There’s no doubt that Sydney has dynamic real estate market conditions. It is quite competitive too, and the price can vary from one locality to another, but often rising. Therefore, buying property in Sydney can be a challenging venture. It is advisable to hire a real estate agent, also known as a buyer’s agent in Sydney, to help you through the process.
But in case you want to navigate the complex world of Sydney’s real estate market by yourself, here are a few tips that can help. These can also help you even if you hire a buyer’s agent in Sydney:
Define The Purpose Of The Property
The very first step for you will be to define the purpose of the property. Are you looking for an investment property where you can benefit from increasing property value? Later you can contact the selling agents to flip the property and easily make a profit.
Maybe you’re looking for a dream home in the Sydney property market. For that, you might need local knowledge and will have to conduct due diligence. You could also be looking to buy a home buy later sell it for the right price.
People also browse the property market for commercial options to set up an office, school, or some other business. Once you determine the purpose of the property, you can move to the next step.
Prepare A List Of Property Requirements
The next step is to define the ideal property according to the purpose you have established. For example, if it is a home you’re looking for – How many rooms, kitchen, bathroom and other aspects are you looking for? You could be looking for a suburban home or an apartment.
As for commercial property, you could be looking at an expandable floor plan or a proper space for the operations. Depending on the kind of business you need to cater to, there are many different aspects to consider.
Having a rough idea of what you’re looking for in the property search is a good way to start off.
Consult With A Buyer’s Agent
Even if you don’t want to hire a buyer’s agent in Sydney, it is indispensable that you consult with them. Sooner or later, you will have to approach the real estate agent because they will have the local knowledge. They will know about the neighbouring properties or the options in the areas you don’t have access to.
You could also approach selling agents to get an idea about the property from them. However, if you want to make it worthwhile, then a good buyer’s agent will be ideal. A buyer’s agent cost is nothing compared to the time, energy, and overall money they will save you.
Buyer’s agents often help you narrow down the searches or make it easier for you to find the properties.
Create A Realistic Budget
Once again, to get an idea of the purchase price in Sydney’s real estate market, you will have to consult with a selling agent or a buyer’s agent. Once you learn about the cost of the properties in the area, you can easily customise the budget.
But remember, the budget has to include many other costs too. Like stamp duty, legal documentation, solicitor fees, inspection fees, and much more. So, you will have to set up a realistic budget. Moreover, it is possible that you might renovate or modify the property you buy. So, you need to be ready for that expense, as well.
Learn Everything About The Property
By now, you might have found the properties that fit your criteria (purpose, requirements, and budget). The next step will be to undergo building inspections. Visiting the property is crucial to securing it with your own eyes. And more importantly, to learn about the damage, condition of the building, neighbourhood, transportation, and many other aspects.
Often, it can take multiple days for you to learn everything about the property before going through the whole buying process. If you don’t want to invest time and energy to examine each property with an inspector, the right buyer’s agent will help you get things done.
Don’t Shy Away From Negotiation
Let’s say you found the right property for the right price. The next step has to be the buying process, right? Not yet. Next comes negotiation, and it is important for you to level down the purchase price of the property. If you’re good at negotiation, then this is going to be easy for you.
But in case you don’t have enough expertise, it is ideal to rely on a buyer’s agent in Sydney as they deal with selling agents and many other experts on a daily basis. With your best interest at heart, a good agent will help you get the best deal for the perfect property.
You’ll Have To Purchase Quickly
One of the drawbacks of searching for property in Sydney is the promptness. To secure the deal with the best possible price, you could end up taking too much time. If there’s another interested buyer, you could end up losing the property and all the hard work. So, you also have to be quick in securing the property.
That’s why, for the best property prices and to discourage other prospective buyers, it is a good idea to hire a buyer’s agent. They can provide quick property advice and often have all the leg work already done for you. And even if you lose a property, they will have other comparable properties and comparable sales to help you out.
How Can A Buyer’s Agent Help?
A buyer’s agent is there to help you out, but buyer’s agents also have access to off-market properties and a large network of agents, including selling agent. They can even help you find pre-market properties and arrange meetings with previous clients so that you can get all the answers.
Buyer’s agents are also buyer’s advocates. They make the entire home-buying process easy as they also have solicitors and other experts in contact. With fair trading and a fixed fee, they can help a home buyer find the right property.