7 Things a Buyer’s Agent Wants You To Know Before Purchasing Your First Home

Never before has there been such an intense social conversation around housing than what we’re experiencing right now. Whether you’re one of 800 prospective tenants lining up on a Saturday to get a looky loo at a pea-sized rental, you’re navigating a mortgage amid interest rate rises or you’re ready to purchase your first home – it’s safe to say, there’s a lot going on right now.

If you’re part of the latter – firstly, congrats! Pooling together enough clams to be considered for a home deposit in this economy is no easy feat, so pat yourself on the back. Secondly, you might be feeling a little bit overwhelmed entering into this journey. Because, let’s face it, there’s a heavy amount of discourse surrounding the housing market and it’s not always positive.

To cut through the conjecture, we chatted to Buyer’s Agent at Cohen Handler on the Gold Coast, Oscar Lewis, to get some hot tips on how to navigate first home buying. From an industry professional’s perspective, what exactly should we be clued up on before we (hopefully) get our mitts on a shiny set of keys and take an obligatory cheesy photo in front of a big 'SOLD' sign?

1. Research, research, research

Buying your first home is kind of a big deal, so it should be treated as such. Oscar says that researching is key long before you’ve even been given the tick of pre-approval. Understanding the market, what you want and the parameters of your situation all comes down to having your finger on the pulse and doing some due diligence in the lead up to making a move.

“Often what happens is, first home buyers regret not buying the first house they showed interest in,” says Oscar. “The reason they didn't buy the first one is because they felt like they hadn't seen enough properties to make an informed decision.”

In order to make sure you’ve got a good grasp on things like property prices and sales histories in your desired area, Oscar suggests pounding the pavement in the months leading up to pre-approval and head along to open homes and even auctions to acclimatise to the market.

“If you've done your research in the months leading up to getting your pre approval, when you eventually see the best one, you know you've seen enough to know that that's an incredible property at the right price,” says Oscar.

2. Build relationships with agents

Oftentimes, real estate agents can get a bit of a bad wrap, but once you can speak their language, doors will open up for you on your home buying journey. For example, if you’re not checking in with real estate agents in your desired area to purchase, you could potentially be missing out on an off-market gem. Like with plenty of things in life, getting close to the source and harnessing positive relationships will pay off twofold.

“Having a relationship with those agents will help you get closer to purchasing your home,” says Oscar.

“Stand with them at the end of the open home and have a chat with them. They'll be more inclined to want to help you than if you take their calls and respond to messages about upcoming properties via text. They'll never send you the perfect off-market if you’ve effectively been ghosting them. They want to help people that want to be helped.”

3. You don’t necessarily need to play a “game”

If you don’t speak real estate jargon, it can be a little bit daunting thinking about heading into making an offer or negotiating on a property. No matter how many times you watch Erin Brokovich and take notes on how to be a bullish, straight-shooter, the thought of playing the “game” when purchasing a home can make anyone sweat a little bit.

Oscar says that there is a bit of a misconception about playing a game. Anecdotally, we’re often fed a line that suggests first home buyers should be really aloof when trying to purchase a property – but this actually might not be the best strategy.

“If it's an auction campaign, don't register zero interest in the property, and then expect to show up on auction day and have a crack at it because there's a there's a high possibility it will sell prior to auction, and you're not going to get a call because you told the agent you're not interested,” he says.

But there is a fine line to tread and first home buyers should finesse that when interested in a property.

“It's absolutely fine to show that you're interested in a property but on the flip side don't make out as if you're going to pay whatever it takes to get the property,” says Oscar. “First and foremost, if you want to buy a property, the key information you need to reveal is that you want to buy. From there you can hold your cards closer to your chest when negotiating price.”

4. Be open to compromise

Buying your first home is a humbling experience in many ways. For example, would we love to buy Barbie’s Dreamhouse? Absolutely. Is it going to happen? No, because it’s probably out of most first home buyers price brackets (and more importantly, the home does not exist). Being realistic about what your budget can get you is a big lesson in compromise and something all home buyers should be prepared for.

Oscar says you’ll be surprised at what your money can get you if you’re open to expanding the parameters of your search.

“What I would be doing if I was a buyer is exploring a little bit outside the box of what your money buys you,” he says.

“We’ve got a lot of clients that sign up and their brief is ‘x’, and we intentionally show them a little bit of ‘x, y’, because it's good to know what's out in the market and what's possible with your money to ensure you're exploring every avenue.

“If you've got a million dollars to spend that can buy you an apartment within 300 meters at the beach, but it also can buy you a four bedroom house two kilometres from the beach. So that's the compromise. Do you want to be in a two or three bedroom apartment 800 meters from the beach, or do you want to be an e-bike right away from the beach but in a four bedroom house, single level with a pool?”

5. Be thorough when assessing a potential property to buy

When scouring the market for your first home, it’s easy to get excited by the process – well, because it is an exciting time! However, Oscar says that critical thinking plays an important part when assessing the viability of a property and suggests making something of a checklist (Type A personalities, assemble!).

Firstly, make sure you check out the property’s floor plan and building report to ensure that the building is in sound condition and it’s the right fit for you.

“Get a building, pest and strata report right off the bat,” says Oscar. “If it’s a new building and there is water damage then that’s cause for concern and a bit of a red flag.

Then you want to start thinking about things like orientation and ensuring there’s plenty of natural light coming through. And finally don’t bite off more than you can chew. If it’s a fixer upper, that’s great but don’t overextend yourself if the budget won’t allow for big renovations.”

6. Think big picture

Before you’ve even settled on a property and kicked your shoes off at the front door, it’s a good idea to think about how and if this property will fit into your future plans. Ultimately, a smart first home purchase is one that will either increase in value or be an attractive property for prospective buyers when you decide to sell. If it ticks neither of those boxes, it might be time to rethink whether it’s the right place for you and your future.

“Buy with the intention that this property might be your forever home but also keep in the back of your mind that if you had to sell it in three years time, is it going to be appealing to other buyers, and why?” says Oscar.

7. Engage professional help if you’re hitting roadblocks

Purchasing your first home can be a positive experience, but if you’ve been grinding away there’s a high chance you’ve become a bit weary and burnt out. Enlisting the help of a professional might just help unlock some areas you haven’t explored.

Oscar says that some people are a bit reluctant to chat to buyer’s agents but it doesn’t come with any strings attached.

“Give a buyer’s agent a call to get a sounding board without having to commit to engaging in a contract,” says Oscar.

“We've got plenty of clients that we meet initially and we mutually agree that they're happy to continue on by themselves for a little while. If they buy, that’s fantastic, but if they don't, we'll be here three, four months later to help.”

If you’re wanting to put your hooves up rather than heading to open homes every Saturday, a buyer’s agent might just be the key to purchasing your first home without breaking (too much of) a sweat.