First home buyer? Here are 4 mistakes to avoid
Although at first glance buying your first home may seem exciting, it is not always so easy and can lead to a lot of stress and mixed emotions. Besides the obvious financial hassle, your family and friends are all pulling you left and right in regards to what to do, much of which is uninformed and outdated advice.
The decision may be one of the biggest financial investments of your life, so it is only right that you learn from your predecessors who have gone through the trial and error process instead of making the same mistakes.
Exceeding Budget
Perhaps one of the most common mistakes and most detrimental when taken out of hand is spending more than you’re allowed. This goes back to when we were younger and saw something that was way too expensive, though our emotions got in the way and we found ourself digging into our pockets or credit cards. It may seem tempting, but you must resist this to avoid having a massive debt in the future.
Dismissing viable advice
The key word in this is viable, often people do take advice, but it is from their friends and families. Although these people love you, unless they possess professional knowledge, you should take their input with a grain of salt in regards to buying a home.
Look out for reputable financial advisors, independent mortgage and financial brokers to guide you, not only will this take a lot of the stress off your shoulders, but they will also show you the way from people who have “been there and done that”.
Ignoring job security checks
Applying for a home loan is obviously a very integral part of purchasing your first home, this won’t happen if banks and money lenders don’t see you as viable.
Becoming clear about what your current job status is and what it says about your security is something a lot of people don’t pay much attention to.
This mistake is something so small yet could potentially be so big; you need to ensure that before purchasing your home, you aren’t drifting between careers and have a sound foundation so that your success for home loans is assured.
No pre-approval
So you have the job security, being qualified is not enough to start property hunting safely. As mentioned earlier you must not exceed your budget, for this to be possible you need to first know what that budget is.
Once you’re qualified, finding out what the lenders will give you is integral, this will allow you to have a filter for the houses you can and cannot afford.
Not only does this save a lot of time, but it also saves you from going back on past decisions and creating emotional pain.
Get professional advice
For an important topic like this, the more professional advice you receive, the better. Contact us for more information regarding property investment.
