What Are Some Pitfalls to Avoid When Purchasing a Home?
Purchasing a home can seem daunting. After all it is a big decision with many factors to consider. It is one thing to have buyers remorse over a $200 sweater, but another to change your mind on your “dream” home after having spent hundreds of thousands of dollars.
Buyer’s Agent Miriam Sandkuhler has seen it all after working extensively with home buyers and she shares what pitfalls to avoid before making a purchase that can save you from feeling more than disappointed.
Home Buyers Consider Your Future!
As a home buyer, one of your biggest pitfall is not thinking far enough ahead. Miriam warns “It’s about considering your needs now versus what they might be in 10 years-time.” Why is this important? Because as your criteria changes you might be unable to afford the size home you need in your preferred suburb. So now you need to reconsider your options. Because getting into and then out of a property is expensive in the long run.
Future Proof Your Property Purchase
From years of experience Miriam says home buyers should “make a of list your needs so that you can future proof your home.” Here are some pro tips to consider from her chart:
- Are you going from a single person to a couple? If you think you want to grow a family one day then you want to consider the size of the home you are buying and its overall capacity to grow with you. Buying a one bedroom home will not work in a few years-time.
- Are you going from a couple to a family? You may want to consider how many kids you want because rooms and space will play a role in your choice. You should also consider the school zones you have access to.
- Are you in the community you want? Are you in community you like? Is it geared towards singles? Is it quiet? Are there young families? Is being close to your work, family and friends important?
- What is your travel time to work? How far are you in proximity from work? How will your commute affect your day-to-day life? This is criteria you may want to factor into your decision-making process.
Are you being realistic about what you want and what you can afford? If you can only afford a one bedroom apartment in your desired suburb then it’s probably better to reconsider the location of your property to secure a property that meets your needs.
A good buyer’s agent should advise you to put thought into your purchase so you can have a better long-term outcome. They will ensure you’re meeting lifestyle objectives and address your criteria so that you can enjoy the longevity of your home and your investment.
A buyer’s agent in Melbourne or your own city can help you make more informed choices. If you’re looking for a buyer’s advocate in Melbourne to help assist you with purchasing an investment property, Property Mavens has you covered.
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About Miriam Sandkuhler, Property Investment Advisor
With Diplomas in Property and Business Studies – in a non ASIC regulated industry, she’s uniquely qualified to develop and also fulfill successful and sustainable property investment strategies for her diverse range of clients - investors, SMSF trustees and home buyers alike.