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The 7 first home buyer mistakes to avoid

These are the most common mistakes that first home buyers make. Make sure you don't fall into these traps:

  1. Changing jobs or making a major purchase at the same time as applying for finance.
  2. Not getting your finance pre-approved, and leaving everything 'too late' when the 'right' property is found.
  3. Borrowing right up to the amount the lender is prepared to loan you, and then getting over-stretched financially.
  4. Letting emotions take over in the negotiation process, and paying too much for the property—or missing an opportunity to negotiate more favourable purchase conditions.
  5. Not checking out things such as council zoning, building approvals and restrictive covenants.
  6. Buying a 'do-up' and then running out of money. Renovation is not a cast-iron route to riches, and if it turns out to cost more than you bargained for, you could be living in squalid circumstances for too long.
  7. Forgetting to sort out property insurance well before you move in, and forgetting to tell the utility companies!

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