We have helped a lot of home buyers find home loans from our Rockingham office. That has made us privy to a lot of opinions, good and bad, about the homebuying process. It has also put us in a unique position to observe mistakes that people make when buying homes.
Whether they are looking for investment properties or simply a home to live in, we think the two biggest mistakes are these: not bidding fast enough on the right property and settling for the wrong property when they can’t find the right one.
Not Bidding Fast Enough on the Right Property
If a property is right for you, put in a bid immediately. Sometimes a prospective homebuyer will stumble onto a perfect property at the beginning of the process. Instead of bidding, they decide there are even better “bargains” out there and don’t bid. By the time they realise their mistake, the property has already been sold.
The more criteria you have, the more difficult it is to find the perfect property. If you find it, bid on it immediately. It may be a lot harder than you think to find another one that is better.
Settling for the Wrong Property
The other big mistake is getting frustrated when you don’t find what you are looking for and settling for a property that isn’t what you really want. This is also called “attrition.” The market grinds you down until you no longer want to spend the time and effort to find the right home. Often, there is some kind of time constraint involved. For example, you may have already sold your home and the settlement date could be coming up soon.
Don’t do it. Be patient and wait for the right property.
Call Smartline Rockingham
When it’s time to get pre-approved for a home loan, call Smartline Rockingham. We currently have access to 28 of Australia’s premier lenders. Call (08) 9527 1800 to learn more.