What not to do when buying property
Buying a property can go very right, or very wrong depending on a few key decisions. Here are the biggest mistakes to avoid, especially in markets like Tasmania where competition, stock levels, and local nuances really matter.
Skipping finance pre-approval
Walking into inspections without pre-approval is risky and it is the biggest mistake we see happen too often.
You could fall in love with a property and then miss out because your finance isn’t ready or worse, you could overestimate your borrowing capacity.
Letting emotions win
It’s easy to get caught up in the moment, especially in a competitive market like ours in Tasmania.
Overbidding or ignoring red flags (like structural issues or poor location) will cost you long term.
Not doing proper due diligence
This is a big one. Always:
• Review the contract carefully
• Check zoning and overlays
• Investigate flood, bushfire, or heritage restrictions
• Look at comparable sales
Skipping this can lead to big financial surprises later.
Buying without a building inspection
Even newer homes can hide issues. A professional inspection could uncover:
• Structural defects
• Moisture or mould
• Pest damage
This is a small upfront cost that can save you thousands.
Ignoring additional costs
The purchase price is just the start. Many buyers often forget other costs involved with property purchase. These include:
• Stamp duty
• Conveyancing and legal fees
• Building and pest inspections
• Moving costs
• Insurance
Budgeting only for the deposit is a common mistake.
Skipping professional help
Trying to go it alone can backfire. And unfortunately, this often happens. Always make sure you engage the following professionals to help you avoid costly mistakes and negotiate better outcomes for you.
• Mortgage broker
• Conveyancer and solicitor
• Buyer’s agent
Consider the lifestyle
While a house might look perfect, it’s important to consider commute times, schools and amenities nearby, and any future developments being considered in the area.
A trusted buyer’s agent will look at all of this for you and provide their honest opinion.