Mistakes every lazy first home buyer makes and how to avoid them.
There are some common pitfalls that first home buyers often fall into. We know you are not stupid, it’s simply often a lack of experience or laziness that gets you into the mess when you buy first time.
Here are the top 8 mistakes and how to avoid them. 
1. Not researching property prices
Considering how easy it is today to access information about property prices it would be foolish to not take advantage of the many useful reports and guides. Fancy just taking your chances? Don’t! It can end up proving very costly in the end. Research average prices in areas you are considering and compare various data. The Australian Bureau of Statistics consistently publishes data which you can access on their website. Check the Real Estate Institute for your state to find out more about prices and values.
2. Missing the ideal property
Once you find a home you like, move quickly! Whilst it is important not to rush into buying a property you are unsure of, if you like somewhere, then get the ball rolling now. Organise finance, property reports and consider making an offer. If you hesitate, then someone else might just beat you to it.
3. Underestimating the costs involved
It’s not just the mortgage to consider. Loan establishment costs, legal fees.. all add up. What is going to cost to get the property valued? Or a pest inspection? First home buyer often underestimating the costs involved, getting caught up in the excitement of it all. Ensure you save for these costs, and allow for room in your budget in case there is an unexpected extra cost. A good mortgage broker will help, as they can outline all the extra costs involved and see how they apply to your unique circumstances. Your broker can calculate exactly how much you will need to own your first home.
4. Not questioning the agent
The sales agent is working for the vendor to achieve the highest possible price. They may seem friendly towards you, and act as if they are on your side, at the end of the day you are the buyer and they want you to pay a good price to the vendor for the property. Just because the estate agent tells you how much the vendor expects, it doesn't mean that figure is what the property is worth or what the vendor wants. You need to check all the information you're given, you need to test everything they tell you.
5. No neighbourhood watch
We are not suggesting that you grab your balaclava and torch and creep around at night, but it's not enough to go along to property during inspections only. Before you buy a new property, be sure to visit it at different times of the day to get a good indication of the noise and feel of the place. Do you really want to find the street that is quiet and serene by day is a noisy nightmare by night? Equally important is that you have checked the neighbourhood facilities. Shops, public transport, schools, parks, restaurants… what is nearby that you want and require?
6. Skipping on the property inspections
A building and pest inspection must be carried out before buying any property. Before you commit to the biggest purchase of your life, be sure to have a professional check out the property. These reports highlight any issues with the structure, building defects, rising damp, cracking walls etc. And the reports will identify the cost to fix them. It will costs around $500 but could end up saving you several times that amount. You may think you have checked for any nasty surprises, but an inspection can check this out once and for all. You will need to find an expert and make sure you read the report they give.
7. Not considering lifestyle choices
What is it that you really want from your home and the surrounding areas? A quiet street, with lots of other families? Or a busy inner city suburb with transport links and great nightlife? Be careful to take the time to consider this. Find a comprimise between what you can afford, where you want to live, where you work and the lifestyle you lead. Look at all of your options and think carefully about where you want to love.
8. Council approvals
Before you do anything, check that any work that has been done meets council approvals. Any work that has been carried out must be legal and compliant. You can call the local council to find out who you need to contact and protect yourself from getting into trouble down the line. Wouldn't it be a pain if six months later you are told to make major changes? Most lenders will refuse to approve finance until a renovated property has been checked. If you are taking advantage of the First Home Builders Grant and building your own home, then ensure all the work meets council approval.
Don't risk making a costly mistake! Call and talk to one of our mortgage brokers on  or submit your details via our website. Ready to buy your first home? Looking for a home loan? One of our local mortgage brokers will be happy to talk you through what you need to do next.
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