Buying a home is a dream for many people, but for first home buyers in Aotearoa, it can be a daunting task. With so many things to consider, it’s easy to make mistakes that can cost you in the long run. In this blog post, we’ll look at the five most common mistakes first home buyers make in New Zealand and how to avoid them.
Not doing enough research
One of the biggest mistakes first home buyers make is not doing enough research. You need to research the property market, the area you want to live in, and the type of property you want to buy. This will help you make an informed decision and avoid paying too much for a property.
Underestimating the costs involved
Another common mistake is underestimating the costs involved in buying a home. There are many costs to consider, including legal fees, valuations, and building inspections. You also need to factor in ongoing costs such as rates, insurance, and maintenance.
Not getting pre-approved for a mortgage
Before you start looking at properties, it’s important to get pre-approved for a mortgage. This will give you a clear idea of how much you can afford to spend and make the buying process much smoother. You want an idea of what a bank will lend you, so you aren’t just window shopping. Shameless plug but this is where you want to be working with a mortgage broker.
Rushing into a purchase
Buying a home is a big decision, and you should never rush into it. Take the time to view several properties, weigh up the pros and cons, and make an informed decision. Don’t let your emotions cloud your judgment.
Not getting a building inspection
Finally, first home buyers often make the mistake of not getting a building inspection. This is important to identify any potential issues with the property that could cost you in the long run. This is potentially the biggest purchase of your life so don’t be a tight ass and try and save 800 bucks.
In conclusion, buying your first home is an exciting but nerve-wracking experience. By avoiding these common mistakes, you can make the process smoother and ensure you make an informed decision. Remember to do your research, factor in all the costs, get pre-approved for a mortgage, take your time, and get a building inspection. Good luck!