14 Things That Freak Buyers Out When Buying Property
If you read last week’s post on why you need an accountant BEFORE you buy property, you’ll know I’m doing regular extracts from my up and coming First Home Buyers Kit which includes a book / manual titled, How To Buy Your First Home - A Step By Step Guide For First Home Buyers, which will launch in January next year.
Here’s another snippet that will prepare you for what’s to come on your buying journey. Perhaps you've even encountered some of these points if you're midway through your purchase, but nonetheless, I've listed them here so you're better prepared for what COULD happen when buying property.
HOW TO BUY YOUR FIRST HOME -
A STEP BY STEP GUIDE FOR FIRST HOME BUYERS.
In a nutshell, buying property requires an open and positive mindset.
Anything and everything will happen throughout this process and no two buying experiences are ever the same.
You need to be prepared for what will be thrown at you, sometimes last minute, and usually from out of left field.
Having an open mind, a just-go-with-it attitude, and a glass half full positive mentality will be your strongest allies.
As hard as it can be, remaining unattached to the outcome until the property has officially settled and you have those hot little keys in your hands is also something to be mindful of. Things can and do change quickly in the real estate game and I’ve seen buyers who get their hopes up too soon be emotionally crushed to smithereens when something doesn’t go as they’d planned or expected.
Resilience is key.
So is patience, unemotional attachment, a clear plan, a well thought out negotiation strategy and a can-do, never give up kind of attitude.
Can you be all of this?
You might think I’m asking a lot, but if you can morph yourself into this kind of human being, you’ll be better prepared for the road ahead.
Here’s a list of things that could or probably WILL happen that might set that roller coaster in motion.
Take special note of these because if you’re aware of them now, you’ll be better prepared if they crop up during the buying process.
You’ll miss out on a property you absolutely love. Maybe time and time again.
Your offer will be rejected by the seller. Let’s be honest, no one likes rejection!
The real estate agent will seemingly screw you over (or try to).
You’ll be misled about the price of a property.
The seller will terminate the contract if you don’t meet your condition deadlines.
Someone will get cold feat and pull the pin before the Contract is signed you or the seller.
You’ll be fighting other buyers in a multi-offer scenario. So not fair! But part of the game.
You’ll second guess yourself after signing a Contract and want to cancel it the next day.
You’ll have buyer’s remorse after you’ve bought the place.
You’ll be shit scared at auction won’t go near any property that is advertised for auction. Unfortunately, you’ll miss out on heaps of great properties because of this fear.
The property will be riddled with problems or white ants unbeknown to you.
The valuation will come in too low.
Your finance won’t be approved.
You’ll have to request an extension of time because the bank was too slow approving your finance.
So how do you best manage these scenarios if and when they do appear?
Here’s some hints.
Stay unattached from the outcome. If it’s meant to be, it’s meant to be.
Stick to your plan. In fact, always have a plan right from the beginning.
Be mindful of contract conditions and important deadlines / timeframes.
Assume nothing and everything.
Remember, the real estate agent works for the SELLER, not you.
Know that everyone in the deal (including the agent) is ultimately in it for themselves one way or another.
Learn to give and take, especially in negotiations. Aim for a win/win outcome as much as your head (and ego) tells you to win at all costs.
Understand that patience and persistence are the key.
Don’t burn bridges - ever!
Get a mentor you trust and respect, and surround yourself with people smarter than you - they will be your saviours in those crucial moments.