Top 6 First Home Buyers Mistakes You Don’t Want to Make
As a first home buyer in Brisbane, buying your first home is an exciting milestone, but one that can be quite daunting, so you’ll want to get it right. Getting the right advice from the start is vitally important. That’s why we’ve put together a list of the top 6 mistakes first home buyers in Brisbane make to avoid when you’re on the path to finding your new first home in Brisbane, Australia.
Mistakes First Home Buyers in Brisbane Make
Planning to buy your first home? Check out below given top 6 common mistakes first home buyers in Brisbane make and don’t repeat them in the future.
Mistake #1: Letting Your Emotions Rule You
The biggest mistake first-time home buyers make is letting your emotions take over. We know this could be one of the biggest steps in your life so far, but you’ll need to keep your emotions at bay.
By doing this you will be able to make clearer decisions and you’ll know when something is not right or you’re being taken advantage of.
We always recommend reading that fine print, even if it’s wrapped in beautiful packaging.
Mistake #2: Overstretching That Budget
Committing to a home loan is a big deal and one you’ll want to make sure you can afford. It’s easy to think you’ll be right when the time comes but it’s important to be realistic about what you can and cannot afford.
Falling in love with a house that is above your financial reality will do more harm than good in the long run.
But don’t worry your dream house that is affordable to you is waiting for you, you might just need to exercise patience.
Mistake #3: Forgetting About Those Hidden Costs
There’s so many extra costs when it comes to buying a home that you might not realise you’ll have to pay for.
Things such as building and pest inspections, stamp duty, conveyancing fees, title searches.
That’s just the beginning. After you’ve purchased your home there will be moving costs, insurance, council rates, water costs, and the cost of ongoing home maintenance.
Make sure you’ve taken these into account before you start house hunting, so when you’re ready to buy nothing will hold you back.
Mistake #4: Not Getting A Pre-Approval
If you’ve overcome these first three mistakes then you should be in a good position to contact your mortgage broker for a pre-approval.
A pre-approval means that a lender has agreed, in principle, to lend you an amount of money towards the purchase of your home but hasn’t proceeded to a full or final approval.
It allows you to know your maximum available funds so you can narrow your search, negotiate with more certainty, and bid with more confidence if you’re going to auction.
While it’s not a requirement in the home buying process, it can make life easier.
Mistake #5: Forgetting About Building and Pest Inspections
While all might look good through rose-coloured glasses, you never know what’s lying beneath the surface.
It’s vitally important to include a “subject to building and pest” clause in your house contract so you can investigate any hidden costs associated with your home such as termite or water damage.
For everything, you need to know about the building and pest process, read this blog.
Mistake #6: Flying Solo As First Home Buyer
To make your first home buyers journey a success you’ll want to be surrounded by a great team that you can trust to support your best interests.
You’ll want a good real estate agent, a lawyer, building inspector and a mortgage broker. Even a trusted friend or relative will be great to have by your side when you’re house hunting as an extra set of eyes never hurt anyone.
Surrounding yourself with an experienced team of professionals will ensure a smooth journey to homeownership.
Get Started With Buying Your First Home in Brisbane
As a first-time home buyer in Brisbane, if you’re unsure where to start, call us at North Brisbane Home Loans and we can provide trusted recommendations for real estate agents, lawyers, and building inspectors.