Biggest challenge when buying?

Hi everyone,

First time poster, thought i'd have some fun and see what bugs everyone when buying a new property?

Me- probably the time it takes searching websites for properties and lack of replies from agents (some)

 

My own expectations
(Being a property I actually like, for a good price and great yeild)

 

Haha yes, very rare that all those things come together in one!!

 

banks

 

Getting a low ball offer accepted

 

Finding the most creative way to get the deposit i.e. am moving from property 1 from 2 at the moment and not seeing a lot of equity in the 1st purchase.. Cutting back on leisure travel + increasing my income this year will help with that

 

Long ago 'fibbing through their teeth' agents annoyed me when I was green at the time. Since then I've accepted it and have become seasoned in the fibbing dance with them.

 

Just all the docs, signing papers and stuff.

 

how to get the vendor agree to a 20% discount.

 

Competing with sydney investors who pay overs everytime as they compare the value to sydney and win the deal

 

I agree with this.. but I think challenging oneself with throwing lots of offers will see some conversions eventually!

 

Well... early to mid boom. Local Sydney buyers were always getting outbid by Chinese in some parts of Sydney. So then the Sydney buyers of those areas directed their attention towards other parts of Sydney, pushing those prices up. Then buyers of those areas saw those prices had jumped, so they then looked elsewhere. And so on... last places to get the ripple effect were the Northern Beaches and the Central Coast/Newcastle.

But yes... through the eyes of a Sydneysider, everything is so cheap in Brisbane. Sydneysiders don't have problems offering 10-30k more than what a local might pay to secure the purchase.

 

I've never had issues with LBOs tbh. I just put offers on many of the same type of deals and wait. Eventually someone plays ball. May not be 'low ball' but its certainly good value for money. I don't place 'price' as the #1 factor in a deal. For me its overall value.

 

The price. Almost every property I have inspected has been overpriced.

 

In dealing with hundreds of buyers the top 3 things are;

1. analysis paralysis
2. analysis paralysis
3. analysis paralysis

 

Getting a loan when you have non-paye incomes.

 

Most definitely, I think we have all been caught up in this before.

 

For me it’s not so much the buying as paying the first set of bills. That’s when it really hits me that I have bought something!

 

Actually beating other buyers to the table first to get an offer in
Then finance approval/signing loan docs/chasing up docs/ID etc etc etc.
Stress of renovations then when ready the stress of not getting tenants quickly. Having said that I haven't had a vacant yet and have never had to have anything vacant while organising tenants, but you always stress out.

 

For me, I trust in my analysis of a property and suburb, but it's more on the factors outside my control such as having an offer accepted, valuation coming back on contract price, building and pest inspection report being satisfactory and finance. I extremely dislike vendors who went against their word and who had unrealistic expectations on the property.