Buying a home is an exciting journey, but it can also be a stressful one.
At Adaptive Settlements, we've seen many buyers stumble over common pitfalls that can complicate the process or even cost them their dream home. Here are some of the most frequent mistakes we see, and how you can avoid them.
1. Not Understanding Your Financial Position
Before you start house hunting, it's crucial to have a clear understanding of your financial situation. We recommend speaking with your bank or financial institution to determine how much you can borrow.
It’s all too common for buyers to fall in love with a property, only to find out later that they can’t secure the financing needed. To prevent this heartache, find out exactly what your bank is prepared to lend you. This way, you’ll know your budget and can confidently explore homes within your price range. Pre-approval for a loan is also a wise step to take.
2. Consulting Too Many People
While it's important for couples and families to make decisions together, be cautious about seeking too many outside opinions.
We've often seen buyers on the verge of making an offer, only to back out after friends or relatives expressed their own preferences and concerns. Remember, you're the one who will be living in the home, not your friends or extended family. Choose a property that suits your needs and lifestyle, make the offer, and then proudly show it off once it's yours.
3. Procrastinating on Decisions
Procrastination can be a costly mistake in the property market.
If you find a home you love, it’s important to act quickly. Waiting to see if something better comes along might lead to someone else snapping up the property you’ve set your heart on. In any market conditions, if you’re genuinely interested in a property, make your move sooner rather than later to avoid disappointment.
4. Making Assumptions About Inclusions
Many buyers assume that everything they see in a home, aside from furniture, is included in the sale. Unfortunately, this isn’t always the case, and it can lead to disappointment if certain items aren’t left behind.
Sellers often have specific items they want to take with them, but many things are negotiable. Always ask the agent what’s included with the property and what can be negotiated. Never assume anything.
5. Rushing the Settlement Process
Once you’ve found your dream home, it’s natural to want to move in as quickly as possible. However, it’s important to allow adequate time for the settlement process to avoid unexpected delays.
Finance approval is the most common cause of settlement delays. You’ll need to provide the lender with various documents, and the approval process can take time. If your first application is rejected, you may need to start the process again with another lender, further extending the timeline.
While many buyers prefer a four-week settlement period, we recommend allowing at least six weeks. This gives both you and the seller enough time to handle any unexpected issues that may arise.
At Adaptive Settlements, we're here to guide you through every step of the home-buying process. By avoiding these common mistakes, you can move forward with confidence and secure the home of your dreams in Perth, Western Australia.
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