How to avoid many common mistakes first home buyers make?
Buying your first home can be both an exciting and daunting experience as you step into uncharted waters.
- be clear on how much you can afford to spend which will be limited by your available deposit and capacity to borrow.
- Understand additional charges relevant to the purchase i.e. legal fees, stamp duty, loan fees and ongoing property costs like rates, body corporate fees and insurances.
- Understand what the impact will be when interest rates increase, as they eventually will.
- If purchasing a new property be really clear what the inclusions are. i.e. floor coverings, window furnishings, landscaping, TV aerial, driveway, letter box etc.
- For buying existing property, be sure the pest and building report is understood and any concerns addressed.
- If buying at auction an d you are not confident, arrange for someone to bid for you with a clear maximum figure. Pre-arrange an acceptable deposit amount with the sales agent.
In short, do your due diligence & become informed so you can ask questions that will empower your purchasing decisions.