• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Interiors Addict

Heart Your Home

@interiorsaddict on Instagram   @interiorsaddict on Facebook   @interiorsaddict on Pinterest  
Subscribe
  • Job Board
  • About
  • Before & Afters
  • RENO ADDICT
  • Kitchens
  • Bathrooms
  • Kids Rooms
  • Bedrooms
  • Living Room
  • Shopping
  • Expert Tips
  • Recipes
  • Parenting
  • Travel
Interiors Addict
  • Job Board
  • About
    • Our Story

      Australiaโ€™s largest interior design, styling and renovation blog for the everyday Aussie. By former journalist and magazine editor Jen Bishop, the original interiors addict!
      READ MORE

      Weโ€™re big on Instagram!
      @interiorsaddict

      • About
      • Contact Interiors Addict
      • Work with Interiors Addict
      • Advertise / Find a job in Interiors
      • Press
      • Get Your Free Ebook

        This field is for validation purposes and should be left unchanged.
    • bookcover-jens-reno
  • By Room
    • Browse by Room

      Where you can search for all our posts about a specific room. Only interested in kitchens and bathrooms? We got you!

      • Kitchens
      • Bathrooms
      • Kids Rooms
      • Bedrooms
      • Living Room
      • Home Office
      • Dining
      • Laundry
      • Outdoor & Exteriors
      • Renting
    • bookcover-jens-reno
  • Before & Afters
    • Before & Afters

      Who doesnโ€™t LOVE a good before & after? If you want to be inspired by the whole reno process, and not just the shiny photos at the end, this is the place for you!

      View Articles

      • Before & Afters
      • Jen’s reno
      • Real Renos
      • RENO ADDICT
    • 0P9A8598AFTER_Before & after: This week’s Selling Houses recap (Greystanes NSW)
    • DINING-6-AFTER-0P9A4023Before & After: This week’s Selling Houses recap (Clermont QLD)
  • Reno Addict
    • RENO ADDICT

      Looking for reno inspo? Find it all here, from other peopleโ€™s projects to the latest trends, tools and products, whether youโ€™re DIY-ing or employing trades.

      View articles

      • Reno Products
      • The Block
      • DIY
      • Reno Trends
      • Before & Afters
      • Real Renos
    • Screen Shot 2023-03-26 at 6.58.44 pmAmazing $2k balcony transformation using Kmart stone tiles
    • AFTERLush, resort-style backyard reno provides holiday at home
  • Shopping
    • Shopping

      Want to know where to buy the latest furniture, homewares, rugs, art and more? Weโ€™re always sharing our latest finds and telling you where you can buy them.

      View Articles

      • Furniture
      • Homewares
      • Art
      • Smart Home
      • Appliances
      • Reno Products
    • MargueriteNew Sage x Clare range + creative director’s top picks!
    • Screen Shot 2023-03-08 at 9.49.47 amKmart partners with Wiradjuri artist Judith Young on home range
  • Inspiration
    • Inspiration

      While Jenโ€™s a legitimate interiors addict, sheโ€™s no design professional, so she calls on an army of the countryโ€™s best to share their expertise with you. Be inspired by their stories too!

      View Articles

      • Decorating 101
      • Interviews
      • Expert Tips
      • Before & Afters
      • House Tours
      • Designers
      • Styling
      • Renovating
      • Real Renos
      • Covet my coffee table
    • Lauren RoeInside I Love Linen’s Queensland hinterland home
  • Lifestyle
    • Lifestyle

      Weโ€™re mostly about the home but Jen also likes to share other things she thinks youโ€™ll love, like food and travel.

      • Recipes
      • Travel
      • Parenting
    • IMG_9786Foodie Friday: Allergy-free hot choc buns
    • ES22-January-LS0076-1Early Settler’s new homewares could be your ticket to wanderlust
  • Jobs
    • Advertise on our job board
    • Job Board FAQs for advertisers

Buying the wrong house: 5 steps to avoid an expensive mistake

By Guest Poster โ€ข Leave a Comment

FacebookPinEmailTweet

By Michelle May

Buying a house is one of the biggest decisions you will ever make. It is daunting, and when it comes to a house which you intend to make your home, emotions can get involved very quickly.ย This often sees potential buyers jumping in feet first, based on an emotional attachment to a property without really considering if the home has everything they really need or really want. Going in with a game plan is the best way to make sure you avoid the trap of buying a property which really just isnโ€™t right for you.ย  Here are my tips to help you along your journey.ย 

Buyers agent Michelle May
  1. Donโ€™t be swayed by the bankโ€™s pre-approval offer.

First things first, know your expenses, be brutally honest with yourself and stick to your budget. A good broker will be able to talk you through factoring in ALL your expenses (that includes those late night Uber Eats and daily coffees you may have been forgetting about!) and any interest rate changes on a potential loan to see what is actually doable for you. It is very easy to get excited when your mortgage broker gives you a figure for pre-approval which is above what you were expecting, but beware that there can often be a very big difference in what the bank thinks you can afford and what you know your personal budget will allow for. I donโ€™t need to remind you that owning a home is a big long term financial responsibility.ย 

  1. Know what your non-negotiables in a home are.

We have all heard of the phrase โ€œit has to tick all the boxesโ€ but before setting off to purchase a home, it is crucial to know what those boxes are for you, and also what those deal breakers might be. Take it from someone with over 20 years of property buying experience; no matter what budget you may have, there is no such thing as a perfect home and some compromises will have to be made along the line.ย 

I would start with the things you cannot change, such as location. You cannot change being on a really busy road but those scatter cushions you fell in love with at the open home – you can buy those! Side note: do not fall for the styling in a home, this is not a pair of shoes youโ€™re buying. Look beyond this.

Internal light is another one of those deal breakers. In a house there may be options to improve the internal light but in an apartment you are pretty much stuck with what is there.ย 

Realism and practicality are key, you need to look at what you envision your life being in the next five-to-10 years and what the property may need to do for you in that time i.e. will you have children or perhaps even be empty nesters? If you have a never-ending list of requirements being prepared for whatever life throws at you, I would advise that you take your mind back to practicality and realism.ย ย 

You must organise a building and pest inspection, or review a strata report if youโ€™re buying an apartment, to look at the property. They will be able to uncover any underlying issues that could be costly for you in the short or long term. Then you can assess if the home stacks up or if you should put it in the โ€˜noโ€™ pile.ย 

  1. You arenโ€™t just buying a home; you are buying into the neighbourhood.ย 

OK, so you have mapped out a couple of suburbs you are keen on, now you really have to take the time to get to know your potential neighbourhood. After all, when you walk out the door and go and grab that coffee, it might be nice to see likeminded people, and feel like youโ€™ve found your tribe both for you and your family. Other more practical questions would be – have you thought about how long the commute will take to work?ย What are the local schools like?ย 

For specifics, are there some particular pockets of the neighbourhood you would prefer to purchase in?ย Mark them out on a map, keep an eye on this when listings arise and make sure your buyer’s agent (if you have one) knows this would be your ideal spot. They should also be able to think outside the box and suggest other suburbs, with a similar lifestyle but perhap a more affordable price point.ย 

  1. Desperation could lead to disaster.

In todayโ€™s market, many listed homes in the most sought-after locations in Sydney are going to auction in the hopes of securing the best price for the sellers.ย Auctions can be really competitive; you need to go in with a game plan and stick to it. Thereโ€™s no room for impulse decisions in property. The last thing you want to do is go to an auction and either spend more than you should have or purchase a home just because of the fear of missing out on securing one.ย The best game plan for an auction is to stick to your finances and needs and wants list. A buyers agent can also help you wrangle at an auction; they ready the play, take the emotions out of it for you and can bid on your behalf.ย 

  1. โ€œI bought it but now I hate itโ€ – financial downsides to selling shortly after purchase.

Even after careful and rational consideration, mistakes happen. But before you put the โ€˜For Saleโ€™ sign out the front, really consider the financial implications of selling when you have not owned the property for long. Think about the fees and charges for deciding to offload your home, not least stamp duty. Whilst there are concessions for first home buyers, did you know in NSW stamp duty on a $650,000 home is in the vicinity of $24,000?ย We arenโ€™t talking small change here.ย 

Other financial aspects to consider are the agent fees or commissions involved in the sale of the home, the cost of relocating again and any legal/bank fees that would become payable. The general consensus is if you decide to sell within the first five years of your purchase, you would have been better off renting to begin with. Sure, sometimes the desire to move is so strong that whether or not you come out ahead financially is not at the forefront of your priority list, but it is important to understand what the implications will be on your bank balance if you choose to re-list not too long after purchase.

Considering all of the above, if you add up all the costs, could this money be put to better use in a renovation towards your current home instead? 

It goes without saying that knowledge is power and the more research you do and the more time you take to take to really understand what you are looking for in a home, the better position you will be in.ย 

–Michelle May is a buyers agent and co-host of Sydney Property Insider.

What can you do when you buy a house then realise you hate it?
By Kim Beaumont So youโ€™ve bought a new house and turns out itโ€™s the wrong one. In fact, turns out youโ€™re not very in love with it at all. Sounds…

FacebookPinEmailTweet

August 12, 2020

Primary Sidebar

Popular This Week

  • Amazing $2k balcony transformation using Kmart stone tiles
  • Before & After: This week’s Selling Houses recap (Clermont QLD)
  • Australian kitchen dimensions: standard sizes for every last detail
  • Before & after: Classic, contemporary Adelaide bathroom reno
  • Breathtaking new Hamptons style home in Melbourne’s south east

Follow us on Instagram

Me and @fantasticfurniture go WAY back! When I fir Me and @fantasticfurniture go WAY back! When I first came to Australia in my 20s, it's where I headed to buy everything I needed for my first apartment at an incredible price! And I've loved watching the range get more and more impressive over the years as my knowledge of furniture has increased. I had no idea how extensive their Aussie Made sofa range was though. I'd love you to check out the options via link in bio as I think you'll be impressed! I think we have a renewed appreciation for Aussie Made and supporting local manufacturing and jobs and this is a great success story. We love a bit of high low decorating, and turns out Fantastic Furniture is a great place to find your family lounge, a special accent chair, an extra ottoman for occasional seating and so much more. 

#fantasticfurniture #aussiemade #australianfurniture #FindyourFantastic #FantasticFamily #affordablehomewares #affordablefurniture #custommadesofa #custommadelounges #australianhomes #interiorsblog #interiorsaccount #interiorsaddict #theinteriorsdaddict #jenbishop #heartyourhome
Please don't show my boys this room or they'll wan Please don't show my boys this room or they'll want one like it!

How gorgeous is this Brisbane kids' bedroom?! 

@brittwhitestudio worked closely with the boys (aged 7 and 9) to understand their needs with a bespoke bunk bed solution crafted by BRC Cabinets, featuring ample storage as well as an under-stair hidey-hole, a useful reading nook for books and a built-in charger for electronics. Local craftsmen Emmettโ€™s Ropes designed and hand-tied the ropework on the top bunk and the supporting pillar beneath.

Head over to the blog via link in bio to see and read more!

#bunkroom #bunkbed #bunkbedsforkids #bunkbeds #bespokebunkbeds #custommadebunkbeds #sharedbedroom #sharedbedroomforkids #boysroominspo #boysroomdecor #junglebedroom #kidsroomstyle #kidsroomstyling #childrensrooms #theinteriorsaddict #interiorsblog #interiorsaccount #interiorsaddict #jenbishop #heartyourhome #brittwhitestudio #highriseliving #apartmentlifestyle #penthouses #apartmentlivingwithkids #newsteadbrisbane 

Pix by @joebrosnan.photo
Comment your fave: 1, 2 or 3? Just 3 of the kitch Comment your fave: 1, 2 or 3?

Just 3 of the kitchens in the @duluxaus Colour Awards 2023 shortlist which will give you some serious inspiration!

Loads more gorgeous residential rooms to see on the blog this morning via link in bio.

Projects by @studio__bright @kaiko_design and Georgie Shepherd Interior Design. Pix by @arorygardiner @fiona_susanto and @christophermorrisphoto 

#duluxcolour #duluxpaint #duluxaus #duluxcolourawards #duluxcolourawards2023 #moodykitchen #allwhitekitchen #designerkitchen #sagekitchen #boldkitchen #colourfulkitchen #colouredkitchen #theinteriorsaddict #interiorsaddict #jenbishop #heartyourhome #interiorsblog #interiorsaccount
We're a bit obsessed with Cara Standen's balcony m We're a bit obsessed with Cara Standen's balcony makeover using @kmartaus stone tiles!

Nineties townhouse in Lennox Head or villa in Greece? You decide! All up it cost $2000 including all materials and she did the work herself.

Read all about it via link in bio now.

Love your work @twin_palms_lennox

#kmartaustralia #kmartdiy #kmarthack #kmarthome #modernmediterranean #balconymakeover #balconyideas #diybalcony #budgetdiy #interiorsaddict #theinteriorsaddict #jenbishop #heartyourhome
Wallpaper in every single room! What do you recko Wallpaper in every single room!

What do you reckon? You'd think it would be overkill but it isn't because so many of the designs are subtle yet still impactful.

Head over to the blog to see how @grafico_walls transformed this blank canvas Melbourne townhouse with their products, which you've probably seen on The Block over the years. And read how Damian Corney has grown this Melbourne business with wife Adele and a growing team. There's also a look inside the very cool Motley Hotel which has used a whopping 4km of their wallpaper throughout!

You can also watch a video tour with Bec Douros as the house featured on Open Homes Australia over the weekend.

Via link in bio now.

#wallpapergoals #wallpaperdesign #australianwallart #australianwallpaper #wallmurals #wallpapermural #wallpapermurals #wallpapereddoor #digitalwallpaper #digitallyprintedwallpaper #customwallpaper #wallpaperaesthetic #wallpapertrends #wallpaperaustralia #grafico #graficowallcoverings #melbournebusiness #melbournesmallbusiness #openhomesaustralia #theblock #becdouros
Kids and fluffy chickens. Does it get any cuter?! Kids and fluffy chickens. Does it get any cuter?! 

Braved the rain second morning in a row to feed the animals at @edenfarmescape because life's too short to worry about a bit of mud and drizzle!

Feeling relaxed ๐Ÿฅฐ
Did you see this cracking little transformation on Did you see this cracking little transformation on @sellinghousesaus last night?

We have all the finer details on the blog today via link in bio. Particularly love the kitchen refresh using the existing blue cupboards which really weren't doing anything for me before ๐Ÿ˜‚

#sellinghouses #sellinghousesaustralia #beforeandafterkitchen #beforeandafterrenovation #beforeandafterlivingroom #renoshow #realreno #interiorsblog #interiorsaccount #interiorsaddict #theinteriorsaddict #jenbishop #heartyourhome #bluekitchen #budgetkitchenmakeover #budgetdiy #budgetmakeover
How's this for a compact back yard TRANSFORMATION? How's this for a compact back yard TRANSFORMATION?!

Our friends at @mintdesignau have done it again!

Homeowner Briony Marsh says: Itโ€™s totally changed our home lifestyle now we can sit outside on the lounge in the sun or shade, be in the pool, spa, sauna or cooking pizzas and hanging out with friends. It sounds cliched but it really feels like we are on holiday at home!โ€

Head over to the blog to see the finer details, including a sauna and a seriously good looking copper pizza oven. There's a lot packed into this space!

#backyards #smallpools #smallpool #homesauna #pizzaovens #outdoorpizzaoven #landscapedesigner #mintdesign #holidayathome #resortstylehomes #landscapeartist #backyard #exteriorinspiration #exteriormakeover #exteriordesigns #pergoladesign #interiorsaddict #theinteriorsaddict #jenbishop #heartyourhome
Swipe for before & afters of today's real reno. L Swipe for before & afters of today's real reno.

Located inside a 1912 sandstone villa in Adelaideโ€™s Kensington, this bathroom makeover combines classic and contemporary elements that complement the homeโ€™s original, period features. 

Designed by the homeโ€™s owner @designby_Tahirih, who is a property stylist too, the renovation came sooner than expected after water ingress made the makeover of their only bathroom an urgent necessity!

The whole project cost an impressive $20k, project managed herself.

Read all about it via link in bio now.

#realrenovations #realhomes #realreno #heartyourhome #renoaddict #freestandingbath #classicbathroom #classiccontemporary #classiccontemporaryinteriors #theinteriorsaddict  #interiorsaddict #jenbishop #homestaging #laundrymakeover #bathroomrenovations #bathroomremodels
Follow on Instagram
Visit Jen's profile on Pinterest.

Get Your Free Ebook

Ebook cover

Never miss the latest renovating and interiors products, news and inspo again! Sign up for our newsletter and we'll send you the best bits from the blog, direct to your inbox. Plus you'll get our latest eBook: What Made The Biggest Impact in Jen's Own Reno.

This field is for validation purposes and should be left unchanged.
Avatar

About Guest Poster

If you have high quality, original, relevant content to share, we might be interested in publishing your guest post on Interiors Addict. Please email [email protected] with your submissions.

More from Expert Tips

How to: bench seat with storage for just $1200

Mess and stress: how to get more done by being organised

Step inside and be inspired by Australia’s best sustainable homes

Kitchen

Modern Hamptons style: How to bring it into the kitchen

5 home styling trends that will take over 2023

Plunge pool

Plunge pools: everything you need to know about small pools

2023 outdoor trends: Mediterranean is the new Hamptons

A hotel suite named after you? Neale Whitaker can now claim this!

How to choose your outdoor paving pattern: 5 options

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




Footer

Interiors Addict

Interiors Addict

  • About
  • Contact
  • Work with Jen
  • Press
  • Jobs
  • Privacy Policy
  • Disclosure Policy

Browse

  • RENO ADDICT
  • Jen’s Reno
  • House Tours
  • Real Renos
  • Interviews
  • Styling
  • Designers
  • Bedrooms
  • Covet My Coffee Table
  • Expert Tips
  • The Block
  • Art
  • Furniture
  • Recipes

Follow Us

  • Facebook
  • Instagram
  • Pinterest
  • RENO ADDICT

Copyright © 2011–2023 Addicted Media Pty Ltd
Website care by ClickWP ยท Log in

Share this ArticleLike this article? Email it to a friend!

Email sent!