4 April 2016
If you’re a first-time home buyer, chances are you have your dream home in mind. You’ll be looking for a house that caters to your needs and located in an area you like, but that will also fit your pocket.
But it’s not always possible to step into the property market and immediately buy the home you have your heart set on. That’s why many first-time home buyers start small and gradually build their way up.
SA Home Loans knows all the insecurities, questions and financial worries that come with buying property for the first time. That’s why our friendly staff are well qualified to lead you every step of the way – making buying your home as effortless as possible.
While we do all the paperwork and sort out your bond, you can take the time to go out and find your perfect house. Learning from commonly made errors can save you some grief in the long run. These are the 10 mistakes first-time home buyers make:
Knowledge is power. The internet provides an unlimited amount of information right at your fingertips. Do your research and enter the market prepared. We have a guide with everything you need to know about buying a home which will help you to prepare for this important and exciting journey.
Even if you choose a good neighbourhood, a poor location could be a problem. For instance, think twice if it’s right next to a busy intersection. There’s a reason “location, location, location” is the mantra of everyone giving advice about home buying. While you may think you’re getting a lot more house in a less sought-after location, its value is unlikely to increase as quickly as those in better areas.
It may look impressive from the street, but if the inside of the house is impractical you won’t enjoy living in it. And the likelihood is you’ll soon be spending a lot of money to alter it.
What lifestyle is your family accustomed to? If you never use a formal dining room and separate sitting room, you may be happier in a house with a cosy eat-in kitchen and open-plan living area. Decide what best suits your family’s needs.
While you must be sure that you’re making a good investment, don’t buy a home that doesn’t suit your requirements or one that you’ll outgrow too quickly. Remember that transfer costs will eat into any profit you hope to make by buying and selling too quickly, so make sure you choose a house that fits your needs for the foreseeable future.
You want to make sure no nasty surprises coming out of the woodwork. Have the property inspected by a qualified, respected professional before you sign the sale agreement.
Talk to at least three people who live in homes built by your chosen contractor to see if they have any complaints.
Buying a house is a big decision. Take your time, so you don’t regret a hasty decision in the future.
There will always be a reason NOT to invest in a home. But the pros of buying your own property far outweigh the cons, so stop procrastinating and take the first step on the property ladder.
If you can afford a property and don’t make that purchase, you won’t be able to start building home equity and reap the benefits when that property’s value increases.
For more helpful information for home buyers, have a look at our Bond Talk section.