Brisbane’s real estate market is quite versatile, with a variation in price and investment opportunities throughout the suburbs. It can easily become one of the most daunting tasks for you. The best way to avoid the overwhelming exhaustion is to hire a buyer’s agent. But let’s assume you don’t want to hire a buyer’s agent just yet. So, what can you do?
Here’s a quick guide that covers various steps. These are insights and tips collected from qualified property investment advisors and buyer’s agents to help you through the process. Let’s have a look:
It Starts With Defining The Investment Property
First, you need to define the goal or the purpose of the property you’re looking for. What is the right property for you? Is it for investment, or are you looking for a home? Maybe you’re looking for a home that can also turn into a profitable opportunity in the future.
Next, understand the budget. Budget is essential, and as a rule of thumb, always have around 10% extra of the budget you decide. Sometimes, defining the budget can be challenging, and you might first have to explore the local real estate market to decide the right price.
Consider The Neighbourhood According To The Property
The next step will be to start seeking the properties. However, you will have to narrow them down according to the facilities available. For example, home buyers might want to check available transportation, schools, hospitals and other amenities available in the area. Investment property buyers will have to check the potential appreciation, development, and growth prospects in the future.
In this step, you will also determine whether you’re looking for a house, an apartment, or something else. Potential budget for renovation should also be considered in case you find a perfect location or property but it isn’t built according to your preference.
Approaching Brisbane Buyer’s Agent
If you’re looking for local knowledge and to streamline the property buying process, then it is ideal to approach a buyer’s agent. You could also go to a real estate agent, but they tend to try and pitch or sell properties and not have your best interest in consideration.
A buyer’s agent will help you with the local knowledge, and it will be like hiring a qualified property investment advisor for your requirements. They can help you find and shortlist the properties that match your criteria and often even have access to off-market properties. You will save a lot of time, money, and energy in the long run.
Searching The Properties With Patience
Buying property is not easy, even after hiring a buyer’s agent. Depending on the list of criteria, it can be a time-consuming process, but they make it easier for you. The next thing that you have to do is stay patient and let the buyer’s agent do the job. Often, there are properties that you might like but could not be available in the market yet.
Either way, once the buyer’s agent shortlists the right property for you, you can move to the next step, which is very important.
Property Viewing With Brisbane Buyer’s Agents
In most cases, your buyer’s agent will conduct the building and pest inspections to make it easier for you. However, you have the freedom to conduct your inspections and have a property viewing. It will enable you to explore and personally check the properties.
With the help of the buyer’s agent, you can also contemplate potential renovations or modifications you will do on the property and with the trusted advice of the agent, you have to make informed decisions.
Your Role With The Buyers Agents
Indeed, hiring a buyer’s agent will streamline the process, but you still have to be diligent with the property searches. While the buyer’s agents will conduct research, inspection and other necessary tasks, your job will be to check out for any potential red flags in the property.
You have the freedom to tell the buyer’s agent to find any and all the information about the property. You can ask for previous clients (or owners), potential risks, damages, and how much you might have to invest even after buying the property. Moreover, it is important for you to read the inspections and conduct property viewing by yourself.
Time To Negotiate Property Purchase Price
Once you have found the perfect property, the next step will be for the buyer’s agent to help you throughout the negotiations. Even if you can be a great negotiator, it is a good idea to always have a second expert with you. Through expert negotiation, you can get the right price.
And finally, they can help you frame a contract and prepare legal documentation for the purchase. Make sure to read the documents. Real estate agents can make it challenging for you to get a particular property. A good buyer’s agent will help you out.
Finalizing The Process
Once you have a contract agreement to purchase property, the process becomes easier but will still take time. The right buyer’s agent will help you through the solicitors, mortgage broker, property inspector, and other settlements. Throughout the process, you can ask any question to the buyer’s agency in Brisbane or raise any questions.
Brisbane buyer’s agents will help you through the buying process until you have the key to the new property in your hands.
The Bottom Line
Even if you don’t hire a real estate agent or a buyers agent in Brisbane property market, you can follow through with the above-given steps and do it by yourself. However, it is better to get a buyer’s agent because they will have either a fixed fee or hourly rates. They usually don’t ask for any percentage of the property purchase price. If you can find an awarded buyers agent, that’s even better for you.
While they have insider knowledge of the local area and find you the best deal, it is important to consider the fee structure for them as a home buyer. After that, they will help you through the entire process and expert advice.