Buying your first home can be a scary thing to do, it can be exciting but also full of complicated issues.
This may be one of the biggest purchases you make financially and sometimes first home buyers are not as prepared as they thought they would be.
Today, we will go through a few mistakes that First Home Buyers may make.
1. Preparation is key
Make sure you know what you and your family want and need.
Do the research, get the pre-approval with your finances before you start looking.
Will this be your forever home? Make sure the neighbourhood is to your liking.
2. Keep to your budget
I know what your thinking. You want a home that matches your budget, but…that bigger house that you were looking at is so much nicer.
Buying a house that is outside your budget could potentially change your financial situation in the future.
Spending more than you should could leave you exposed, even to interest rate rises.
3. Mortgages and additional fees – What to understand
Home buyers sometimes forget to include additional expenses like stamp duty, mortgage and mortgage insurance, and solicitors.
Getting a solicitor to have a look at the contract may be a good thing as they will usually pick up on the things that will turn what you think is a good property into a bad one.
4. First Home Buyers Grant
The Queensland First Home Owners’ Grant is a state government initiative to help first homeowners to get their new first home sooner.
Check to see if you’re eligible by clicking here. This will potentially add a few extra thousands to your budget, getting you one step closer to your dream home.