The number one mistake people make when relocating to a new area is buying a home before they move, says EPS Property Search director, Patrick Bright.
In a statement released late yesterday, Bright warns that buying a home in an unfamiliar area carries risk and says buyers should do their research carefully before ‘jumping in’. He says would-be home buyers should rent for six to twelve months before buying or selling any property to minimise the ‘emotional and financial risks’ associated with relocating.
“The excitement of a sudden job transfer can quickly wear off with the stress of buying a new home in a new area. Buying in an unfamiliar area increases your chances of buying in the not-so-good part of a suburb or street and you may regret buying altogether if the job isn’t what you thought it would be and you decide you don’t want to make it a permanent move.”
He says homeowners who are considering relocating need to think carefully and not make any ‘snap decisions’.
“The property costs involved in selling up and resettling in a new location can be significant and will run into the tens of thousands of dollars by the time you take into account stamp duty and other moving-related expenses. It’s important not to rush this process because if you’re not happy in your new location and want to move back to your original base then you will be paying these costs all over again.”