Who should you take advice from about property buying?
When it comes to property purchasing, whether for an investment property or an owner-occupied patch of real estate, it pays to have a number of people on speed dial that you can take advice from. The average investor or home buyer isn't as clued up about the market as the experts.
Taking specialist recommendations into account can be the difference between buying the property of your dreams and finding yourself owning a lemon. Nobody wants to be left with a sour taste after such a major expenditure, so shore up your own chances and get a mortgage broker, a solicitor and a buyer's agent on board to help you out.
What will buying a property entail?
When you set out to buy a property, it's not as simple as rocking up to a house that you love and handing over some money for it – there can be stiff market competition, an offering process and then all of the paperwork to sort out. But the experience will be worth it when you step over the threshold of your very own property.
A buyer's agent has specialist market knowledge and can guide you through the entire property buying journey.
To start with, you'll need to undertake some market research, and for many busy Australians, that can be tough. Often the only times open homes are available is at the weekend, but weekends are an important time during which you spend with your loved ones. A way around this is to employ a buyer's agent who has specialist market knowledge and can guide you through the entire journey. Not only will your agent be able to find a shortlist of properties for you to peruse in your own time, but they can attend auctions and make bids on your behalf. A buyer's agent is legally bound to work in your favour, so you can rest assured that they won't be trying to swindle you.
Here at Cohen Handler, we pride ourselves on our ability to buy properties for our clients under market value, so your budget won't be stretched when you sign up for our invaluable services.
Making a bid
Once you have the property in your sights, you'll need to know exactly what you can offer for it. In that regard, you'll want to have a mortgage broker on hand who can assess your prospects and help find you the money to make an offer.
According to the IBISWorld Mortgage Brokers in Australia report, the mortgage broking industry in the country is worth $1.8 billion in annual revenue – Australians understand the value of their services.
The most popular state for mortgage broking is New South Wales, which accounts for 32.7 per cent of all revenue. It's no wonder, with Australia's largest city having a median house price of just under $1 million, as stated by CoreLogic RP Data – people require lending in order to buy.
If you know how much you can afford to offer on a house because your broker has pre-approved a loan, then you can submit the bid more quickly and give yourself the best chance of securing exactly what you want without paying too much.
What happens if your bid is accepted?
Once you have had a bid accepted by the seller through your buyer's agent, you'll need to act quickly to secure the deal by having the right paperwork to complete. That means you'll need to have a solicitor that you can rely on to have the right documents for you at the right time – also removing the chance for the competition to swoop in.
Once the relevant inspections and tests have been completed and the contract is signed, you will be the proud owner of your very own property.
You can make the whole process much more relaxing by having these three professionals by your side, so start your journey the right way and get in touch with Cohen Handler.