Property experts Universal Buyers Agents warn buyers are falling into common purchasing traps leading to overpayment, bad investments and hidden costs.
UBA Property expert Darren Piper said buying property can be an exciting time but can also be overwhelming especially for those new to the market.
He said many buyers fall into the most common trap of letting their emotions get the better of their decision making by “falling in love” with a property.
“While this is great in your private life, falling madly in love with a home and becoming emotionally invested can be a problem,” Mr Piper said.
“Once a buyer starts making decisions with their heart instead of their head, that’s when they pay too much for a property, overlook important issues and desperation kicks in, clouding judgment.”
“This is where the help of an impartial expert can help you make a decision with a level head.”
Buyers are also being caught out paying too much for property because they are talked into buying above their budget and failing to do their research about the home and surrounding area.
“It’s all too easy to extend your price range a little if your perfect home is just a few thousand above your limit,” he said.
“But being talked into buying a home outside your price range could derail your finances and leave you vulnerable to potential financial shocks including interest rate rises and market downturns.
“You may also find what you think is your perfect home but failing to research the area is a big mistake.”
He said getting to know the neighbourhood buyers are potentially going to spend the next 10 years of their life in is crucial.
“Research nearby schools find out about any current or future developments, public transport and check out the local crime rates,” he said.
Failing to prepare finances before buyers start looking was another common mistake leading to some buyers failing to secure finance and losing their dream home starting the process again.
Mr Piper said many buyers also underestimate the cost of buying a house that online mortgage calculators don’t factor in.
“There are more costs involved in purchasing property than just the property itself,” he said.
“There is the cost of building and pest inspections, insurance, conveyancing, stamp duty, transfer fees and moving costs.
“Engaging with a buyers agent can help you navigate these common mistakes and lean on our expertise to ensure you get the best deal for the long term.