Six key relationships you'll need when you buy property

Buying a home or investment property is one of the largest financial commitments you'll ever make, and even seasoned buyers can find themselves on a financial and emotional rollercoaster. 

Surrounding yourself with trusted support and qualified industry professionals can guide and support you to help the process running smoothly.

You need to surround yourself with people you can trust and with great professionals to guide and support you through one of the most significant purchases you’ll ever make.

Here's six essential relationships every property buyer needs in their corner:

1. A trusted sounding board

   Take a partner, close friend or family member to open homes as an objective second pair of eyes. They can help you spot flaws you might overlook, keep your feet on the ground when emotions run high, and offer valuable feedback at ever point.

2. Buyer’s agent

   A small but increasing number of buyers are willing to pay an additional commission to a buyer’s agent. A buyer's agent can help you find properties that match your criteria, assess market value and handle price negotiations, or even bid on your behalf at auction. 

3. Mortgage broker

   You can go straight to a bank or lender and organise your own loan. However, many buyers put their trust in a broker who can compare lenders to secure a competitive deal to suit your financial situation. A broker can also calculate your borrowing power, organise pre-approval and manage the extensive paperwork. A Loan Market broker can compare over 100 lenders to find the right loan for you - find a broker here. 

4. Building inspectors

   Building and pest inspectors are crucial to the buying process. You should never purchase without commissioning reports on the construction integrity of the property and any risk, threat or presence of an infestation. A detailed inspection report gives you leverage to renegotiate the purchase price, request repairs or walk away from a high-risk property.

5. A solicitor or conveyancer

   Property contracts are legally binding. A qualified solicitor or conveyancer puts you at ease and ensures you are legally protected throughout the process. They can review the contract of sale before you sign, run vital council, title and land tax searches to ensure you don't inherit any unpaid debts or loans with the property, and manage the transfer of the legal title with your bank.

6. Auction buddy

   Auctions offer a transparent forum to purchase property, but it can also be overwhelming especially during emotional biddng wars. Having an 'auction buddy' helps you stay focused and can be a calm objective support during a high energy auction. Confirm the maximum amount you're willing to spend and how they should advise you during the auction. You can also ask them to bid on your behalf and relieve yourself of that stress.