The decision to purchase either your home or an investment property in Perth has been reached. You are about to kick start your Perth property hunt.
Whatever you chose to do, bite the bullet yourself and purchase it without representation or retain a buyers advocate to help you get the best value for money, you’ll need to go through five main stages in the successful purchase of a property in Perth, Western Australia:
Search – Checklist
- Where in Perth do you want to buy?
- What type of property do you want to buy?
- How can you find properties that match your criteria?
Finance – Checklist
- How much can you borrow?
- Beware that you may have to pay Lenders Mortgage Insurance if your loan amount is more than 80% of the value of your property.
- Are you eligible for the First Home Owner Grant and how do you apply for it?
Negotiations – Main Issues
- Why is the vendor selling?
- Is he desperate to sell?
- How much is the property overvalued by the Perth selling agent?
Contract of Sales
- In Western Australia all buyers are purchasing a property via a method known as 'Offer and Acceptance'.
- Beware: If you put an offer on a house in Perth and it's accepted then you're committed to complete the purchase unless the seller doesn't meet a condition.
- The Offer forms a part of the Contract.
Settlement – Checklist
- The Perth settlement agent now takes over.
- You will need to organize formal finance approval within the specified time frame.
- The Contract of Sale will state the amount of time you have to settle the conditions.
It could prove costly to an unrepresented buyer looking to ‘save money’ by negotiating a contract to purchase a house or an investment property in Perth through a selling agent. It’s simply impossible to provide confidentiality and full disclosure to two clients with opposing interests in any real estate transaction.
Yet, Perth selling agents act as dual agents i.e. they represent both seller and buyer. Because dual agency is not presenting a level playing field for the property buyers, Property Buyers Services is a Perth buyers agency providing unbiased representation and fiduciary duties to buyers. Property Buyers Services operates on a NO PURCHASE-NO CHARGE principle.
