Buying Tips

7 Top Buying Tips

Buying your first home can be exciting and confusing all at once and when first starting out it can be difficult to navigate without making mistakes. So that you can head in the right direction here are 7 first home buyer tips to read so that you can avoid making mistakes other buyers have.

  1. Keeping your emotions in check
  2. We are all human and we can easily get caught up in how the home appears – especially if the home has been beautifully staged and decorated and we let our emotions get carried away.
    So, to keep your emotions under control, and to make sure that you are buying a home with both your head and your heart it is important to consider taking a friend or relative along with you – they then can point out aspects that you may miss.
    Consider if the home is going to be long term investment and if it needs to accommodate for a growing family. Make sure you have a clear idea of your “must haves” that you won’t compromise on and stay focused.

  3. Going above your budget
  4. When you’re doing the numbers on buying your first home, be sure that you are not borrowing to your max – you need to remember that life happens and can throw you curve balls when you least expect it, so be sure you build in a buffer for those unexpected expenses that can arise.
    If you are attending an Auction be sure to stick to your budget regardless of how much you love the home, it can be very easy to get carried away with the adrenalin pumping and it’s far too easy for even the most rational of us to shoot up the hand for an extra $5,000 we simply don’t have.
    Don’t over extend yourself to purchase your perfect home to find out that you can’t afford to furnish it or you need to revert back to your Uni days of eating 2 minute noodles.

  5. Beware the hidden costs
  6. The price of the home is not all you will need to pay for, so be sure that you factor in the costs for the following:

    • Building and pest inspections
    • Stamp duty
    • Legal fees to cover conveyancing and title searches.
    • Bank fees or Mortgage Broker Fees
    • Moving costs
    • Insurances
    • Council Rates
    • Ongoing Maintenance

    Take note of all the costs involved and budget for these costs as well, remember you still want to enjoy your lifestyle in your new home.

  7. Not getting your budget sorted
  8. Before you even start to look at homes be sure you are aware of what your budget is, the best thing to do is to get pre-approved finances from a lender. There would be nothing worse than looking at homes and falling in love with a home only to realise it is outside what you can afford.

    By getting your finances sorted you will have peace of mind knowing that you can afford the home so that you can take action when you find the home of your dreams before another buyer jumps in before you.

  9. Impulse buying
  10. At first searching for a new home is exciting, however if you been house hunting for a while you can end up with buyer search fatigue.

    If you’re exhausted and frustrated, that you can’t find your perfect home, or you miss out due to another offer being accepted it can be tempting to buy the next property that comes along, especially if you are on a time restraint. We have all heard of buyer’s remorse – don’t be one of them – take a look at your top priorities in a home and consider whether they need to be adjusted, are your expectations too high for your budget?
    Remember to breathe and be patient.

  11. Don’t short cut
  12. Sometimes when we are trying to save every dollar, we can take unnecessary shortcuts however a building and pest inspection is not one of those items to cross off. When we are looking at homes, we are unable to see all that can be wrong with a home with the naked eye, and some of those things can be life threatening. Faulty wiring, shaky foundations, pest infestations are just to name a few things that can be found by a licensed inspector.

    Don’t shortcut to save a few hundred dollars as it may cost you thousands down the track.

  13. Going it alone
  14. Having a team behind you is always a good idea some people that you should consider having on your team.

    • A good real estate agent.
    • A Solicitor
    • A Building & Pest Inspector
    • A Mortgage Broker.
    • A trusted open-for-inspection buddy.

    Surround yourself with a good team of people you trust and everything about the process will become easier. Best of all, you’ll have that network for your next property move – whether it’s buying an investment property, renting out of selling the home you’ve just purchased, or just undertaking renovations.