A lower asking price can be tempting, but the most expensive mistake in a property purchase may be one a buyer makes before signing the contract. For NSW buyers, these three familiar suggestions deserve a closer look.

“Wait until prices fall.” No one can reliably pick the best time to buy. Prices may fall, rise or move differently from one neighbourhood to another. Rather than making a decision on a prediction alone, compare the property with recent local sales and work out what you can comfortably afford. The Australian Government’s MoneySmart service recommends allowing for buying costs as well as the deposit, and considering loan pre-approval.

“Skip the inspections to get ahead.” Competition can make a building or pest report feel like an avoidable expense. But an inspection may identify repairs that change what a property is worth to you. The NSW Government recommends a pest inspection, particularly where termites are a known problem. Auction buyers should arrange their checks before bidding: there is no cooling-off period after an auction purchase.

“You can handle the paperwork yourself.” Buyers can do much of their own research, but a contract deserves professional review. NSW Fair Trading advises requesting a copy early so a licensed conveyancer or solicitor can examine it. For an apartment or other strata property, a strata report is another important check.

The useful question is whether a purchase suits your finances and whether you understand the property’s condition and contract terms. Advice from friends or online forums can prompt questions, but those checks need to be made for the particular home you intend to buy.