O-YES Properties | 13 UNLUCKY MISTAKES BUYERS MAKE

13 UNLUCKY MISTAKES BUYERS MAKE

1. Assuming every home's price is negotiable.

 

Sellers use different strategies when pricing their home. Sometimes it is priced with room for negotiations, but other times it's priced to get multiple offers, potentially going over the asking price.


It's not uncommon for a buyer to lose the first couple of properties they make an offer on because they've under offered when the home is priced to sell.

When a tenant consistently pays late, it is best for the landlord to give 20 business days’ notice of cancellation due to material failure. The landlord is only allowed to give the notice to vacate if the tenant breaches the contract as per the CPA section 14. If the breach is remedied within 20 business days, the landlord may not continue with cancellation.

 

2. Getting distracted by the "flashy" details and ignoring the actual quality of a home.

 

Buyers should pay attention to the location and/or the building and thoroughly inspect the property.

 

Many homes can be 'botoxed' to look pretty on the outside, Focus on the layout and the structure — a deep dive will reveal the truth. Many buyers pay too much attention to superficial factors like Caesar stone counters and stainless steel appliances. Don’t bypass properties that have been very well taken care of and are in a great location but aren't updated.

 

3. Not putting down the largest deposit possible.

 

One of the biggest mistakes a home buyer can make is not putting down a large enough deposit. Paying a larger deposit will significantly reduce your monthly spending on your home loan.

 

4. Making a low offer.

 

Another big mistake is "offending the seller with low offers.” Buyers think they can simply make an all-cash low offer and they'll be accepted. While cash is king, it doesn't always get deals done!

 

5. Limiting your search to a specific style of home.

 

Too many buyers limit their focus to a certain style of the house. A home is where you make it and if it works for your lifestyle, not necessarily what it looks like on the outside.

 

6. Not thinking about selling the home one day.

 

Buyers often forget that they'll most likely sell their home at some point. They forget that eventually, they will need to sell. Most everything can be fixed but "location, location, location" can't be fixed. Buy location, NOT price.

7. Trying to buy without an estate agent.

 

This mostly boils down to the buyer and seller not understanding the complexities that can be involved in property buying or the negotiation and contracting that need to take place. Estate agents help buyers and sellers put deals together by smoothing over negotiation stumbling blocks.

 

8. Overlooking important details like the condition of the roof or other maintenance requirements.

 

Buyers go with what they feel and many times ignore the 'important' details in a home such as: is the property going to be easy to maintain or the condition of the roof or other long term pitfalls.

 

9. Passing on a great home early in the search because you think you'll find something better.

 

Buyers often ignore ideal properties early on in the search in the hope that they'll find something better, many first-time buyers see the best homes first when they start their search. Buyers should trust their instincts, even if they find something they love right off the bat.

 

10. Not seeing the true potential of a home.

 

Many buyers don't look at the "basic structure and potential" of a home and instead get distracted by something immaterial such as brightly coloured walls or ugly kitchen cupboards

 

11. Holding out for the "perfect" home.

 

The 'perfect property' doesn't exist, if you find a place that ticks seven of the 10 boxes you're looking for, you should buy it. You're going to lose out on the property that suits you and then regret delaying later on.

 

12. Focusing too much on online listings.

 

Another common mistake is only looking for a property on the big property portals. Often, agents will sell a property to their own database before even listing the property on the internet. Sign up with a couple of area agents and ask them to be on the “lookout” for the perfect property for you.

 

13. Buying a home you're hesitant about.

 

If you have any doubts, second guesses or are spending more time worrying about some aspect of the purchase, rather than being excited about it, then it's not the right home for you.

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This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)