If you want to land on the right home in the right neighbourhood, it’s not enough to know what to do right, but also what you could do wrong. In many instances, buyers have the best strategies up their sleeves, but often end up getting the wrong property because they chose to overlook the red flags along the way. Or, well, they weren’t just aware of those blunders at the time. That said, here’s a rundown of the biggest no-nos in the different stages of buying a home:
In the actual property search: No to big homes
Or at least don’t get a house bigger than what you actually need. Most buyers who have good financial leverage don’t see this as a ‘blunder’ because, well, they can afford it. To others, they just feel the need to have more square footage. You know, in case a baby comes or in case an in-law visits in town. But here’s the thing, a big house will only blow up your mortgage budget because it’s not just the house you’re paying for. Moreover, you’ll later realise that you have so much extra space rarely used but needs constant cleaning and maintenance, draining not just your energy, but also your pockets.
This is why it’s important to stick to a house that’s just the right size. What exactly is the ‘right’ one? Aside from the obvious, being able to accommodate your family size, it should support your lifestyle requirements. For instance, if you’re the type to host weekend parties for family and friends, then you should have at least a patio with alfresco or an open kitchen-dining area. If you’re the type to travel, it’s best to go with a tiny home, the type that has all the space-saving features. In fact, if possible, go for a condo unit. The last thing you want to worry about when you’re at an exotic island is a sprawling lawn unkempt for weeks, right? The bottom line is stick to a house that’s just right for your family lifestyle. Why not consider house and land packages that Townsville communities provide?
In financial management: No going over budget
A lot of buyers like to overestimate their buying power. In fact, some would go as far as estimating on their own what they can afford. Crunching up the numbers based on the financial information they have and then hitting the property market with that number in mind. The problem is what you think you can afford is often different from what loan institutions actually offer. As a result, you could be looking at houses that you can never really afford — or worse, because you fell in love with the houses you already saw, you could be feeling the urge to stretch your budget just to get your hands on the dream home.
Before you hit the market, get your finances in order. Talk to lending agencies and compare quotes. You can save a lot of bucks and keep yourself from headaches and heartbreaks just by having a realistic budget from the very start.
In the home offer: No to long letters
For sure, you heard of the saying, ‘less talk, less mistake’. In home offer letters, that couldn’t be any truer. When you talk more, you’re more vulnerable to sharing information that’s not supposed to be there — like your renovation plans. Yes, this does communicate that you’re serious in taking care of the house you’re buying, but if you’re buying from the current resident of a home, you might make them feel insulted, in the fact that their house isn’t pleasing enough. At the same time, when you outline your improvement projects, you just might be tempted to go really low on your offer, another blow of insult to the seller. One more reason not to accept your offer. The best approach is to keep your letter simple and straightforward.
Buying a home isn’t just about doing the right things, but avoiding the wrong habits. Remember these big no-nos as you go through the long, painstaking process.