It’s smart of you to take a look at this article. Most first home buyers jump the gun, only to end up with financial backlash they wish they’d learned of sooner. Avoid that by getting to know three of the most common first home buyer mistakes:
Not doing research
Buying a house isn’t as simple as you might think it is. You’ll need paperwork, a good credit score, and loan pre-approval, among other things. When you don’t know much, it’s easy to fall victim to one of many first home buyer mistakes. You might even end up spending more than you’re supposed to. In fact, most new home buyers aren’t aware that there are several home loan schemes they can choose from. It’s important to know what exactly it is you’re getting yourself into. Research helps you make informed choices about your future home and finances.
You should check to see if you’re eligible for the following:
- The First Home Owners Grant (FHOG)
- The First Home Buyer Duty Exemption
- The First Home Buyer Deposit Scheme (FHLDS)
Not shopping around the market
It’s good to have a favourite, but I’m telling you now- don’t close your doors to other options too soon. Believing you’ve found a great buy is great, until you realise it’s not so great. You just have to do a bit of legwork to find the perfect match and avoid them horror stories. Trust me, it’s well worth the extra effort you put in! Buying your first home is a big investment, so you might as well do what it takes to ensure that your money is well spent.
Not seeking expert advice
Buying a house, how hard can it be…..pffff!
You’ve done your research, you’ve checked countless house listings. You already know what needs to be done. Question is, are you getting the most out of your bargain? Probably not. Stop yourself from making any first home buyer mistakes. Mortgage experts with experience with first home buyers, like myself, can help you get the house you want without you losing all your hair before you get old! Plus, we’ll make sure you have got the best home loan deal.
Now, let me ask, do you have specific concerns about buying your first home? Buying your very first home is one of life’s milestones and I want it to be a great experience for you.
Discuss your ideas with me through an email. Once we’ve sorted out your concerns, I’ll assist you with the pre-approval process. Buying your first home is a lot easier when you have a guide that can show you the ropes! You can also leave a comment right below this blog post and I will get back to you as soon as possible.
Will Bell Mortgage Broker is a mortgage and finance broker based in Melbourne specializing in residential home loans. Will is all about the average Australian understanding just enough of the broader economy to take action on your own personal economy. He is the host of the My Personal Economy Podcast which you can check out here.
Additionally, you can follow him on Facebook