As a first home buyer, you want to sidestep the common mistakes like overextending yourself or being overly picking. Here are some to avoid.
- Borrowing too much.
Remember to leave yourself a buffer in your budgeting. You might afford it now, but can you if your circumstances change
2. Waiting too long, thinking the market may change.
In many cases, just getting into the property market will be the best move.
3. Only looking for the ‘perfect’ property.
For most buyers, this property will never be found. Be prepared to make some compromises.
4. Only considering your current financial institution for a loan.
There’s a lot of lenders out there, so if you shop around, you could find a loan that offers much better savings or can give you more flexibility.