First-time homebuyers are often so excited about buying their first home that they don't do the proper research before making any major financial decisions. They may regret it later when they see their neighbors' yards and homes, or maybe when they have to sell the house because of a job transfer.
There are several common mistakes that all first-time home buyers make, but not all of them are equally damaging to the buyer's wallet. According to conveyancing Brisbane, these are the 5 worst first-time home buyer mistakes.
Not Considering Energy Efficiency
Climb through enough real estate-related websites and you will inevitably read an article that discusses how Energy Star appliances, fluorescent light bulbs, new windows, insulation, double-paned glass, and heat-reflective paint will pay for themselves over time by saving the homeowner money on energy bills.
But first-time homebuyers who have just made a down payment on a house often don't bother to consider these things, which is how they end up with a marginally insulated house that costs them hundreds of dollars extra per year on energy bills.
What's My Exit Strategy?
Every first-time homebuyer needs one of these, but some people don't think about it until it is too late. If the person has a job elsewhere and cannot afford to move his family, then he should make sure his house is in a commuter town so that it is closer to the highway. Unfortunately, not many first-time home buyers consider this.
What If I Get Divorced?
First-time homebuyers often fail to consider what could happen if they get divorced. They could easily go to court and have their house sold. Others will also want to protect their spouse from being able to sell the house without their knowledge. Even though most people hardly think of divorce possibility when buying a house, it’s an element that should be taken into account when making the buying decision.
Can I Afford to Have Pets?
Pet owners often don't think about how much it will cost to take care of their pets while they are at work or on vacation, since many rental units and hotels don't allow pets. If they do become homeowners and forget to factor in these costs, then they may find themselves struggling to pay for veterinary bills while also having trouble affording food and basic supplies for their pets.
I Want to Be a Lifestyle Buyer
First-time homebuyers often buy homes that they think they would like to live in for the rest of their lives, but neglect to consider how much things will change over time. They may want to have more or fewer children, the kids may leave the house and get their own places, they may have hobbies that require additional space. It's important to be flexible when buying a house, especially for first-time homebuyers, because it may need to change with the owners' lives.
In conclusion, while all these mistakes are avoidable, homebuyers should not become discouraged. Instead, they should do their research before making any major financial decision.