Mistakes are part of life, but ideally, when it comes to property we want to avoid (or at least minimise) mistakes as best we can, as they can be quite costly, both from a financial and emotional standpoint. Here are the three most common mistakes I see first home buyers make (and how you can avoid them) :
Mistake 1 – Not having the right property professionals on your “team”
I highly recommend that first-home buyers establish a team of professionals to assist them throughout the property purchasing process. At a minimum, the professionals I recommend you engage with include a mortgage broker, conveyancer/solicitor and building inspector. You might also decide to add a financial planner, accountant and perhaps a buyers agent if you’d like some extra support in the purchase process.
As a first home buyer, you are going to have a LOT of questions, so it is vital to surround yourself with professionals who you feel completely comfortable with. If at any point you feel:
You should consider finding a different professional, even if they’ve been recommended by someone you know who had a good experience. The home-buying journey can be an emotional roller coaster, so you need to make sure you feel completely supported along the way.
Mistake 2 – Being unrealistic
One of the most common mistakes I see is aspiring first-home buyers being unrealistic about what they can afford and becoming disheartened.
A crucial step in the pre-purchasing process involves formulating a comprehensive property brief, commonly referred to as a ‘wishlist’. It is then essential to explore the suburbs you’d like to live in and see what has sold or been available in the last 6 months. If you can’t find at least 6-8 properties that match your criteria and have sold within budget, it means you might need to make some adjustments to your brief.
Being realistic from the outset will give you a better chance of finding a property faster, save you from feeling hopeless when you see your dream properties sell over budget, and ensure real estate agents take you seriously.
Mistake 3 – Procrastination
I often see first-home buyers procrastinate and put off their home-buying goals when the real reason for their inaction is a lack of self-confidence. Procrastination often happens when you feel:
These feelings are completely normal when it comes to buying a home – the important thing is to recognise them so you can then focus on overcoming them.
Procrastination can often be fixed by education. The more you know about something, the more confident you’ll be and the easier it will become to put an action plan in place to achieve your goals.
Listen to podcasts, read property books, head to open for inspections and auctions, speak to agents, and spend hours and hours in the ‘sold’ section of realestate.com.au. Do whatever you can to empower and educate yourself, and you will start to feel more prepared.
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Expert buyer’s advocate, founder of Amy Lunardi Property and creator of of The First Home Guidebook - an educational podcast series and online course that empowers first-home buyers with all the necessary tools and knowledge needed to buy their first home.
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