In Conversation With: Topsy Taiwo, The Home Buying Agent and Social Media Property Expert

Photo credit: Topsy Taiwo’s instagram

Today, I sit down with Topsy Taiwo of the online platform, Property Purchaser. Frantically apologising, Topsy joins the conversation shortly after 5.30pm. His camera is not on yet as he is in the middle of clearing out his belongings from his flat. He is preparing to rent out his property on airbnb. “Stuff is all over the place” he quips. When he gathers himself, I ask him to tell readers, who don’t know, a little bit about himself. “I am Topsy Taiwo” he says, “I run a platform called Property Purchaser. Property Purchaser is a platform best described as a services platform for home buyers and home investors”.

Property purchaser

Topsy seamless without prompt goes on to explain his platform in depth. He eloquently provides a breakdown of the services that his platform offers and represents. “Those services are pretty much two things; giving advice and secondly sourcing properties for investors or first time buyers, who either have not got enough time or want a helping hand to guide them along that journey”. I can hear the pride in his voice when he speaks of his platform. Almost a labour of love that he has put a lot of dedication into. Topsy further expands on his platform, “it [has been] built out in such a way where I launch digital products as well. So e-books. I wrote my first book ‘So you want to buy a house’ which was designed to be a complete comprehensive guide for anyone looking to get their first property in the UK”.

He has started to gain some momentum when he speaks about Property Purchaser, so I ask what other services his platform offers? “So Partnerships and Referrals. If you’re a buyer and you’re looking for a good solicitor, a good surveyor, a good mortgage broker or you’re looking for a good accountant. I offer partnerships and referrals that I can refer [first time buyers] on to, to help [their] cause. So those are the 3 main services that I offer; advice, sourcing properties and digital products and partnerships with external parties”.

It is hard to believe the conversation has just begun. Topsy’s camera flicks on for the first time. The reflections from the street lights bounce across his chiseled face. He wears a simple t-shirt. The rest of his outfit is hidden from the frame. He explains his decision to relocate to a less disruptive location - his car. There is a slight chuckle from both of us before I continue with my questions. Where did your journey in property start? And how did it build from there? I ask. “I started in property in 2012. I went to the University of Birmingham. I graduated with a degree in..” there’s a longer than usual pause as I watch Topsy scan his brain for his next words. “International relations” he blurts out. “I nearly forgot what I did there, [it was] so long ago. I’m getting older”.

He regains his train of thought and continues, “I wasn’t able to secure, or get any job really, in any of the industries I wanted to get into. So professional services and investment banking [were] what my friends were doing but I couldn’t do that so I just thought to myself, instead, I’m [going to] go down a sales route. There was a website at the time called milkround.com and I applied to the first thing I saw on there - it was Foxtons. [I] went down to the interview and then 3 months later, I was there. And that was my first job in property. I stayed at Foxtons for 6 and a half years and then since then I’ve jumped around a bunch of different companies in the industry as well. So I’ve worked [in] property tech, property investment and I’ve also worked in the legal side of property as well. A few bits and bobs for sure”.

He sounds excited when he talks about his humble beginnings in property so I ask, what sparked that interest to stay within the property realm? He takes a moment before he responds. Repeating the question to himself, searching for an answer. “In terms of what sparked it, it wasn’t really intentional. There’s a classic quote in estate agency that ‘no one really grows up wanting to be an estate agent’. Some do but it is very rare. No one ever says that. It wasn’t anything intentional”. He says. “To answer [the] question in terms of what actually sparked it, I would say it was almost one of the few options I had left available to me at the same time, I was drawn to it because you got a free company car in the company that I started at and I guess a lot of people have also told me I was always a really good communicator and I had some sort of sales ability to me. So I thought OK, if those are two traits that I thought I’ve got innately, then I think those can be put to good use in estate agency”.  He adds “and I guess you could also say, my dad [has] got a few properties now and he’s been investing for a while so I had some level of exposure to it. Those were the initial triggers”.

Topsy speaking at @mcsaatchilondon on how to get on the property ladder

Advice for first time buyers

The current housing market has proven difficult for aspiring first time buyers. When it comes to advice for those looking to step on to the ladder, Topsy has some words. “I think the first thing anyone should do and I talk about this in the book - the first thing anyone should do is clearly establish their why”. He follows on with a broader outlook “I don’t even think that is a property specific piece of advice that’s just a career [and] general piece of life advice that I’ve sometimes not taken on board enough myself. If I could turn the time back and speak to my 21 year old self and speak to people who are just entering the industry. I would say really clearly establish your why. I think the likelihood of one achieving their goals is so much higher when you have a clear direction and an understanding of why you are going in that direction” he says. “That can very much be applied to property as well. So whether you’re a first time buyer or someone who’s looking to get started and work in the industry, [the] first step is to establish the why then [it] is to establish what kind of life style you want to live.”

Topsy’s advice shifts “it is also to understand what you want your day to day life to look like”. He builds upon this advice delving into the different strategies available to first timers. “There’s so many and some are very labour intensive. Others are very hands off and you don’t have to do too much. So if you’re the type of person that wants to be exposed to property but you don’t want to get your hands dirty, then you might want to get into the passive side of it. Which might be a vanilla Buy to Let. It might just be, I don’t know, investing in REITs that are available on the stock market”. He continues “or if you are someone that wants to get your hands dirty you might be thinking about more creative strategies like Deal Sourcing, or Buy, Refurbish, Refinance once you’ve been able to build your capital up. These are more labour intensive strategies so you need to ask yourself those sorts of questions to understand what direction you want to start heading in”.

Topsy speaking at @mcsaatchilondon on how to get on the property ladder

Topsy pauses to apologise for what seems to be a “long winded” answer to him. He chuckles in a hurry to conclude his point “but it all starts with the why, and then after that, it all starts with education and making sure you’re following the right people on social media and really sort of just getting your head immersed in that world because no one really knows what they want to do when they’re growing up. You have to just explore and taste and test and then work it out.”

property and Social Media

Topsy has a really good social presence on the likes of instagram, I guess some of his delivery is very humorous and in a way a little bit comedic. So I ask, what made him choose that delivery style in a lot of his property content?. “I’ve always been, I guess, a bit of an entertainer at heart to be honest with you. So when I think back to my younger years, I was always the one on stage dancing, [I was] always the one who wanted to perform in one way or another. So I guess that’s sort of a personality trait - number one. And then secondly, humour is a really good way to make what, traditionally, can be quite a boring and dull topic, resonate more. It’s why meme pages on instagram do so well, it’s because they’re just relatable. When you make someone laugh, I guess they’re more likely to digest that content or remember it and for it to be memorable. So there is some method behind the madness. But I would definelty say it starts off with the fact that I like entertaining and I love laughing and I love comedy so much. In a different life I would have probably been some form of actor or entertainer”.

Topsy continues “I think it’s a really good way to educate aswell. I think a lot of people talk about that classic merging of two words - edutainment, if you want to call it that. So that’s the reason why I sometimes drop those videos. I mean I don’t do it as regularly now to be honest with you but in the past I really enjoyed it and every now and then I have a funny idea, I think right, I’ve got to make a video on this for sure”.

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A post shared by Topsy Taiwo (@topsytaiwo)

‘So you want to buy a house’

I ask Topsy about his book, and for those who have purchased it, will there be more of that comedic delivery? Or will it be more on the serious side? “Funnily enough, the book probably isn’t as comedic. There’s definitely some light hearted parts in it for sure. But erm, I thought to myself, if I’m publishing something, and people are reading this and people are [going to], I guess, potentially use [it] to make life decisions, I want to keep it as formal as I can with some light heartedness in there as well. But I very much wrote it with the mind of.. someone’s actual life could depend on this so let me not joke around too much here” Topsy says playfully.

Whilst readers may not be on the receiving end of pure comedy in ‘so you want to buy a house’, there’s certainly other takeaways that can be gained from the book. Topsy explains “first and foremost, you will fully understand the timeline and the chronology of the home buying process. Which I think sometimes can be a bit daunting. People don’t really understand how much goes into it, how many parties are involved, how long it can take and what’s necessary from you to buy a house. So that’s the first thing. I’d say the second thing is [that] they will get a good understanding of the UK property market and how it’s behaved historically and how to make better data driven decisions and just to feel more confident when you’re going forward and looking to buy a house”. He says “they are going to understand how agents work, understand how they make decisions, understand how you can increase the likelihood of your offer getting accepted, understand what certain things on rightmove mean, understand the best tools and how to leverage rightmove in the best way and other tools to use to make sure [their] search isn’t too painful. There’s lots of little things in there that I know people are going to get value from”.

Topsy e-book, ‘So you want to buy a house’

Topsy’s take on the book’s overall message is slightly different to what readers may expect, “I guess to sort of round it off in terms of, erm, the book itself, there’s also a bit at the end which basically just tells you what other options you’ve got. I focus a lot, in the book, basically sort of asking the question or putting forward the idea that maybe buying a house is maybe a bad idea” he counter argues. “Because a lot of the property people in our space, I’ve found, people sort of have tunnel vision. I say to a lot of people there’s nothing wrong with just renting. Because renting is fine as well. In a weird way, my mission is not to get as many people onto the property ladder as possible it’s to get people to make the best decision [that] they can. If that makes sense”.

Future projects on the horizon

“So I had a bit of quiet year last year. I’m very [much] still, in my mind, sort of a work in progress as well, erm, for my own personal reasons I had a bit of a quiet year. And I haven’t made any New Years resolutions this year either. But one thing I have said is that I want to build the platform I’ve got, Property Purchaser, to the largest platform that it can be. I’m not the type of person to pick arbitrary metrics of engagement, likes and followers, because I think that will just take care of itself if you’re consistent, you enjoy what you do and you work hard. The by product of that will be engagement and whatever else you want, so yeah my goal or what you can expect is the same as what I’ve been doing. There [are] a few things I’m working on that I can’t talk about too much at the moment and just more of the same, more content, more education, and hopefully some more comedy. My main aim is to offer value in some way shape or form [to whoever] comes across my profile or my business. That’s the main aim”.

Follow Topsy Taiwo on instagram @topsytaiwo and @propertypurchaser.

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Why appointing a mortgage broker as a first time home buyer is beneficial

Photo credit: unsplash

Are you curious to know why home buyers opt for mortgage brokers ? Mortgage brokers are the crème de le crème of the property buying market. They are the intermediary between the homebuyers and the lenders that are perfectly positioned to help aspiring homeowners find the best suited mortgage product for their requirements.

Though many home buyers do choose to go down the mortgage broker route there are still a substantial number of first time buyers that go straight to their existing bank or even select the first mortgage product they find. Whilst the comfort of your existing bank may offer an appeal, engaging with a mortgage broker who has a more holistic view of the market can yield better results.

Here’s three reasons why working with a mortgage broker is beneficial:

Save time and money

Independently approaching multiple lenders across the market will be time consuming. Eventhough the best comparison websites available can produce quick results, they do not always browse with a fine tooth comb. Mortgage brokers maticulaous spend time comparing products across the market on your behalf which saves time.  Since they will already have a detailed idea of your financial position and personal circumstance, they are also able to select the most cost effect products so not to break the bank.

Specialist Recommendations

Since mortgage brokers have a view of the entire mortgage product landscape and they are also able to assess an individuals circumstance with their exstensive market knowledge. Mortgage brokers have the latest tools and market insights at their disposal to know which products that you are likely to be approved therefore able to arrive at the best recommendation to suit your predefined requirements.

Rate Check

Once they’ve recommended a product that you are happy with, mortgage brokers can equally continue to apply a rate check. Buying a property can take well up to and over 6 months to complete. During the process of buying a property, it is possible that interest rates can fluctuate in this period. Mortgage brokers are able to apply rate checks after a product offer has been accepted to determine whether a better rate has become available thus amending the product in line with current interest rates.

The best point in the buying process to engage a mortgage broker would be before starting the property search. Once they have been engaged, the benefits they add to helping secure the best deal is exception.

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Buying Your First Home Webinar by Brickzwithtipz: The platform educating first time buyers onto the property ladder

It is 7pm on a cold Wednesday evening. Tayo Oguntonade, one of the co-founders of Brickzwithtipz is wearing a simple black T-shirt scanning the near one thousand participants joining his webinar, “Buying Your First Home: The Homebuyers Club”. His partner and co-founder, Antoinette Oguntonade, has packed her hair back and out of her face eagerly waiting for the session to commence.

Photo Credit: Black Business Magazine

Tayo and Antoinette are most known for their informative property tips and home buying content that has garnered them collaborations with renowned brands like The Daily Express, Zoopla and more. Combined, they have over ten years of expertise within the property industry. After buying their first property in 2015 and going on to found Brickzwithtipz in 2019 - the platform that uses education to bridge the gap between dreams and reality, Tayo and Antoinette have formed the perfect duo.

On this occasion, the duo are joined by David Gissing, a mortgage broker and property & finance specialist to deliver the ‘Buying Your first Home’ webinar. The webinar aims to dispel any limiting beliefs around the notions of buying a first or second home. “Buying a home in the UK is still possible” since “300,000 people buy homes each year”, Tayo encourages.

Photo credit: Antoinette Oguntonade (bottom), Tayo Oguntonade (middle) and David Gissing (top) pictured on the Buying Your First Home webinar.

In the short 1 hour webinar, we have rounded up the key tips, takeaways and topics covered:

Property fundamentals

Tayo kicks things off discussing the dynamics of the UK Housing market, making a key comparison between house prices in 2021 vs 2023. The average house was £260,429 in 2021 vs £292,049 in 2023 according to the first slide of the PowerPoint flashed across the screen. “The right time to buy was yesterday. Don’t wait to buy property. Buy property and wait” says Tayo.

Aspiring home buyers have been quick to highlight the disparities between the difficulty of buying today and that of buying even two years earlier. Tayo walks the forum through the various property cycles that can occur over the years in the property market, most notably the “explosive phase” (also known as a sellers market where there is high demand and limited supply) and the ‘recession phase” (where there is high supply and limited demand in a buyers market).

Schemes and Strategies

The second section of the webinar continues with Tayo taking the majority of the lead, captivating the audience with the “answer to a problem”, the problem being the difficulties of the housing market. And the answer being schemes and strategies available to help first time buyers save for a deposit.

His voice picks up in pace in a race against the clock to cover each section in depth. “Start with setting a savings plan” Tayo advises. By setting the savings plan, it creates a goal to achieve each month. One of the recommendations is to open a dedicated savings ISA and automate savings so that money is automatically saved from your monthly pay cheque.

Photo Credit: Antoinette Oguntonade from Brickzwithtipz instagram

Tayo advises to cut down on “regular” non essentials with the caveat that simple guilty pleasures here and there are fine. It is not about cutting out a coffee here and there but having a strategic plan towards how much needs to be saved each month. Antoinette interjects “maintaining disciplined” is the key. (See 3 habits that will get you closer to buying your first home).

It is the end of the second section. Tayo takes a breath and gleefully laughs with David Gissing before he hands over to him for a walkthrough of the value of a mortgage broker. David Gissing takes the floor. He covers the importance of credit when trying to get approved for a mortgage, particularly around getting a mortgage with adverse credit. David’s top tips for credit building are getting a credit builder card, recording your rent and registering on the electoral roll to position yourself as a reliable borrower.

Before ending the second section, the three hosts discuss the different schemes available to get onto the property ladder such as rent to buy, developer schemes, shared ownership and right to buy. Even briefly touching on the lender schemes available such as Nationwide’s helping hand mortgages.

Photo Credit: David Gissing from @davegissing instagram

Picking your property

The final section of the webinar circles back to Tayo whizzing through the final sections. The clock ticks past the allotted time whilst he blitzes through the ‘Negotiating know how’ tips - one such tip is for reduced properties. A property that has been reduced once potentially presents an opportunity to double down and try to get a further reduction.

First time buyers can buy a fixer upper (a property that is habitable but requires cosmetic work) in order to get onto the property ladder. It is the end of the webinar and Tayo delves through the differences between leasehold and freehold property options as well as new builds and old builds.

It’s just past 8.30pm and the webinar is drawing to a close. Tayo thanks the audience of over four hundred attendees that remain past the hour. He takes the final moments to showcase the launch of their new platform ‘The homebuyers Club’ which is due to go live on 31st January 2024.

Follow @brickzwithtipz on instagram more details on ‘The Homebuyers Club’.

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Here’s why buying a new build may not be worth it

Many prospective buyer’s believe that buying a new build is the safer bet than an old home given its newly decorated structure. Whilst the rational for that view may hold some merit, there are still some clear indicators for why buying a new build may not be the best option.

For some, buying a new build is the only way onto the property given the number of schemes available to help first time buyer’s including help to buy equity loans. However, it would be best to consider the drawbacks of buying a newly built property:

Poor construction quality

Whilst new build homes have to meet the latest buildings and regulation standards, the construction quality of a vast majority of new builds remains inadequate. From unfinished fittings to faults with utilities and wiring, it could be argued that new builds have not been built to last and instead built like toys on a factory assembly line.

Delays in completion

Expect the unexpected but not when it comes to new builds. New builds are notorious for their delays in completion which typically comes down to delays in the construction work by the developers. These delays can seriously derail the lives of an individual.

Lack historical significance and character

Whilst a home with a story or with any sort of significant character is not always top of every buyer’s list but if you are the kind of buyer that is looking for a home with features, a new build may not be the way to go. Additionally, since new builds are typically built on empty plots of land it may take some time to feel part of a community.

Over priced

Given the convenience of being new and without any previous owners, new builds typically bring in an increased premium when buying. Additionally, with the marked up price, new build homes typically depreciate more easily and quickly, leaving buyers in negative equity almost immediately. 

Higher interest rates

Mortgage lenders are typically stricter with their lending criteria for new builds. New builds do not come with any historical data, therefore making it more difficult to underwrite and consequently making them more risky for banks. The increased risk is ultimately offset by the higher interest rate.

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3 habits that will get you closer to buying your first home

Homeownership is considered one of the best asset classes to build wealth and stabilise your financial future. It is also considered one of the most difficult. A combination of rising student loan debt, incompatible wage growth, rising house prices and interest rates has contributed to that difficulty.

However, in spite of this, building some consistent habits can make homeownership much more attainable. If buying a home is the goal then the following three habits are crucial to maintain.

Compromise

The ability to compromise during the buying process is important. There is no such thing as a perfect house so being able to compromise on the features that are negotiable will get you one step closer to securing your first home.

First time buyers have a habit of getting caught up in decision paralysis which leads to not making a decision at all. Consequently, missing out on a home that may not be perfect but would still meet their needs.

Discipline

When buying your first home, the ability to train yourself to work towards a goal and stay consistent is particularly critical. Having discipline can come in many forms when working towards buying your first home - saving for a home deposit, sticking to your buying timelines and working hard to evidence your ability to maintain timely payments long term will be important.

Being disciplined will ultimately enable lenders to believe you are a credible person to lend money to over the long term. The more disciplined, the more credible and the better rates and loans you will have access to.

Networking

Ever heard the saying, “your network is your net worth”? Essentially, keeping relationships with the right kinds of people can determine your net worth. Well this rings true for buying a home too. Networking with estate agents and not simply browsing on right move can be more beneficial. Building and maintaining relationships with estate agents can be beneficial as they often contact buyers with off market deals if they have a pre existing relationship and trust that you are a legitimate buyer.

Equally, do not underestimate those within your network that may not be in real estate as they may know someone who wants to sell off platform. The moral of the story; make it known to anyone and everyone that you’re looking to buy and you may be surprised at who steps forward.

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2024 Property Market Predictions: The Return of a Buyer’s Market

It’s not everyday that you hear this is the year to buy a property. With the surge of 2023 interest rates, buying in the current market had never felt more out of reach. However, there may be light at the end of the tunnel. According to the telegraph, 2024 is predicted to be a year that we will be entering into a buyers market with more choice and less pressure on housing.

Rightmove representative Tim Bannister also added, “it is an easier market for buyers in prime areas”. With that said, here are our predictions for what’s in store for the property market in 2024:

Mortgage rates hit their peak in 2023 and started to dip at the tail end of the year. Banks began a slasher-thon, cutting rates in a bid to undercut one and other and win business.  For 2024 we expect this trend to continue and mortgage rates to continue to fall. Though we may not see 1-2% rates like 2020 levels, we expect rates to steadily sit at 3-4%.

It’s likely that house prices will also begin to slowly dip in 2024. It is unlikely that there will be any drastic market crashes that mirror the 2008 financial crisis but being able to knock off a few thousand pounds on the asking price will become more achievable as sellers have less choice.

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According to Gen Z and Millennials, buying a house is no longer within reach

Millennials and gen z have been in an endless debate with baby boomers. Those born between 1955 and 1964 cannot seem to fathom why there appears to be such a struggle to get on to the property ladder. The consensus in recent years is that becoming a home owner is no longer within reach for the younger generation

In the 1970s-1990s, boomers were doing a sweep stake and buying up houses at a fraction of the cost that it was today. According to gen z and millennial’s boomer counterparts, owning a home is still very much achievable given baby boomers ability to achieve home ownership.

Millennials and gen z have been branded as the lazy generation that no longer know how to work for the things they want. If all things being equal then that could be true but there are a number of contributing factors to consider that highlights a stark difference between buying a home as a boomer and buying one as a millennial or gen z. It simply comes down to, things have changed over time.

With that in mind, we have explored some of the potential contributing factors that are limiting gen z and millennial from buying their own home:

Landlords

Landlords hoarding the housing stock has been a long running debate. Despite the minority being single property landlords, there is still a significant amount of landlords holding onto a large supply of housing that is not accessible to the younger generations.

Increased inflation and interest rates

Current interest rates have been soaring and the cost of living crisis is showing no signs of easing. The average interest rate on a 2 year fixed deal is still floating just under 6% and the higher costs associated has made it harder for youngens to save money for a rainy day let alone a hefty deposit for a house.

Inflated house prices

A shortage of housing stock and an overwhelming demand has rampantly increased house prices over the years. Between boomers and gen z time periods, house prices have been on the rise with no clear signs of them decreasing by an impactful level.

Stagnant Wages

Coupled with rising house prices, stagnant wage growth has nearly crippled gen z and millennial prospects when it comes to home buying. Wages have not been able to keep up with house price growth therefore further pushing home ownership for gen z and millennials further out of reach.

There is an argument that homeownership is still very much within reach for gen z and millennials but the stark up hill battle and significant contributing factors associated with obtaining this goal are hard to ignore. Buying a home today is not the same journey as it once was and the complexity of achieving home ownership cannot fairly be compared between the different generations.

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The process of buying a house

Buying a house is a big commitment. When deciding to enter into any big commitment, it is important to have an understanding of the critical milestones in the buying process so that there are minimal surprises along the way. 

The home buying process can vary depending on the type of purchase and your own personal circumstances. The order and structure for buying a house is not definitive but these are some of the critical steps in the process:

Preparing your Finances 

Before finding a home, you will need to ensure that your finances are prepared. How will you fund the purchase? Using cash? If it is not going to be a cash purchase then you would require a lender. Are your finances in order? Lenders would likely complete a diagnosis of your financial position before issuing a decision in principle around lending you any money. If your finances are not in order then it may prove difficult to be taken seriously by estate agents. Having a decision in principle from a lender before finding the house will make you a more attractive buyer.

Finding the House

Once you feel prepared, the next step in the process is finding a compatible property. Sourcing the right house can be accomplished through many channels but the most popular options are real estate agents who typically advertise on major real estate portals like rightmove or zoopla. Even if there isn’t something immediately available on these channels, if you are able to form lasting relationships with estate agents, they will keep you in mind and contact you when the right deal comes to market. Or even before.

Putting in an Offer

After finding the right house, and you’ve considered 3 things before buying it’s time to make an offer. Typically there’s multiple offers on a property so do not be disheartened if your offer is not immediately accepted. Given it has been a sellers market for many years, negotiating can take time. Once the offer has been accepted it’s time to instruct your solicitor to complete the transaction. 

Conveyancing

The conveyancing process contains multiple legal activities that need to be completed in order to complete the transaction. Conveyancing includes checking survey results, conducting appropriate searches have been completed and ensuring all open enquiries on the house have been satisfied between the sellers solicitor and yours. It is crucial to complete this due diligence to make sure that you are protected in the purchase before getting the transaction to the point of exchanging contracts. Nearing the end of conveyancing, typically a deposit will be paid at exchange to guarantee the sale.

Key Collection

The final step in the process once exchange of contracts has been executed is to complete the purchase by transferring all the remaining funds to the seller through both parties solicitors. Once verification that funds have been received, the keys can be collected and the house is officially yours.

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3 things to consider when buying a house

For many, home ownership is viewed as an aspirational goal that signifies success. For others it can simply be a desire for a place to call their own. Whatever the motivations for wanting to cross the threshold into home ownership, preparing for the process of buying is just as important as being prepared to maintain the home itself.

Buying a house can be frustrating especially when you’re not sure how to approach the process or where to start. Before jumping into your home buying search, here’s 3 things to consider when buying a house:

Don’t look for perfection

The perfect house does not exist. Even if you decide to build the house yourself there will always be compromises that need to be made or a goal post that needs to be moved. Holding out for the “perfect house” will only lead to decision paralysis and push you further away from buying a home.

Instead of looking for perfection, figure out what realistic features and qualities are most important from an ideal home and which ones are a ‘nice to have’. Once there is a clearly defined list of must have qualities, tailor the search for a home to that. Whilst there may be some compromises when buying the ideal home, at least the must haves will be met.

Be decisive not impulsive

The difference between being decisive and being impulsive is, one action is based on a predefined and well throughout process and the other is based on emotion. It’s easy to let emotion take over and impulsively land into bidding wars when you think you’ve found the “perfect house”. In reality impulsive decision making leads to paying more for a house than necessary or deviating from the “must have” qualities and a home that does not meet your needs.

Instead, make a decision to buy a house based on the predefined list of ‘must have’ features and qualities. This will guarantee that the decision to buy a house has been well thought out

Be prepared to walk away

Whilst a home may initially appear to meet the predefined list of must have features and qualities, as you move through the buying process it is possible that the desired house no long fits into that category. This could be in terms of higher offers being made that are outside of your budget or hidden dealbreakers coming to light further down the line.

Most people fail at negotiating because they are not prepared to walk away from a deal that no longer meets their needs. Buying a home is no different. Negotiating is an art and the art of negotiating is being prepared to walk away from a purchase that does not meet your ‘must have’ features and qualities yet being assured that another will come along.

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