Eyes on the prize: How to avoid common buying mistakes this spring

The blossom trees are blooming, the temperature is rising and “open for inspection” signs line the streets.

Purchasing a home in the thick of the spring selling frenzy can be a daunting and overwhelming task. While the end of the cooler months typically brings increased stock to the market, it also encourages a whole new host of buyers determined to find a home before the busy Christmas period.

Hocking Stuart director Sam Inan says the currently booming market gives vendors an advantage, meaning buyers must do everything they can to avoid walking away empty handed.

“If you’re not committing early and aggressively enough, you could find yourself with nothing at the back of spring,” Inan says.

Speaking to some of the top agents reveals common mistakes prospective buyers make and advice to overcome them on auction day.

Number one on the list is attempting to find the “perfect” property. “I have never sold a 10 out of 10 home – they simply don’t exist,” says Fletchers director Tim Heavyside. “My rule is this; if it’s seven or eight out of 10, buy it straightaway. Make that decision! If it’s three or four out of 10, let it go.”

Likewise, Heavyside says don’t expect the price of your dream home to fall exactly within your budget.

“Don’t have an exact number in mind. If you are financed to buy up to $1.15 million and your forever home sold for $1,158,000 how would you feel the next day? Most buyers who talk to me after three months of regretting that ‘one that got away’ tell me they would have found another $8000,” he says.

• Related: Top tips for buying at auction
• Related: First-home buyers set to shine in spring
• Related: The best places for first-home buyers

Second on the common buyer mistakes list is not having a thorough understanding of the sales process. This includes not having your finances in order, failing to budget for additional costs and misunderstanding auction formats.

Barry Plant director Mark Di Giulio often sees interested buyers miss out at auction because they didn’t bid and were therefore locked out of post-auction negotiations.

“Many buyers believe that at an auction, if they do not bid, that they are giving themselves a tactical advantage. However, this is certainly not the case,” he says.

“By law in Victoria, the highest bidder at an auction has the first right of negotiations.”

Having a pre-approved loan in place is another buying must, especially when purchasing at auction (the most popular sales method in spring).

“There is nothing worse than buying a property and having the bank come back and say they won’t lend you that much,” says Bullen Gervasi director Nikki Gervasi. It is important to know what capacity you have right from the start.”

Agents advise buyers to do their homework before making an offer (not relying on the advice of friends and family) and to explore multiple options. “I’ve seen many buyers purchase properties in the belief that they are within a particular school zone, bus route or suburb that’s on its way up, only to suffer from buyer’s remorse when they finally decide to properly investigate,” Di Giulio says.

Commit to the cause and, with any luck, you’ll avoid the November panic and be settled in your new home by Christmas.  

525 Tucks Road, Shoreham

Photo: Kay & Burton

$7 million-$7.5 million
5 bedrooms, 4 bathrooms, 2 car spaces

Is it Provence? No. Welcome to a spectacular pocket of Shoreham on the Mornington Peninsula. This romantic French-style country mansion, named Bagnols, is set on 1.5 hectares, including lovingly crafted Paul Bangay-designed gardens.

The calibre of the greenery, from the olive grove to the potager and undulating lawns, has earned this special estate a place in the Open Garden Scheme.

Building materials for Bagnols were imported from France – a signpost of the attention to detail. In typical French rural style, the home has a pretty petanque court, a farmhouse kitchen and, as the agents point out, arched doors and windows which are a reminder of an orangerie.

A large courtyard, with walls cloaked in Boston ivy, captures water vista beyond the patchwork of paddocks and properties. 

Private sale
Agent: Kay & Burton, Andrew Hines