When it comes to purchasing your first home, it's always a good idea to take your time and measure each and every risk before making a move. Unlike most other purchases, buying real estate in Surfers Paradise is a huge commitment that will most likely remain with you for a large chunk of your life. Therefore, you'll want to ensure you not only find the right property for your needs, but also approach the sale in the right way to set yourself on a great path from the beginning.
Therefore, the best way to approach these decisions is to educate yourself. Read and learn and ask questions about anything you're not sure about – whether it be property market terms, financial figures or how you fit into the wider real estate context. Knowing your stuff can make a huge difference in your overall confidence and approach to the market. Here are some common mistakes that first time buyers make that can easily be avoided.
Not budgeting for hidden costs
Saving up a deposit and budgeting for your first few repayments is hard on its own. These are huge amounts of money being put aside while you continue to pay for things like rent, living expenses and entertainment. However, eventually you will be able to save up for your 20 per cent deposit, as well as squirrel a little money aside for the first few payments to get on your feet.
The thing is that, aside from the usual mortgage deposits, loan repayments and charged interest, there are often other costs on top of these that people tend to forget about or gloss over. These can come back with a vengeance, so it's always a good idea to take the time and read the small print of whatever financial assistance you're getting – just to be aware of what you're liable to pay.
For example, things like stamp duty, inspection costs, any home insurances you may want to take out, lenders mortgage insurance and many more could be on your horizon. But asking questions and understanding what you're buying is the best way to avoid nasty surprises./
Always get a home inspection
Another thing that needs to be taken care of before you sign along the dotted line is a home inspection. This is different from an open inspection, which is hosted by the vendor and their real estate agent and gives potential buyers the opportunity to see the property up close and in person.
A home inspection is undertaken by a third party professional who is hired to inspect the property and give buyers a detailed, specific rundown of the overall health of the home. This ranges from looking at the exterior and roofing material through to the interior and even into the piping and other unseen areas that could cause problems in the future.
They look for things like insect infestations, water damage, structural deficiencies and anything else that could make the home a bad investment for the buyer. This is then compiled into a report for the buyer to review and then make an informed decision.
Getting impatient with the process
Finally, if you've been searching for a suitable home for an extended period of time, it's only natural to feel a little weary. However, don't let this compromise your property goals – settling for something that's available rather than what you want will only make matters worse in the long term.
Get in touch with a local real estate agent today to begin discussing the various property options available to you in the region, and start making moves towards securing your own Surfers Paradise property today.