There are few things more daunting than buying your first property. For many people, being able to do so has taken years of scrimping and saving every spare dollar to pull together a deposit – followed by hours of suburb and property market research.
Taking the first step into the real estate market is no small feat, and you want to be sure you’re carrying out all aspect of your property purchase correctly.
With that in mind, we spoke to Better Homes and Gardens Real Estate Head Auctioneer, Emma Brown-Garrett.
What is the first mistake all first home buyers make?
“There are many mistakes made when purchasing a property, but one that I see time and time again is buyers coming to auction, registering – but then never participating in the auction!” says Emma.
“First home buyers at auctions often think that by being silent and hoping that the property passes, that they will be able to buy the property at a discount price. The transparency of the auction allows everyone to bid and buy in a fair and just way. Buyers often complain about the process of buying being complicated and yet they are often not prepared to participate in an auction.”
“We are there the help both the buyer and seller and I feel buyers lose sight of this when searching for a property.”
Top tips for bidding at an auction
- Be prepared and have your home loan pre-approval completed
- Visit auctions before you first bid and become familiar with the process and language used at auctions
- Ask the agent for comparable sales, such as why this house will sell for th asking price
- Don’t share specific details with the agent
- Bid early and start low as this should put you in more control of the situation than jumping in late.
- Bid slowly – drawing out the process isn’t a bad thing. It can force the agent to adjust the reserve price in some cases.
- Call out your bids confidently and clearly, using the full dollar amount.
- Set yourself an absolute limit
You might also like:
How to know if a property is worth the asking price
4 things most people forget to check when they buy property
Suburbs in Australia where it is cheaper to buy than rent
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