One of the favorite investment choices in Australia is residential real estate. Even if you aren't much of an investor, you gotta have somewhere to live! I have listed, with the help of a list from the Home Loan Experts website, the order in which I hope to go about his monumental task. Also check out my blog for a more detailed post. To be clear, I am not a financial adviser.
Budget-Make a budget to track your spending; then turn around and use it to plan for your investment. Realize that there is stamp duty and professional fees in addition to the deposit that you pay up front. You will need savings and cash-flow to get a loan.
Plan-Build a strategy with a property investment advisor.
Build your team-Consider engaging the following professionals: a conveyancer (or surveyor), a mortgage broker, an accountant, and a buyer's agent.
Get pre-approval for a mortgage/home loan.
FIND A PROPERTY!!! (note: this is not step 1)
Due diligence-Thoroughly investigate the area and the property you want. Have a building and pest inspection done prior to buying.
Negotiate an offer.
Sign the dotted line-Your conveyancer should help you look through the paperwork to make sure it is appropriate
Get a formal mortgage approval. After your conveyancer has had a look, sign the form and submit it to your lending institution.
Do a house inspection on the day of settlement to make sure you are getting what you are paying for.
Settlement occurs-That means the house is yours, and you can pick up the keys!
There are so many things to think about when buying a property that I feel it helps to have a list to stick to. I have a more fleshed out version here, which goes into more detail regarding each step. There are also many online resources, but this list is an amalgamation from multiple sites and podcasts, and are likely the steps I will follow when the time comes.