Avoiding Costly Mistakes for First-Home Buyers

Are you a first-home buyer? Finding an affordable home isn’t easy for anyone new to the housing market. And with the excitement of purchasing your first home, it’s very easy to make mistakes. That’s why the team at Professionals Burleigh have put together a list to put first-home buyers on the path to achievable property acquisition.

Gain Pre-Approval

Before you start house hunting, speak to some lenders and find out how much they would be willing to lend you. This will narrow your focus down to the homes you can afford to avoid any disappointment.

Know your Mortgage Options

You have a few options when it comes to a mortgage. Ensure you speak to a variety of lenders to discuss all your options with them.

Don’t bite off more than you can chew

Don’t borrow beyond your means, a lot of first-home buyers borrow beyond their capabilities. This can put a strain on your finances and will not allow you to make improvements to the home when you move in. Plus if you face unforeseen financial problems, making mortgage repayments could become difficult.

Be Proactive

Be proactive and do your own research during your house hunting journey. Look around the areas you’re interested in, speak to the locals and get a feel for the area. Research the sale prices for nearby homes and get an idea of the figure you’d be expected to offer to secure a property.

Don’t Underestimate Additional Costs

Some other costs to consider when purchasing a home include: home insurance, removalist costs, inspection reports, stamp duty, council rates and also transfer fees. Understand the costs you’re incurring and budget accordingly.

Seek Help

If you’re looking to purchase your first home and want some advice on the area you’re interested in, don’t hesitate to get in touch with our team of knowledgeable agents. Get in touch today to seek the advice you need and get one step closer to securing your first home.

DISCLAIMER – The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. Professionals Burleigh will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.