Buying your first home. It can be daunting, exciting, and stressful. A rollercoaster of emotions but most of the time, the ride is worth it. It doesn’t matter whether you’re buying new, old, big, or small, the principles are the same. But there are some common mistakes that first-home buyers can make which can turn the rollercoaster into a train wreck. However, once you know which mistakes to avoid it should be plain sailing. After all, everything’s easy when you know how right?
Not being observant enough in the open house
The open home is a chance for you to look around the property and identify any potential issues. It’s a good idea to go in with the attitude you’re looking for the things that look wrong. Look for signs of damage behind furniture, or sniff out any signs of damp.
Not purchasing a pre-purchase inspection report
It may seem like a lot of money. Most things do when purchasing a home. But spending some extra dollars upfront for an independent building inspector, could save you thousands in the long run. Especially when purchasing an older home. They’re more likely to be able to pick any costly major repairs which will need to be done. It’s a good idea to have a pest-inspection done as well.
Getting carried away on auction day
Auctions can be exciting, vibrant places. Especially busy ones. And it can be easy to get carried away with the atmosphere when you’re not a seasoned property pro. It’s important to keep your cool. It’s more important to know your limits and not go over them. The golden rule in property, if it’s meant to be it will be. Once the price goes beyond your means, it means it isn’t meant to be and it’s time to walk away. The right property for you is out there, there’s no need to panic buy.
Not going through the paperwork properly
Unfortunately, with anything legal, the detail is so important and unless you’re a legal professional, the details can be difficult to understand. Always get a professional to look over the paperwork for you. Either a lawyer or conveyancer. Especially a Section 32, or a Vendor’s Statement which is an important document which must be given to anyone intending to purchase. This will contain all of the information which wouldn’t be made obvious during an inspection. With a private sale, the purchaser is allowed a 3-day cooling off period if there’s anything included which raises red flags. However, in an auction scenario there is no cooling off period. Which is all the more reason to not get carried away on auction day.
Underestimating the total cost
It’s easy to hone in on the cost of the property and only think of that. Unfortunately, there are more costs involved than just the cost of the house. Things such as stamp duty (if applicable), moving costs, inspection reports, transfer fees, council rates, strata fees, home insurance, or any home improvements. Underestimating the total costs involved, or missing them completely, can prove a fatal mistake for many first-home buyers.
Try to do it alone
Buying a house is a major financial decision and one that shouldn’t be taken lightly. That’s why it’s always important to consult professionals and gather as much assistance as you can. For instance, a property lawyer or conveyancer to help you navigate the legalities. Or a buyers’ agent can help you find the best property and the best area to buy in. Whatever your question, there’ll be someone who can help.
Article provided by Rose Lawyers and Conveyancers