The five mistakes to avoid when purchasing a property.

The five mistakes to avoid when purchasing a property.

Quick tip: To avoid mistakes, plan ahead, do your research and stay focused on your goal.

  • Rushing in – It can be tempting to compromise on important details. But beware of hasty decisions you may regret later. Review your checklist of features and reassess what you really want. 
  • Failing to research – Get to know how much homes in your search area cost but also learn about future changes that may affect values, such as proposed land rezoning or roads that may be built nearby. Factor this information into your decisions. 
  • Forgetting extra costs – In addition to the property price, you may have other costs such as the cost of solicitor fees, stamp duty and potentially upfront repairs. Ensure you’ve saved enough to cover those and other charges. 
  • Failing to arrange finance – Speak to your lender about seeking pre-approval for a loan early in your house hunting process. This provides comfort that you’ll have the money when you need it. 
  • Not reading the fine print – Contracts are complicated but their contents are important. Read them in detail and have a lawyer explain what they mean.

Sourced: RAMS