Here is how to avoid the most common mistakes most first home buyers make when house hunting & purchasing their first property.
Buying your first home is something many people have been saving for and
dreaming about for a long time. The hardest part, after all those years of saving, is finding the perfect home for you.
Know your loan amount
Before beginning your search make sure to engage with your bank, mortgage lender or broker and find out how much you will be approved to loan. This will deter you from stretching your budget and impulsively bidding an extra $5,000 – $10,000 that you don’t have during auction time.
Learn the art of negotiation
Be prepared to negotiate the sale price and decide your maximum budget from the start. It may be wise to seek a Conveyancing Lawyer to assist you throughout the negotiation process and to review any contracts of purchase prior to signing.
Try to balance your emotions
Always ensure you manage your emotions and don’t let them control your decisions during the purchase process. This is easier said than done. However, we recommend trying to think of it as a house, not a home when first weighing the pros and cons. Consider the property, street, area, the neighbours etc. It may be worth bringing a person along to inspections that are not emotionally involved and can provide some unbiased insight.
Don’t feel pressured to buy quickly
Remember the property market is always turning over. Don’t feel pressured to buy straight away just because the process of searching can quickly become tiresome. Have a clear checklist of the things that matter most to you and don’t feel forced into a purchase.
Be ready for renovation costs
If you are searching for a fixer-upper be sure to not underestimate the amount of work, time and money that will eventually need to go into the project. Our number one tip would be to consult with a Contractor before purchasing a fixer-upper. This way you can get a rough idea of how long it will take to fix and estimated costs of the project.
Lastly, try to not buy because you’ve grown impatient
We know how long and hard the process of finding your future home, let alone winning an auction can be. Don’t buy the next ‘best thing’ that becomes available if it isn’t what you initially had in mind and have spent years saving for. Just make sure whichever purchase you go with has ticked most of your major boxes.
📲 Feel free to contact Hatzis Lawyers for further information on End of Financial Year time and what conveyancing areas need to be assessed.