There is plenty of monetary spadework that is involved in purchasing a property and it’s essential to be attentive for first home buyers. Perth residents along with other Australians typically purchase their first house at the age of 27. Related studies show that people within the age range of 25 to 30 years old normally make shopping mistakes that could prove catastrophic to their financial stability. In this article, we will discuss the most common mistakes that every first home buyer makes and how to avoid them in order to save time and a sizable amount of money in the process.
- Getting Too Excited
Many first-time home buyers fall under the trap of searching for homes before finding a good mortgage plan. While it’s easy to fall head over heels with a package that checks all the boxes, it is most essential for every buyer to get a written pre-approval certification from a mortgage lender to properly evaluate their finances. It is, however, highly recommended to talk to more than just one lender to potentially avoid leaving thousands of dollars in the table. Put simply, it allows everyone to compare and contrasts all lending companies in order to get the possible deal available for their budgets.
- Failing To Capitalise Grants
Another mistake that a first home buyer often commits is failing to capitalise property grant that is offered for free by the government. Perth along with other cities in Western Australia provides home buyers a first home owners grant during its first home purchase. The FHOG program in Australia is specifically designed to help everyone become a property owner across the country. Normally, the grant is available for properties with a total asking price of at least $400,000. At the very least, the FHOG program provides Western Australians with a $10,000 grant which can be utilised in covering incidental overhead that is involved in buying a home through a licensed real estate agent.
- Moving Too Quickly
Purchasing a first home is as exciting as it gets. Most first-time home buyers often fail to conduct proper checks or picking the right company to build with. In most cases, a wise home buyer would chat with the experts in the Perth industry, like Homebuyers IQ.
- Buying A Home Based On Emotions
As mentioned, buying a new home is as emotional as it gets and more often than not, emotions can lead everyone to make hurried purchases. To avert financial losses, a first home buyer should stick to a plan and avoid becoming too emotionally attached to a home that you don’t own.
We Are Here To Help Every First Home Buyer
Homebuyers IQ is here to assists every first home buyer in navigating through the ins and outs of property buying. Speak to one of our specialists today for more details!