Five tips for buying well in 2015

Over the past year I’ve witnessed too many naive and inexperienced buyers fall into common traps when it comes to buying a home or investment property.

From letting a great home slip through their fingers through indecision, getting caught up in the moment and paying way too much, to taking well-meaning advice from ill-informed family and friends.

There are numerous pitfalls that can take their toll financially as well as emotionally, particularly for those prospective buyers who have been searching for an ideal property for many months.

So here are a few of my tips if you want to purchase a home or join the property ladder with an investment purchase in 2015.

DON’T PROCRASTINATE - Probably the biggest mistake buyers make is procrastinating. As long as the property you have found meets your list of requirements and you’re confident you’ve seen enough comparable properties (ideally around 100) so you know where value sits then don’t hesitate. More often than not, great deals don’t last long especially in a rising market.

SEARCH WITH FINANCE PRE-APPROVAL- Searching without finance pre-approval can only lead to disappointment. It’s really frustrating to watch the home you want to buy go to someone else whilst you’re arranging your finance. 

KNOW THE AREA BEFORE YOU BUY- When people get caught out paying too much for property it’s often when they’re buying in an area they’re not familiar with or because they haven’t done enough research.

DON’T LISTEN TO FAMILY AND FRIENDS - Often well-meaning friends and family are trying to protect you. They care about you, they love you and they don’t want to see you get hurt. Many people have such a profound fear of failure that they’d rather you did nothing than make a mistake but if you’ve done your research properly then you should have nothing to worry about. 

DON’T MAKE A FED UP PURCHASE - After looking for a property for a few months some people get fed-up and buy the next one they see just to end the frustration. They’re tired of looking and end up buying something that doesn’t meet their needs list and a year or so later they want to sell it. It is very expensive to get it wrong so if you’re fed up, don’t buy an unsuitable property - contact me instead!