🔑Buying Your First Home? Avoid These Common Pitfalls 🏡
As someone who’s worked closely with first-home buyers, we know how exciting—and sometimes overwhelming—the journey can be. Here are a few key tips from our educational series to help you avoid common mistakes:
✅ Budget Beyond the Deposit
Legal fees, LIM reports, inspections, and moving costs can add up. Plan for these early to avoid last-minute stress.
✅ Don’t Drain Your KiwiSaver
Leaving a small balance means continued contributions and a financial cushion for the future.
✅ Keep Emotions in Check
It’s easy to fall in love with a house, but rushing in without doing your homework can be risky. Always arrange a building inspection and check for potential issues (like weather tightness or unconsented works). The right property is out there – don’t let emotions push you into the wrong one. The banks are also very strict around which property they are willing to take on as security. Check with us, we have all the tools to guide you through this process.
✅ Borrow Smart, Not Max
Just because the bank is willing to lend you a certain amount doesn’t mean you should spend it all. Think about long-term affordability: interest rate rises, childcare costs, lifestyle changes, or future renovations. It’s better to have breathing room than to live pay check to pay check in your dream home.
✅ Get Expert Help
You don’t have to do this alone. Mortgage advisers (like us!) can guide you through the process—mostly at no cost to you as we get paid by the Lenders.
✅ Understand the Contract
Real estate contracts can be complex. Always have your solicitor review the Sale & Purchase Agreement before signing—especially around conditions like finance, building reports, and settlement dates.
💬 If you’re unsure where to start, we are happy to chat. Whether you’re just exploring or ready to take the leap, let’s make your homeownership journey smooth and confident.
✅ Final Thoughts
Buying your first home doesn’t have to be overwhelming. By planning ahead, getting the right advice, and avoiding these common mistakes, you’ll be one step closer to getting the keys to your first home with confidence.
💡 Tip: If you’re unsure where to start, a mortgage adviser can guide you through the entire journey – from finding the right lender right through to settlement – at mostly no cost to you.
