First home buyer mistakes you want to avoid
By | 2nd Aug 17

Everyone remembers buying their first home, and with many people trying to get on the property ladder younger, we have put together a guide to help you if you are looking to buy for the first time. We help a lot of first home buyers navigate the searching, negotiation and purchasing cycle so here are our top tips!

Understand your budget in detail

We recommend our first home buyers obtain a pre-approval for a loan, so they have a clear understanding of what their budget is. Everyone wants a nice home, but you also have to be practical at the same time. Have you considered what your non-essential expenditure is? Have you factored in council rates, furniture and the cost of running a house?  If you don’t want to compromise on your lifestyle when you buy your home, you must really be honest with your budget.

 

Acknowledge and manage your emotions

Now, many people will tell you to take the emotion of out of the situation, but it’s hard when you are buying for the first time because it’s scary yet exciting at the same time. It’s not bad to be excited, but we always tell our first home buyer clients to do their due diligence. Property purchases are most likely the biggest investments people make in their lives, so it’s important as a first home buyer that you do as much research as possible and seek the right expert advice.

 

Budget for the costs associated with buying property

There are a few services you will have to enlist when purchasing property. You will need a conveyancer to help execute the legal elements from the contract to the title search, the stamp duty costs, lending fees, insurance, moving costs and possible building and pest inspections. Keep aside some savings to cover these costs and factor this in your overall budget.

 

Rushing into buying property

The market is very competitive and it can be disheartening if you have missed out at a few auctions recently. It takes time to research, visit open for inspections and getting all the paper work organised but the last thing you want to do is buy for the sake of missing out on the property or because you are tired of searching.

Sometimes a little patience will help set you up for the future, but you do also need to weight this up in a moving market.  Just waiting an extra six months could be the difference between buying in your desired suburb or moving further out.  The faster you can do your research, the better and this is where engaging an expert to assist in the process can save you time and money by providing expert advice on where you can afford and offer alternative options.

 

Surround yourself with the right information and experts

Our team can step you through the entire process from searching for properties within your budget and suburb preference to negotiating for you at auction. If you have already found your dream home or investment property, we can also provide a negotiation service to ensure you pay the right amount and help you secure the property.

We genuinely love making property dreams come true! Call us on 1300 239 901 today to discuss our services or email our team at buyer@advantageproperty.com.au