I've just left them as a title and card.

Additionally, some of the cards have checklists already setup. These are examples, and should give you an idea of the types of things you should be thinking about when carrying out these activities.

Initial Search

While you are looking for your property, using the template house/apartment cards to copy for each property you are currently interested in is a great way to keep on top of your search. I've setup an example checklist in each of things that we were looking for when purchasing our property.

Copying these cards and setting a cover photo of the property can be a nice way to keep track and motivate your search. Don't be disheartened if the right property doesn't come straightaway (it took more than a year of searching for us!).

During this search period, you can still get some things checked off, like finding a solicitor and organising your mortgage.

You've found a property

Now that you've found a property, it's time to put in that offer. Discuss it with anyone else you are buying with, and set a maximum above which you won't go. That way, if you get pulled into a bidding war you have a pre-agreed place to step away.

Also, if you are the first bidder on the property you might want to strategise about where to pitch your first bid, as the first bidder can have the effect of anchoring the bids of any future bidders.

You've gotten Sale Agreed!

Congrats! Now you need to get your ducks in a row, and kick things into high gear. If you don't have your letter of offer from your lender, you need to get that organised. You should already have a solicitor/lawyer lined up by now, Inform them of where you are in the process, and who the agent/vendors solicitors are.

Next on the list are the valuation and the survey. These are vital for you and the lender to be comfortable with the propety you are buying.

In some jurisdictions you may still be vulnerable to gazumping (where after the property has gone sale agreed, other parties can still submit offers), but a way to disincentivise the seller is to ensure that both sides have spent some money on the process. This will happen by your solicitor engaging with their solicitor, and you organising for the survey and valuation to occur as soon as possible after the sale agreed has happened.

It's also possible that your survey throws up something you find unacceptable in the house. It may be that the vendor needs to rectify this before purchase, or provide some consideration towards you paying to have it rectified post-purchase, or that you withdraw from the sale and restart your search.

Once you are happy with the survey, and the bank is happy with the valuation, you need to start arranging for things like Mortgage Protection Insurance and Home Insurance, which your bank will almost certainly require for you to be able to draw down funds.

Make sure you agree a closing period as part of the contract negotiation (2-5 weeks is standard where I live, but it may differ where you are). This is the period between signing the contracts and actually getting the keys.

You've signed contracts!

You are over the final hurdle, and now need to get the monies into your solicitors client account (the process may be different for your jurisdiction, but at least for us, the solicitor is the one handling all the money).

It may involve a trip to the bank to fill out a transfer form, so make sure you have researched this in advance.

You also need to make sure that your Home Insurance and Mortgage Protection Insurance policies are active at least one week prior to drawdown (or more depending on what your specific bank requires), and that the bank is attached to the policy as an interested party (so in the event something happens, they are protected...they are lending you a huge amount of money after all!).

You've got keys!

You are now the proud owner of your property...the fun doesn't end here! You need to actually move in, setup your utilities and change all of the addresses on the various accounts that you have.

You might also be looking to start the process of switching your mortgage (if you are availing of something like cashback from your initial lender, but don't like their variable rates).

Author : Peter, First Time Home Buyer

Source : Trello Templates

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