Financing Mistakes to Avoid
These are the most common mistakes that home buyers make. Make sure you don't fall into these traps:
- Changing jobs or making a major purchase at the same time as applying for finance
- Not getting your finance pre-approved and leaving everything "too late" when the "right" property is found
- Borrowing right up to the amount the lender is prepared to loan you and then getting over-stretched financially
- Letting emotions take over in the negotiation process and paying too much for the property - or missing an opportunity to negotiate more favorable conditions.
- Not checking out things such as council zoning, building approvals and restrictive covenants
- Buying a renovator and then running out of money. Renovation is not a cast-iron route to riches and if it turns out to cost more then you bargained for, you could be living in squalid circumstances for too long
- Forgetting to sort out property insurance well before you move in and forgetting to tell the utility companies.