We’ve all heard of someone who has made a fortune buying and selling homes. We’ve also heard of couples who, after struggling to meet the mortgage payments on their first home, finally give up and sell their home. Both types of buyers often start off with limited budgets. Why is one home buyer a success story and another a cautionary tale of failure? It all boils down to a few simple home-buying secrets.
Some prospective home buyers plan ahead, while others just dream ahead. The difference is that the dreamers want their dream homes, but don’t have a realistic plan. They may save some deposit money, but don’t do their research and uncover all the hidden costs of home buying. Read our Guide to hidden home-buying costs and you will be one step closer to home-buying success.
Looking at property prices in real estate agents’ windows is the great Australian pastime. It’s no way to get to know the real property market, though. Prices on display outside of real estate offices are asking prices only and are not a reflection of what houses actually sell for. You don’t need to be a real-estate insider to get to know the market. All you need is to know where to look. These resources can tell you what you need to know.
Almost without exception, successful real-estate investors are also renovators. They find the hidden gems and polish them to perfection. There is an art to this, though. Professional house flipper Charyn Youngson shares some tips on renovating for profit in House-flipping know-how that can help you spot those hidden gems and turn yours into a dream home for far less than if you let someone else do the renovating before you. Also have a look at Renovating your first home for some renovating dos and don’ts.
You’ve saved your money, researched the market, searched high and low and found the perfect fixer-upper. It’s not quite time to ‘sign on the dotted line’ and buy your home, though. In 7 mistakes first-home buyers make, listed as mistake number 5 is not getting a pre-purchase inspection report. A qualified property inspector can uncover defects and damage that could cost you thousands of dollars after the house becomes your responsibility.
All the resources you need to be a successful home buyer are available online. Keep your dreams alive, but take practical, down-to-earth steps to ensure your dream doesn’t turn into a nightmare.