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BUYING property can be an exciting and stressful time, particularly if you’ve never been in the market before.
And with most people only in the market a few times in their lives it can be difficult to know just what the right or wrong thing is to do.
According to Darren Piper, director of Universal Buyers Agents there are five common mistakes buyers make.
FALLING IN LOVE
While this is perfectly fine in your private life, falling madly in love with a home and becoming emotionally invested can be a problem.
“Once a buyer starts making decisions with their hearts instead of their heads, that’s when they pay too much for a property, overlook important issues, and desperation kicks in, clouding judgment,’’ Mr Piper said.
PAYING TOO MUCH
Mr Piper said it is all too easy to extend your price range just a little, if your perfect home is waiting for a few thousand dollars more.
He said being talked into buying a home outside your price range, could derail your finances in the future.
“Spending more than you need to leaves you vulnerable to potential financial shocks, including rises in interest rates or changes in future circumstances.’’
NOT DOING YOUR RESEARCH
You might find what you think is your perfect home, but failing to research the area is a big mistake.
“That could lead to a life in a great home, but in a terrible area,’’ Mr Piper said.
“It pays to get to know the neighbourhood you are potentially going to spend the rest of your life. Research nearby schools; find out about any current or future developments; make note of public transport; and make sure you check out the local crime rates.’’
FAILING TO PREPARE
Make sure you consider your finances and needs before you start looking.
“It’s important to analyse assets, organise debts, and get pre-approved for finance before starting the journey.’’
“There are more costs involved in purchasing a property than just the property itself,’’ he warned.
Mr Piper said often buyers didn’t factor in the extra costs, such as building and pest inspections, insurance, moving costs and transfer fees.