{"id":2853,"date":"2025-03-15T14:30:00","date_gmt":"2025-03-15T03:30:00","guid":{"rendered":"http:\/\/propertyupdate.com.au\/?p=2853"},"modified":"2025-03-13T16:03:33","modified_gmt":"2025-03-13T05:03:33","slug":"13-common-mistakes-home-buyers-make-and-how-to-avoid-them","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/13-common-mistakes-home-buyers-make-and-how-to-avoid-them\/","title":{"rendered":"13 common mistakes home buyers make \u2013 and how to avoid them"},"content":{"rendered":"

Buying your next home can be a daunting task, especially if it\u2019s your first home.<\/p>\n

It\u2019s exciting but full of complexities.<\/p>\n

While it\u2019s likely to be the largest financial transaction you will ever make, we\u2019ve found that many home buyers are poorly prepared to ensure they make a good purchase decision.<\/p>\n

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And it\u2019s not their fault.<\/p>\n

The system is stacked against them, with much of the power being on the side of the seller.<\/p>\n

To help guide you, let\u2019s look at 13 Common Mistakes<\/em> made by Home Buyers \u2013 ones that you should avoid.<\/p>\n

1.\u00a0\u00a0Not doing proper research and preparation<\/span><\/h2>\n

Understand your family's finances and needs.<\/p>\n

The wise home buyer will analyse assets, decipher debts and get pre-approved for finance before plunging into the house hunt.<\/p>\n

\"Research\"<\/p>\n

Get to know the neighbourhood - remember you're not just buying a house; you're also buying a location.<\/p>\n

It\u2019s important to find out about the quality of schools, the crime level, transport, and possibly upcoming zoning issues.<\/p>\n

Not all parts of every suburb are ideal spots to live.<\/p>\n

2. \u00a0Choosing the wrong mortgage<\/span><\/h2>\n

To put you in the best negotiating position, it\u2019s critical to have your loan preapproved (not just pre-qualified) before going house hunting.<\/p>\n

Find out how much house you can afford \u2013 but you can\u2019t simply go to a bank's Internet site, use the calculators to see how much you can borrow and assume you\u2019ll get a loan.<\/p>\n

There's a big difference between what the banks indicate they can lend you and what they actually will.<\/p>\n

It\u2019s important to pick your finance package carefully.<\/p>\n

Don\u2019t just go to one bank; instead, use an independent finance broker who has access to a range of lenders and finance products.<\/p>\n

3.\u00a0\u00a0Being influenced by \u201cThe Market\u201d<\/span><\/h2>\n

Don\u2019t be influenced by \u201cthe market\u201d more than by your own needs.<\/p>\n

Sure the property market moves in cycles and there are times when they suit buyers and there are sellers' markets when prices are booming.<\/p>\n

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However, waiting for the \u201cright time\u201d or prices to go down is gambling with your family\u2019s future.<\/p>\n

At times the mixed messages in the media may confuse you and you\u2019ll be tempted to put off the decision to buy.<\/p>\n

If you know your budget, have your finances organised and think about your current and future needs, then you should rarely let short-term market conditions influence what will be a long-term lifestyle decision.<\/p>\n