• Paul Virdi

The Reality of First Home Buyer's Struggle

Whether you are thinking of buying your own home or building it, there are quite a few elements which come your way as you steer ahead in your dream home search.

It can be difficult to make the right decision and finding the right options with limited knowledge and budget but there are few things which can be avoided by the home buyers themselves. Apart from struggle to save while renting , there are few things which home buyers can avoid to make their journey easier. Here is a list of elements adding to struggle and these are not necessary.

  1. Not meeting the timelines of the lender for providing financial docs .

  2. Not considering lender’s conditions and contractual obligations of sales agreement seriously.

  3. Falling in love with one property so much and forgetting primary needs.

  4. Trying to impress their family and friends by buying a house which should stand out in their social circle.

  5. Getting stuck with a property even if it is out of their budget.

  6. Being perfectionist and keep waiting for the right property.

  7. Looking for bargains that don’t exist in the market.

  8. Not buying what they can afford today but keep raising the bar.

  9. Chasing a strategy or a price point which worked for someone else.

  10. Trying to buy in an area where they have been renting for long and thus shortening their radius of search.

  11. Renting in a posh suburb because of the schools and lifestyle and then finding it difficult to leave that suburb.

  12. Setting a price limit for their own budget without even studying the current market pricing and creating a gap.

  13. Not putting home search on a priority and making time to visit enough open inspections.

  14. Blindly following others because of their own fears or belief system.

  15. Waiting for the property market to fall and keep losing time.

  16. Waiting for getting more & more deposit, thinking that will get them a better house and better area whilst they keep losing time.

  17. Being too choosy about areas where they want to live.

  18. Aiming for the dream house and dream suburbs whilst forgetting their budget.

  19. Searching for the first home as if that is the last home they will live into.

  20. Not consulting a professional who has experience in the property market and taking guidance from gossip.

By having a plan and then sticking to a plan can help home buyers achieve what they want. Whether the market is expensive or cheap , whether the grants are big or small,

proper budgeting can help in kicking the realistic goals.

proper budgeting can help in kicking the realistic goals.

50 views0 comments