Every Australian will eventually be faced with the decision of buying their first home. It’s an important decision that requires a lot of research and preparation. How fast you get to move into your forever home is influenced by your house options, budget, preferences, and requirements.

Sadly, not everyone takes the time to pick a new home. They are eager to move in and might spend less time putting everything into perspective. This leads to great mistakes that the new homeowner will regret.

Let’s take a look at some of the most common mistakes people make when purchasing a home and how to avoid them:

1. Not Comparing More Houses

Are you skipping all the house options and choosing between the two prettiest ones on the menu? Stop doing that right now!

When it comes to buying a house, it’s always recommended to make a list of multiple options and inspect them carefully, then choose the one that you like the most. You shouldn’t limit your selection by choosing between two houses only.

Think about it: when you are shopping for a new dress or costume for a special event, you don’t go with the first thing your eyes see. You search for the right material, colour, size, and price – something that might take time to find. So, if you spend so long in your search for a new clothing piece, why wouldn’t a potential new home deserve the same amount of time or even longer?

The more you spend looking at several houses, the higher the chances of finding the perfect one.

2. Listening to the Wrong People

Advice is always welcome, especially when it comes from someone close to you. As you are searching for a new house, you might seek the advice of those you think to know better than you.

Your friends or relatives may not be the happiest about the new house investment, especially if you went for the priciest option, and might try to talk you out of it. Not only that, but you may also have family members who are jealous or simply don’t want you to move by yourself.

No matter what, you shouldn’t listen to just anyone who gives their two cents regarding your home purchase. An expert is the only one whose advice truly matters, and this includes your financial advisor. What you’re told may not always be what you want to hear, but you have to understand how much an expert’s opinion will help you in the long run.

3. Buying Without Inspecting the Property First

The Internet has made more things possible today. In order to see a new property, you don’t have to visit it – people who sell houses or real estate companies do their best to show you as much as they can from the property on sale. Or do they?

Many sellers post pictures of the house, with some even offering video tours so you get a better idea of the property and surrounding areas. But even with hundreds of photos and videos, the experience doesn’t compare to the one you get when you visit the house physically.

In photos and videos, sellers will show you the best part of the property. They won’t show you the balcony that will fall at the first earthquake or the damaged fence between you and your potential new neighbor. These are things you will only discover when you inspect the house physically.

It’s an extra effort, but it might save you from buying a house with hidden dangers.

4. Not Having Enough Money for a Deposit

You wouldn’t enter a restaurant without money to spend on your order, so why would you enter a home loan deal if you don’t have money to deal with the monthly repayments?

When you are looking for a new house, there is more to consider than just the price of the property. There are strata levies, deposits, stamp duty, and a few other things. If you do not have enough money for a deposit, perhaps you should reconsider getting a home loan.

Although you might ask a relative for the deposit money, this would put you in extra debt, and that’s the last thing you want. Before getting a home loan, you should think about whether you’ll be able to manage it or not.

Conclusion

Finding the perfect house takes time. Don’t rush into it and risk making terrible mistakes. Avoid the situations presented in this article and your home buying adventure will go smoothly.