Avoid spending more than you can afford based on the hope that your income will eventually increase or that you will get that dream job you are hunting for. If anything, spend less than your total budget for a home as, along the road, you will definitely face unplanned costs and expenses. A brand new house in a perfect area is nothing without the utilities and appliances to match the property. Your own comfort should not have to suffer because of the better positioning of the land or of the newly refurbished exterior of the building.
Avoid hoping and assuming that everything will stay just as you firstly saw it when visiting the property. Get EVERYTHING in writing! Assumptions (that utilities like light fixtures or even window treatments will definitely come with the property) can only lead to your frustration and further holes in your budget. Just because something is small does not mean that it would not cost hundreds to install. Please make sure that everything is put in writing. One of the best advices you could ever get before buying is doublecheck your contract and, if it does not appear there, ask for it!
Avoid not taking into account additional extra costs when buying a new property. No, the price the owner asks for the place is not by any means all you have to pay to get settled in. Please keep in mind additional costs and I will try to give you just a few examples of those:
• Building and pest reports
• Valuation costs
• Application fee
• Solicitor’s costs
• Transfer fees
• Council rates
Avoid thinking short-term. You could easily get carried away with your new property and overlook most important aspects as resale value, real estate development plans in your area. As a new home buyer, the idea of reselling your house in the near future could be the last thought on your mind but it shouldn’t be if you want to play it safely..and you should. In case your neighborhood is undergoing a type of redevelopment phase, your home could increase greatly in value in the future for example. In case you plan on buying an older property in the hope that the value will increase soon, keep in mind that purchases should not be made based on hope but on raw data.
Take your time and run the numbers, do pro and con lists, always think about the resale value of your house, think about using a custom home building company to increase value, be realistic and do not act on impulses or hopes would be the best advice anyone could provide if you are looking to buy new property.