Buying your first home can move quickly from feeling like a daydream, to exciting, to daunting and confusing very quickly. It is a huge milestone to pick up the keys to your first property but the journey can come with a few hiccups for those who aren’t prepared. Here are a few tips to keep you safe on the road to earning your first home.
Not Considering Your Full Expenses
When you buy a home, the deposit and your mortgage are not the only costs to consider. There are solicitors fees, property insurance, strata fees, taxes, electric and water bills, and other fees that come to a significant sum. Make sure you do your research and have money in your savings to cover these costs beyond your deposit.
Putting Off Pre-approval
Once you find the perfect home, you will want to put an offer in quickly, and if you put down a deposit before you get finance approval, you are putting your savings at risk. Getting pre-approval is a great step to take early in your property search, and a mortgage broker can help you through the process. Once you have preapproval you also have a much clearer idea of your budget and can search for a home with confidence.
Thinking Like a Renter
After years of renting, you may come to a house with a desire to find a finished product that you could move into tomorrow. But you’re more likely to find a great property if you can look at it with an owner’s imagination. Don’t get caught up on things like carpets and curtains when you can easily change them once you’ve bought and have the freedom to change things.
Setting Your Standards Too High
If you think it is impossible to find a home that meets all of your criteria and is within your budget, it might be because some of your criteria need adjusting. Remember, this is your first home, not your only home. Looking in a broader range of suburbs or being willing to compromise on features like gas stoves or a garage vs a car space can open up more options that are within your budget and don’t compromise on your non-negotiables.
Not Looking Ahead
Finding the balance between adjusting your standards and looking ahead is undeniably tricky. But buying a property is a medium-term investment, meaning you want the property to be one that still works for you five years in the future.
If you still feel like you need some help in the hunt for your first home? Contact our team today for expert advice on finding the best properties on the market, no matter your budget. Call John Wills today at 0467 443 838.
