Smart Buying: How to Avoid the 5 Most Common First Home Buyer Mistakes
Release Date: 11/12/2024
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Smart Buying: How to Avoid the 5 Most Common First Home Buyer Mistakes
Talk Property To Me Podcast
Episode Synopsis: 5 Common Mistakes First Home Buyers Make Welcome back to another episode of Talk Property To Me! I'm your host, Brad East, alongside my co-host, Aaron Downie. In today's episode, we dive into a topic that resonates with many: the five common mistakes that first home buyers often make. We kick things off by discussing the pitfalls of taking too much advice from family and friends, particularly parents. While they may have good intentions, their experiences from decades ago may not apply to today's competitive market. We share a cautionary tale about a client whose father's...
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The Psychology of Real Estate: How Agents Use Anchoring and Scarcity to Influence Buyers
Talk Property To Me Podcast
Episode Synopsis: Submitting Offers and Negotiating with Agents Welcome back to another episode of Talk Property to Me! I'm your host, Brad East, alongside my co-host, Aaron Downey. In this episode, we dive deep into one of the most crucial aspects of purchasing a property: submitting offers and negotiating with real estate agents. We kick off the discussion by emphasising the importance of making a successful offer, which can potentially save you thousands of dollars. We explore the different types of property sales, including private treaties, auctions, and expressions of interest, and how...
info_outlineEpisode Synopsis: 5 Common Mistakes First Home Buyers Make
Welcome back to another episode of Talk Property To Me! I'm your host, Brad East, alongside my co-host, Aaron Downie. In today's episode, we dive into a topic that resonates with many: the five common mistakes that first home buyers often make.
We kick things off by discussing the pitfalls of taking too much advice from family and friends, particularly parents. While they may have good intentions, their experiences from decades ago may not apply to today's competitive market. We share a cautionary tale about a client whose father's advice led to a significant financial loss during a property auction. This highlights the importance of trusting professionals in the industry, such as mortgage brokers and buyer's agents, who can provide tailored advice based on current market conditions.
Next, we address the tendency of first home buyers to overextend themselves financially in an attempt to keep up with their peers. We emphasise the importance of understanding your own financial situation and making decisions based on your long-term goals rather than ego or status. We encourage listeners to take the slow and steady approach, focusing on affordability and potential for future equity growth.
Moving on, we discuss the critical mistake of not obtaining an independent pest and building report. We stress the importance of hiring qualified inspectors to ensure that buyers are fully aware of any potential issues with a property, rather than relying on reports provided by real estate agents, which may not be thorough.
We also touch on the dangers of copying others' strategies without considering personal circumstances. Each buyer's situation is unique, and it's essential to align property purchases with individual goals, whether that means buying a home to live in or pursuing a rent-vesting strategy.
Finally, we tackle the common misconception that waiting for market conditions to improve or trying to save more money will lead to better opportunities. We illustrate this with a real-life example of a first home buyer who hesitated to purchase a property within his budget, only to find that market prices were rising faster than he could save. We encourage listeners to act when they are ready, as capital growth can often outpace savings.
Throughout the episode, we provide valuable insights and practical advice for first home buyers, urging them to make informed decisions based on their unique circumstances. If you have any topics you'd like us to cover in future episodes, feel free to reach out in the comments or send us a message. Thanks for tuning in, and we look forward to seeing you next time!
- 00:00:00 - Introduction to Common Mistakes for First Home Buyers
- 00:00:12 - Mistake #1: Over Reliance on Family Advice
- 00:04:26 - Mistake #2: Keeping Up with Friends and Overextending Financially
- 00:06:36 - Mistake #3: Skipping Pest and Building Inspections
- 00:10:10 - Mistake #4: Copying Others' Strategies
- 00:12:03 - Mistake #5: Waiting for Better Market Conditions
- 00:16:01 - Conclusion and Call for Topics
ABOUT THE HOSTS
BRAD EAST
Brad East is the Managing Director of Wisebuy Home Loans. Brad is an award-winning mortgage broker and has helped thousands of clients gain finance to purchase properties. Wisebuy Home Loans is the go-to mortgage brokerage for clients wanting out-of-the-box applications approved.
Website → https://wisebuygroup.com.au
LinkedIn → https://www.linkedin.com/in/newcastlemortgagebroker/
Instagram → https://www.instagram.com/bradeast_mortgagebroker/
Facebook → https://www.facebook.com/bradeastofficial
AARON DOWNIE
Joining the podcast in 2024, Aaron Downie is a seasoned property investor and director of Mackenzie Buyers Agency. Aaron’s deep understanding of the property market and investment strategies provides listeners with invaluable insights.
Website: https://www.mackenziepropertygroup.com.au/
Linkedin: https://www.linkedin.com/in/aaron-downie-1b2749134/