On the market for your very first home? This is certainly an exciting time for aspiring homeowners. It can also be a concerning time, given how young people have to carefully calculate mortgages against their budgets to afford a home. The home buying process can be pretty straightforward. However, it’s not unheard of for people to run into issues during any stage of the buying process. Here are some of the well-known problems newbie house hunters face and how to avoid them:
You Find a Nice House, Only to Realise the Neighbourhood is a Nightmare
When searching for a new home, prospective buyers are highly likely to only look at the houses themselves. Obviously, this is the most important part. However, the neighbourhood plays a role too. This doesn’t just refer to the location and how close the home is to your workplace or a child’s school. You should know what type of neighbourhood you are moving to.
For example, some neighbourhoods are highly family friendly with plenty of couples with kids in the area. Others may not be so. Some neighbourhoods are noisy and may annoy you. It’s not possible to know about the unique characteristics of a neighbourhood just by looking at a housing ad. If you are utterly new to an area, your best choice is to find a reliable agent to find a great neighbourhood. You can also ask friends or family you may be familiar with the area. The point is, when looking for houses, don’t forget to research the neighbourhoods as well.
Don’t Judge a House by Its Looks
You may be tempted to jump in and buy a house that looks good and is situated in a desirable neighbourhood. Before you assume the value of the properly, you need to call in a local property inspector Murray Bridge for an assessment of the house. That is to say, houses should be inspected for certain issues like pest infestations, mould, structural issues, and even possible chemical contamination. If you purchase a home without such an assessment, you could risk ending up in house that requires extensive pest extermination or needs decontamination. Therefore, make sure you inspect all the buildings you hope to bid for.
Limiting Your Options to Direct Sales
In South Australia, you can buy a home by auction as well as a direct sale with the previous owner. Therefore, don’t limit yourself to just one option. You may be able to find a better deal at an auction than from a seller.
Not Calculating All the Costs of Purchase
The mortgage should not be the only financial worry you have about a new home. You should calculate all the non-mortgage related fees you have to pay, including taxes, stamp duty, and legal fees. In addition, some homes may come with certain maintenance fees that annually recur, at least during the initial ownership years. Consider all of these costs before deciding whether you can afford the house you are looking at.
You definitely do not want to make a mistake during a process as important as buying a home. Therefore, be aware of the above mistakes and take steps to avoid making them.