2. Compromising Smartly for Better Quality
Mike initially hoped for a three-bedroom home, but found that meeting this goal meant sacrificing property quality, location, or financial comfort. The turning point came when he decided to buy a larger two-bedroom apartment with strong fundamentals—size, layout, balcony space, and rental appeal. By prioritising quality over bedroom count, Mike bought a property he can comfortably live in for many years and rent out easily in the future.

3. Finding an Off Market Opportunity
Instead of relying solely on Domain or realestate.com.au, Mike took proactive steps to get on local agents' databases in his target suburbs. This effort paid off—he received an email about a property not listed on public portals, owned by an elderly seller looking for a quick sale without marketing costs. These "database-only" listings, often referred to as off market properties, can offer less competition and more room for negotiation.

4. Negotiating with Research and Confidence
Armed with market data and recent comparable sales, Mike calculated a fair offer price. He validated his research with his mortgage broker—who had access to professional valuation tools—before submitting the offer. This "sanity check" ensured his price would hold up during bank valuation and gave him confidence to negotiate without overpaying.

5. The Nerve-Wracking Offer Process
Making an offer on an off market property still comes with pressure. After submitting his offer, Mike endured tense waiting periods and uncertainty. When the seller accepted, he moved quickly to pay the deposit and lock in the deal. In NSW, this meant waiving the cooling-off period with the help of his conveyancer, making the contract binding immediately.

6. Due Diligence and Avoiding Regret
Mike avoided a costly mistake earlier in his search when he discovered flood history and maintenance issues in a property he liked. His thorough local research and insistence on understanding strata reports before committing helped him steer clear of potential headaches.

7. Renovating for Value
The apartment had great bones but needed updating. Mike planned budget-friendly improvements—painting, installing floorboards, upgrading the kitchen, and adding a dishwasher—to boost livability and long-term rental appeal. He also navigated strata rules for flooring upgrades, proving the importance of checking renovation approvals before purchase.

8. Key Lessons for First Home Buyers
Mike's biggest advice:
• Focus on quality and fundamentals over "wish list" extras.
• Build relationships with local agents to access off market property opportunities.
• Do thorough research and get expert input before making offers.
• Avoid high-rise apartments and house-and-land packages unless there's a strong reason—they often carry higher risks and less long-term appeal.
• Think long-term, not just about your first few years in the home.

👉 Ready to get started? Check out THE First Home Buyer Course.