How A Buyers Agent Can Help You Buy Your First Home In Sydney
If you’re planning on buying your first house in Sydney, the first thing you need to do is to contract the services of a Buyer’s Agent.
Sydney is one of the most progressive cities in the world. It consistently ranks in surveys as among the best cities to live in or retire. Sydney is considered the financial hub of Pacific Asia. It is home to many multinational corporations, world class universities and popular tourist destinations. There are great beaches and recreational activities to be done in Sydney.
Thus, it should be no surprise that Sydney is also home to the most expensive property market in Australia.
Property prices in Sydney surged by 19.9% in 2015, the largest increase in Australia. Sydney’s mean housing price of AUS$ 780,900 is much higher than the mean housing price of Australia which is at AUS$ 612,200. Buying property in Sydney can be challenging due to the following factors:
- Lack of available property for sale
- Lack of development of single detached dwellings
- Consistently rising prices
- Rising population
- Rising competition from foreign buyers
With these challenges in mind, this is where having a Buyer’s Agent in your corner becomes a crucial decision when planning to buy your first home in Sydney. Whereas most real estate agents work from the property seller’s side, a Buyer’s Agent will work to protect the best interest of the buyer.
For first time buyers of property in Sydney, you will have to look for the property that suits your needs and meets your budget. In order to get the best deal, you have to negotiate pricing or terms with the property owner.
Rising demand and the lack of available property for sale have created conditions for a Seller’s Market in Sydney. The favorable negotiating position is with the seller. Unless you are an experienced negotiator, you may not get the price or terms that you want.
A Buyer’s Agent in Sydney will do the following for you:
- Provide a Short List of Properties for Sale. We all have an idea of what our dream home should look like. But where can we find it?A Buyer’s Agent can provide you a short list of properties for sale that may meet your needs and interests. All you have to do is discuss with the Buyer’s Agent the amenities and features you want in a home or a neighborhood.With this information, a Buyer’s Agent can present a listing of houses for you to visit that may fit your description.
- Use His / Her Extensive Network to Find You the Best Property.Not all property sellers advertise their properties in the open market. Especially in a Seller’s Market, there are many property owners who discreetly have these listed with real estate agents including Buyer’s Agents.The reason for this is to maintain a premium value on the property. Thus, if your budget or resources would allow, a Buyer’s Agent may be able to present for your consideration the best houses in the market that not many people know about.
- Guide You in Auctions. An auction is one of the best venues to buy property. But winning or successfully participating in an auction could be a tricky proposition.An auction brings in various people with the same interest as you. The venue becomes a melting pot of emotions where participants are constantly mulling about strategy. To become successful in an auction requires knowledge and experience.Buyer’s Agents have participated in many auctions. They have the technical, fundamental competencies and intuition to guide you in an auction.
- Negotiate on your Behalf. Buyer’s Agents have been on both sides of the sales transaction. They have great insights on the mind of the Seller and that of a Buyer.Keep in mind that many of these Buyer’s Agents are property owners as well. They have gone through the sales process and know what it is like to want to get the best home for their budget.Having these experiences are key components in a successful negotiation process.
- Render Valuable Advice. Buying a home is not just possibly the biggest investment you will make in your life. It could well be the most important.Many first time home buyers especially in Sydney should understand the enormity and significance of this decision because it could well be life-changing. A Buyer’s Agent will help you sort out the decision-making process by clarifying the following:
- Do you have the means to buy the property?
- Do you have a clear picture of what it takes to maintain a home?
- Can you sustain a monthly amortization?
- Do you plan to reside in the property for more than 5 years?
- What will you do if your ideal home is beyond your reach?These are all important and compelling questions that deserve an answer if you are planning to buy a home in Sydney.
To be clear about it, hiring a Buyer’s Agent will entail payment of fees similar to a real estate agent who works for the seller. But the benefits of hiring a Buyer’s Agent greatly outweigh the costs especially if you are able to acquire the best home for your money.