Common regrets for first home buyers
Buyer’s remorse may be inevitable – especially when purchasing those big-ticket items like your first home or property.
It’s human nature to think “is this the right decision?”, “have I done enough research?” and “have I thought this through?”. Did we pay too much or too little?
For first time home and property buyers, there is a lot to learn on the journey from opening that first savings account to settlement day. The process can be overwhelming and daunting as there is much to consider, some of which many of us might never think of.
This article can’t stop you regretting zebra print drapes, but it may assist you in some of the more common regrets first home and property buyers may experience.
Don't regret buying more than you need
What seems like an obvious point – many first home and property buyers have admitted to buying a house they ultimately couldn’t afford. Why? How? Banks may approve you for a loan larger than you expected and when this happens, it’s easy to think bigger. Set a limit on what you can afford to pay back and buy within your means.
Don't regret losing your cool by offering the asking price
How’s your poker face? Not good? Well, you need to work on that. Don’t get too excited and offer the asking price right away. There’s often room to wriggle! Common knowledge in the industry is there are always mind games at play. There’s no harm in trying to negotiate a better deal and if there are other buyers interested, just remember they’re in the same boat as you.
Don't regret overlooking seemingly minor problems
The excitement of finding your perfect home can be blinding at times. When you feel like you’ve finally found “the one”, it’s easy to put blinkers on and overlook minor problems – which, in turn, can become bigger problems down the line. Be sure to get a building inspection and attend if you can. Have a tradie in the family? Ask if you can bring them over too. That leaky tap, those rusting pipes, that dodgy garage door might seem insignificant when the entertaining area is that big, but those minor problems can sometimes be masking bigger issues which could cost you a lot of money down the line.
Don't regret considering commute times
Buying a home or property where you’re going to live for the foreseeable future requires much consideration. Don’t regret doing your geographical research. Is there easy access to public transport? How long will it take you to get to work from here? You don’t want to move in and when it comes to getting to work realise it’s going to be trains, planes and automobiles. This could add a lot of stress and alter your lifestyle.
Don't regret to look into the future
We aren’t suggesting you see a psychic – we just want you to consider future developments in your area where you might buy or even build. That view adds resale value until your neighbours build a monstrosity extension and block it. It’s a hard one, we know. It’s always peace of mind to do your research, speak to the local council, and consider how your area might look in the next 10 or so years.
Don't regret not shopping around for the best deal!
There are so many mortgage products on the market for all types of consumers. By meeting with a mortgage broker, you’re giving yourself access to a broad range of lenders and good brokers are well practised in finding a deal to suit your personal and financial needs. Navigating the nuances of lenders’ credit policies can be overwhelming – having a broker on your side can help you find the right loan for your circumstances.
Have no regrets when it comes to protecting yourself
You’ve been approved for your loan, you have found your dream house, you’ve done everything by the book and are feeling confident about this big step in your life. The last thing you’re probably thinking of is the what if’s – What if I get sick? What if I lose my job?
Give yourself total peace of mind and protect yourself against life’s unexpected events – Death, Illness, redundancy, accidental injury. Life can throw a curve ball at any given moment and whilst Lenders Mortgage Insurance (LMI) might protect the bank when you can’t pay your repayments, who is going to protect you? ALI Loan Protection means you can rest a little easier. You can find out more about LPP by speaking to a mortgage broker.
About Emma Flanagan
Emma is the Senior Marketing and Communications executive at ALI Group. After completing a Bachelor of Communication with a Major in Journalism, Emma spent a couple of years living, travelling and working abroad before making her way home to Australia. Now, with firm roots back in her home town of the Central Coast in NSW, her and her husband just bought their very first home with the help of their mortgage broker. Now, Emma is here to help FHBs just like her by providing informative and educational content and to keep them abreast of what’s what when it comes to buying, refinancing and protecting themselves and their family from financial hardship.
Loan Protection Plan is jointly issued by Hannover Life Re of Australasia Ltd ABN 37 062 395 484 (Death, Terminal Illness, Living and Accidental Injury Benefits) and QBE Insurance (Australia) Limited ABN 78 003 191 035 AFSL 239545 (Involuntary Unemployment Benefit). It is distributed by Australian Life Insurance Distribution Pty Ltd ABN 31 103 157 811 AFSG 226403 (ALI). ALI receives commission for each policy sold. Any advice provided is of a general nature only and does not take into consideration your personal objectives, financial situation or needs. You should consider the Product Disclosure Statement when deciding if this product is appropriate for you.