Ep. 37. The 5 Most Expensive Mistakes Cairns Buyers Make
Buying property in Cairns can be a great opportunity, but the wrong decision can cost you tens of thousands of dollars. In this video, I break down five costly mistakes Cairns property buyers keep making, including failing to compare insurance quotes, overlooking council planning overlays, dismissing units because of body corporate fees, buying without a clear strategy and letting emotion influence the purchase price. Whether you are buying a home or investment property in Cairns, these practical due diligence tips could help you avoid an expensive mistake.
One of the biggest surprises for many buyers is how much insurance can vary between two seemingly similar Cairns properties.
I recently helped first-home buyers compare a lower-priced home in Westcourt with a more expensive property in Earlville. While the Earlville home cost approximately $50,000 more, the insurance quote on the Westcourt property was substantially higher because of its flood and storm surge exposure. Once we compared the complete weekly ownership costs, the difference between the two properties was only around $20 per week. One property, however, carried significantly less insurance and environmental risk.
This is why buyers need to look beyond the advertised purchase price and consider the true cost of owning the property.
The three free online resources discussed include:
CairnsPlan 2016 Property Report https://mapping.cairns.qld.gov.au/trueview/CairnsPlan2016v31/main
Before You Dig Australia https://www.byda.com.au/
Atlas.id community demographic and economic data https://atlas.id.com.au/cairns
These tools can help buyers investigate council overlays, underground infrastructure, flood and storm surge exposure, development considerations, local household incomes, housing tenure and other important property information.
A property does not need to be perfect, but its risks need to be identified, understood and reflected in the price you pay. The goal of due diligence is not to eliminate every possible risk. It is to avoid paying full price for a problem you did not know existed.
What is the biggest mistake you have seen someone make when buying property? Let me know in the comments.
Chapters:
00:00 5 Expensive Mistakes Cairns Property Buyers Make
00:31 Mistake 1: Not Checking Cairns Home Insurance Costs
04:22 Mistake 2: Ignoring Free Cairns Property Research Tools
06:34 Mistake 3: Avoiding Units Because of Body Corporate Fees
08:23 Mistake 4: Buying Property With Emotion, Not the Numbers
09:49 Mistake 5: Buying Without a Clear Property Goal
11:14 How to Avoid Costly Cairns Property Mistakes
11:43 What Property Buying Mistake Have You Made?
For help buying a home or investment property in Cairns, Port Douglas, or the Atherton Tablelands, visit: http://www.thebuyersco.com.au
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