Like any of life’s special events, buying your first home is a defining moment because it is the start of something new and was hard-earned through many years of saving. But, before taking your first steps into the real estate unknown, do avoid the following costly mistakes.
After 2016, the average house price in Australia slowly rose an average of AUD$25,400. While this may be good news for house sellers and real estate companies, those looking to buy their first home may face some difficulty. As a result, buyers are borrowing more; the average home loan in Australia increased by 0.6 per cent. In Queensland alone, the average home buyer loan grew by 2.6 per cent or around AUD$305,500.
Regardless of the above, never overextend your finances. This may leave you vulnerable during your mortgage payments as well as unexpected costs and market changes.
Never take this risk because a property inspection gives you an expert’s view, alerting you to any issues before you buy. A pest inspection is just as essential to let you know of any pest problems on the property.
Forgetting to Look Around
By choosing the first home you like, you could miss out on the next home that you might absolutely love. Don’t let your emotions take over or your imagination run free and decide to buy the first home you like before considering all options.
Forgetting About Grants
Don’t make the mistake of forgetting (or ignoring) to avail the first homeowners grant instead of just relying on your own savings. In Queensland, contact your local authority because up to $15,000 can be granted for a deposit. You can manage to avoid the four mistakes above if you seek the right help from GC Mansions. Aside from Gold Coast mansions, they also have luxurious homes that could be your dream home in a dream location. Visit their website at https://gcmansions.com for more details.