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First home buyers: Pitfalls to avoid when moving into the market

By Ben Faulks

If you're interested in buying Belconnen real estate as your first home, there are plenty of wonderful options permeating the market. But purchasing property is a huge financial commitment, so it's important to do your research and fully understand the various concepts involved before moving into the next stage. 

Here are some of the common missteps that first time buyers make when moving into the market for the first time. 

Not budgeting for hidden costs

There are a wide range of costs that first time buyers may not necessarily think to budget for alongside their initial deposit. For example, things like legal fees, property inspections and stamp duty should all be included in your budgeting plans – if only to mitigate the surprise of the expenses later. 

Getting a home inspection

Another thing to seriously consider is a home inspection before purchasing a property. This involves getting a professional to come and investigate various aspects of the house, before compiling a report for you to review. 

These inspections cover things like the interior and exterior of the home, including any structural damage, insect infestations and other potentially expensive costs in the future. This is to ensure you're as informed as possible before signing the contract and sealing the deal. 

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