9 common home buying mistakes
Category Industry News
Buying a home is a huge decision and can be a stressful and expensive process. We list 9 of the most common mistakes made by first-time buyers when purchasing a home.
1. Not saving enough money
If you're planning to buy a home, you need to ensure you've saved enough to cover a deposit, transfer fees, relocation expenses, repairs and the first few months' bond repayments.
2. Not choosing the right suburb
Location, location, location is one of the most important things to remember when purchasing a home. When buying a property location is the most important factor to consider as this will not only have an immediate impact on your and your family's lifestyle but will impact the sale price of your property down the line. Do your homework and make sure you are buying in a high demand area, close to key amenities including schools, healthcare facilities, shops and places of worship.
3. Not factoring in running costs
Before rushing into an offer, you need to determine the property's running costs and whether you can afford these on top of the monthly bond repayments.
4. Listening to too many people
Everyone's an expert when it comes to real estate. Family, friends and work colleagues will all offer you advice. Choose a qualified and experienced agent who will guide you on the entire process from start to finish.
5. Going beyond your budget
Buying a home should be a happy and exciting experience, not one that leaves you bogged down with debt. Purchasing a home that is way out of your price range could put you in a very difficult situation and derail your future finances.
6. Not doing proper research and preparation
You need to view the purchasing of a home as a project. Make sure you do your due diligence and research the suburb, the current market and major trends.
7. Not calling in the experts
We've all heard horror stories about buyers discovering major faults only after moving in. Before making an offer, it is important to bring in various experts to assess the property and make sure you won't find any nasty surprises upon moving in.
8. Not shopping around
Finding the first property you like is incredibly exciting, you immediately imagine yourself living there and get overcome by excitement. But before rushing in and making an offer, it is important to consider all your options and make sure you have looked at a number of similar homes in the area before signing on the dotted line.
9. Buying a home that is too small
Make sure the property will cater for your and your family's needs for the next 5 years at least. Purchasing a home that is too small means you will either end up selling and moving again sooner or having to do costly renovations down the line.
Author: Adrienne Hersch Media Team