A Buyer’s Advocate can help you secure a better property, at a better price, or ideally both, while saving you time and unwanted stress.
Buying a property in an overheated market (like the one we’re in right now) can be a huge challenge. Especially if you’re a First Home Buyer competing against so many others, and without knowing how to go about researching and acquiring a property that best suits your needs and budget
Firstly, let’s explain what a Buyer’s Advocate does. Also known as Buyer’s Agents, they are licenced professionals that specialise in searching, inspecting, evaluating and negotiating the purchase of a home on behalf of a buyer.
Buyer’s Advocates don’t work for a real estate agency. They work strictly for the buyer.
Why use a Buyer’s Advocate?
There are numerous advantages to using a Buyer’s Advocate including:
- Saving you time to research properties and analyse markets.
- Providing knowledge and insight into locations you’re unfamiliar with.
- Giving expert advice and analysis for specific properties you’re interested in.
- Accessing information about property sales yet to be listed (ie. ‘off the market’).
- Being able to communicate candidly with the seller’s agent to reveal information they may not divulge to regular buyers.
- Negotiating and bidding at auction to secure the lowest possible purchase price.
In fact, if you’re not a seasoned property buyer or investor, engaging a Buyer’s Advocate could be decision that gives you the secret weapon you need to secure a better property, at a better price than if you tackled the transaction on your own.
So how do I get into the Property Market?
According to prominent Buyer’s Advocate, Mark Kenny, this is a question he’s regularly asked by First Home Buyers who want to buy their first property, yet have no idea where to start. Mark has helped hundreds of buyers – First Home Buyers, investors, up-sizers, down-sizers and developers – purchase properties and homes across Melbourne and regional Victoria.
As a first-time buyer, according to Mark, the initial thing you need to do is define ‘why’ you want to buy. Is it to live in, or is it an investment? If it is to live in, is it more important to live in a particular location, or a particular type of property? Long commutes and travel to work and school can be just as detrimental to a family as not having enough backyard or living zones.
“If you don’t ‘need’ a house, then it’s worth considering something like a villa unit, which is a two or three-bedroom unit on its own block,” says Mark.
“It might have a common driveway and be part of only two or three other units on the block. So, you could look to buy the front one with street frontage and its own driveway – or choose the privacy of the rear unit.”
Mark says apartment living also suits many people’s modern lifestyles. While he avoids buying ‘off-the-plan’ because it is often fraught with risks, buying a one or two-bedroom apartment in a well-established block is a perfectly feasible option if location is more important. They’re low maintenance and might be conveniently near a train station, a park or the buzz of an urban neighbourhood. The building itself may be only two or three levels. Consider a north facing balcony or courtyard and the added security and privacy.
“The benefit of buying an established apartment vs off-the-plan is that you can walk through the rooms to get a sense of size”, says Mark. “You can knock on the neighbour’s door to get an idea of who you might be potentially living alongside. Check out the sound insulation between walls, ceiling and floors.”
He adds that you must get your Conveyancer to fully review the Owner’s Corporation Certificate in the Vendor Statement to understand if there are any ongoing maintenance issues or problem residents. And to avoid a building that has an issue with removing combustible cladding.
To find out more about Buyer’s Advocacy, get in touch with our Home Buying Experts today.
Call 1300 My Expert (1300 693 973) or complete our online enquiry form: https://myexpert.com.au/contact/