Roughly 13 per cent of all new mortgages are applied for by first-time home owners, says the Australian Bureau of Statistics. But how many of them make similar mistakes during the buying process?
The excitement and newness of buying a first home can lead some people to making errors when they make their purchase.
If you're a first home buyer looking to purchase Bunbury real estate, make sure you avoid these common mistakes!
Generally speaking, older houses in need of a little love may need some TLC – and come at a cheaper price because of it.
First home buyers may be working with a smaller budget and therefore jump at the chance to purchase, then upgrade, a 'fixer-upper'. Renovations can be costly and time consuming, and if you've never dealt with a similar project in the past, it may be overwhelming and expensive to try it for the first time now. That's not to say it's a terrible idea at all, just be sure to know what you're getting into if you're considering this option.
The Australian dream of property ownership is a great one, but in some cases, renting for a little longer may be more beneficial than buying as soon as possible.
For example, if you're unsure about where you'll be in five years, you may end up purchasing a home then having to sell it again soon after. This could happen if you move cities for your career, for example. In this case, the costs and effort associated with moving in then out again may be much simpler and easier if you were renting.
Everybody knows the feeling of walking into a house and immediately feeling at home. It's a marvellous feeling, but it's still important to consider all aspects of a property before making a purchase – including the surrounding neighbourhood.
For example, can you name the pros and cons of living in the area, such as local amenities, public transport, and schooling options for kids? Do your research on both the house and its location before diving in.
An independent property inspection can seem like just another cost associated with buying a home, but it's a small price to pay should the report uncover concerning issues.
Professional property inspections will closely look at a home with an objective eye and will cover dozens of points you may not even consider to check. For example, will there be issues with water intrusion? Are there areas susceptible to mould? Are all the fixed appliances in good working order?
Finding an issue in an inspection isn't always a deal breaker, but it can help you fully understand what you're purchasing.
First-home buyers in Bunbury and surrounds can talk to the experienced team at Ray White for more tips on what to look for in that perfect new house.