The property market is always busy, houses coming on the market and being sold in an instant, while others seem to be listed for months, without even getting an offer. Anyway you look at it, it is a buyer’s market, and if you are planning to buy property in the near future, here are a few pitfalls to avoid.
Over-Stretching Yourself Financially
It might be your dream home, and despite the high mortgage payments, you both hope that things will fall into place, yet this is very often the cause of a serious financial problem. It might take a few months, but when you see your savings dwindle away by supporting your monthly outgoings, you realize the house wasn’t really in your price range. One should always look at the worst-case scenario, and if you really can’t see a way to manage all the monthly outgoings, you should look for something a little less expensive.
Not Crunching The Numbers
There are many expenses when buying real estate, and if you are looking for a leading mortgage provider, Mint Equity mortgage brokers cover all of Sydney and surrounding areas, and they are both experienced and established. Don’t forget legal fees and stamp duty (you might be eligible for a concession on stamp duty), and then there’s the relocation costs, which will be considerable.
Not Researching The Immediate Area
Look for things like schools, and other necessary venues that you and your family are likely to need. Knowing about the area is a definite plus, and there are local Facebook pages that will tell you everything you need to know. Is there a lot of local crime? How is the public transport? All these questions can be answered with an hour or two searching online.
Choosing The Wrong Home Loan
It might look great at first glance, yet, after a few years, you begin to realise your mortgage wasn’t the best choice, and this can be avoided by seeking out a leading independent mortgage provider, who can easily be found with an online search. The independent mortgage broker will have associations with many lenders, and he can explain the ins and outs of each package. There are great articles on things you should know before you buy your first house, which you can find online.
Failure To Find The Faults
If the house has issues and you don’t know about the drainage problem or the dampness on the upstairs ceilings, you could be looking at an expensive repair, which is the last thing you need at this time. It makes sense to have a building survey commissioned, which is something your conveyancing lawyer would recommend.
There are many mistakes that potential home buyers make, and by reading and understanding all of the above, you should minimize the risk of making a serious error when buying real estate. You need a good mortgage broker, plus a very competent conveyancing lawyer, and they should help you make the difficult decisions.
I would agree with the over stretching part but with today’s home prices it is difficult not to.