5 Unnecessary Things First Time Home Buyers Waste Money On

Feb 27, 2015

This is why we are committed to guiding you through the home buying process to ensure you make the right choices so you can truly enjoy your home and not regret it further down the track.

Emotions, unfortunately, can sometimes get in the way of sound judgement and can potentially cause monetary and emotional distress, especially as a first time home buyer.

Here are some unnecessary things that first time home buyers usually try to get in their home, but don’t really need.

• Pools, ponds and jacuzzis: Pools are easily one of the most common house features that can be expensive and very time consuming to keep clean and debris-free.
  The water consumption and chemicals needed will add a significant expense so it pays to consider this carefully.
• Home theatres: Unless you plan on watching TV for more than 6 hours every day it makes no sense to use up valuable space for a home theatre. A home theatre system consumes lots of energy and adds a hefty amount to your energy bill and can be a real waste of space.
• Buying furniture and appliances on credit: When moving into a new home, it can be tempting to buy a furniture set or pricey appliances, or both, on credit. But until that mortgage loan actually closes, you should avoid such purchases, as they will increase your out-of-pocket expenses.
  When your debt to income ratio increases, it can have a negative effect on your credit score and therefore potentially hike up your interest rate payments. Instead, buy what you need with cash and spread these purchases out to minimise the burden of these payments.
• Formal dining room: Although formal dining rooms are used for special dinners or events, you will likely eat dinner 90% of the time in your regular kitchen area, perhaps even watching some TV. Make better use of the money and space by adding extra closets or expanding the laundry room.

When taking tours of our properties and discussing our numerous house and land packages, we like to get to know our clients so we can understand their needs and provide professional advice so they can enjoy their homes. Contact Perry Homes now for more information on how to buy your dream home the smart way.