If the commitment of buying a house wasn't enough to scare you off, there's also the barrage of legal considerations to contend with.
And because the market for homes is so competitive, you'll probably have to deal with them sooner than you expected.
Jennifer Scott of the NSW Real Estate Institute (REI), says it is becoming common to be asked to sign a contract on first viewing.
So, if you're nervous about signing immediately, try paying a holding deposit - usually $500 - but don't be surprised if you're gazumped by another buyer.
"A holding deposit is really only a goodwill gesture . . . only an exchange of contracts guarantees you the home," says Scott.
Once you've signed, ask for a "cooling-off" period of at least five days, during which you can back out if need be, losing as little as 0.25 per cent of the purchase price. But once that period has passed, you are committed and may lose your 10 per cent deposit or face a compensation claim if you back out.
Some buyers overcommit themselves. Scott says: "Too many people use the heart and not the head." So discuss a budget with the bank before you start looking and then make sure your loan is approved in writing before the cooling-off period ends.
First-time home buyers commonly complain that unseen costs seem to assail them on a daily basis. The answer, according to Maryann Galea, of solicitors Makhoul Symond, is to know what costs to expect.
You'll need a solicitor or conveyancer to handle the documentation - but shop around for a good price and steer clear of hourly rates. Conveyancing should cost between $600 and $1,000 for a standard home sans boat ramp and golf course.
Pest and building assessments are additional and can cost as much as $200 each, but are essential to detect serious structural problems.
"Not getting these would be like buying a second-hand car and not test driving it," says Galea.
Depending on when you buy, you may also need to factor in adjustments for council and water rates and land tax or strata levies. Your solicitor should confirm those with the local council. But be warned. All that can add up to hundreds, even thousands, of dollars.
Then there's Government stamp duty - for example, $7,244 on a $250,000 property.
"People usually don't allow for these things and don't build them into their savings or considerations," Galea warns.
If it hasn't been done in years, having the property surveyed is a smart idea, although this can cost as much as $500 and sometimes backfires - perhaps by reducing the size of your block. Still, it's far preferable to find out before you move into your new home that the third bedroom is actually part of the neighbour's backyard.
Speaking of the neighbours: it's not a bad idea to check out them too.
Knock on some doors and chinwag idly about the area, local schools, where to shop. You wouldn't want to move in and find you've got the Mansons on one side and the Addams Family on the other, would you?
"If privacy is a big issue for you, then buy a house, not a strata unit," says Scott. "Neighbourhood disputes are complex and the courts have a great deal of difficulty in solving them.
"You may have to sell up and that's an expensive process. Particularly if you buy when prices have peaked and have to sell when they're coming back down," she adds.
Beware of inheriting illegal renovations. If the new garage looks a bit dodgy or if yours is the only house in the street with three storeys, have your solicitor obtain a Building Certificate from the council.
It may seem blindingly obvious, but much will be answered by the contract you sign. If your dream home is in a high fire or flood risk area, that will be included. The contract will also tell you whether those homey features you loved - the potbellied stove, the dishwasher, air-conditioning and those lovely retro drapes - are actually part of the sale. Restrictions on renovations could be detailed too, blowing your plans to build upwards.
"I'm amazed at how many people who sign on the dotted line read only the first page and don't look at the other 30 pages," Scott says.
"When you exchange contracts, you're not only agreeing to the property, you're also agreeing to be bound by the terms and conditions of the contract."
After contracts are exchanged, you should get four to six weeks to settle. Any less is cutting it too fine - you'll need all that time to insure the property, sign mortgage documents, pay stamp duty and find the balance of the purchase price.
Don't try to insure the house for less than full replacement value (which can be different from purchase price). If you do, you risk receiving only a percentage of the actual value of the house in the event of a disaster.
Contrary to popular opinion, most property investors are not cigar-chomping land barons. According to the REI, the average investor owns just one rental property.
Consequently, most have little experience with leasing and its legal pitfalls. There's nothing to stop you handling the rental process yourself, but owners overwhelmingly opt to pay an agent.
Most agents charge a letting fee of the first week's rent, plus a cut of about 5 to 7 per cent of subsequent payments.
"Generally speaking there are far fewer problems when an owner employs an agent for everything," says Lyn Tamsett, of the REI.
A particularly sensitive legal area is how to handle evictions. The property owner can wait up to 32 days after non-payment of rent before the Tenancy Tribunal will hear a claim for termination of tenancy. And at no stage is the owner entitled to smash down the front door and change the locks.
"If you don't know your residential tenancy law, you can come unstuck quite badly. The agent earns every cent by [knowing] these things," says Tamsett.
You'll also need public liability insurance covering the property. "You'd be very foolish if you didn't. If someone electrocutes themselves because of faulty wiring, then you could be sued," she adds.
The golden rules of buyingThis story was found at: http://www.moneymanager.com.au/property/guides/articles/buy11.html