Having an offer accepted on a property you love is exciting, no matter if it’s your first, your second or even your tenth property purchase.
However getting to that point isn’t always easy, especially if you make one or more of the following mistakes.
Here are 5 things to avoid when buying property:
1. Submitting a low offer without justification.
While it’s natural for all buyers to want to secure the property they wish to buy at the lowest possible price, submitting an unreasonably low offer won’t do you any favours. All it does is show that you have not done your research and that you are not a genuine, serious buyer. Of course if you have good reason to submit a low offer, ensure you communicate how you arrived at that figure with the agent. As long as you qualify your offer, you will be taken seriously and you will have a greater chance of arriving at a mutually agreeable outcome with the seller through the negotiation process.
2. Failing to listen to the selling agent.
Just because the agent has been engaged by the seller doesn’t mean they don’t care about your needs and wants as the buyer. To the contrary, a professional real estate agent knows that it is in their client’s best interest to look after buyers well and listen carefully to their needs, wants and questions. If an agent fails to listen to what the buyers want and shows them properties that don’t match their requirements they won’t do their sellers any favours because that is not the way to make a sale. Remember, the agent is close to the seller and understands their motives to sell. Pay attention to what they have to say as it may help guide your decision-making process.
3. Constantly changing your mind.
While you are entitled to change your mind as a buyer (after all, buying property is likely to be the greatest financial decision you will ever make), changing your mind constantly should be avoided. Why? If you constantly change your mind about what you are looking for in a home, from the number of bedrooms and bathrooms to the location and your budget, the selling agent will struggle to show you the right properties. This will extend the time it takes to buy and put you at risk of missing out on properties that would have been perfect for you.
4. Focusing on the trivial things.
In order to buy strategically, it is important to differentiate between the important and the trivial matters. Trivial matters are things like the aesthetics of the property – how it is styled, the colour of the walls etc. These are things that can easily be changed for little financial outlay and effort. Focus instead on things like the location, the neighbourhood, the structure of the property, the size of the block, the floor plan, the renovation potential etc.
If you work with an agent for some time and then suddenly disappear off the radar, refusing to answer calls or emails, you are not only being disrespectful to the agent who has been helping you but you are also not doing yourself any favours. Why? Because if are still in the market to buy, ghosting the agent won’t allow them to let you know of any new properties about to be launched on the market that match your criteria. If you have decided to stop looking or you would prefer to work with another agent, be honest with the agent who has been helping you. Not only is this common courtesy, but it would also allow them to keep you in the loop to ensure you don’t miss out on the perfect property should it become available.