🎧 Episode 203: Common Property Beliefs That Don't Hold Up in Reality

Are you sure those common property beliefs you've heard are actually sound advice? In this episode, we dig into some widely accepted opinions about property that simply don't hold up when you look at them more closely. From the idea that "you should buy as soon as you can afford anything" to "buying under market value" or "starting with an investment property," we discuss why these might not be as foolproof as they seem.
We explore how rushing to get on the property ladder by purchasing any available property can backfire. It's not just about getting your foot in the door—what you buy can have long-term implications on your finances and future choices. We also dive into the real costs associated with choosing the wrong property or falling into the trap of thinking a "bargain" always means value.

Beyond the initial myths, we challenge the belief that buying an investment property before your first home guarantees success. While this may work for some, it's not the blanket solution that many claim it to be. We also touch on the misleading allure of buying "under market value" and why properties without competition could be signaling red flags you need to watch out for.

If you've ever been tempted by quick-fix solutions like "instant equity uplift" or the idea that the only way to make money is through renovation, this episode offers the insights you need to avoid costly mistakes. We wrap it up with tips on how to apply critical thinking to common property advice, ensuring you're making informed decisions that suit your unique circumstances.

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Episode Highlights:
00:00 - Introduction
02:04 - Meighan's special house of the week
04:42 - Buy as soon as you can afford anything just to get on the property ladder
07:34 - Buy an investment property before buying a home to live in
10:59 - Buy under market value
14:25 - Instant equity uplift
24:01 - Buy the worst house on the best street
26:12 - Grab all the government grants you can
29:00 - Never buy strata title
32:43 - Avoid lender's mortgage insurance at all costs
35:51 - The only way to make money in property is to renovate
39:22 - You can time the market
Resources mentioned in this episode:
 

➼ Lender's Mortgage Insurance Calculator https://helia.com.au/the-hub/calculators-estimators/lmi-fee-estimator

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
 
 
➼ 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 [email protected]
 
➼ 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/
 
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!
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Learn how to buy your first home without making avoidable mistakes.
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  Co-Founders

Veronica Morgan & Meighan Wells 

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.

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