Common Mistakes To Avoid When Buying A Home

Common Mistakes to Avoid When Buying a Home

Buying a home is a major life event, and it’s important to be prepared. Here are some of the most common mistakes that buyers make, and how you can avoid them.

Not having a buying strategy.

Before you start looking at homes, it’s important to have a clear idea of what you’re looking for. This includes your budget, your desired location, and the features that are important to you in a home. Having a buying strategy will help you narrow down your search and help you source the right assets fast and secure them.

How to avoid it:

Define your needs and wants. What are the must-haves in your dream home? What are the nice-to-haves?
Set a budget. How much can you afford to spend on a home?
Research the market. What are the current home prices in your desired area?
Be flexible. Be willing to compromise on some of your wants if it means finding a home that meets your needs.

Being passive instead of proactive.

The real estate market can be competitive, so it’s important to be proactive when you’re buying a home. This means doing your research, contacting agents, and scheduling showings as soon as you see a home that you’re interested in. If you’re passive, you’re more likely to miss out on the best homes.

How to avoid it:

Start your search early. The sooner you start looking, the more likely you are to find a home that meets your needs.
Be prepared to act quickly. The best homes often sell quickly, so be prepared to make an offer as soon as you find a home that you love.
Work with a good agent. A good agent can help you find the right home and negotiate the best price.

Taking too long.

The average buyer takes 6 months to buy a home. However, if you’re serious about buying a home, you should try to shorten that timeline. The longer you wait, the more likely it is that you’ll miss out on the best homes and that the prices will go up.

How to avoid it:

Set a deadline. How long do you want to spend looking for a home?
Be realistic about your budget. If you’re not willing to compromise on your budget, you’re more likely to end up taking longer to find a home.
Be prepared to make an offer. If you see a home that you love, be prepared to make an offer as soon as possible.

Not understanding how to position yourself with agents or how to handle a negotiation.

When you’re working with an agent, it’s important to understand how the negotiation process works. Agents are more likely to take you seriously if you know what you’re doing. You can also increase your chances of getting a good deal by being prepared to walk away from a deal that’s not right for you.

How to avoid it:

Do your research. Learn about the negotiation process and how to position yourself as a strong buyer.
Be prepared to walk away. If you’re not happy with the terms of an offer, be prepared to walk away.
Trust your gut. If something doesn’t feel right, don’t be afraid to say no.

Not knowing how to substantiate value.

Before you make an offer on a home, it’s important to know how much it’s worth. You can substantiate the value of a home by looking at comparable sales in the area, and by understanding current buyer sentiment.

How to avoid it:

Do your research. Look at comparable sales in the area to get an idea of what similar homes are worth.
Talk to an appraiser. An appraiser can give you an estimate of the home’s value.
Trust your gut. If you think the home is overpriced, don’t be afraid to walk away.

By avoiding these common mistakes, you can increase your chances of buying a home that you love and that’s within your budget.

Additional tips

Get pre-approved for a mortgage before you start looking at homes. This will give you an idea of how much you can afford and will make you a more attractive buyer to sellers.
Get a buyers agent. A buyers agent can help you find the right home, negotiate the best price, and close the deal.
Do your research. Before you start looking at homes, it’s important to do your research and learn as much as you can about the real estate market.

At Bothsides, we understand that each client is unique, with specific needs and preferences. That’s why we take the time to work closely with you, getting to know your requirements inside out. Our extensive knowledge and experience in the market empower us to negotiate the best possible deal for you.

We pride ourselves on delivering exceptional service and making the property buying experience positive and stress-free for our clients. Your satisfaction is our priority, and we’re committed to exceeding your expectations every step of the way.

If you’re ready to embark on your property buying journey or simply have some questions, we invite you to reach out to us. Schedule a free discovery call today, and let Bothsides guide you towards your dream property. We can’t wait to assist you!

Give us a call

0424 556 515

dan@bothsides.au

Want To Know More?

Give us a call

0424 556 515

dan@bothsides.au