Consumer News

By Tim McKibbin – REINSW CEO

There are many pitfalls you need to avoid when purchasing a property, which is why it is important to prepare as much as possible beforehand.

For example, ensure you have pre-approval finance in place, so you know your purchasing limit.

It is important to seek some legal advice upfront, and to organise pre-purchase inspection reports, including strata, building and pest.

Good communication is critical. If you find a property you like, let the real estate agent know and ask how the offer and acceptance process works.

Finally learn to know the difference between your head and heart. Buying is 80 per cent emotional – whilst this might be OK when buying clothes, you need to be a lot more logical when buying a property!