Don’t make a ‘fed up’ purchase

It’s only natural to feel disillusioned when you miss out on a potential property that you really like. You’ve spent time researching and often money on a building and pest inspection to make sure this is ‘the one’. In a hot market like this, it’s even more frustrating when properties go way over the price guide listed. The important thing to remember is not to give in to frustration and make a ‘fed up’ purchase simply because you’re afraid of missing out.

As a professional buyer’s agent I have seen many people purchase property on impulse only to regret it later. Unfortunately after buying an unsuitable home a lot of buyers then realise that they can’t live with the home’s shortcomings and either undertake an expensive renovation which often leads to overcapitalisation or they decide to sell and buy a more suitable property blowing tens if not hundreds of thousands of dollars in buying and selling costs which could have been avoided. 

While there may be unwanted costs associated with looking for property, there is the potential for far greater financial losses when purchasing an unsuitable property. If your frustration is getting the better of you, why not get in touch with me by clicking here and the team and I will take over the buying process for you.

Here are my tips to help you avoid making a ‘fed up’ purchase:

Review needs and wants list - Make sure you separate your wish list into needs and wants.  Items that appear on your needs list are those that you can’t compromise on such as 3 bedrooms, 2 parking spots or being able to walk to a local school or transport. 

In contrast, your wants list features those items that you would like but don’t need.  This process will help you rule out unsuitable properties before you attend any open homes and save you from becoming emotionally attached to a house that doesn’t meet your requirements.               

Ensure you understand current values - Make sure you've done your comparable market analysis and know current values as opposed to following price guides given by sales agents. By keeping your search to properties that are in your price range, your top three suburbs and that match your needs list, you’ll become an expert on that particular type of property in your research area. That way you’ll be able to spot a quality property and make an informed offer.

Be ready to purchase - Be ready to buy so that you’re not pipped at the post by a more organised buyer. Have finance pre-approval in place and make sure you’re aware of all the upfront costs of buying property e.g. stamp duty, pest and building inspections, legal fees, mortgage fees, removalists etc.

Hire a buyer’s agent - If you've reached the point where you’ve had enough and you start trying to convince yourself about the suitability of properties that really don’t meet your needs then do yourself a huge financial favour and hire an expert to look and negotiate on your behalf as the in and out cost of getting it wrong are several times the cost of investing in some professional help.