The idea of buying your first home can be one of the most significant decisions you’ll ever make in your adult life. The feeling of excitement, fear, anticipation, and trepidation are just some of the emotions you’ll go through while contemplating buying a house or not. Both first-time buyers and even seasoned investors feel those emotions in every deal they make—to the point that they sometimes make some mistakes that proved to be irreversible!
First-time homebuyers in Sydney shouldn’t be afraid of making these mistakes as they can be easily avoided, given enough education and preparation. Read on to learn more about these mistakes so you won’t fall victim to any of them.
Being emotionally invested in a house
Everyone wants to live in a perfect house, but in seeking that dream house, you’re blinding yourself from the real-world problems in home buying that you have to face. It’s easy to find a home that you’ll fall in love with, but that can ultimately lead to some trouble if you go down that rabbit hole. No matter how perfect a property is to you, if it’s priced far above your budget, then you’ll find yourself in a potentially problematic situation financially speaking!
You might also consider the location of the house you’re pining for. Suppose it looks exactly like your idea of a perfect home—but it’s a 3-hour commute to the office. In that case, you’re condemning yourself to a lifestyle that will affect you physically, mentally, and financially in the long run. Take a step back, consider all the options, be practical, and don’t let yourself become too emotionally invested.
Looking for a home before applying for a mortgage
Many eager first-time homebuyers make the mistake of looking at houses for sale before even looking for a mortgage lender. In a competitive market, where there are more buyers than houses available, you could lose your dream property if you’re still not preapproved for a mortgage. Having preapproved for a mortgage sends a message that you’re a serious buyer and not just browsing through!
Checking the entire property—but not everything else around it
When buying a house, you don’t just get the property; you also inherit the people, the amenities, and the entire neighbourhood in its vicinity. Given that, spend some time in the neighbourhood before making any offers. Get to know the people, the roads, the thoroughfares, and all the nearby establishments. You should get a good idea if the area is actually livable for you and your family!
Working exclusively with a listing agent
The listing agent represents the best interests of only the seller. All they care about is selling the property at the highest possible price to get a larger commission from the sale. If you’re not careful, you may end up spending more than what you bargained for if you don’t have your own agent working with you!
A buyer’s agent can be of great help to you when negotiating the best possible price for the house you’ve set your eyes on. Hiring a buying agent may cost you more—but you can leverage their knowledge and contacts to connect you with inspectors, service providers, and lenders to get the best home loans in Sydney. It’s better having a professional back you up than working exclusively with a listing agent.
Of all the investment decisions you’re likely to make in your lifetime, finding a home is perhaps the most personal decision you could make. Be that as it may, don’t let your emotions cloud your judgment to avoid any of these mistakes. Stay on the practical side of things, and always be mindful of your budget and your needs. Finally, get to know the neighbourhood and the surrounding area a bit more while working a good deal with a professional you can trust.
If you’re a first-time homebuyer in Sydney, it’s best to work only with a trusted and reputable company like Wealthy You! We are a cutting-edge mortgage brokerage firm in Sydney made up of experienced mortgage brokers and professionals. Trust our team to find you mortgage solutions tailored to your financial needs. Give us a call and work with us today!