Your First Home Buyer Guide Podcast Veronica Morgan & Meighan Wells

Buying a house sight unseen is risky, and in this episode, we explore a home buying catastrophe that could have been easily avoided with some simple steps.

Today, we discuss the story of a woman who moved back to her home state and bought a house without personally inspecting it. Relying on outdated photos and the assurances of an agent, she arrived to find her new home in a state of disrepair. From piles of rubbish to structural concerns, her experience serves as a cautionary tale about the importance of thorough due diligence in the home buying process.

We break down the critical errors made during her buying process and offer practical advice on how to avoid such pitfalls. By highlighting the importance of independent video walkthroughs, pre-settlement inspections, and not solely relying on agents, we provide listeners with actionable steps to ensure they know exactly what they’re purchasing.

Learn from this cautionary tale and equip yourself with the knowledge to avoid similar pitfalls. Listen now to gain valuable tips that will ensure your home buying process is smooth and worry-free.

Episode Highlights:

00:00 - Introduction

02:26 - Meighan’s special house of the week

04:09 - The property catastrophe

09:20 - The importance of pre-settlement inspections

11:22 - Why buyers ought to be more proactive in real estate deals

14:33 - Options for purchasing property remotely when physical presence is not possible

14:43 - Option #1: Buyer’s agent

17:26 - Option #2: Real estate agent

19:44 - Option #3: Building inspector

20:50 - Option #4: Local mortgage broker

22:13 - Option #5: Go to another sales agent in the area

23:01 - Option #6: Property manager

26:15 - Bonus tip: The crux of understanding local culture in an unfamiliar area

Resources mentioned in this episode:


Warracknabeal home buyer finds home in filthy state after buying property online https://www.abc.net.au/news/2024-05-04/warracknabeal-home-buyer-home-filthy-buying-property-online/103776092

Resources:


FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Visit our website https://www.homebuyeracademy.com.au/
Join our Facebook Group to get access to free monthly live Q&A sessions
https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information.

Real estate can be a tricky game, and making the wrong moves can lead to massive losses. From trusting the wrong advice to mishandling grants and skipping a solid long-term plan, these pitfalls can derail your dreams faster than you can say "sold."

In this episode, we talk about the crucial steps you need to follow to steer clear of the top three million-dollar property mistakes. Join us as we dissect these common pitfalls and equip you with the knowledge to avoid them.

From deciphering credible advice to understanding the complexities of grants and crafting a robust long-term plan, we provide practical strategies to safeguard your investments and ensure your property journey is a success.

Tune in, take notes, and get ready to protect your investments and make your property dreams come true.

Episode Highlights:

00:00 - Introduction

02:34 - Meighan’s special house of the week

03:23 - Mistake #1: Taking advice from the wrong people

11:56 - Mistake #2: Using grants without knowing the risk

17:04 - Mistake #3: Buying without a long-term view

Resources:


FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Visit our website https://www.homebuyeracademy.com.au/
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information.

Is it really possible to accidentally purchase a property? It sounds absurd, but the truth is, it can happen more easily than you think. Many buyers find themselves bound to property contracts unintentionally due to a lack of understanding of the legal nuances involved.

In this episode, we are joined by Richie Muir — a renowned property law expert with extensive experience in the field. Richie is well-versed in the intricacies of property contracts and has helped countless buyers avoid costly mistakes.

Today, we talk about the surprising ways you might unintentionally become contractually obligated to purchase a property and highlight the importance of understanding property laws, the conveyance process, and the critical steps you need to take to protect yourself.

This episode is a must-listen for anyone looking to explore the property market with their eyes wide open and avoid the nightmare of an accidental property purchase. Tune in now to equip yourself with the knowledge you need to protect yourself.

Episode Highlights:

00:00 - Introduction

02:16 - Meighan’s special house of the week

03:13 - Who is Richie Muir?

04:06 - Quick overview of the differences in property laws across the Australian states

06:00 - What is the conveyance process in home buying and what is Lawlab’s role in it?

09:23 - The most and least risky areas for buying property in Australia

12:49 - Why first home buyers should consider having legal representation from the start

17:29 - The importance of reviewing contracts and seeking legal advice before signing

21:34 - Understanding the risks of failing to complete an unconditional property contract

27:41 - What are the dangers of agents modifying contract conditions?

31:34 - What is the release of deposit clause in property contracts?

34:54 - Should first home buyers agree to a release of deposit clause without question?

35:54 - Are there ways a buyer could inadvertently buy a property without realising it?

37:53 - What is the problem with getting title insurance?

41:38 - Why it’s crucial to understand the hidden costs in buying a property

About Our Guest:

Richie Muir is an experienced and commercially astute lawyer specialising in property law. He is the Legal Director at Lawlab Pty Limited who leads Lawlab’s team of legal advisors and is the go-to problem solver for complex or unusual matters.

Connect with Richie Muir:


LinkedIn https://www.linkedin.com/in/richie-muir-a7301923/
Website https://www.lawlab.com.au/refer/r7ylqvou

Resources:


FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Visit our website https://www.homebuyeracademy.com.au/
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information.

Young Australians are increasingly shunning expert financial advice, turning instead to family and friends for guidance. A recent report from Great Southern Bank revealed a surprising trend: family and friends are the top choice of younger Aussies for financial guidance.

While this approach might save them money on consultation fees as it is indeed "free", the lack of comprehensive insight and expertise that professionals provide could lead to regrettable financial decisions. Are they sacrificing valuable insights and potentially better outcomes?

In today's episode, we aim to address this problem by diving deep into this report's findings. We discuss the importance of professional financial advice and explore the role of financial literacy education in schools, emphasising the need to start financial planning early on. We also talk about the risks associated with informal advice and highlight the importance of setting good money habits from a young age.

Join us as we unpack these findings and understand why professional financial advice is indispensable for young Australians.

Episode Highlights:

00:00 - Introduction

02:15 - Meighan’s special house of  the week

03:07 - Report: Gen-Z and millennials favour family for financial advice over experts

04:37 - The importance of starting financial literacy education in schools

07:19 - Financial literacy begins at home but needs expert input

09:27 - Why is it important for millennials to start financial planning early?

12:41 - The risks of making financial decisions based on FOMO

13:58 - Concerns over the lack of regulation and qualifications required in property guidance

17:37 - Insights from a bank report: generational trends in property assistance

20:14 - Reasons why people often regret not researching property decisions more

25:11 - The importance of setting good money habits early in life

Resources mentioned in this episode:


Family and friends are Aussies’ top choice for clever financial tips https://www.greatsouthernbank.com.au/about/news/no-place-like-home-clever

Resources:


FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Visit our website https://www.homebuyeracademy.com.au/
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information.

Today, we address a situation that many first-time home buyers are often faced with: to bid at auctions or avoid them altogether. We talk about the challenges and fears associated with auctions and examine if avoiding them is truly the best choice. This episode aims to make the auction process easier to understand and share practical tips to help you make well-thought-out decisions.

Auctions can be intimidating, they may seem simple in principle — as the highest bidder gets the property. But, in reality, it's quite complex and many potential buyers steer clear of them, opting instead for what feels like easier options. However, in areas where auctions dominate the real estate market, avoiding them might mean missing out on the best properties. So, what should you do if you're caught in this dilemma?

Don't let uncertainty hold you back from exploring the opportunities auctions offer. Tune in now to equip yourself with the tools and confidence needed to seize the best deals in the market.

Episode Highlights:

00:00 - Introduction

02:45 - Meighan’s special house of the week

06:23 - What are the two main methods of property sale?

07:33 - Why an owner or agent would choose to go down the path of having a public auction

10:18 - Importance of understanding the steps involved in accurately pricing property

13:56 - Why setting a limit as a buyer before going into an auction is vital

17:12 - Discussing the pros and cons of pre-auction offers

21:26 - Reasons why an agent would use pre-auction offers

24:06 - Understanding the types of bidders at auctions

26:41 - Why it’s essential to understand the different laws on property in every state/territory

Resources mentioned in this episode:


The Elephant in the Room Property Podcast Episode 1: Who is Really Making the Decisions When You Bid at Auction? https://www.theelephantintheroom.com.au/podcasts/1
FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Your First Home Buyer Guide Podcast Episode 127: The Property Blueprint: Experts Decoding State Rules Across Australia (Part 1 - Auctions) https://homebuyeracademy.com.au/podcasts/127
Auction Ready: How to Buy Property at Auction Even Though You’re Scared S#!TLESS by Veronica Morgan https://gooddeeds.com.au/auction-ready/
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG

Resources:


Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Visit our website https://www.homebuyeracademy.com.au/
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast - support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information.

In the pursuit of homeownership, the last thing any first home buyer wants to encounter is an unexpected financial hurdle. In this episode, we talk about how buying your first home can be really tricky and highlight the potential pitfalls that could trip you up along the way.

Specifically, we explore a real-life story where a HECS debt nearly derailed a first home buyer's purchase, shedding light on the crucial lessons to be learned.

Throughout the discussion, we bring up some of the common blunders such as relying heavily on a broker without fully understanding all the associated costs, feeling the pressure to buy due to outside influences, and underestimating the financial cushion needed for unexpected expenses. Our aim is to provide practical insights to help you steer clear of these pitfalls when it's your turn to enter the housing market.

Don't let avoidable mistakes stand in the way of buying your first home—tune in to understand the importance of following the right process. Let’s dive in!

Episode Highlights:

00:00 - Introduction

02:23 - Meighan’s special house of the week

04:36 - What is the headline of today’s disaster case study

13:19 - Mistake #1: Assuming that engaging a broker will streamline the home buying process

14:17 - Mistake #2: Not knowing the amount of money needed

15:45 - Mistake #3: A bad broker

17:51 - Mistake #4: Buyer did her research online but you still don’t know what you don’t know

20:54 - Mistake #5: Choosing to buy a property because of FOMO

24:51 - The dangers of not fully understanding the fees you have to pay when buying a property

27:27 - Where does the responsibility of the buyer start when buying a property

Resources mentioned in this episode:


Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Your First Home Buyer Guide Episode #58: How This Family Could Have Avoided Losing Their Entire House Deposit https://homebuyeracademy.com.au/podcasts/058
Your First Home Buyer Guide Episode #62: Should First Home Buyers Buy Off the Plan? https://homebuyeracademy.com.au/podcasts/062
Your First Home Buyer Guide Episode #78: Sunset Clause: The Hidden Time Bomb https://homebuyeracademy.com.au/podcasts/078
Your First Home Buyer Guide Episode #82: Buyer Beware: First Home Becomes Costly Nightmare https://homebuyeracademy.com.au/podcasts/082
Your First Home Buyer Guide Episode #123: Demolition Disaster: Tips to Avoid a Rebuild Catastrophe https://homebuyeracademy.com.au/podcasts/123
Your First Home Buyer Guide Episode #126: What Essential Step Did These First Home Buyers Neglect? https://homebuyeracademy.com.au/podcasts/126
Gen Z’er reveals how her HECS debt almost shattered her real estate dreams https://bit.ly/4aiRm6W

Resources:


FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Visit our website https://www.homebuyeracademy.com.au/
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for p