Buying a home can be complicated, and there are plenty of opportunities along the way for things to go wrong if you’re not careful.
Successfully buying a home takes time and effort, but with our guide, you can make sure you reach the finish line without stumbling into any hurdles along the way.
Don’t get too attached
It’s easy to fall in love with a house during an inspection, but you shouldn’t let it cloud your judgement. Getting too attached to a home runs the risk of you overlooking things that may actually play a vital role in the decision-making process.
To avoid this, make and keep a checklist of all the things you want and don’t want from a home. Doing so will allow you to easily see if the home meets all the criteria you desired, allowing you to make more informed decisions.
Be careful if you’re renovating
If you like a home but have big plans for renovation, its essential you research and understand the zoning rules and restrictions for the area.
Even if you’ve renovated before, these rules and restrictions can vary greatly depending on where the house is located. As such, it’s important that you understand beforehand whether your planned renovation work Is feasible.
To find this out, speak to a conveyancer. They will be able to access all the relevant zoning documents and be able to help you ensure your vision doesn’t step outside of the relevant guidelines.
Make sure you’re pre-approved
Auction day is scary enough, but whatever you do, make sure your home loan is preapproved before entering an auction for a house.
There is nothing worse than winning a bid on the house and then getting a phone call from your bank telling you that your home loan has actually been turned down.
Not only does this reflect badly on you, but some auctions may even charge you fees to allocate the house to a new bidder, leaving you with even less money in the pocket.
Be careful if you’re changing jobs
On the topic of home loans, there are many factors that can make the difference between securing and being turned down for a home loan.
One factor not many people know about is whether you have. or are planning to, change your job.
Changing employment doesn’t look great when applying for a home loan as it can suggest you’re unstable – not a great thing when you’ve got to be paying the bank back for a long period of time.
If you’re looking for a job change but are also currently looking to purchase a house, it might be wise to apply for the loan before you think about applying for a new role elsewhere.
Avoid those pesky traps
You want that dream home, so don’t allow yourself to make a silly mistake along the way. Bear these tips in mind, and you can be sure your hard-earned time and money don’t go to waste.
The information and links provided on this website are for general information only and should not be taken as constituting professional advice. This information does not take into account the financial situation or particular needs of individual readers. Before making any decisions about matters discussed on this website, you should consider whether it is suitable for you in light of your own circumstances, and seek appropriate advice.