7 common mistakes to avoid as a first-time homebuyer

Buying your first home is an exhilarating milestone, marking a significant step towards independence and stability. However, it’s vital for first-time homebuyers to proceed with caution and avoid common pitfalls that can derail their dreams.

Here are SEVEN crucial mistakes to steer clear of in your
home buying journey:

1. Getting emotionally attached – It’s natural to fall in love with a property, but don’t let emotions cloud your judgement. Ensure the home meets your practical needs and fits your budget.

2. Stretching your budget – Temptation may arise to stretch your budget for your dream home, but beware of the long-term repercussions. Going over your budget can lead to strain on your finances when unexpected large expenses occur in your professional or personal lives.

3. Not purchasing from a trusted builder – Reputation & track record is key when it comes to picking the right builder. Sure, going with a cheaper option might seem like a “great deal”, but it could mean sacrificing quality, reliability and timely completion. Stick with reputable builders to avoid headaches later on.

4. Neglecting additional expenses – Beyond the property price and loan amount, factor in additional costs like registration fees, legal charges, brokerage, taxes, cost of interior decoration, monthly outgoing charges, etc. Failing to account for these expenses can disrupt your budget and financial planning.

5. Ignoring loan eligibility – Understand your loan eligibility before proceeding with the purchase. Existing loans can significantly decrease your total loan eligibility and you may not be able to purchase the desired property. Hence, avoid unpleasant surprises by checking for your loan eligibility first.

6. Ignoring future needs of the family – As the family grows, their needs and requirements also grow. Kids will require educational institutions and recreational activities. For the elderly, medical facilities should be easily available. While purchasing a house, consider the needs of a growing family. Since buying a home for many is a once-in-a-lifetime event, do consider your future needs when buying your first home.

7. Not choosing a reputed Real Estate Agent – Buying a property is the single most important decision in your life. Just like when you are unwell and you visit your family doctor, or you have financial problems and you consult your trusted financial planner. Similarly, always have a trusted real estate agent to help you purchase your dream property. Check within your friends and family circle and connect with a reputed real estate agent.

Why Premier Estates?

With over 45+ years of experience, we specialise in finding the right properties for our clients whilst ensuring transparency and clear communication at all times. At Premier Estates, we are more than just brokers; we’re lifelong partners for all your property-related needs.

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