First home buyers need to know the risks when buying a property

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A Melbourne schoolteacher is facing a first homebuyer’s worst fears after discovering that the apartment she purchased in 2018 contains severe defects.

Lauren Bird decided to invest in an apartment in order to get into the property market. Unfortunately, she wasn’t aware of the importance of a strata report when purchasing an apartment.

Woman's hand holding keys to an apartment

Buyers need to be aware of the risks when investing in an apartment    Image source: Envato Elements

Ms Bird did what she thought was necessary to discover any pre-existing issues by ordering a pre-purchase report. However, it was the ongoing dispute between the Owners Corporation and the builders that Ms Bird was never informed about. This dispute could easily have been revealed had Ms Bird ordered a strata report.

It’s situations like this that cause dismay for buyer’s advocates, who would likely have identified this issue early on through the minutes of strata meetings. As Canstar Blue points out, buyer’s advocates “have their finger on the pulse and therefore have a lot more knowledge about buying property. The thing about knowledge is that you don’t know what you don’t know.”

Besides possessing real estate expertise, Jemma Castle from Choice also points to the value of emotional detachment that is gained through a buyer’s advocate. This important quality is reinforced by Venessa Paech from Realestate.com.au, who states that buyer’s agents “bring to auctions the confidence, emotional detachment and tactics necessary for a successful bid”.

Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less.

Ask about our Home Buyer Search and Acquisition Service, where we do all of the legwork on your behalf to MAKE IT EASY to secure your new home.

Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?

Wendy Chamberlain from Chamberlain Property Advocates

By Wendy Chamberlain
Copyright 2021 | All Rights Reserved

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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.wendychamberlain.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.