Investing in property is a really complicated process. And if you’re going through the buying process for the first time, it’s easy to get overwhelmed. There are so many costs and factors to consider when buying a property that buyers should not overlook if they want a successful purchase.
On top of that, figuring out all the things you need to consider before buying is pretty hard. That’s why we’ve compiled this quick guide of tips for first-time property investors.
Below, we’ve listed some of the top tips to keep in mind when buying property. On top of that, we’ve included information about buyers agents, who are very important professionals for property buyers.
So, if you’re looking for a top buyers agency for your first home, you’ve come to the right place.
Read on to learn more.
Start Small
When looking for a home or investment property, it’s easy to look back at the properties our parents purchased in their 30s and 40s. However, the economy was very different back then, so you shouldn’t expect to be able to buy a massive 5-bedroom home with your first budget.
If it’s your first time buying property, you may want to lower your expectations a bit. While this doesn’t mean you won’t be able to find the right property, it does mean that the one you purchase might be a bit smaller than usual.
Consider Rentvesting
Many buyers and investors don’t consider “rentvesting” as a realistic option when buying property. However, buying a home that you don’t plan on living in is a very interesting prospect that you shouldn’t discount right away. This is because you can use your first property investment to generate passive income and help you save up to purchase an even better one in the future.
That way, you can live wherever you want to live since renting properties is a bit more manageable than purchasing one. On top of that, your original investment constantly produces passive income, making it much easier for you to save up for a new investment in the future.
Find the Right Bank
Prices in the property market are constantly rising. And for many Australians, it can be hard to buy a property. This is why most buyers nowadays get financing or a mortgage from a bank. That way, they can slowly pay back the money they borrowed for their investment while moving into their new home.
While this allows many people to purchase their dream property, it’s important that you find the right bank to finance your investment. Ideally, you should go to a bank that you already have a rapport with. For example, a great option would be your parent’s bank as it might be easier to get a desirable rate when your loan from them.
Hire a Buyers Agent
The best tip we can give you when purchasing property in Australia is to hire buyers agents to help you throughout the process. With a buyer’s agent by your side, it will be much easier to enter the real estate market. This is because a buyer’s agent assists you throughout the entire buying process. That way, it’s easier to negotiate with selling agents, find off-market properties, and buy the perfect property for your preferences.
Buyers agents are licensed professionals with local knowledge and various skills that can make it easier to buy your ideal property. However, there are quite a few things you need to know about buyers agents before hiring one for your property purchases, which we’ll get to in the rest of the article.
What Does a Buyers Agent Do?
A buyer’s agent is basically the buyer’s advocate. They represent home buyers and property investors that enter the current market. When you enter the property market with a good buyer’s agent, they’ll help you with everything, from finding properties to negotiating with those that sell real estate.
Do I Really Need a Buyers Agent for My Property Purchase?
A buyer’s agent is a very helpful professional, whether you’re looking for an investment property or a new home. Not only will they assist you in finding a suitable property, but they can negotiate with the selling agent for you, ensuring that the purchase price is in line with the current market value of the property.
On top of that, they will provide you with valuable advice throughout the purchasing process. They will advise you on the possible rental yield of a property, let you know about any issues with properties you’re interested in, and even introduce you to their extensive network of real estate professionals.
While you will have to pay for a buyer’s agent when entering the market, they are more than worth the price. Rest assured that you will find suitable properties with buyer’s agents helping you out, from the newest and hottest investment property to a lovely family home perfect for your needs.
How to Find the Best Buyers Agent When Buying Property in Australia
There are many buyer’s agents on the market right now, which makes it hard to choose the best options. So, here are a few tips to keep in mind if you’re looking for the best options when buying property in Australia. You can also read about How to Buy a Home by visiting https://homeseeker.sa.gov.au/buying-a-home/how-to-buy-a-home
Speak to Multiple Buyers Agents
The first tip we can give is to interview multiple buyer’s agents until you find the one that is perfect for you. It’s best to explore your options when looking for a buyer’s agent, whether you’re buying residential or commercial real estate.
Find Local Professionals
Another great tip is to look for local buyers agents. This is because you need extensive knowledge of the local market to succeed in Australia, so you must hire local agents for the job. Whether you’re entering the Melbourne, Brisbane, or Sydney property market, make sure that the buyers advocate by your side is local to the area as well!
Hire Buyers Agents That You Enjoy Working With
Your buyers agent will be there for the entire process, from finding properties to speaking with the real estate agent. So, it’s important to have a good relationship with your buyers agent from the get-go. That way, it will be much easier to work together and achieve your goals.
Conclusion: Ready to Buy Your First Home or Investment Property?
If you’re looking to beef up your property portfolio, Australia is full of great opportunities. However, the real estate industry is immense and can be complicated for first-time buyers. So, make sure to go through these tips before entering the market and rest assured that you’ll be more prepared for whatever comes your way.
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