Buying your first home can be a very challenging and stressful process, especially if there is an undersupply of properties and a lot of buyers.
When the competition is high and homes are getting snapped up quickly, it is easy to make mistakes that can end up costing you down the track.
Some of these mistakes include: buying a property that has unseen problems; not doing your due diligence before making an offer; and making rushed, ‘on-the-go’ decisions.
To help you avoid making some costly mistakes when buying your first home, we have listed the three types of homes you should avoid.
The home that conceals multiple problems
Cosmetic updates to a home, such as a fresh coat of paint, can do a lot to freshen up tired interiors. And while it is nice to buy a freshly painted property, it is important to look beyond the paint when making your purchasing decision. As appealing as a home may appear, you should always do your due diligence and conduct the proper pest and building inspections. After all, you do not want to buy a home only to find out later on that there is a termite infestation or a mould problem. By getting a professional to come in and do a thorough inspection of the property, you will have peace of mind about its condition.
A home that looks great in marketing photos
A real estate agent’s job is to present a home in its best possible light. Professional styling and furnishing, as well as expertly edited photographs, are just some of the tools used to entice buyers. While these tools may help to make a property look amazing upon first glance, you need to thoroughly inspect the property before making any final decisions. Take note of natural lighting, the layout of the home, and the size and colour schemes of each room. Great styling can help a hallway to look light and breezy and a bedroom to look big and inviting. But, upon closer inspection (with a measuring tape), you may discover that this ‘spacious looking’ bedroom is actually too small to fit your king sized bed, and the light-filled hallway is actually very dark without the lights on.
The home that isn’t right for you
When you have been attending countless open homes and bidding unsuccessfully at numerous auctions, you will become fatigued. You may decide to just buy whatever is on the market for the sake of securing something. However, this is not a good idea, as you can end up compromising on price by paying above market value, or buying a home that is not the right fit for your current and future needs. The best thing to do is to take a break from property hunting and come back when you have rested.