🎧 Episode Overview
In Episode 164 of Your First Home Buyer Guide Podcast, Veronica and Meighan—seasoned buyer's agents with nearly 50 years of combined experience—reflect on their own first property purchases and reveal the top 10 things they wish they had known as first home buyers. This episode is a must-listen for anyone unsure of what to look for when buying a house, navigating the buying process for the first time, or seeking to avoid common (and costly) mistakes.
🔟 Top 10 Lessons First Home Buyers Need to Hear
1. Understand the Process Before You Begin
Both Veronica and Meighan relied heavily on real estate agents during their first purchases—not realising they weren't the best people to guide buyers. The key takeaway? Learn the steps and flow of the home buying process before you're knee-deep in it, so you're not making decisions blindly.
2. Be Careful Who You Listen To
Everyone has an opinion about property—but not everyone has real expertise. The hosts caution buyers to be wary of advice from well-meaning friends or professionals with hidden agendas (e.g. brokers or developers pushing their own properties). Instead, seek independent, unbiased advice.
3. What to Look for When Buying a House
It's not just about buying the "worst house in the best street." The right property is about layout, orientation, position in the street, and what's next door. Veronica and Meighan share how lucky choices turned out well for them—but stress that luck is not a strategy. Choosing the right property makes a huge difference to your long-term financial outcome.
4. Know How to Price a Property Properly
Don't rely on asking prices or agent estimates. Learn how to value a property using recent comparable sales ("comps") and understand what it's truly worth in the current market. Veronica and Meighan highlight the dangers of under- or overpaying, and they point listeners to their free mini-course on pricing.
5. Don't Jump Into Renovations Without a Plan
Many buyers assume the cheapest property can be easily renovated. Meighan shares how she attempted a major reno without a builder or plan, while Veronica recalls spending in the wrong places. Not all homes are reno-worthy—know your budget, your limitations, and whether the renovation will add capital value.
6. Understand Who the Agent Works For
One of the most common misunderstandings is assuming agents are there to help you. They're legally obligated to work for the seller. Friendly, helpful agents can still sell you a dud. Always question the information they provide and get independent assessments before making decisions.
7. Get Your Finance Strategy Right from the Start
Most first-time buyers walk into their bank and take whatever loan is offered, or they chase a low interest rate without understanding other features they're forgoing. But borrowing strategy matters. From structuring your loan with an offset account to choosing the right property size for future lending flexibility, good advice now can give you more options later.
8. Budget for Hidden and Upfront Costs
It's not just the deposit. Many buyers overlook essential costs like stamp duty, legal fees, building inspections, council rates adjustments, and lender fees. If you don't plan for these, settlement can become stressful—or even fall through.
9. Avoid Thinking Too Long-Term
Planning for the next 30 years can backfire if life circumstances change. Meighan thought her first home would suit her married, family-filled future—but her job relocation meant selling within two years. Choose a home that works for your current and next immediate life stages and offers flexibility.
10. Also Avoid Thinking Too Short-Term
On the flip side, Veronica bought a studio apartment that felt safe at the time but outgrew it almost instantly. She urges first home buyers not to choose solely based on price or immediate needs, but to think about how their property choice can support them as their life evolves.
🎓 Final Thoughts: Learn From Experience
The biggest message of this episode is that knowledge is power. While Veronica and Meighan were fortunate their first purchases didn't derail their futures, they admit it was more luck than skill. You don't have to rely on luck. Their THE First Home Buyer Course is designed to arm you with the knowledge to buy confidently, avoid costly mistakes, and build a secure financial foundation.
00:00 - Introduction
02:19 - Meighan's special house of the week
03:50 - Lesson #1: The importance of understanding the buying process
06:05 - Lesson #2: How to find the right people to help in the home buying journey
10:08 - Lesson #3: Knowing what to look for in a property
14:45 - Lesson #4: Working out what to pay
17:27 - Lesson #5: What NOT to do with a renovation
21:47 - Lesson #6: Who are the agents really working for?
25:17 - Lesson #7: How to structure things from a financial perspective
29:54 - Lesson #8: How much extra money one would need for additional costs
32:40 - Lesson #9: Thinking too long-term
35:10 - Lesson #10: Thinking too short-term
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