Ready to buy your first home? Fantastic! Before you dive in, take a moment to learn from the mistakes many first-time buyers make. This knowledge will help you avoid costly pitfalls and confidently step into the home you've always wanted.
One of the biggest mistakes that first home buyers make is starting their property search without first obtaining mortgage pre-approval. It provides a clear understanding of your borrowing power and strengthens your position when making offers. Without pre-approval, you may fall in love with a home only to discover you can’t afford it.
Many first home buyers have a laser focus on the property’s purchase price and mortgage repayments, while other expenses fly under the radar. Expenses such as stamp duty, legal fees and inspections can all add up quickly. These need to be factored into your budget.
In Australia, we offer several grants and incentives for first home buyers, including the First Home Owner Grant and stamp duty concessions. Failing to understand these programs could mean missing out on thousands in financial support. Be sure to check which incentives apply to you!
Buying your first home can be a very emotional time. And it is easy to get attached to a property. But rushing into a purchase because of your connection to a home can mean regret later on. Buying a home should be a well-researched decision. Make a checklist of non-negotiables and stick to it.
You’ve just found the perfect home and, in your excitement to get the process underway, you have decided to forgo building and pest inspections. This is a major mistake. Hidden structural issues, termite infestations, or plumbing and electrical problems can lead to costly repairs down the track. Always invest in a thorough inspection.
Real estate contracts are legally binding documents that contain complex terms and conditions. Buyers who fail to read or understand the fine print may find themselves locked into unfavourable agreements. Engage a qualified conveyancer before you sign on the dotted line.
If you’re a doctor, you may have access to exclusive lending benefits that can make buying your first home even easier. You could qualify for:
Buying your first home is a major life decision. And decisions like that should be made with careful planning and due diligence, as well as a team behind you with your best interests at heart.
That’s where we can help. Our team can make sure you avoid costly mistakes and saving thousands of dollars on your first home purchase.
Are you looking to buy your first home? Get in touch with us today on 1800 988 522 or finance@cutcher.com.au