Buying property is fraught with risk, and is a daunting prospect for the first time buyer, with so many things to arrange. The legal documents must be in order, and then there’s the question of land ownership, with taxes to pay, all of which must be negotiated. The home might be newly constructed, in which case you would purchase directly from the developer, or it could be a private sale, when you are dealing with an individual. If you are about to set your foot on the property ladder, here are some things to watch out for.
1. Pre-Approve your Loan – This is really important, as the basis of everything is that you have the funds to go ahead with the transaction. There are modern online builders that simplify the process of a house purchase, and you can quickly receive pre-loan approval, and then you can proceed.
2. The Hidden Extras – Buying a home isn’t just a question of paying the seller, with property taxes, legal fees, and maintenance costs, all of which are non-negotiable. The home must be furnished, and this will take a sizeable chunk of your budget, so make sure you have everything covered.
3. Look to the Future – It isn’t worth buying if you plan to move within the next two years, and although it isn’t a wise business move to rent, it is the best option if the future is uncertain. If the home is right and you can afford to buy, there are some great deals to be had with display homes, and skinnies are ideal for the first time buyer. Whatever type of home you are looking for, plan on staying for at least 5 years, and then you can easily upgrade, using the equity.
4. Inferior Build – To the untrained eye, any newly painted structure would look good, but if the structure has been built on a tight budget, some of the materials could be substandard and this will reveal itself in the coming few years. There are quality home builders in Perth, for example, that have a solid reputation in the region, and with several popular developments on the go, you will have a choice of locations. Check out the display homes, and if you have a chance to buy a display home, you will make a significant saving, and won’t have to worry about furnishings and fittings.
Modern builders have taken the hassle out of house buying, and with a range of top quality homes at attractive prices, the buyer can relax and let the builder deal with the process. A one stop service means house buying has never been easier, and with a range of packages to suit every budget, you can own the home of your dreams.
Photo by: Stephane Mignon
1 thought on “4 Common Costly Mistakes when Purchasing a House and How to Avoid Them”
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