Buying Your First Property? Keep Away from these Mistakes

You must have been spending a lot of time looking for the house of your dreams, driving through neighborhoods, and saving bucks for the down payment. Buying a house is one of the most exciting and stressful time in your life. You can’t wait to find the home of your dreams and begin with the next chapter of your life.

However, though, the reality of the situation is that along with all the excitement, buying the house that you have always dreamt of is a big decision to make. Making mistakes in such a scenario is justified on your part; but you must keep away from them in order to avoid any losses. Here are a few most common mistakes that homebuyers make and how can avoid them-

* Not getting home loan pre-approval- It is important for buyers to get a home loan pre-approval so that you are aware of the exact amount that you can borrow. Before applying for the loan, you may use a home loan calculator to gain an estimate of your expenses. A pre-approval letter you’re your bank goes a long way in securing the property you want. Going with the process will allow you to focus on buying a home that fits your budget and avoids disappointment. Moreover, sellers prefer those buyers who have already secured a pre-approval for their specific loan amount, leaving them with lesser risk of the deal falling apart.

* Getting emotional while making decision- Getting attached with a home that perfectly fits the one that you had been dreaming of is acceptable. However, being too attached with the home could land you in trouble when you let it dictate the underwritings of a purchase. While buying the home, you must be careful of the numbers that you had decided. This number tell you how much are capable of spending. You must be practical enough to not let the emotional connection empower you enough to pay more for a home than it is actually worth. While hunting for your home, you must work on home loan comparison in order to make a wise decision.

* Underestimating the buying expenses- When buying a home, there are too many expenses that you wouldn’t have calculated earlier. Additional costs include stamp duty, mortgage title transfer fees, mortgage registration costs, bank fees and charges, title searches, council rates, emergency services levy, utility charges, conveyancing fees, home insurance, moving costs, etc. Before you begin with the buying process, you must add in these expenses and save enough for these costs. It is advised that you use an online home loan calculator from Your Finance Adviser to calculate your overall expenses and plan your expenses accordingly.

* Ignoring the important rules- The house that you are buying most likely brings along a few deed restrictions and conditions. Deed restrictions are meant to provide stability in a particular area and depend on particular neighborhood, while varying drastically. Some deed restrictions prevent the plans of perspective homeowners, and it is in their best interest to be aware of such conditions before the home is purchased.

* Not seeking the help of a broker- While you are buying the first property of your life, it is evident that you would not be aware of all the conditions and the entire process that you need to go through. It is hence advised that you seek the assistance of a mortgage broker to go through the process in order to walk your steps on the safer side. A renowned mortgage broker will also help you in home loan comparison, enabling you to make the right choice.

Going by the above tips, there are high chances that you would not make any mistakes while buying the house of your dreams. Your lending specialist will also help you gain access to no deposit home loans or a family guarantee home loan to save your expense and fetch you better deal. To gain further assistance, you may also get in touch with the lending specialists from Your Finance Adviser who will walk the way with you while hunting for your dream house.