Nikki McCarthy from the property show ‘On Display’ shares her tips on how to avoid buyer’s remorse when purchasing a property in this latest video.
Buying a home can be an emotional experience. Today we're meeting a couple looking to purchase their first home and discuss some tips to avoid buyer's remorse.
I see you guys looking for a new home.
Yes we are.
And do know exactly what you're looking for?
We're looking for a two bedroom house and we want land. That's really important for us. I think because we want it to be an investment as well.
And location is important? What sort of locations have you been looking at?
Something close to the city, and close to local amenities would be good. The problem I think has been the cost - in and around the CBD. Some of the properties that we've looked at have been under budget but at auction has just gone well over our budget.
You get people all the time that go over their budget and they regret it afterwards, so you're doing the right thing. The right property will always come up so just take your time. Make sure you really research the property well and you know all the legal requirements.
We haven't really made it that far into the process to kind of action anything quite yet.
If you've got a checklist just to work off. It's a good idea to get your conveyancer organised now so that if the right property comes up, and it does meet your budget, you can bid without worrying because you've gone through your checklist and you know it's all perfect.
When is the right time to get a building inspection?
It's probably early on. So if you can try and look at properties when they come on the market then you can get everything done at the beginning and then you're not rushed. Don't rush into making an offer even if you love the home. After each inspection assess the pros and cons without emotion, and remember if you miss out there are new homes being listed every day.