So you are looking at purchasing a new property. Congratulations! That is an exciting and rewarding endeavour. However, there is so much work that goes into making this decision a successful one, and most of this work takes time, money and lots of leg work. That’s where a Buyer’s Agent can make this task a seamless, stress-free and successful long term property investment for you.
Before you engage a Buyer’s Agent though, there are several things you need to do to make it a smooth and straight forward process. By doing these few simple steps prior to sitting down with your Buyer’s Agent, you can save more time and effort along the way.
- Seek finance approval.
Have a chat with your bank/ mortgage broker and ensure that all your finance approvals are in place. This speeds up the process when it comes to putting down a contract and it also makes it far more appealing to the Vendor to have a clean (unconditional) contract.
Having your finances in place are especially critical when you are purchasing a property that is going to Auction. In Queensland, the terms of an Auction sale require you to bid on an unconditional basis. This means that it is not conditional upon you obtaining finance, or the purchase being subject to the sale of another property, as well as it not being conditional upon a building and pest inspection. There is “No Cooling Off” period with an Auction sale so you must settle the contract even you change your mind or can’t afford it!
- Identify the area where you want to buy / live and be realistic.
Most home buyers already have a fairly good idea of the suburbs and surrounding areas that they want to live in, however you also have to be realistic with your expectations as far as price and style of housing you are after. Generally speaking, people try to live in reasonably close proximity to schools and the sporting facilities etc. that your family are associated with, or at least within accessibility to public transport that connects them to these places.
When it comes to buying property, we all want more than we can probably realistically afford, but it is no good looking at purchasing a 4-bedroom family home in Ascot if you don’t have a budget that meets that market. As a Buyer’s Agent, it is our job to educate you as to what you can afford in your chosen area and if that’s not hitting the mark, then direct you to other areas close by where you can be successful in purchasing your new home or investment.
If you are unsure about where you want to live, then take a drive through some suburbs on a weekend, and of an evening and at different times of the day to get a feel for the community and what it offers. Does it have cafes, supermarkets, restaurants and anything else that you find essential in your day to day life?
If you are too busy and don’t have the time to familiarise yourself with the different areas and suburbs of Brisbane, then we can help you by driving you around and showing the best attributes of the area.
By streamlining this process prior to engaging a Buyer’s Agent, it will assist us in making your property purchase a more timely and effective process.
If you are moving from overseas or interstate, and are not familiar with the new city you are moving to, then this is an essential part of a Buyer’s Agent service. At Location One this is where we help acclimatise you and orientate you to different areas of Brisbane. We can sit down with you and find out what is important to you and your family and identify areas that meet your needs.
- Know what is important to you.
Whether you are a home owner or an investor, it is important to identify what is most important to you when purchasing a property. This is one of the first questions a Buyer’s Agent will try and identify as it will drive the search for your particular property.
As an Investor, is it paramount that you maximise your long-term capital growth or is it positive cash flow that you are seeking with your investment?
Positive Cash flow involves investing in properties that offer a rental income that is greater than the total expenses (mortgage, maintenance, property management fees etc.) of holding that particular asset.
Capital growth is the increase in value of that particular property over time.
As a home owner, it is important to identify whether you are looking for something new or established, and also whether you want it fully renovated or you are prepared to do some hard work and bring some new life into it. Perhaps you are wanting to land bank now and subdivide later? These are important questions to ask yourself and have a clear perspective so that we can move forward smoothly.
- Identify how your family lives and what your new home needs to have.
Do you have a young family or a family of teenagers that needs space and separate fall out areas? Do you want a pool or is it more important to have room to run? Do you want all the bedrooms together or your guest room set apart from the family? Are you getting older and wanting a home all on one level? Is it important to face north east and catch the breezes? Do you want a small block or a sprawling yard to mow? Do you like a modern build or does the Queenslander home appeal to you?
Considering how your family works and the needs of your tribe will ultimately make it more streamlined when we go searching for your new home. Are you flexible with these considerations or are there certain things that you must have? By listing out your top priorities it will assist us in finding your new home sooner.
- Research your Buyers Agent
Even though Buyer’s Agents are becoming more accessible and more often used in property transactions in Brisbane, it is still important that you do some homework and ensure that the people working for you are the best people, to give you an accurate and unbiased view of the market and what is available on the ‘whole” market not just on their books! Many Real Estate agents often act as a Buyer’s Agents, however they are only acting in their best interest – as they are only going to tell you about the stock that they currently have for sale – not what is available across the whole market. Remember a Selling Agent is working for the Seller – they want to achieve the highest price for their vendor and ultimately a bigger pay packet too!
Ensure that your Buyer’s Agent operates independently of all other agencies and developers and that they receive no commissions or “perks” to attain their business. This ensures that they have your best interest at heart, not their hip pocket.
It is critical to ensure that your Buyer’s Agent is fully licenced and registered with the relevant Governing body (such as the Real Estate Institute of Queensland etc.). This ensures that your agent is not only qualified, but that they also remain up to date with regulations and attend regular professional development. At Location One, every client is managed by one of our Directors where they receive the utmost care and attention – So that you can relax knowing that you are getting a Buyer’s Agent that is fully qualified, equipped with years of local industry knowledge, the most up to date technology and resources – and that they have your best interest at heart.
Both of the Location One Directors have not only successfully renovated, bought, sold and held a solid portfolio of investment properties themselves, they have also helped many people find their dream home / property. It is their passion and their mission to help people buy great property at great prices.
Give us a call, we can certainly look after all of your property purchases and make them sound investments.