3 Tips for Home Buyers
With the promise of fresh flowers and brighter days, comes the guarantee that more properties will hit the market. Do you know what experts are recommending for the selling season in your area?
Or are you caught up in the FOMO (fear of missing out)?
Have you done enough research?
With constant reports of the market dipping/ holding/increasing (no one can seem to make up their minds), it starts to get confusing for all those first home buyers waiting in the wings to snatch up that bargain property this year. One of the major pitfalls in buying your first home is emotion. Not only do we want to please ourselves and those around us, but FOMO is more than just a social media term, it’s a realistic emotion that we all feel.
The thought of missing an opportunity is almost more daunting than the thought of buying at the wrong price, or buying in the wrong area. There’s that margin of “that won’t happen to me, as long as I buy now.”
A long time ago, my husband and I were keen to buy a swimming pool business. We had assessed the premises, the financials, the clientele and carried out an astute business analysis. That elated feeling of ‘owning our own business’, although premature, was almost tangible.
“We were doing this, and nothing was holding us back."
Not until my father’s simple words echoed in our minds.... “When you hand over your money, all you get is a key, the rest is still up to you to make it work…”
The same applies to buying your first home. Don’t get caught up in the hype of what the Joneses think, or what the agent tells you. You are the one left holding, not only the key, but the mortgage that goes with it.
More the reason to ensure that when you enter into this daunting process, you have someone who understands property and real life living, as much as they understand simple mathematics. Before we look at the seven straight forward steps to saying goodbye to debt (and hello home loan) lets touch on the some of the basic buying pointers to help you make some educated choices.
Location is more than the locality to your nearest pub or best friend’s place for that Friday evening wine. It’s important to #lovewhereyoulive but remember to consider future resell value and key factors that will help you sell your property in the future. Bricks and mortar depreciate, but it’s making the right choice on land value that helps capital gain, through capital growth.
Appearances can be deceiving. Be careful not to look at presentation alone. If you speak with designers and interior decorators, you’ll soon understand that aesthetic appeal is a seller’s strategy. It’s sometimes said that buying a messy home and having the ability to look past this in a way your competitors can’t, can actually help you negotiate a better deal.
Consider your own sized furniture, style, colour palette and décor before falling victim to your seller’s strategically interior designed home. Remember to look beyond the show.
Size does matter.... But i'm talking about your mortgage. No one wants a small pokey hallway, or a living room that the whole family can’t be in at once. But, be careful that you’re not simply trying to keep up with the Joneses. Buy what you need, because the mortgage doesn’t differentiate between what you need, want, or promise. It’s there to stay, so buy within your means.
(Join our FB Group #GCPropertycommunity)
We've set you up to do a little more homework about the property you buy, now we want to take the pain out of the mortgage you use. With hundreds of products on the market, and crazy words like offset accounts, redraw facilities, family guarantees and split loans it’s no wonder it becomes a minefield for those not across the jargon.
We offer a free service, so whether you're just starting to look for your home, or have already 'aced' the deal and nabbed the property, give us a call for a heart to heart on financing your home.