5 Regrets to Avoid in the Purchasing Process

Buying a property, especially a home for your family, is thrilling.  For most, the journey, whilst a little stressful, usually results in securing the purchase of a home that allows you to start the next chapter of your life.

Not only can the process be filled with emotion, but there is also a considerable amount of logic and common sense involved, as acquiring a property represents a serious financial investment, along with the resultant responsibilities.

The process is not without its problems though.  Forewarned is forearmed – and these few pointers will assist in making the process much more enjoyable.

There is nothing worse than the disappointment of not being able to purchase the property you really want.  In most cases, this results when the finance you had thought you were going to obtain is declined.  Unfortunately, many purchasers make a purchasing decision based on inaccurate information regarding their financial ability.  We so often hear buyers tell us “we’ve spoken to our bank and they tell us the finance will be no problem”.  Sadly, such an undertaking means nothing.  Avoid the regret of losing your dream property by getting yourself pre-qualified for a bond from a bond-originator, such as Ooba.

Once you’ve started your search and viewed the most appealing properties, make a list of the pros and cons of each.  Don’t hold out for the perfect property that ticks all the boxes.  You’ll realize later that it probably doesn’t exist.  If you’re ticking 7 or 8 out of 10 boxes then give the property your serious consideration.  You may only realize later that it’s the property you should have bought – but it may be too late.

It’s a terrible feeling when you later realize the property you purchased has faults that you weren’t aware of.  When viewing ask the estate agent or the seller if there are any defects that need to be disclosed.  They have a legal duty to inform you if you ask.

Many properties do not have approved municipal plans reflecting the current dwellings.  Ask if there are approved plans.  If not, it doesn’t mean you shouldn’t purchase the property – but be aware that the responsibility for rectifying this at council will become yours.  Also be very sure to confirm that, if there are no current approved plans, there is no part of the dwelling that encroaches any building lines.  There is the chance you will be forced to demolish the offending section.

Lastly, it’s sickening to lose out on the property you want because someone else made a stronger offer – an offer you were also in a position to make if you knew you had to.  Always ask the agent if there is other interest.  The agent has a duty to obtain the highest price possible for the seller – so don’t shoot them if there is interest.  If you know you’re competing for the home you want then make your very best offer.  You may not get another chance.

 

Steve Caradoc-Davies

Principal, Harcourts Platinum

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