Time and time again we see buyers miss out on buying the perfect home or investment property to another buyer through procrastination and a few other common traps.
If you’re in the market to buy, there are 6 common traps to avoid. Avoiding these traps will minimise your risk of losing the property you love to another buyer who is faster to act.
- Waiting too long to list your own home on the market
Unless you are prepared to run the risk of having to take out expensive bridging finance, it is important to be ready to buy if you’re serious about securing the perfect home. This means having your own home sold or listed on the market for sale so you will have ready access to funds for a deposit on your new home.
Some people have a tendency to procrastinate when it comes to making a decision. Unfortunately these people often miss out on the property they love because they’ve failed to make a decision before another buyer comes along and takes it off the market.
- Failing to secure finance
Shopping around for finance (especially these days when there is so much competition between lenders) and obtaining finance approval can take a considerable amount of time to organise. If you aren’t approved in advance you could miss out on your dream home to another buyer who is. Our best advice is to secure your finance early and obtain a letter of pre-approval from your bank or mortgage broker if you’re serious about buying.
- Assuming the market will keep going down
If you wait until you think the market can’t go any lower, you can be almost guaranteed that it will rise and you’ll end up paying more. The truth is, the only sign we will get if the market is at its lowest point is when it starts to improve. By then it’s too late.
- Waiting for a price reduction
Many properties are sold before they have an advertised price reduction, because somebody made an offer and the owner accepted it. The offer is usually below the asking price, but you won’t see it or get a chance to buy the property. If you are interested in a property, then you should submit an offer, otherwise you could miss out to the person who steps forward.
- Failing to list your details with an agent
Some homes these days are listed for sale without being advertised at all. Registering your details with us, including what you are looking for in a property, allows us to alert you to all the properties (advertised and non-advertised) that match what you’re looking for.
At the end of the day you could be competing with many other buyers for the same property, especially when the marketplace is moving quickly. Being prepared allows you to act decisively. If you love it, secure it before it’s gone.