🎧 Episode 204: Could One Small Oversight Cost You $60k as a First Home Buyer?

What would you do if you found out a single mistake could cost you $60,000 on your first home? That's exactly what happened to Jessica, and we're diving into her story today. This is one tough lesson about what can go wrong when you don't have the right advice or information. The good news? By learning what went wrong, you'll know exactly what to do to avoid a similar disaster.
In this episode, we break down Jessica's experience step by step and we start with explaining how things spiralled out of control, from signing a contract too early to not having the right support crew in place. We share what questions Jessica should've asked, why due diligence matters so much, and how skipping one simple step left her facing potential bankruptcy.

But it's not all doom and gloom! We're here to guide you on how to do things the right way. From understanding body corporate fees and special levies to the value of engaging a good conveyancer before you make an offer, we're arming you with the knowledge you need to be an educated homebuyer.

By the end of this episode, you'll know how to spot red flags, negotiate smartly, and protect yourself from hidden costs. After all, it's all about being in control, making informed decisions, and feeling confident on your journey to homeownership. So let's make sure your first home is everything you dreamed of—without the nightmares.

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Episode Highlights:
00:00 - Introduction
02:15 - A little backstory about today's disaster story
04:00 - Lessons from Jessica's mistakes
04:34 - Never sign a contract without legal advice especially if the contract is legally binding
05:33 - Why understanding disclosure statements and body corporate minutes is essential
09:01 - Knowing the right questions to ask the vendors and agents
12:30 - Why getting the right support crew is number ONE in our first home buyer guide
14:23 - What you need to know about property disclosure obligations
21:00 - Step #1: Inspect the property critically
21:52 - Step #2: Do price research
22:36 - Step #3: Order a strata report and read it
23:51 - Step #4: Take the contract of sale and the strata report to your lawyer
25:30 - Step #5: Evaluating special levies before buying property
28:33 - Step #6: Negotiate with the agent
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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