Buying your first home is undoubtedly realization of your dream, but there are basic mistakes that you should be careful about and try to avoid them if you want this purchase to be a success.
Prioritize your dream house instead of your needs
First and foremost, when buying a house it is necessary to know what the minimum requirements should be met to satisfy the basic needs. Many people, when they think about buying a house, want a house of at least 3 bedrooms, a fully equipped kitchen, a living room of 60 square meters to put their Plasma TV of 50 inches and fashionable furniture. Of course, if it is a couple with two children, it is common to look for a home of at least 3 bedrooms, but someone who would be living alone could make a big mistake. This is because all these vagaries of the house of your dreams is actually what will raise the price of the house when you really did not need it.
No study of the area where the property is located
Another mistake is not to think about the area or neighborhood where your future home is located. Are you close to your work? Do you need to take the car for everything? Are there supermarkets nearby? It may be a house that meets all the requirements you have in mind, but check if it is located in a residential area where there is no supermarket nearby and you need an hour to arrive to work every morning. This not only means spending more money on gasoline, but reducing the quality of life as well.
Think only about the house price
Another big mistake first-time homebuyers make is that they only see the price that is given to them, without additional important costs such as taxes related to the sale, VAT, payments for registration and notary and so on. Remember to add between 10% and 15% to the price of the house to know how much it will actually cost to purchase your home.
Ask about the mortgage
When one thinks about the mortgage, not only do you have to consider the amount for the bank, but many other expenses that accumulate when you become independent, too. Month to month, you must also pay bills and combined with mortgage payment, these costs may turn to be a real problem. Therefore, inform yourself about the price range so that you would now if you can afford to buy the particular house or not. This also shows your seriousness when making an offer to the seller.
Nearly 1 in 4 homeowners complain about the size of their yard. While half complain about not having a bigger yard, the other half would want to have an easier yard to maintain. This means you must be realistic about what you expect from your backyard – the larger one will require more maintenance.
Nearly 17 percent of buyers wish that they had different parking situation, especially since they did not consider that in the future they could have more cars at home. This is another important practical detail that could be lost in the emotional whirlwind of buying a home.
Not having a plan
Preparation is essential to make a real estate purchase. Understanding the current real estate market will help you determine a sensible offer and if you do not negotiate well, you can lose a lot of money. If you find all this confusing, you can always find people who can look for the best available options for you, such as Sydney property buyers. The best way to avoid paying more is to have a strategy that gives you the advantage of finding your ideal home and to negotiate the best price. It is important to note that there is a difference between the price of a home and the value of a home. A house price may be less than a house value, and vice versa.
In short, to avoid mistakes when buying a home, before you start fantasizing about changing the color of the walls or remodeling the kitchen, analyze the size, design, layout, amenities, neighborhood and resale potential. It is best to visit three or five houses, at least, before you decide.