- Thinking of buying your very first home? That’s great! Home Loan Cash Back will be here to help you every step of the way. Of course, just because you have all the advice you could want from our helpful brokers, doesn’t necessarily mean you won’t want to do some of your own research too.
First home buyers often enter the world of real estate confused, bewildered, and full of questions. Although many stumble through the purchasing process, doing their best to understand what’s happening as they go along, the better option is to make sure you’re educated and informed before you begin your purchase. By learning as much as you can about the common mistakes homebuyers make, you can ensure that you’re informed, prepared, and empowered before you even apply for a mortgage.
Mistake 1: Underestimating Expenses
Although there’s plenty of information out there outlining the various fees associated with a standard mortgage, some buyers still believe that as long as they have a deposit, they’ve got everything they need for a new home. Unfortunately, this simply isn’t true. There are countless expenses out there that you need to be aware of, including the potential of lender’s mortgage insurance, solicitor costs, stamp duty, inspection reports, and more.
Mistake 2: Over-Extending Yourself
Buying your first property should be an exciting experience – not something that leaves you wondering how you’re going to make ends meet. Yes, it’s tempting to go for a more expensive house because it has bigger bedrooms or more space, but sticking to your budget is more important than you think. Without a clear budget to help guide you through your mortgage repayments, you could struggle to make your monthly payments, and end up losing your home.
At Home Loan Cash Back, we can help to make managing finances easier by assisting you in choosing the right home loan, and giving you access to constant cash back, but you still need to make sure that you’re prepared for the expenses ahead.
Mistake 3: Failing to Consider All Aspects of your Property
It can be difficult not to get overwhelmed by emotion when you’re inspecting a new property. A lot of people begin to think about how they’re going to remodel their living room before they even have a chance to look at the price tag. Unfortunately, getting caught up in the aesthetics of your new property could stop you from evaluating the most essential points. Think about things like the local services and amenities you’ll have access too. How is your home positioned, and what are your neighbors like? Is there plenty of public transport?
Mistake 4: Forgetting the Property Inspection
A building inspection on your new property is an incredibly important consideration for a number of reasons. Besides the fact that an inspection can show off potential problems with your chosen real estate before you invest, inspections can also be used to help you negotiate the ideal purchasing price. After all, we’ve all heard horror stories about buyers purchasing their ideal home, just to discover issues with water, pest, or structural damage when they move in. If you can get a specialist to check out any issues before you make a purchase, you’ll have a lot more bargaining power to use to your advantage.
At Home Loan Cash Back, we’re here to help you navigate the complexities of buying your first property, with everything you need to know about getting your mortgage. We’ll help you every step of the way, from applying for your home loan to seeking out the right insurance for your new home.