Whether it’s your first home or not, buying a home is undoubtedly an exciting experience. However, it becomes daunting if you make the common mistakes other first-time buyers make. If you are serious about buying a property in Monash and you are a first-time buyer, you can save this blog as your guide. Also, don’t hesitate to hire a local and trusted buyer’s agent in Monash when you want a smooth and successful property purchase.
In this blog, we will discuss the common mistakes first-time buyers make in Monash and how you can overcome them. However, before we discuss the common mistakes first-time property buyers make, we need to have an understanding of the Manash property market.
How is Monash for first-time buyers?
Monash is located in the southeast suburbs of Melbourne. From modern apartments to family homes, excellent connectivity with other suburbs like Oakleigh, Clayton, and Ashwood, proximity to top schools and universities, access to public transport, a growing community, and capital growth potential, all these factors attract first-time buyers to Monash.
Common Mistakes First-Time Buyers Make
When you want to own a property in Monash, be sure to avoid these common mistakes.
- Neglecting Research on the Property Market: Whether you are a first-time buyer or a savvy buyer, don’t ignore the task of market research. Research provides insight into the current property trends and values. Also, you can understand how the growth potential and amenities differ from suburb to suburb in Monash.
- Searching Properties without a Realistic Budget: One of the common mistakes first-time buyers make is not setting a budget. Once you make a clear budget, you focus on what you can afford.
- Ignoring Pre-Approval for a Loan/Mortgage: Getting pre-approval for a loan or mortgage to buy your property is crucial. It provides you with a clear idea of how much you can borrow and helps you find properties within your budget.
- Neglecting the Importance of Location: In the process of buying their dream property, most first-time buyers often overlook the location. You must take the time to research the location and its proximity to schools, healthcare centres, local amenities, transportation, and the lifestyle of the neighbouring area to ensure a happy living experience.
- Forgetting to Count the Additional Cost: Buying a property is not about the purchase cost. You must also account for additional expenses, such as legal fees, stamp duty, lender application fees, loan fees, buyer’s agent fees in Monash, property inspection fees, and other relevant costs, when calculating the purchase cost. Otherwise, you may end up in a financial crunch.
- Finding Property on Your Own: It is the biggest mistake that first-time buyers make. To save on a buyer’s agent’s fees, they consider searching for property on their own and end up with a hefty deal. However, a buyer’s agent employs local knowledge and experience to scope out properties that meet your goals, needs, and dreams as well.
How to Buy Smart & Stay Relaxed!
So, what are you thinking of? Even though it’s your first purchase, don’t let a common mistake ruin your dream. Instead, hire a local buyer’s agent in Monash, like Buyers Niche, and experience a hassle-free and successful property purchase.
When you work with the right buyer’s agent, no matter whether you are a first-time or a savvy buyer, you will get only the best out of your investment.
