Welcome to Top Tips Tuesday!
If you are a first-time homebuyer, then this week’s tip is for you. Today, we’ll be discussing the five common mistakes that you should avoid while buying a home.
1. Not considering additional expenses
Not considering the additional expenses that come with buying a home, such as legal fees, stamp duty, and lenders mortgage insurance, can be a costly mistake. You must take into account all these costs, and it’s always better to take advice from a finance specialist.
2. Skipping the home inspection
Skipping a home inspection is a big no-no. Whether you’re buying an old or new property, it’s essential to get a professional third-party property inspection.
Building inspectors will provide you with unbiased reports, which can help you in negotiating repairs and maintenance costs.
3. Being too emotionally attached
Being too emotionally involved can lead to overpaying for a property. It’s important to keep the emotion out of it and focus on the numbers.
A good expert can help you understand property reports and justify the true market value.
4. Not getting pre-approval for a mortgage
Not getting a pre-approval for a mortgage can create problems later on. You must have your finances assessed by a finance specialist before inspecting properties.
A pre-approval letter from a lender or a broker can give you an edge in negotiations and provide the other party confidence that you have done your homework.
5. Getting biased advice from family and friends
Taking advice from professionals is always better than relying on friends and family.
The opinions of friends and family can be biased, and they might not have the experience or expertise to provide the right advice.
Instead, you should take advice from people in the property market who have bought and sold, and seen good and bad markets.
I hope these tips will help you make the right decisions when buying your first home. Good luck!
If you would like to discuss your property options further click here to book a time in my calendar.
Regards,
Geoff Tomkins
Buyers Advocate
PH: 0404 852 781
