🎧 Episode EP 228: Substations, LMI, Rentvesting, Auctions & Strata Risks: First Home Buyer Q&A

How do we deal with some of the quirkiest first-home-buyer dilemmas? In this episode, we're answering real questions from our Facebook group; like whether it's a bad idea to buy next to a substation, what to do when we're weighing up LMI and rentvesting, and how to make sense of strata reports when there's not a lot to go on. It's all the stuff that doesn't always have a black and white answer, but definitely deserves a proper chat.

We start with substations because that one comes up a lot. Are EMFs something to worry about, or is it more about resale and how it feels when we're standing on our balcony staring at a big grey box? Veronica even shares what a nuclear physicist told her when she was looking at a property for a client, and we get into how much of it is science vs perception.

Then we get into the rentvesting vs buy-to-live conversation, especially when Lender's Mortgage Insurance is involved. Should we wait it out and save that 20% deposit? Or is it better to just get in and deal with the LMI? Meighan talks through our own experience here, what we'd do differently and what actually matters when we're doing the numbers.

And if we've been wondering whether to throw in a pre-auction offer or how to deal with limited strata info... Yep, we cover that too. From knowing what questions to ask agents, to spotting red flags when we haven't even seen a report, we go through how we think about these tricky calls and the kinds of risks we might want to weigh up.

If we're deep in the first home buyer trenches, this one's full of real talk, honest stories, and things we've learned the hard way.

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Episode Highlights:

00:00 - Introduction
01:59 - Should I be worried about buying next to a substation?
07:52 - Is it worth paying LMI if it means I can buy sooner and rentvest?
11:39 - Should I make a pre-auction offer or wait until auction day?
15:55 - What should I look out for in a strata report, and how do I assess risk if I can't see it yet?

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/thefirsthomebuyercourse

➼ 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 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.