The time has come, you want to skip out on your beloved avocado toast and buy your first property. Buying your first home can be overwhelming and a tough time if you don’t have the right support network behind you. With so much on offer in the current market, it is easy to get caught up in the excitement of it all and make some big avoidable mistakes. Buying your first home is definitely a learning experience, and little mistakes will slip through, here are our top tips on how to how to avoid the common mistakes first home buyers make so you can enjoy this exciting time.
Not Knowing How Much You Can Afford
This is your first job. Without knowing how much you can really afford on a property could lead you to waste a good amount of valuable time. You could spend a majority of your time looking at places that are way above your price range or even below your optimal price level. For first home buyers, you’re best to buy a home that you can afford monthly repayments without stressing and losing any sleep over. Try a mortgage calculator to find a price range that you think is affordable and keep your mind at ease.
Don’t forget the First Home Owners’ Grant! If you’re buying or building your first home in Queensland, you may be eligible for a $15,000 first home buyers’ grant. To be eligible, you must meet the criteria stated by the Queensland Government. However, if this is your first ever home, whether buying or building, you are most likely eligible.
Being Influenced by the Latest Trends
You want to look for a quality property rather than what is the latest popular trend that everyone obsessed with at that current period of time. Trends phase out, focus on a property that you will still love and be in great condition ten years down the track. Ask yourself what is suited to you and your specific needs, and what fits your idea of perfection.
Not Doing Your Research
Rush into things, not taking their time to research the property market extensively. A quality real estate agent will be able to help you when it comes to choosing the right home for you. From location, to price, to possible defects; an experienced agent will have insight knowledge of it all. A good agentwill actually take care of all the hard work and present to you a shortened list of the best possible properties for you.
Under estimating the Additional Costs
This is most likely your first big financial decision. Make sure you think of the additional costs when it comes to buying and owning a property. Other than your mortgage, there are things to consider such as stamp duty, moving costs, home insurance, transfer fees – the list goes on! Even if you think of all the extra costs possible extra costs, have a few extra dollars in your budget as a backup in case any extra expenditure may pop up. Trust us, save yourself the stress!
If you’re feeling overwhelmed or don’t know where to even start, feel free to contact us. A trusting and experienced agent will make the property buying experience seamless. We have a great list of properties that a perfect for any first home buyer. Be on your way to owning your dream home in no time!