February 24, 2019
Head vs Heart with Deborah Murphy
It’s wise NOT to get emotional when buying a house. Whether you are a first home buyer or investor, treat the purchase as a financial transaction with future benefits.
Buying with your heart may result in:
• Buyer’s remorse: you may regret buying and it can be
too costly to sell
• Going beyond your budget: paying more than you can afford
• Heartache: you may miss potential problems if you rush in
Get information on areas you are interested in:
• Median sale prices and recent sales data
• Median rental prices, yield and capital growth
• The areas’ demographic profile
• Future development and infrastructure planning
When you find a property ask:
• How long it has been on the market?
• Why the vendors are selling?
• When it last changed hands – and for what price?
• Ongoing costs; council/water rates, strata levies etc
• Environmental issues; flood zones, bush fire zones etc
Buying with your head:
• Engage a Mortgage Broker to determine what you can afford,
as this will determine the purchase price
• Know your ‘must haves’ and know your ‘don’t wants’ with your ‘nice to haves’ as a side dish