So, you are looking to purchase your home. It's an exciting time but also a scary prospect. This is most likely the biggest financial transaction you will make.
To help you, here are four common mistakes home buyers make and how you can avoid them during your search.
1. Getting too emotional
Focusing on the unimportant aspects of a house can make you overlook the problematic ones. Keep a clear head and look at the big picture. Do not look only at the dream garden or kitchen you want but also the condition of the house, the land and the community. You can also bring a person who isn't emotionally involved in the purchase to check the property with you.
2. Not knowing how much you can afford
One of the most common mistakes home buyers make is purchasing a home that's too expensive for them. Buying a home that's well above your optimal price range can wreak havoc on your finances. When you get preapproved for a mortgage, a lender will usually tell you how much of a loan they might give you. However, that doesn't mean that you should use this figure as your price target. Instead, set a target savings rate and work within that budget and then look at the most affordable home you'd be happy living in.
3. Not working with the right professionals
Buying a house shouldn't be an effort you carry out yourself. Think about it: you wouldn't go to a court without a lawyer, right? Working with professionals can make the whole process easier and get you the best deal. Research who you want to work with and check online reviews or ask for recommendations from family and friends. In particular, you will want to work with a conveyancer in Cairns and mortgage broker or lender. A conveyancer can explain your contract to you as well as negotiate on your behalf. A mortgage broker, or lender, can advise you on first-time buyer programs or discounts, which can save you a lot of money.
4. Being afraid to say no
Sometimes a bad deal is just that: a bad deal. If a contract is unfair or if the building inspection report comes back unsatisfactory, it's best to just walk away.
At Marino Lawyers, we understand the stress of purchasing your dream home. That's why our conveyancers in Cairns are ready to assist you with every step of your purchase. For questions, please contact Marino Lawyers at (07) 4081 6700. Marino Lawyers is a locally owned law firm in Cairns that offers a wide range of legal services to companies and individuals. We have offices in Cairns, Port Douglas, Edmonton, Gordonvale and Babinda.