9 Great Things You Need to Know BEFORE Buying Real Estate in Perth

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real estate in perth

Pricing real estate in Perth are continuing to rise, and so is the number of people looking to invest. There has never been a better time to buy real estate in Perth if you are willing to take the risk and make an investment that can pay off in the future. While there are plenty of real estate agencies out there trying to sell properties, it can be hard to get the information you need before signing on the dotted line.

If you’re interested in buying real estate in Perth but don’t know where to start, keep reading for some helpful tips and advice. Whether you’re planning on renting or buying property, this article real estate in Perth will help you understand what to expect from real estate agents, legal advisers and landlords before committing your money.

A Guide for New Investors: What to Expect from a Real Estate Agent

Buying real estate in Perth can be a complicated process, and it can be hard for new investors to know what to expect. The first thing you need to know is that real estate agents are salespeople, and their job is to get you to buy a particular property. Agents typically earn a percentage of the sale from the seller, and this is how they get paid. Apart from the legal side, you will also have to deal with the real estate agent and his/her team when buying a property, and you need to know what to expect.

These are the things you need to know before buying real estate in Perth:

  • You Can’t Trust the Listing Price of the Property
  • The listing price is what the seller says it is worth, but it is almost never the actual price you will pay. The seller’s agent will always try to negotiate a lower price, and you have to be prepared for this.
  • You Need to be Willing to Haggle – If you really want a particular property and you have the money to buy it, you need to be willing to haggle. Successful real estate agents will always try to negotiate a lower price for the seller, and if you don’t counter their offer, you could end up overpaying for the property.
  • A Real Estate Agent Can Help You Negotiate
  • The best agents are able to bring both sides together and get a deal done. If you find a property you like, it is always a good idea to hire an agent to negotiate on your behalf. You need to make sure that you negotiate a fair price or you could end up overpaying for the property.
  • You Need to Be Patient
  • If you really want a particular property, you may have to wait a while before you can get a deal done. It can take a few weeks or even months to get a deal done, so you need to be patient.

How to Find the Right Property Agent

The first thing you should do is decide what type of real estate agent you need. When buying property in Perth, there are two main types of agents you can work with: Exclusive and non-exclusive agents.

  • Exclusive agents are required to act in the best interests of the seller and earn a commission from the seller.
  • Non-exclusive agents must act in the best interests of both the seller and the buyer and earn their commission from the buyer. Most real estate agents are non-exclusive, but you’ll want to make sure that yours is.

Once you’ve chosen a type of agent, you should ask friends and family for recommendations. You can also choose an agent based on the area you’re interested in. You can conduct a search online to find real estate agents in your area and check out their reviews.

Finding the Right Real Estate Agent in Perth

First off, you need to decide what type of agent you want to work with. This will help you narrow down your search and make sure you find the right agent for your needs. Once you’ve narrowed your search, you can find a real estate agent in Perth by conducting an online search. You can also choose to work with a real estate agent who you’ve worked with in the past.

You can also choose to work with a real estate agent who you’ve worked with in the past. If you have no experience buying real estate in Perth and don’t know where to start, it may be helpful to work with a real estate agent who specializes in first-time buyers. This will help you navigate the process and make sure you don’t miss anything important.

Don’t Be Scared By Legal Fees

Legal fees are one of the biggest expenses you will face when buying real estate. Legal fees vary widely, depending on the type of property and seller. On average, you can expect to spend between $4,000 and $10,000 for real estate attorneys. The good news is that you can negotiate these fees. In many cases, real estate agents or lawyers will reduce their fees if you’re buying a large property or are making a cash purchase.

In some cases, vendors will also reduce their fees if you offer a reduced price on the property. Before you sign any agreements, make sure you understand any legal fees associated with the property. This will help you avoid any surprises down the road.

The Catch with Covenants

Before you buy real estate in Perth, it may be helpful to learn about covenants. Covenants are legal restrictions that are attached to the property. These covenants may limit what you can do with the property or impact its value. Ideally, you want to find a property that has covenants in place. This will help protect the property’s value and make it easier to resell in the future.

At the same time, you don’t want to buy a property with covenants that are too restrictive. If you buy a property with restrictive covenants that limit your ability to resell, you may have a hard time selling the property later.

What is a Deposit?

Before you sign the real estate contract, you will need to put down a deposit. This deposit acts as a good faith payment that shows the seller that you are serious about buying the property. The amount of your deposit will vary depending on the type of property you’re buying. On average, first-time buyers will need to put down a deposit of 10-15% of the purchase price.

This will help you secure the property and avoid being outbid by another buyer. You can also use your deposit to negotiate a lower price on the property. Once you’ve signed the real estate contract, you’ll need to pay the remainder of the purchase price. Once you’ve paid the full price, you’ll get the deposit back.

Other Costs to be Aware

As we’ve seen, buying real estate in Perth can be an expensive process. This is especially true if you’re looking at buying a new property. If you’re buying a new property, you need to factor in additional costs like stamp duty. The good news is that you can avoid some costs by buying pre-owned real estate.

Here are some additional costs to be aware of when buying real estate:

Insurance

Before you sign the real estate contract, you need to take out an insurance policy. This insurance policy will protect you in the event of damage to the property.

Moving Costs

Once you’ve bought the property, you’ll need to move in. This can be a costly process that you may want to plan for.

Repairs

Even if you buy a pre-owned property, you may need to make repairs. You may also need to replace old appliances in the home.

Pros and Cons of Owning Real Estate in Perth

There are plenty of reasons to buy real estate in Perth, but there are also some drawbacks. When you buy property, you risk losing money if you can’t sell it again and you have to pay the mortgage every month. That being said, real estate is a proven long-term investment. If you buy a property in an area with rising real estate prices, you can expect to make a profit when you sell it in the future. If you’re interested in buying real estate in Perth, now is a great time to make an investment.

Real estate in Perth prices are continuing to rise, and there are plenty of good deals to be found. Before you sign the contract, make sure you know what you’re getting into. Buying real estate is a big commitment, but it can be a profitable one if you do your research and choose wisely.

Conclusion

There has never been a better time to buy real estate in Perth. While there are plenty of advantages to buying property, it can be difficult to know where to start. If you’re interested in buying real estate, start by understanding the basic costs and requirements of the process. Additionally, make sure to do thorough research to find the best property for your needs. With these tips in mind, you can make the process of buying real estate much easier.

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