Big mistakes first home buyers must avoid – 4

Not doing proper due diligence


Buying a home is an exciting time, but it is also one that should be taken seriously to ensure you’re buying the best property for your future wealth creation.

So, it’s vital that first home buyers concentrate on the less sexy side of buying property, too, which includes getting a building and pest inspection to identify any minor or major issues.

You can then use this to inform your buying decision such as negotiating a lower price or even walking away from the deal if the issues are significant.

Of course, it’s a no-brainer to get a solicitor to check the sales contract before you sign 
because your signature is worth a lot of money to the seller— and to their lawyer if you try to get out of the deal with no legitimate legal grounds.

You should also check, usually via your legal representative, the area’s council zoning as well as building approvals on the property itself to ensure you are making an informed decision.

Last, but certainly not least, you must take out appropriate insurance to protect your asset as well as your ability to repay the mortgage.

The bottom line…

Becoming a homeowner remains a goal for most young Australians, who are prepared to do what it takes to make it a reality.

As part of the process, though, they should also consider which property will be the best one for their needs today, but also which one can help them upgrade to something bigger and better when the time is right.

RealRenta has all the tools that a property manager has, but less than ¼the cost of a property manager.

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Jason Gwerder
Thursday, 28 October 2021

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