Buying a home at auction can be a stressful experience. The auctioneers voice booms in your ears competing with shouts from bidders and all the while you're wondering if you're going to walk out of the room empty handed.
We know this stress better than most, and luckily we also know a few little tricks to help minimise it. After all, buying a home should be a positive and exciting experience, not an nerve wracking nightmare.
The most effective way to reduce your stress levels at auction is to get the right help. A 2016 First Home Buyers Australia survey found that at least a quarter of respondents said real estate agents were the most helpful service when buying a home. Mortgage brokers, conveyancers, and inspection professionals also offer essential services.
If you go it alone, you wont be sure of anything and when it comes time for the big day, that's going to cause a lot of stress.
This is an option that you may not have considered, one that is usually only advisable if auction stress is really giving you the jitters. If you're struggling, and have a registered representative such as a real estate agent who's agreed to stand in on your behalf, you shouldn't take not attending the auction off the table.
Make sure that you have a long and in depth discussion with whoever's registered to bid for you, so that they understand the limits of your budget, and have a strategy that you've both agreed on. That way you're likely to get the same results as attending, while you sit on the couch with your feet up.
A 2015 Psychology Society survey confirmed what we already know – financial issues are the most stressful problems that the average Australian deals with day to day. Nothing will create financial problems quicker than buying a home at auction without doing adequate research.
Make sure that you know exactly what you're buying down to the last floorboard. Research where your home loan interest rates are going in future, and compare the property's asking price to recent sales in the area. If you've got all the information, buying property will be exciting, not confusing or worrying.
If you go into an auction expecting rainbows and puppy dogs you're going to be sorely disappointed. The environment in the average auction room is charged with excitement, anticipation and often a little nervous energy.
Prepare yourself for how this will make you feel and the pressure that the auction environment is going to put you under. The best way to do this is to know what to expect, to develop a solid plan and stick to it strictly, and to have someone experienced accompany you to make sure you don't get carried away.
Lastly it's essential that you remember what you're in the auction room for. You're only buying a home, not solving world peace or curing disease. Remember that when you're in the room, and keep in mind that if you do happen to miss out on your property, there's usually hundreds more that will suit you down to a tee.
For help making your auction experience as successful and stress-free as possible, get in touch with the team at your local real estate agency.