Purchasing Pitfalls

How do you avoid a costly buying blunder?

You are about to embark on your hunt for a new home, but what things should you be aware of before you begin your property search? A successful sale means both buyer and seller are happy with the end result.

Here are a few tips that will help you to avoid a buying nightmare.

Avoid falling into too much debt – Make sure you only sign up for a loan that you can afford and do not set your price limit for a home beyond your means.

Establish what features you NEED in a new home – Do you need to be close to schools, public transport and shops? Do you need 4 bedrooms and a double garage? Buying a home that suits your needs should be your main priority.

Be wary of hidden after sale costs – Always factor in purchase costs, inclusion costs and running costs.

Watch out for structural defects in the property – Have you organised a building inspection?

Find an agent you trust – It is just as important to have the help of a good agent when you are buying, just like it is when you are selling. If the agent does not have exactly what you are looking for, they will keep you on their buyer database and as soon as a new listing arrives that suits your needs, you will be immediately notified.

Do your research – Look at similar properties to the one you’re interested in that have sold in the area to get an idea of the market value.

Trust your instincts when searching for a property – If you find exactly what you are looking for early on in your property search, do not be put off because it was ‘too easy’. If you hesitate on a sale, your dream home could be snapped up by another buyer.

Be fair and firm when making an offer for a property – Be fair in your approach and do not play games with sellers. Make a fair offer.

By Paul Kounnas