Purchasing your first home is an exciting and daunting experience – from house hunting, to financial arrangements. Each step when purchasing property should be carefully thought out, as many first time buyers fall into the same traps. Here are some of the pitfalls you can avoid as a first home buyer.
Do not go beyond your budget. Once you’ve come up with figures on how much you can afford, stick to it. Do not purchase with the idea that you will just figure out the excess afterwards. This will only give you financial stress.
Do not rush. Purchasing property takes time, and you might settle for properties with small problems. Beware of these decisions that you might regret later. Review the features that suit you, and do not settle for anything less.
Do not be too picky. On the other hand, you might want to make sacrifices for features that are not that important, for as long as these can be added later. Purchase property not only for its current value but also do your research and figure out its potential.
Inspection reports. This gives you a birds-eye view on the property and surrounding developments, giving you an idea as to how valuable your property will be in the future. Check for nearby infrastructure, road and land rezoning that is planned in the area.
Financial arrangements. So you have the perfect property, are you able to secure the appropriate financial arrangements to afford it? You might also want to factor in additional costs when purchasing property. Seek pre-approval so that you have an idea as to how much you can afford before you go ahead with house hunting.