Buying property is an exciting, but also really complicated process. Whether you’re a first home buyer or experienced property investor and dealer, there are a lot of things you should avoid doing so that you don’t get caught out by the complexities of the process. We’ve made a quick list of things to avoid when purchasing property.
Don’t pay more than you can affordIt can be easy to get carried away by the beauty of a home or the potential lifestyle of a location, but it is imperative to be realistic about your budget. Carefully evaluate your finances and ensure you stick to your final number, no matter how idyllic the property might be. It can be especially tricky to keep to your budget if the property is being auctioned. Focus on bidding for what the property is actually worth, rather than just outbidding another potential buyer.
Don’t wait till you’ve found the house to sort out your financeDon’t fall in love with a property to then be disappointed if your loan is rejected. Save your disappointment and wait until your loan is approved before seriously looking for properties. Have everything prepared so that when you find the winner you can place an offer and deposit and be confident that it can be yours.
Don't do it alone
It can be difficult to understand all the intricacies of the property settlement process, and to keep up with all the duties of a buyer. It is best to engage with professionals, like a conveyancer or a solicitor, to help you through the complicated contractual steps, and to ensure your purchase is issue-free.
If you have further questions please contact us at frank@franklaw.com.au.
This not legal advice.