Property buying is commonly considered as the mother of all purchases. It comes as no surprise when people show hesitation towards the idea of buying their own property. After all, it is as much an emotional investment as it a financial one.
Let’s take a deeper look into three fears property investors have when they are tossed into the property market.
1.The fear of getting it wrong
Many buyers are afraid of making the wrong choice when it comes to a property, and why not? It’s not like any other purchase you can easily have replaced should you get it wrong the first time.
Our tip: If you have a fear of buying the wrong property, consider your current situation and all the requirements you have for a house. When you have a solid understanding of your priorities in life, you will be more confident in making a decision to invest in a property. It is not until you know for sure what it is you want and need that you will have the confidence to give property buying a go.
2.The fear of local agents and/or auctions
Making the decision to buy a property can be overwhelming in itself. No wonder buyers are even more fearful when they are forced to work with and seek the advice of selling agents.
Many people have the impression that agents will tell you anything just to get a sale, and there may be some truth to that, but despite the lack of transparency of some of them, there are ways for buyers to prevail.
Our tip: Do your research and strive to become familiar with the way local agents operate. This will help you prepare for the time when you have to deal with them. If that still doesn’t work for you, you could get someone to negotiate or bid on your behalf.
3.The fear of overspending
Without accurate price tags, it is hard for buyers to trust the prices of properties – especially those sold at auctions. They could spend a huge chunk of their time browsing through property prices in the market, but as it is in constant movement, waiting too long to make the decision to buy could end up costing them more money.
Our tip: Instead of looking for individual property prices, it would be better to watch market trends and see where the average or general price tag is at for the type of property you wish to invest in. Remember though that price guides are only there to do exactly that: GUIDE. If you still feel hesitant, perhaps the problem is that you are not financially or emotionally ready.
There is a fine line between being cautious and giving in to your fears. What property buying fears do you have and how do you think you can get over them? Look for a reliable Victoria property broker you could discuss your fears with. You just might be ready to jump back into the property market.