Prior to buying a property, it is important that you have a personalised strategy that extends beyond just buying your new property.

Develop a strategy that considers your current and future financial position, factor in short, medium and or long term goals and the financial costs associated with achieving these goals.

Understand the property market that you intend buying into and capitalise on the skills and experience of industry professionals rather than those of friends or relatives that may, despite their best intentions, provide you with misinformation.

Buying in a hurry is not ideal, slow down and seek advice from those in the know.

When applying for a bank loan for your new home mortgage, consider your personal and financial circumstances first; only then consider the maximum borrowing capacity your mortgage lender is willing to give you.

Obtain pre-approval from your lender that considers what you are willing to borrow and able to repay.

Factor in a buffer by not borrowing to 100% of what your lender is willing to loan you; don’t stretch yourself too thin.

Factor in whether a future change in your personal circumstances will result in *mortgage stress.

*Mortgage stress is considered to be when your homeloan exceeds 30% of your pre-tax income

Buying a property can be a very emotive decision. This is especially true when a property is being sold under auction conditions or where there is significant buyer interest which drives up competition for the home. Keep your emotions in check.

Make the most of property inspections. Buying a home is a significant investment and making a decision after one 10-minute inspection is not ideal. Don’t be afraid to ask to see the property for a second or third time.

Be on the look-out for any defects or maintenance concerns. Open cupboards, turn on taps and lights, and flush toilets.

If unfamiliar with the neighbourhood, consider visiting during the day and at night.

Consider whether the property will suit your longer-term needs, e.g. are you wanting to start a family, or will an elderly parent or grandparent need to move in?

Don’t forgo a Building and Pest Inspections just to secure the sale, even if the property is still relatively new.

It is better to miss out on a proper purchase than to purchase a property that has structural issues that would otherwise have made you reconsider buying the property.

The fear of missing out could result in you paying the full market value for a home that could otherwise have been discounted to allow for remediation of structural or pest related issues with the home.

ALWAYS get advice from industry experts that have experience in buying and selling of property; e.g., financial advice, real estate advice, legal advice,etc.

Unsolicited advice from family and friends, while good-intentioned, is not recommended.

Unbiased advice is most likely to be achieved by industry experts, and not family or friends.

Family and friends are best placed to provide emotional support to buyers and sellers as buying and selling property can be emotional and stressful.