Home buying 101: 5 mistakes to avoid when buying a house

Buying a house is always going to be one of the biggest financial investments you are going to make. Therefore, it is important to take your time to ensure that not only is the house right for you and your needs but that you can also afford the home in the long run.

This and important aspects like purchasing costs, professional inspections and choosing the best conveyancer Perth has to offer are imperative to the buying process.

Let’s take a look at five mistakes to avoid when buying a home:

  • Overlooking the purchase costs

Obviously, when you’re buying a home, the first thing you think about is paying off the mortgage. This makes sense, after all, as it’s imperative to consider your mortgage and how you will pay it off over time.

However, it’s vital not to overlook the closing purchase costs (usually a small percentage of the home’s purchase price), as these are your upfront costs which you can’t avoid when buying a house.

  • Looking at just one house

There is nothing more exciting than thinking you’ve found your dream home. However, just because it has everything you want in a home it doesn’t mean that the home is financially suitable for you.

What’s more, you may love the exciting elements of a home and are happy to overlook the imperatives, but trust us – these imperatives are what are going to make you enjoy living in the home in the long run.

Therefore, it’s important to look at multiple homes and continue considering your options. It can be difficult, especially when you start envisioning yourself entertaining under that charming pergola or decorating the living room the way you’ve always wanted, but if there is anything you don’t want to simply leap into it is that of home buying.

  • Not getting the right conveyancer

Conveyance is a highly specialised branch of law that requires specialised conveyancers to do the job properly. Therefore, the last thing you want to do is enlist a generalised legal professional who doesn’t understand the complexities of this particular branch of law.

Take your time to choose your conveyancer, considering important aspects like experience, knowledge and testimonials, and this will ensure that you are always ahead of the curb when it comes to navigating the complex journey to owning a home!

  • Trying to avoid necessary fees

One of the things that always shocks homebuyers (especially first homebuyers) is the added cost that comes with buying a home. These costs often don’t become apparent until the deal is almost done, providing a huge shock for homebuyers thinking they were pretty much in the clear when it comes to their finances.

But enlisting professionals like conveyance lawyers can help you understand any upcoming fees that you may be required to pay among closing. You don’t want to skip out on having professionals in your corner if it turns out you could use their assistance.

  • Not enlisting a building & pest inspector

This may come as a surprise, but many Australian homes – even new ones – are poorly built. Homes are susceptible to a gigantic list of faults, with everything from cracked walls to termite infestation, water damage and more on the list of things to look out for when inspecting a property.

Unfortunately, we are not all professional inspectors, and this is why enlisting the services of an expert can be a great way to either negotiate a better deal or back out of a grubby deal altogether.

Jack Herold