{"id":4478,"date":"2015-05-17T01:00:06","date_gmt":"2015-05-16T15:00:06","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=4478"},"modified":"2015-05-17T01:00:06","modified_gmt":"2015-05-16T15:00:06","slug":"avoid-first-time-buyer-mistakes","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/avoid-first-time-buyer-mistakes\/","title":{"rendered":"Avoid first time buyer mistakes – Chris Gray"},"content":{"rendered":"

 
\n“I think the biggest mistake for first-home buyers is they are gathering their information; it takes them so long to get their heads around it. I understand it, because it\u2019s daunting having such a big mortgage and these days you\u2019re spending $500,000 at least just to get into some of these suburbs.”<\/em> In today’s show we talk with Chris Gray<\/strong>, the host of Sky TV\u2019s show\u00a0Your Property Empire <\/i>about\u00a0first-home buyers.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin<\/b>:\u00a0 It\u2019s a shame, but when it comes to mistakes, we find that there\u2019s some uniformity especially when it comes to first-home buyers. I guess it\u2019s a very, very nervous time. A man who is used to talking to them and helping them through this process is Chris Gray. Chris is a buyer\u2019s agent. He works at Your Property Empire and is also the host of Sky TV\u2019s show of the same name, Your Property Empire<\/i>, Friday nights on Sky TV at 6:30.
\nChris, thanks for your time.
\nChris:<\/b>\u00a0 My pleasure.
\nKevin:\u00a0 <\/b>How do you go about helping first-home buyers, and what do you find are the most common mistakes they make?
\nChris<\/b>:\u00a0 I think the biggest mistake for first-home buyers is they are gathering their information; it takes them so long to get their heads around it. I understand it, because it\u2019s daunting having such a big mortgage and these days you\u2019re spending $500,000 at least just to get into some of these suburbs.
\nThey go around talking to their friends and family, taxi drivers and God knows who else, and all of these people aren\u2019t necessarily qualified to give them any reasoned advice, but they get so many differing messages that they end up doing nothing.
\nMost of Australia is in the rising market at the moment, apart from certain pockets, and the big thing is you just have to get in. I\u2019m definitely a fan of learning stuff, getting education, but you\u2019re never going to know everything, so I really try to push people to get some knowledge but then just get in the market.
\nKevin<\/b>:\u00a0 It\u2019s interesting when you talk about taking advice from family and friends. My experience is that normally family will err on the side of being super-conservative and think it\u2019s their role to actually talk you out of it.
\nChris<\/b>:\u00a0 They\u2019re not doing it for malice; they\u2019re just trying to protect you. They don\u2019t want you to get ripped off. They don\u2019t want you to make a mistake. But mistakes in property over time \u2013 even if you overpay for a property or it falls down almost and has some rising damp or something\u00a0 \u2013 in time, it\u2019s generally going to be okay.
\nI understand where they\u2019re coming from, but people just need some encouragement and a kick up the backside at times.
\nKevin<\/b>:\u00a0 Indeed they do. Other mistakes, mate? Anything else you\u2019ve come across?
\nChris<\/b>:\u00a0 Again, one of the big things that I find is that they spend so much time trying to research a mortgage. Obviously it\u2019s a big part of the cost of the property, and it is essential to try and get a good rate and there are lots of differences between the banks, but most of the time, a mortgage broker can do this for you.
\nWhat they\u2019re trying to do is save a few hundred dollars or a few thousand dollars, but then they go out and just buy a property because they get fed up with looking because it\u2019s boring after a while, and it costs them tens and tens of thousands because they either buy at the wrong price or they buy the wrong type of property.
\nI\u2019m an advocate of almost go to any mortgage broker \u2013 especially if you\u2019re an employee, there\u2019s not a lot of difference between most of the banks \u2013 and then spend 90% of your time trying to find the right property at the right price and doing the research on what it\u2019s worth rather than concentrating on those hundreds and thousands of dollars.
\nKevin<\/b>:\u00a0 I love what you say there. Those mortgage brokers can also become quite good consultants in helping you as well, can\u2019t they?
\nChris<\/b>:\u00a0 It\u2019s good. While I am a fan of going to the banks at some point, a lot of the time I\u2019m preferring to go to mortgage brokers, because at a classic bank, you\u2019ll get a 20-year-old telling you what to do. They\u2019ll say, \u201cRight, buy a home and get a principal-and-interest mortgage and pay it off,\u201d whereas mortgage brokers are more entrepreneurial \u2013 they deal with investors all the time.
\nLook, it\u2019s fair enough to buy a home and pay principal and interest, but quite often, it\u2019s not the ideal home so they\u2019ll end up renting it as an investment later on and going interest-only. I worked out my figures years ago and the repayments are the same for $500,000 principal and interest versus $600,000 interest only.
\nI would much rather buy a $600,000 property now that gets me a better suburb and a better property \u2013 even though I\u2019m not paying it off \u2013 than buying a $500,000 property and paying it off, and you\u2019re not really paying much money off it anyway.
\nKevin<\/b>:\u00a0 As a buyer\u2019s agent, how often have you seen young people come to you with a huge shopping list and then miss out on what would be their classic property because the list is just too long?
\nChris<\/b>:\u00a0 That\u2019s what I was going to get into. I think the next biggest mistake is that they buy something beautiful \u2013 they love it; they can show it off to their mates \u2013 whereas typically, as a buyer\u2019s agent, I buy ugly properties. But I might buy for the same price, something a kilometer closer to the beach that\u2019s ugly, but I know I can change that. Whereas the beautiful property that is one or two kilometers away, there is nothing you can do to improve it and you can\u2019t physically move it.
\nIt\u2019s trying to get away from the cosmetic, beautiful things and look to see \u201cHas it got parking, has it got double bedrooms, is it small block, has it got low maintenance, and what is the physical location?\u201d rather than those other things that really don\u2019t make that much difference.
\nKevin<\/b>:\u00a0 Wow, there\u2019s a wealth of experience coming through there, Chris. I appreciate you sharing that with us, too. Chris, of course, is from Your Property Empire, also on Sky TV Friday nights 6:30, Your Property Empire<\/i>.
\nChris, thanks so much for your time.
\nChris<\/b>:\u00a0 Thanks for having me on.<\/p>\n","protected":false},"excerpt":{"rendered":"

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