{"id":2175,"date":"2022-03-23T04:44:44","date_gmt":"2022-03-23T04:44:44","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/9-things-i-wish-i-knew-before-buying-my-first-property\/"},"modified":"2022-03-23T04:44:44","modified_gmt":"2022-03-23T04:44:44","slug":"9-things-i-wish-i-knew-before-buying-my-first-property","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/9-things-i-wish-i-knew-before-buying-my-first-property\/","title":{"rendered":"9 Things I wish I knew before buying my first property"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div id=\"toc_container\" class=\"no_bullets\">\n<p class=\"toc_title\">Please use the menu below to navigate to any article section:<\/p>\n<\/div>\n<p><strong>The hectic conditions of the current property market have many first-time investors feeling the pressure to secure a property before they\u2019re priced out.<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-158387 img-responsive\" src=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/choice-300x225.jpg\" alt=\"Choice\" width=\"300\" height=\"225\" srcset=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/choice-300x225.jpg 300w, https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/choice.jpg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\"\/>But buying a property is a decision that should never be rushed \u2013 and jumping in before you\u2019re ready could be costly.<\/p>\n<p>Do you want to avoid the common mistakes homebuyers make?<\/p>\n<p>Well\u2026here\u2019s a list of some of the common things I hear from more experienced buyers about buying their first home or investment property.<\/p>\n<p>To learn from their mistakes, these are some of those little (and big!) things they wish they\u2019d known before taking the plunge\u2026<\/p>\n<h2><span id=\"1-theres-always-some-kind-of-trade-off\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">1. There\u2019s always some kind of trade-off<\/span><\/span><\/h2>\n<p>When you\u2019re buying a property, there are three major factors involved:<\/p>\n<ul>\n<li>Your budget (usually determined by what the bank is willing to loan you)<\/li>\n<li>The property itself (age, size of the block, how many bedrooms and bathrooms, etc.)<\/li>\n<li>The location.<\/li>\n<\/ul>\n<p>You can\u2019t do much about your budget, other than minimising your debts and reducing your credit card limits.<\/p>\n<p>And you can always <a href=\"https:\/\/propertyupdate.com.au\/dont-procrastinate-renovate\/\" target=\"_blank\" rel=\"noopener\">renovate<\/a> or extend the property later. But you\u2019re stuck with the location \u2013 so don\u2019t compromise.<\/p>\n<h2><span id=\"2-you-need-to-focus-on-your-finance-first\">2. You need to focus on your finance first<\/span><\/h2>\n<p>It\u2019s so important to get the right finance, and having a great mortgage broker can really help.<\/p>\n<p>Get your <a href=\"https:\/\/propertyupdate.com.au\/pros-and-cons-of-buying-property-without-a-pre-approval\/\" target=\"_blank\" rel=\"noopener\">finance pre-approval<\/a> <em>before<\/em> you start your property search, so you can confidently make an offer.<\/p>\n<p>And make sure you have a buffer for emergencies, such as the hot water system blowing up the week after you exchange contracts.<\/p>\n<p>Yes, that really happened to one investor I know!<\/p>\n<h2><span id=\"3-its-essential-to-factor-in-unexpected-costs\">3. It\u2019s essential to factor in unexpected costs<\/span><\/h2>\n<p>As I just touched on, it\u2019s essential you make sure you have a budget to cover the unavoidable but sometimes unexpected costs of owning a home.<\/p>\n<p>These are the expenses that your landlord or perhaps even your parents may have covered in the past.<\/p>\n<p>You can\u2019t plan for everything, but having a rough idea of your costs and putting some money aside each time you get paid to cover things like utilities, insurance, body corporate fees, <a href=\"https:\/\/propertyupdate.com.au\/category\/property-management\/\" target=\"_blank\" rel=\"noopener\">property management<\/a> fees, and maintenance will help take some of the stress away when bills popup.<\/p>\n<p>Remember, these costs don\u2019t stop when your investment property is empty and there\u2019s no rent coming in, so building an emergency account is key.<\/p>\n<h2><span id=\"4-dont-fall-in-love-with-a-property\">4. Don\u2019t fall in love with a property<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-158388 img-responsive\" src=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/heartbroken-300x225.jpg\" alt=\"Heartbroken\" width=\"300\" height=\"225\" srcset=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/heartbroken-300x225.jpg 300w, https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/heartbroken.jpg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\"\/>When buying an investment, don\u2019t look for a property that you would love to live in, or where you plan to holiday \u2013 look for the type of property affluent owner-occupiers would like to buy, and affluent tenants will be prepared to rent.<\/p>\n<p>It\u2019s easy to get caught up in superficial things and not look deeper, especially when a property is staged for sale to make it look attractive.<\/p>\n<p>Don\u2019t fall in love with a property; fall in love with the numbers.<\/p>\n<p>Think with your head, not your heart, and you\u2019ll be on track for success.<\/p>\n<h2><span id=\"5-look-beyond-your-backyard\">5. Look beyond your backyard<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-158389 img-responsive\" src=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/location-300x225.jpg\" alt=\"Location\" width=\"300\" height=\"225\" srcset=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/location-300x225.jpg 300w, https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/location.jpg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\"\/>There\u2019s an entire world of rental markets outside your own neighbourhood, so don\u2019t limit yourself.<\/p>\n<p>Location does most of the heavy lifting of your investment property\u2019s capital growth, and in the post-COVID environment, <a href=\"https:\/\/propertyupdate.com.au\/living-locally-and-the-rise-of-the-20-minute-neighbourhood\/\" target=\"_blank\" rel=\"noopener\">neighbourhood<\/a> is more important than ever.<\/p>\n<p>This means looking beyond your suburb, your city, or even your state to find a good quality property.<\/p>\n<h2><span id=\"6-dont-believe-everything-the-selling-agent-tells-you\">6. Don\u2019t believe everything the selling agent tells you<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-156587 img-responsive\" src=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/09\/agents15-300x225.jpg\" alt=\"Agents15\" width=\"300\" height=\"225\" srcset=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/09\/agents15-300x225.jpg 300w, https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/09\/agents15.jpg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\"\/>The agent works for the sellers, not the buyers, so don\u2019t be fooled into thinking they have your best interests at heart.<\/p>\n<p>Get independent advice, do your due diligence and find a good conveyancer to make sure everything is above board.<\/p>\n<p>And never scrimp on building and pest inspections \u2013 a few hundred dollars saved now could cost you a fortune down the track in nasty hidden surprises.<\/p>\n<h2><span id=\"7-build-your-own-dream-team\">7. Build your own dream team<\/span><\/h2>\n<p>Having a good team around you to support you through the entire process is essential.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-158390 img-responsive\" src=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/dreram-team-300x225.jpg\" alt=\"Dreram Team\" width=\"300\" height=\"225\" srcset=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/dreram-team-300x225.jpg 300w, https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/dreram-team.jpg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\"\/>You ideally need a property-savvy accountant, an experienced <a href=\"https:\/\/propertyupdate.com.au\/can-mortgage-brokers-get-you-a-bigger-mortgage\/\" target=\"_blank\" rel=\"noopener\">mortgage broker<\/a>, and an <a href=\"https:\/\/metropole.com.au\/\" target=\"_blank\" rel=\"noopener\">independent property strategist<\/a> who can help you weigh upmarket trends.<\/p>\n<p>Some people fret at the idea of spending money on experts, but the truth is, you will spend money on good advice or you\u2019ll spend it making mistakes that you learn from later.<\/p>\n<p>I can\u2019t tell you how many investors I meet who say \u201cI wish I\u2019d met you before I bought my first investment property \u2013 it was a dud and I didn\u2019t make any money.\u201d<\/p>\n<p>The most expensive advice you\u2019ll ever receive is free advice on the internet which is wrong.<\/p>\n<p>So, invest in your dream team, and you will reap the rewards.<\/p>\n<h2><span id=\"8-follow-expert-advice-not-trends\">8. Follow expert advice, not trends<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-113271 img-responsive\" src=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2018\/06\/advice-300x217.jpg\" alt=\"Advice\" width=\"300\" height=\"217\" srcset=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2018\/06\/advice-300x217.jpg 300w, https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2018\/06\/advice.jpg 690w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\"\/>Don\u2019t look for the next hotspot.<\/p>\n<p>As an investor, you need to focus on the type of property and location that has always worked \u2013 not what is working right now, or what do you think will work in the short term.<\/p>\n<p>Don\u2019t make 30-year investment decisions based on the last 30 minutes of news.<\/p>\n<p>Instead, take a long-term perspective. The average investor thinks about the next 2 to 3 years, but the very successful investors have a 20- to 30-year horizon and a plan to get there.<\/p>\n<h2><span id=\"9-dont-wait-for-the-perfect-property\">9. Don\u2019t wait for the perfect property<\/span><\/h2>\n<p>You\u2019ll never find a <a href=\"https:\/\/propertyupdate.com.au\/take-the-time-to-buy-your-perfect-property\/\" target=\"_blank\" rel=\"noopener\">perfect property<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-158391 img-responsive\" src=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/waiting-300x225.jpg\" alt=\"Waiting\" width=\"300\" height=\"225\" srcset=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/waiting-300x225.jpg 300w, https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/10\/waiting.jpg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\"\/>You\u2019ll almost certainly find problems in every property \u2013 even experienced investors do \u2013 but if you have an experienced team and do your due diligence, you\u2019ll have most bases covered.<\/p>\n<p>Just as there\u2019s no such thing as a perfect property, there\u2019s also never a perfect time to invest.<\/p>\n<p>My advice is not to try to time the market.<\/p>\n<p>Get your own personal ducks in a row (meaning your finances, your debt, and your savings) and get yourself in a position where you can buy when you\u2019re ready, and on your own terms.<\/p>\n<p>This will set you up for a lifetime of smart property decisions that move your wealth forward, rather than rushed purchases and rash mistakes that set your finances back.<\/p>\n<p><span style=\"color: #ff9900;\"><strong>ALSO READ:<\/strong><\/span> <a href=\"https:\/\/propertyupdate.com.au\/i-would-have-been-a-better-property-investor-if-i-knew-these-12-things-earlier-in-life\/\" target=\"_blank\" rel=\"noopener\">I would have been a better property investor if I knew these 12 things earlier in life<\/a><\/p>\n<aside><strong style=\"clear: both; margin: 40px 0 20px 0; font-size: 24px; color: #000000; font-family: Oswald, Regular; font-weight: 400; line-height: 1.1;\">Now is the time to take advantage of the opportunities the current property markets are offering<\/strong><\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-large wp-image-139884 img-responsive\" src=\"https:\/\/cdn.propertyupdate.com.au\/wp-content\/uploads\/2021\/05\/metrople-team.jpg\" alt=\"Metropole\"\/><\/p>\n<p>Sure the markets are moving on, but not all properties are going to increase in value. Now, more than ever, correct property selection will be critical.<\/p>\n<p>You can trust the team at Metropole to provide you with\u00a0<strong>direction<\/strong>,\u00a0<strong>guidance<\/strong>,\u00a0and\u00a0<strong>results<\/strong>.<\/p>\n<p>Whether you\u2019re a beginner or an experienced investor, at times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that\u2019s exactly what you get from the multi-award-winning\u00a0<a href=\"https:\/\/metropole.com.au\/meet-the-team\/?utm_source=pu-postender&amp;utm_medium=referral\">team at Metropole<\/a>.<\/p>\n<p>We help our clients grow, protect and pass on their wealth through a range of services including:<\/p>\n<ol>\n<li><strong>Strategic property advice<\/strong>\u00a0\u2013 Allow us to build a <strong>Strategic Property Plan<\/strong> for you and your family.\u00a0 Planning is bringing the future into the present so you can do something about it now! <a rel=\"sponsored\" href=\"https:\/\/metropole.com.au\/strategic-property-plan\/?utm_source=pu-postender&amp;utm_medium=referral\">Click here to learn more <\/a><\/li>\n<li><strong>Buyer\u2019s agency<\/strong> \u2013 As Australia\u2019s most trusted buyers\u2019 agents we\u2019ve been involved in over $4Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney, and Brisbane bring you years of experience and perspective \u2013 that\u2019s something money just can\u2019t buy. We\u2019ll help you find your next home or an investment-grade property.\u00a0\u00a0<a rel=\"sponsored\" href=\"https:\/\/propertyupdate.com.au\/investor-enquiry\/?utm_source=postender&amp;utm_medium=internallinks\">Click here to learn how we can help you<\/a>.<\/li>\n<li><strong>Wealth Advisory<\/strong> \u2013 We can provide you with strategic tailored financial planning and wealth advice. <a rel=\"sponsored\" href=\"https:\/\/wealthadvisory.metropole.com.au\/?utm_source=pu-postender&amp;utm_medium=referral\">Click here to learn more about we can help you<\/a>.<\/li>\n<li><strong>Property Management<\/strong> \u2013 Our stress-free property management services help you maximise your property returns. <a rel=\"sponsored\" href=\"https:\/\/propertymanagement.metropole.com.au\/?utm_source=pu-postender&amp;utm_medium=referral\">Click here<\/a> to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years, and our properties lease 10 days faster than the market average.<\/li>\n<\/ol>\n<\/aside>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/propertyupdate.com.au\/9-things-i-wish-i-knew-before-buying-my-first-property\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Please use the menu below to navigate to any article section: The hectic conditions of the current property market have many first-time investors feeling the pressure to secure a property before they\u2019re priced out. But buying a property is a decision that should never be rushed \u2013 and jumping in before you\u2019re ready could [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,39,37,76,77,38],"tags":[],"class_list":["post-2175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-homepage-top","category-latest","category-michael-yardney-blog","category-michael-yardneys-commentary","category-property-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>9 Things I wish I knew before buying my first property | Urban Buyer: Buyers Agent &amp; Advocates | Best Property Buyers For You<\/title>\n<meta name=\"description\" content=\"Please use the menu below to navigate to any article section: The hectic conditions of the current property market have many first-time investors feeling\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/royabhishek.in\/urbanbuyer\/9-things-i-wish-i-knew-before-buying-my-first-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"9 Things I wish I knew before buying my first property\" \/>\n<meta property=\"og:description\" content=\"Please use the menu below to navigate to any article section: The hectic conditions of the current property market have many first-time investors feeling\" \/>\n<meta property=\"og:url\" content=\"https:\/\/royabhishek.in\/urbanbuyer\/9-things-i-wish-i-knew-before-buying-my-first-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Urban Buyer: Buyers Agent &amp; 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