I thought I'd use my blog this week to talk about some absolute “no-no's” when purchasing a property. These things can be detrimental not only to your hip pocket, but your well being too!
Don't rush
Never rush your decision to buy a property. It will work in your favour if you adopt a cautious and measured property search, rather than jumping quickly into the purchase of a property that doesn't properly suit your needs. Many people rush into buying a property with the end result being what we call 'Buyer's Blues'. This is when you experience remorse and regret following a property purchase that you are not 100% happy with. NB: It's not unusual to feel a slight amount of 'Buyer's Blues' no matter how happy you are with the property, due to a new sense of commitment.
Don't let emotions get in the way
As much as possible, discipline yourself to look at properties practically and without emotion. Emotions tend to cloud good judgement! They can also lead to you overpaying significantly without you realising it. I know this is easy to say but much harder to put into practice as it's the family home you're looking for and it has to feel right. So if both you and your partner tend to get caught up with emotion, find an objective and unemotional third party who can bring the practical side to the fore, to help you make a balanced and healthy decision on the property.
Don't sign without being 100% committed
Please ensure under any circumstance you do not sign a contract until you have consulted with your solicitor/conveyancer. You should ensure all details have been confirmed in your favour before making any formal commitment. You should also feel comfortable with the financial commitment you are about to make. Always try to view a property more than once, and if you do feel as though the property is something you want to pursue, act quickly but sensibly. And remember what I said above about emotions. If you look / act too keen on the property you could get stung by the agent for a higher price. It's about knowing how to play the game. Remember the Real Estate Agent you are dealing with works and represents the seller only. They are there to get the best price, terms and conditions for the seller and not the buyer.
I started the first Buyer's Agency in Sydney to be the sword and shield for buyers in the purchasing process. As much as advising buyers what to buy and when to buy (and evaluating and negotiating the best possible price, terms and conditions for them), I'm constantly advising buyers on what NOT to buy; saving them more than just money in the process.
For independent and confidential buying advice or representation, please do not hesitate to call me directly on 0419 200 018 or 9960 1066.