When it comes to buying property, there are some common mistakes that many buyers make. But with a little know-how, you can avoid these pitfalls and make your property purchase a smooth and successful one. Here are the 6 most common errors we see buyers make and some handy tips to help you steer clear of these common blunders:

1. Signing Too Quickly

In a hot property market, it's easy to feel pressured into signing a contract before you're ready. But rushing into things can lead to big problems down the line. Before you sign on the dotted line, make sure you understand what you are signing, and get pre-signing advice from a lawyers if needed. This can help you understand the fine print and avoid any hidden surprises.

2. Neglecting Due Diligence

Doing your homework is essential when buying property. Conducting due diligence will help you uncover any potential issues with the property and avoid nasty surprises later on. This can include researching the neighbourhood, getting building and pest inspections, and reviewing strata reports for apartment or townhouse purchases. A small cost of time and money now, could save you immensely later on.

3. Forgetting Additional Costs

The purchase price is just one part of the equation when buying property. There are additional costs to consider, such as transfer duty, registration fees, legal fees, and more. Make sure you're aware of these costs upfront to avoid any financial surprises, and ensure you have some room to move so any surprises don't derail your plans.

4. Skipping Pre-Approval

Knowing how much you can borrow is crucial when making an offer on a property. Getting pre-approval from a lender will give you a clear picture of your budget and make you a more attractive buyer to sellers. Even if you have pre-approval, it's still a good idea to include a finance condition in your contract to protect yourself.

5. Not getting the Right Support

Buying property is a legal transaction, and having an experienced property lawyer on your side can make all the difference. They can help review contracts, negotiate deals, and ensure everything goes smoothly from start to finish. While conveyancers can handle basic transactions, a lawyer offers a higher level of service and legal advice. At BestLife Legal, we are your one stop shop for support during your property purchase journey.

6. Ignoring Contract Terms

Many buyers simply accept the standard contract prepared by the sales agent without considering their own needs. But the terms and conditions of a contract can be tailored to suit your specific circumstances. Don't be afraid to negotiate terms that work for you and seek legal advice if needed.

By avoiding these common mistakes and seeking expert advice when needed, you can navigate the property buying process with confidence and peace of mind. If you have any questions or need assistance with your property purchase, don't hesitate to reach out to us here at BestLife Legal.

The above is general information only, and should not be considered or treated as legal advice.