Why use a buyer's agent?

Purchasing a property can be one of the largest financial commitments you may ever make and is fraught with challenges. At Homesearch Australia we are sensitive to buyer's needs and can help you avoid making costly mistakes by helping you through the buying process.

Buying real estate is a major financial commitment yet many people still embark on the process without the help of a professional buyer's agent. They are unaware that they have no professional representation and that this is readily available. You would not hesitate to engage the services of a solicitor or accountant as they have a level of skill and expertise which the layman does not possess. Considering that there are hundreds of thousands of dollars involved in the property purchase, engaging the services of a professional buyer's agent is a sound decision.

The majority of people engage the services of a real estate agent to sell their home and pay several thousands of dollars commission. It is important to remember that the agent has a legal obligation to represent the seller's best interests and not the purchaser in the real estate transaction. It is the agent's role to get the highest price for their client, the vendor.

In some cases due to the excitement of purchasing a property, emotion takes over and you can end up paying too much for the property. Irrespective of how much you are prepared to pay for a property, a professional buyer's agent will only offer as much as is necessary to secure the property for you and can advise you on what is a reasonable price. Homesearch Australia can take the emotion out of the buying process by taking an objective approach.

Unless you carry out the necessary due diligence and research of the market finding the ideal property at the right price may be sheer luck.

Summary of benefits:

• Saves money in many cases
• Saves time
• Helps you avoid costly mistakes
• Helps you reach an informed decision
• Offers independent advice
• Reduces anxiety

Mistakes some home buyers make when purchasing property

Paying too much for a home

• Without knowing the price of recent sales of comparable properties in the area may result in you paying too much for a property
• Once the agent senses your interest they will endeavour to negotiate the best price for the vendor. In many cases emotions take over and rational objectivity is by-passed
• By becoming engaged in a bidding war, it's easy to pay more than market value for a property

Buying in the wrong location

• Not researching the area thoroughly enough can lead to being too far from schools, transport, parks and other important infrastructure resulting in longer travelling times, placing additional pressure on your family
• Always think forward to resale, some time in the future you may want to sell. The old adage location, location, location is still alive and well

Buying a property which does not fit your needs

• When you find an impressive property, the excitement of buying the property may take over and you can overlook important details
• You must always consider your future needs e.g. growing family, location of high schools etc.
• Sometimes it is better to pay a little extra for a home with more accommodation if your family is expected to expand

Buying a house with major structural problems which require costly repairs

• Not having a thorough building and pest inspection by a qualified inspector. This is critical to identify possible structural problems and other areas which require maintenance, to rectify these problems may involve significant financial outlay

Buying the best house in the worst street

• You may be overcapitalising for the area
• Lesser homes in the street may detract from the value of your property in the future especially if they are not maintained satisfactorily or continue to deteriorate

Not being prepared to negotiate when the time comes

• It is important to move quickly when you find the ideal property. Remember the contract for sale has to be signed by both the vendor and purchaser and exchanged in order for there to be binding contract
• Gazumping is still prevalent, the vendor can still accept another offer up until the contract for sale is exchanged
• It is important to have your finance approved and be in a position to carry out the necessary due diligence without delay. This can put you in a stronger position when the time comes to negotiate

Costs which you have not budgeted for

• Not allowing sufficient funds for legal fees, stamp duty, building and pest inspections, surveys, valuations, insurance, removal cost, repairs etc can cause undue financial pressure

When purchasing a property, finances can be stretched. It is natural for people to feel that every cent of hard earned money should go towards the purchase of their property. However, not investing in professional help can cost you more resulting in false economy in the long run by both consuming your valuable time and not getting the best negotiable price.

The astute buyers who benefit are those who appreciate the value that a professional buyer's agent can add to the buying process.