Your first place is your starting point as a property owner but the stakes are a little higher when you’re buying your ‘forever home’, with a plan to stay in it while you raise your family and potentially as an empty nester as well.

You don’t want to get it wrong, so keep the following costly mistakes in mind:

Mistake #1: Not having room for growth

One of the biggest mistakes buyers make when choosing their ‘forever home’ is not giving themselves space to grow.

As kids come along, they need more room. Obviously, the more kids you have, the more space you need.

This doesn’t mean you have to buy an enormous house. Instead, look for a home that has the potential to expand. A small home on a larger block that can accommodate additional rooms or a granny flat in the yard may be a wise investment. As your equity grows, you’ll have the potential to refinance and pay for extensions.

Mistake #2: Location location location

If you plan on having kids and raising them in your new home, it needs to be in the right suburb.

Think about which school your children will get to and how they will get there. Are there bus and train stops nearby? Will they be able to play safely and take short walks without you feeling worried about them?

Keep your future lifestyle in mind when looking for a longer-term home and check out local playgrounds and child-friendly spots, even if you don’t have kids yet.

Consider what you don’t want as well, for example, noisy venues that will interrupt sleep.

Mistake #3: Trying to perfectly time the market

You want to buy your forever home, but you want the perfect price.

Is the market going up or down? Do you pounce now or wait another six months? While these are questions that should be addressed, getting too bogged down in buying at the ‘perfect’ time is a mistake.

The real estate market is unpredictable by its very nature, and there is no way to get it just right, but we see many people hesitating for so long that they miss dozens of great opportunities.

The sooner you buy a home, the sooner you can pay it off and grow your equity.

Mistake #4: Being guided by emotion

While you obviously want to like the home you are buying, it is still vital to strip away some of the sentimentality.

You need to buy with your head as much, if not more than your heart.

The best way to do this is to write down a list of must-haves, would-like-to haves, and bonuses. This way you won’t be distracted by a single feature that you feel you can’t live without, only to realise the place doesn’t actually suit your long-term needs.

Mistake #5: Not getting to know your local real estate agents

When you’re a buyer, real estate agents are not the enemy. It’s their job to match buyers with houses, plain and simple.

If you see a home that doesn’t tick enough boxes, have a chat with the selling agent anyway. They may have a place coming up that is more suitable but they can’t let you know if they don’t have an idea of your budget and what you are looking for.

Want help buying the perfect family home? Contact me today at teresa@teresaberger.com.au.