Oops, They’ve Done It Again: Common Mistakes Homebuyers Make By Generation
Dealing with the property market at any age is a bit like the adventure Carl and Russell embark on in the Pixar movie “Up!” – risky, exciting, and posing considerable challenges for the young and old alike. (However, we don’t suggest fitting your new home with thousands of helium balloons and attempting to fly it all the way to the Venezuelan outback). As a long time real estate agency, our team at Frank Salt Real Estate lists a number of common mistakes homebuyers make according to age group.
The Roaring Twenties
Ah, your twenties – they almost always turn out to be everything and nothing like what you expected. In the midst of coping with weekend-long hangovers, along with an encroaching quarter-life crisis, 20 year olds also have to overcome the hurdles attached to buying their very first property. Most young adults in this age bracket, therefore, make mistakes typical of first time buyers, such as taking out a mortgage from the first bank they speak to, not planning far ahead, or draining all their savings on the down payment. Always remember to ask for advice from parents, relatives or friends, think ahead, and save, save, save! Consider hiring a property consultant from an experienced real estate agency who can not only save you time, but also offer valuable tips (and be a much needed shoulder to cry on).
The Dirty Thirties
Nothing can sum up your 30’s quite like the famous John Lennon quote: “Life happens to you when you’re busy making other plans.” One of the most common mistakes homebuyers make in their 30’s is not planning for the future. One day you’re swiping away on Tinder hoping to find the love of your life, and the next thing you know, you find yourself having to swap your bachelor (or bachelorette) pad for a family home with enough room for those 3 kids that seem to have sprung from nowhere…
If you’re buying property in your 30’s, think long term. You never know where you’ll end up in a few years’ time.
The Fantastic 40’s & The Fabulous 50’s
Middle-aged homebuyers tend to have more money, which can often lead to overestimating their budget. Figure out the comfort level of your lifestyle but be realistic – if married or in a fixed relationship, always confirm with your spouse or partner whether you can actually afford the mortgage.
The Swinging 60’s
Time to exchange those office keys for ones to your vacation home – retirement beckons! Many in their 60’s have more time to travel, and when they do, they tend to fall in love with a location and buy a property there without giving it a second thought. There’s nothing wrong with wanting a change of scenery, but make sure that you familiarise yourselves well with the new area before settling down there.
Young or Old, Frank Salt Real Estate Can Help Every Generation Find Their Perfect Home!
As a real estate agency with 50 years of experience, we can offer you expert advice and help you avoid those common pitfalls and mistakes homebuyers make when buying a new property. Contact us today and one of our friendly and helpful agents will soon be in touch!
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