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Avoid Mistakes
Seller Solutions can help with many of the problems that beset people when buying a home. After negotiating more than 1500 successful property transactions our experience can help you avoid the many home buying pitfalls.
We have seen most of the mistakes people make when selling their home, from the obvious to the complex. These mistakes adversely affect a very important purchase causing stress, loss of money and unsatisfactory living situations. There are many different types of mistakes people can make when purchasing property. With our professional advice and the skills of our expert team mistakes can be avoided.
We have seen many avoidable mistakes occur simply through lack of knowledge:
- Lack of negotiating skills. Purchasers who are not skilled negotiators can unknowingly invalidate their cooling off period during negotiation.
- Lack of local knowledge. If country or interstate buyers do not have local knowledge they can pay grossly inflated prices for properties even if they have conducted due diligence.
- Mortgage insurance. Mortgage insurance is a complex area and can be affected by zoning or minimum size requirements. Purchasers without a thorough knowledge of this area can jeopardise their ability to finance a property.
- Buying from developers. When buying from a developer you must be able to have defects corrected, substituted appliances replaced by enforcing a contract.
- Entering the market prior to obtaining confirmed loan approval from a lender. Just think about the other people, mainly the Seller, who you can cause considerable disruption to. To prevent this problem and to put yourself in a great negotiating position with all sellers that you approach, obtain a prior approval from your financier prior to hitting the market. Carry some evidence of it, but do not disclose your limit to any one at all.
- Buying a house that is not suitable to your needs. This happens all too regularly! Why? Because people get carried way with one feature of the house, for instance the house might have a fantastic pool but is far too small for your needs! Or it might be just great for the family, with big rooms and a wonderful living area but it is so far out of town it doesn't matter! Before you buy determine what you liked about your current home and the reasons why you have to leave.
- Settling without a building defects report. Australia has a shocking termite problem and unless you do an independent architectural check on a property you may not find out that you have a problem until after you have settled. It is a statistical fact that over 35% of houses sold in Australia have an active termite, borer or timber destroying pest problem. You should also do checks for rising damp, framing, illegal building, stump faults, timber rot, cracking, electrical, roofing and water damage. We recommend the services of Archicentre, who are the building advisory service of the Royal Australian Institute of Architects. They offer a wide range of services and perform thousands of 300 point property inspections every year.
- Large homes. A larger home usually seems like a good strategy for a growing family, as everyone can spread their wings, but there will be more work to do keeping up appearances at a big new home! Many people fail to realise that larger homes mean more work if you want to keep them looking as good as they were on the day that you signed!
- Finding the right mortgage. To obtain market share financial institutions have a ton of offers on the table all aimed at upwardly mobile folk who have done reasonably well on the property market. So if you aren't looking at different loan options with reasonable regularity, then you are missing deals that your peers are profiting from. Just as buyers look around at different houses on the market, they should also check out all the financing options available to them.
- Read the contract word by word. If you do not understand anything, ask questions. Remember: the only stupid question is the one that you don't ask! Purchasing a home is the largest investment most of us ever make. That's why understanding what you're signing up for is imperative. There is no going back once the contract is signed. If you don't understand something don't hesitate to contact your lawyer.
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T E S T I M O N I A L S
"Thank you for making the sale of father's estate properties so easy at such a difficult time."
"What can we say - an absolutely fantastic result. You handled all situations professionally, with good humour and a totally positive attitude."
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