Ah, that supreme feeling you get when you finally think you’re ready to buy your first home. There’s nothing quite like it.
There also may be a couple of things that you may have overlooked in your househunting adventures.
“No way”, you say as you hold up your checklist. “I’ve gone through all the things, and I’m good to go.”
Trust us, you don’t want to leap too fast. Even just missing one thing before sealing the deal could leave you with years or even decades of financial strain and disappointment.
That’s why we’ve come up with this list of 3 mistakes many first-time buyers make – and how you can avoid them. Read on to learn more.
Affording a Mortgage Isn’t the Same as Affording a Home
At this point in your life, you may feel that since you can afford to pay off a mortgage that you can take care of any financial problems with your house.
Hate to break it to you, but that’s simply not how it works.
There are a ton of other fees such as the property tax, the electric and water bills, and any home maintenance that you also have to factor in.
If all you’re prepared to handle is the mortgage, your home-owning days are going to be very painful.
A Small Down Payment Is Almost Always a Bad One
Certainly, you’ve heard of those companies that offer you a low or no down payment for your house. Sounds fantastic, right?
It is…if you want a future full of regrets.
Keep in mind that the smaller your down payment is, the more you’ll have to pay per month. That means if you aren’t ready to fork over a large sum of cash, you need to hold back from buying anything.
Save up your money (or get a better paying job) and then put down a solid amount for your mortgage to enjoy lower monthly payments.
Don’t Fail to Look into the Future of your First Home
When you buy, one thing you need to remember is: it’s not all about you.
You may think so, at first (heck, it’s the main reason you’re even buying a house, right?). But you should start planning to look into who else may share your house with you in the coming years.
Are you planning on having a partner? Will there be children? Is Fido included in all of this? These are just a few of the questions that should go into picking your home, so that everyone who is (and will be) involved will be happy.
If you still think you need help with finding your first house, why not try Project Homes Sydney? They have everything you need to make sure you’re making the most informed decision about your new home.
Happy house hunting, everybody.
Time to Get a Little Curious
Now that you know all about the mistakes to avoid when buying your first home, you may want to learn more about what to expect out of your future living space. Luckily for you, we’ve got you covered.
Curiosity Human is the place you go to when you’re feeling a little…well, curious. We offer a ton of advice on all sorts of things, including tips on your home, the hottest new products, the latest movies, and a lot more.
Got a topic you want to hear more about? Let us know what it is. We’re always looking for new things that spark our minds.
Well, come check us out. We look forward to having you here.