How To Avoid Making These 5 Expensive Mistakes

We can all look back at times in our lives when listening to our parents probably would have been a better idea than learning the hard way.

Depending on your parent’s outlook, it’s often not the greatest idea to be following in their footsteps when it comes to property investment. 

After all, we have a whole new world of social media now, not to mention the internet… we know what’s out there! Even better than this, we now know what’s possible!

Paying off one mortgage for forty years isn’t always the best option we have available to us, depending on your personal lifestyle choices and goals.

We have also come to find out very quickly that there are big ditches we can fall into if we follow the so-called advice of these online “gurus”.

So we’ve made a list of what not to do’s, and other options to consider before you make the smart move to Windermere.

1.  What not to do:

Shop for a new home before you know your borrowing capacity.

If you are going by an online calculator, the truth is that there is so much more to consider when you are shopping for a home loan. Just because you could borrow a certain amount, doesn’t mean you should be stretching your budget that much. There are probably gaps in. your spending that isn’t accounted for, or even thought of when considering your spending’s, but that will be sorely missed when the money isn’t there.

What to do: Get in touch with our team of finance professionals at the Windermere sales gallery in Mambourin.

They will help you make the smart move to Windermere. We go through not only what you can borrow, but help you understand what life will be like for you at different thresholds.

Maintaining your quality of life is important if you want to be able to sustain the stresses of life with a new mortgage without going insane under the pressure.

Why this matters: It’ll save you precious time. Looking within your price range will help keep your mortgage-paying years stress free.

2.  What not to do:

Being indecisive.

Ever heard of the phrase, property is a patience game? If you are toying with the idea of buying a home, chances are you are ready to come talk to us. If you are waiting for the perfect time, you’re going to be looking back in ten years and wishing you’d made the leap even though you didn’t feel ready. The secret is that there is generally more of a cost on the lost opportunity when not buying than buying a home before you’re ready.

What to do: Ask yourself where your financial situation would be if you had bought a home 10 years ago, or if you had bought an investment 5 years ago. Where would your finances sit? Could you have found $50 – $100 per week?

What would an equity growth in your portfolio of $200k + look like to your bottom line?

Why this matters: Everyone would like more options, property opens doors for your future. We will simplify the process and show you how much easier it is to expand your portfolio when the newly acquired asset draws an income.

3.  What not to do:

Not do SMART Research.

There are a million and one incentives for first home buyers at the moment. It definitely pays to seek them out and make sure you’re getting a great deal. There is also a lot of clever marketing and new gurus with unrealistic promises.

What to do: Our consultants are equipped with all the tools you need to make an informed decision and select a home loan that is of the biggest benefit to you.

Why this matters: You will save so much time and money when you experience a first home buyers journey with Oliver Hume. Our experienced consultants have helped thousands of eager first home buyers. We are able to go through your personal situation and goals to find the perfect solution tailored to your lifestyle.

 

4.  What not to do:

Overcapatalise on your first home.

It’s far too easy to do and unfortunately, first home buyers are notorious for this because they typically have more emotion invested. It’s easy to get drawn into adding all the extra’s onto your loan, but it’s important to keep your budget in mind.

What to do: Another great example of a reason to speak to visit the sales gallery, and speak to our mortgage professionals to go into your home shopping experience equipped with a pre-approval.

QUICK TIP: We find it helps to start off with a list of things that are super important to you, and a list of nice-to-haves, but negotiables. You can leave these things off if the time comes and you are over budget. Not having a list, you could end up falling in love with items that are desirable but aren’t important in the grand scheme of things.

Why this matters: The little extras are enticing but add up quickly and can also add up to a lot of unnecessary stress when paying off your loan.

 

5.  What not to do:

Underestimate move-in costs

Owning a home comes with a different set of costs than renting a home does. If you’ve rented most of your adult life, like most first home buyers, you’re going to want to prepare for what that may look like in your budget.

What to do: Another tick for speaking to a finance professional. They will list out every cost, put it on a timeline and help you manage these costs in your budget.

Why this matters: They say moving house is as stressful as a divorce. Here at Windermere, we equip you with all the tools and knowledge you need to have the best first home experience, without the headaches.  What are you waiting for? Get in touch with the team today on 1300 008 555.

 

 

We’d love to hear about your first home buying experience! So snap a selfie and tag @mywindermere in your stories! There are prizes for stories used!