The biggest mistakes property buyers make
Purchasing a property is a big decision. It’s also exciting, steeped in emotion and of course has a financial aspect as well.
Importantly, it’s not something you do every day, which means many buyers are learning as they go.
With that in mind, here are our top tips on navigating the purchasing process while avoiding some of the biggest mistakes property buyers make.
Not knowing your financial position
Whether we like it or not, the ability to purchase a property always comes down to your financial position.
And it pays to understand this from the outset. Knowing exactly what you can borrow and how much you can afford to spend is the starting point when it comes to buying.
Too often, buyers start the house-hunting process without a clear grasp of their finances. But long before you start looking, you should speak to a lender and ensure all your financial ducks are in a row.
Not understanding the market
In Australia, there’s a lot of talk about the property market in the media. But the headlines and stories are often very different to what might be happening in your specific market of interest.
Before you get serious about buying, spend time in the area where you intend to purchase, learning exactly what properties are available, how much they go for, how long they take to sell, and how much buyer interest there is.
Not doing their research Â
On that note, it’s important to thoroughly research the area where you intend to buy.
This includes considering what future development will take place in that area, who lives there now, how safe it is, the available amenities, such as shops, schools, medical facilities, public transport and recreational areas, and more.
Letting your heart rule your head
Buying a property is partly an emotional decision, but also a financial one. Select well, and you could set yourself up for the future and enjoy long-term capital gain.
That’s why it’s important to ensure when buying, your heart does not rule your head.
As much as you might love a specific property, do undertake the necessary research, seek advice from a trusted property professional, and also consider your long-term aims for the purchase.
Skimping on pre-purchase inspections
If you’re serious about buying a specific property, make sure you undertake all the necessary inspections.
These include pest inspections and building inspections, along with things like title and covenant searches which are usually handled by your conveyancer.
By completing the necessary inspections, you are safeguarding your future, and ensuring there will be no nasty surprises down the track.
Looking to buy or sell?
If you’re considering buying or selling a property, why not chat with one of our friendly agents on 1300 438 439 to understand the state of play in your local market?
We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.
