The process of buying a home can feel like a complicated one, especially if you’re a first time buyer. A home is probably the biggest investment you will ever make. If this makes you nervous, that’s totally normal – you’re only human! But with the right knowledge, you can navigate this journey with control and confidence. We break down the most common home-buying mistakes and their takeaway lessons, so you can focus on what’s important: finding the perfect home for you, your family and your lifestyle.
Not Considering A Property’s Location
The community surrounding your new home is just as important as the home itself. Your goal is to live in a community with all the amenities you need: shops, schools, transport, healthcare, parks and cafes. Buying a house and land package is a great way of making sure your lifestyle aligns with your new home. Communities such as Hillstowe are designed to make sure you are to close everything you need.
Buying A Money Trap
When you buy an existing property, there’s always the risk of investing in a money trap with years of wear and tear. Building your own home doesn’t come with this risk, as you can monitor the progress of construction and communicate directly with your builders. Hillstowe works with builders who keep you in the loop every step of the way. Because you pay a fixed price for land and agree on construction price with your builder, you also have the advantage of knowing all the costs upfront as well as the build’s expected time frame. No nasty surprises, or builders calling for money mid-construction because of underquoting.
Going Beyond Your Budget
We all have our dream home, so it makes sense that one of the most common home-buying mistakes is going over budget. This can have long-term impacts on your financial health, and can be avoided in a few easy ways:
- Limit your house hunting to properties you know you can afford. Start your search at the low end of your price range to avoid disappointment.
- Don’t be rushed by bidding wars and the speed of a hot market. Sleep on any major decision for a night at least.
- Consider purchasing a house and land package in a master-planned community. This is a great way of dreaming big on a budget, as you get to work with a building consultant on colour palettes, fixtures, fittings and more.
- Apply for a first home owner grant if you are buying a house and land package.
Being Blinded By Love
When new homes are listed daily, it’s important to remind yourself that there are plenty of fish in the sea! To prevent yourself from seeing a property with rose coloured glasses:
- Know that the right house at the right price is out there. Remain open to the process of looking for a house.
- Make a list of your key requirements, ranked from most to least important. Checking this off will help you envision how well the property would fit your lifestyle. If you’re buying in a master-planned community you will have the benefit of communicating this list to the developer and builders, giving you a home at an affordable price.
Buying Out Of Desperation
“Why is buying a house so hard?”, you might complain. Rather than buying a home out of desperation, consider:
- Taking your time and researching.
- The emotional and monetary drain of moving again in the near future.
- Expanding your search field. If you’re finding you can’t afford to live in the inner-city, consider looking at properties a little further out. Hillstowe is a 50 minute drive from Melbourne. With all the amenities in the Officer community, you won’t feel like you’re missing that urban lifestyle – but you will notice the peace and quiet, in this tranquil haven!
Underestimating The Full Cost Of Buying A Home
So you found a house to buy – now what? It’s important to understand that home ownership comes with extra costs. You can account for the full cost of buying a home in a number of ways:
- Cushion your budget with safety net funds you can access.
- Your lender can provide you with a rough estimate of closing costs. Speak to your lender for more detailed advice.
- If you have purchased a house and land package, you will only have to pay stamp duty for the land. Buying a brand-new home also means you will have fewer maintenance costs for a number of years, plus the builders warranty for 7 years.
Buying a home is a major investment, so it’s important to be aware of all the options available. So long as you stay informed, the road to your dream home will be a smooth one. We wish you all the best in your search.
Hillstowe is a unique community nestled in the foothills of the Dandenong Ranges. When you want to leave the hustle and bustle of city life behind and escape to your elegant new home surrounded by community-minded neighbours, Hillstowe is the place to be. Enquire about living here today.