Avoid Analysis Paralysis to Buy Your Home

Graeme Salt

Buying a property may well be the largest single investment someone makes; you would hope that, given we are talking about hundreds of thousands of dollars, they would take their investment very seriously.



In most cases people do. But sometimes they take things too seriously. Occasionally, home loan applicants want to know everything about everything. They ask for details of all the fees and charges of a home loan, forecasts on interest rates, crystal ball gazing on the property market and advice on how likely it is that they can keep their job.



Of course, no-one can answer all these questions. The result is that the applicant who tries to get all the information on these questions gets ground down by all the facts – so much so that they put property purchasing in the too-hard basket.



Over the years, I have met a fair few clients who desperately want to buy a place but never get past first base because of information overload. Let’s face it, if your GP diagnoses you with a certain illness you are not then going to spend hours researching the malady before you take the medicine. Similarly, if your plumber tells you have a leak, you are not going to do a course on hydrology before getting it fixed. In cases like this, people tend to defer to the experts and it is just the same with buying properties; there are heaps of professionals who can assist potential home buyers.



They include:




  • Solicitor and conveyancers

  • Financial planners and accountants

  • Mortgage brokers

  • Buyers agents


In many instances, the home buyer is best off shopping around to find the right type of professionals before they decide on a property.



Some of the questions they may want to ask these people before engaging their services include:




  • How long have you been doing this?

  • Who is your typical client?

  • What are your fees? Or are you paid commissions?

  • How many properties have you bought yourself?


Hopefully, armed with this information, the homebuyer will be able to cut through the chaff and land the objective – their home.