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There is always a first time for everything they say, so if you are planning to buy your first property, you definitely should read this article.
Take a look at some common missteps you should avoid when getting onto the tough Sydney property market.
1. Not managing your emotions
When you’re planning to buy your first home, you’re going to be excited, that's the fact and it doesn't matter how often your friends tell you to take the emotions out of the process. It’s naive to expect us to disconnect from such personal decision.
But if you want to make sure you’re not taken advantage of, try to keep your excitement under control as much as you can. It will help you spot major issues and risks before you buy your dream home in Sydney.
Try leaning on a family member or third party to help you stay objective and sound out your thought processes.
Even if you fall in love with a house, at first sight, don’t ignore that little voice in your head that is trying to remind you to do your due diligence before you make the final decision.
2. Overstretching your budget
When it comes to a price you would like to spend on a property, you can build in some buffer, but it's crucial to have a clear idea of your actual limits. During house auctions, full of other potential buyers, it’s way too easy for even the most rational of us to get carried away and call out for an extra $5,000 you simply can't afford.
Exercise financial discipline and don’t overextend yourself. The perfect home won’t be a consolation if you don't have enough money to furnish it – or even worse, you can’t cover your mortgage payments because you got carried away.
3. Skipping hidden costs in your budget.
The price you have to pay for your new home is just the beginning. Before you commit to buy you should factor in the cost of building and pest inspections. Don't forget stamp duty and settlement fees to cover conveyancing and title changes.
There may also be application fees imposed by your mortgage consultant.
Eventually, you’ll need to consider moving, insurance, council rates and ongoing maintenance costs – many things you didn’t have to worry about when you were renting.
4. Not getting your finances sorted.
If you are decided to buy your first property in Sydney, don't forget about all the necessary preapprovals from a bank or other lender. That way you’re ready to make a fast decision when you find your dream home. Failing to have your paperwork sorted can mean you might miss out when you can least afford it.
Once you commit to purchasing a property, you’ll need documentation of your loan and be ready to pay the deposit immediately.
While some sellers and real estate agencies accept offers on the property subject to financing, an unconditional offer will always be preferable.
5. Not getting the property inspected.
It’s one of those things that can not only save your budget but possibly save your life. Faulty wiring, shaky foundations, pest infestations, etc. There is a range of things that might be wrong with a property that you won’t catch with the naked eye.
Don't try to save money on professional building inspections. For only a couple hundred dollars a specialist can spot the problems, you would never notice, but could cost you a fortune in renovations or repair if you charge ahead unaware.