Buying a house in Queensland can be fulfilling. It provides security, gives you the freedom to decorate, and helps you build your wealth passively through land appreciation and tap instant funds over time with a home equity loan.
Furthermore, purchasing one of the most sought-after new properties in Townsville, Cairns and Brisbane can be a sound investment. If you sell it down the road, the profit you gain from it will not be subject to tax under most circumstances.
However, homeownership does not always bring good memories to first-time buyers. If you are transitioning from renting to owning, below are the things to be wary of to avoid having a regretful decision.
The excitement that comes with home ownership can turn into impatience. House hunting can become exhausting when done for too long. When search fatigue sets in, you are likely to feel pressured to make an offer on a property that does not suit all of your needs. This is particularly true if you have a short list of options. You might overbid for a good house at best and settle for a property that does not tick most of your boxes at worst.
Home shopping is a marathon (not a race) and does not take shortcuts. As much as you want to get into the property market ASAP, it is imperative to take your time if the right property has not come along. The search process can be frustrating, but you do not want to part ways with hundreds of thousands of dollars for the wrong house.
Falling in Love With a House
Allowing your excitement to get the best of you is likely to result in a bad purchase. With so many beautiful properties on the market, you are bound to fall in love with a house or two. There is nothing wrong with buying a property that feels so right, but you should not let your emotions be in full control.
Try to be objective as much as you can. Since feelings change, rationality will make your house enjoyable to live in in the long run.
Focusing Too Much on the Property’s Price
Many homeowners make the mistake of pouring most of their budget on the property itself. The house is not the only expense you have to consider. Think about the other upfront fees you have to pay to close the deal, which indirectly decreases the amount of money you will borrow.
Moreover, set aside some money to complete the furnishing of your house. Find out what you can’t bring with you from your current residence to estimate how much you need to buy to make your would-be abode ready for occupation.
Dealing With the Process Alone
Most importantly, get as much help as you can. Do not skip the services of a real estate agent, a building inspector or a lawyer, so you can navigate the entire process. As a first-time home buyer, you might forget to check key aspects of the property or the mortgage you might lament over after the sale.
Do not expect the house-buying process to go absolutely smooth sailing from start to finish, but approach it properly to minimize your mistakes. For such a major life decision, calculate your every step towards home ownership to avoid blunders that might haunt you later on.