By enlisting the help of The Property Masters, you will be protected against any errors occurring through the process of buying a property where we will advise and assist you through the whole process.
What questions should I ask the agent when buying a property?
- How long have the owners lived there?
- Can you show me a recent property sales report to show what the house is worth?
- Are there any known issues with the property, land or neighbours’ properties?
- Why is the vendor selling?
- How long has the property been on the market?
- Exactly what is included in the sale?
- Is the property heritage listed? If so, what grade is it? And is it in a conservation area?
- How much are council rates / water rates / strata fees (if applicable)?
What are the different ways to buy a home?
There are 4 main ways to buy real estate in Australia
- Private treaty – when the vendor, or home owner sets the price they would like to sell their property for and their real estate agent negotiates individually with prospective buyers to achieve a sale as close to this price as possible.
- Auction – which is a public sale conducted by a licenced auctioneer. Properties are offered up for bid and if the reserve price is reached the property is sold to the highest bidder. These can also be conducted online with systems such as Openn Negotiation.
- Tender and Expression of Interest are processes wherein you submit a single offer, usually accompanied by a 5 or 10 per cent deposit, and it is accepted or rejected by the vendor.
What are the costs of buying a property?
- Deposit – usually 10-20% of the home’s overall cost – negotiable.
- Stamp Duty – differs in each state (insert link for WA) https://reiwa.com.au/advice/calculator-tools/stamp-duty-calculator-wa/
- Lenders mortgage insurance if you borrow more than 80% of the property purchase price (can sometimes be as high as 90%)
- Building insurance
- Legal help such as lawyers or conveyancers
- Building, pest and strata inspections
- Council rates and strata fees
- Moving costs
Why should I buy with The Property Masters?
Enlisting the help of a Buyers Agent through our agency can help you navigate the often-tricky world of residential real estate with confidence and no sleepless nights. We handle the whole process and in most cases, save our fees on the final price we settle on for your new home or investment.