What to consider before buying a property in post-COVID rush

Buyers competing for limited housing stock are making rush and costly mistakes to secure a home. Photo: Sam Ruttyn

Experts warn that puzzled buyers competing for low home inventories in Melbourne’s post-COVID-19 real estate market may be making costly mistakes.

Lloyd Edge, director of Aus Property Professionals, said many buyers have accumulated funds for down payments for dream homes and investment properties amid record low interest rates and a long blockade last year.

However, the list was limited because the cautious homeowner was too nervous to put the house up for sale, so he was rushing to cut corners to secure the house at the auction.

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Not getting proper checks, such as building and pest inspections, and not seeking expert advice before they splatter, could be a recipe for disasters in the long run, Edge warned.

“It’s better to find out if termites live in your property right now, not later like your neighbors,” Edge said.

“The first step is to sit down with your loved one and understand what your goals are.”

Whether you’re buying your first home, investing real estate, or seeking financial stability to raise your family, Edge said, buying a home required careful planning.

He said that advice from friends and family should also be taken with a grain of salt.

Lloyd Edge, the buyer’s agent, says he cautions against free real estate advice, especially if the person giving it may have a potential conflict of interest.

They often wanted to add two cents, but everyone had an opinion on the real estate market, but not everyone was educated, he said.

“We need to constantly investigate, but we also need to get expert advice,” says Edge.

“They may have good implications, but they are not real estate professionals.

“When they are looking for a place to invest, buying near their home may not be the best investment area … you may not be able to afford it.

“You are looking for someone with a proven track record in the real estate market.”

Edge said it’s best to look for a suburb with good schools and good access to shops and public transport.

Local medical facilities such as hospitals were also a big bonus.

He also warned that if the giver is standing to receive a kickback from encouraging buyers to invest in a particular real estate development or unplanned apartment, be wary of advice.

“If you’re buying a multi-story building, you definitely should achieve a multi-story report,” Edge said.

“I don’t want to know that I’m buying a big problem I didn’t know about.”

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