Common Mistakes First Time Homeowners Make

When you are a first home buyer, there are a few common mistakes that you can make, whether due to over-excitement or being under prepared. Here at Mortgage Masters, we are dedicated to the first home buyer experience and making it something truly fun, exciting and mistake-free for all first home buyers in New Zealand. As the best mortgage broker in Auckland, we understand the property market and everything you may need to know and ensure, before you can start the process of buying a house or property.

Why Pre-Approval is Key

Pre-approval is when you personally go to a mortgage broker, such as Mortgage Masters, or a lender, such as a bank, and secure the amount you are able to borrow for your home loan. Pre-approval from a lender is really the only way to know how much money you can borrow and your true price range for your home. The lender will look at your bank statements, your savings and your employment status and once you have pre-approval, you can begin looking for houses and planning what kind of property you can afford.

Manage Your Expectations

When it comes to potential maintenance needed on the home, it is extremely important to manage your expectations. Many houses in New Zealand are older homes and you may need to have extra money set aside for maintenance issues or renovations that the house will need. Whether you’re planning on moving into the home, renovating into your forever home, flipping the investment or simply having it as an investment property to rent out, the likelihood is that you will still have things to pay for when you move in. Many first-time homebuyers don’t realise this and they move into a home that needs maintenance without any money to tend to it. Newer homes that are less likely to need maintenance will, of course, be more expensive. It is a good idea to bring along an expert when you’re inspecting, one who can help you find the areas in the house that will need to be upgraded, fixed or renovated.

Avoid Making Rash Decisions

Sometimes, the excitement gets too overwhelming. The most common mistake that is linked to an array of complications is when a homebuyer just gets too excited and makes a rash decision. During the entirety of this process, it is important to remain patient, calm and picky! Be realistic, think things through, do your research, know what you’re looking for and what your non-negotiables are, and avoid rash decision-making at all costs!

Contact the Best Mortgage Broker in Auckland

Contact the best mortgage broker in Auckland today, here at Mortgage Masters, for the best advice on the New Zealand property market. Book in your free consultation now!

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