What Type Of Residential Property Is Right For Me?

Have you finally decided to purchase a residential property? The decision-making doesn’t just end on whether or not you should purchase a property. This is actually the starting point of many more decisions that you need to make on your Perth real estate buying journey.

Before you even start reaching out to your buyer’s agent, you need to decide on what type of residential property you want to buy. There are various factors that you can consider when choosing from the different types of residential property. Aside from budget, you need to consider your lifestyle, family size, needs, and wants in a home. Set your non-negotiables. This can help you decide what type of residential property is best for you.

To help you get started, here are 5 types of residential properties in Perth that you can choose from:

Single-Family Home

single-family home, one of the types of residential properties in australia

Single-family homes are one of the most popular types of residential houses in Western Australia. These are usually stand-alone houses or detached residences that have their own free-standing building. Buyers of this type of property own the land and can demolish, renovate, or choose to extend their dwelling as long as it complies with their local regulations. They can also choose to build either a single-story or two-story home.

This type of home is perfect for growing families with young children as it usually comes with more space and more privacy as well. However, it can be more expensive because of land rates and full maintenance costs.

Strata Residence

strata home, one of the types of residential properties in australia

A strata home is a type of residence that often shares a common wall with the house next door. Unlike detached houses, strata houses are often cheaper to build and maintain. However, they are usually smaller in land size than stand-alone or detached houses.

This type of property is perfect for a small family who wants more privacy than what apartments or flats can offer.

Duplex

duplex, one of the types of residential properties in australia

Duplex is a residential property that is composed of two homes in a single building. In Australia, the style of both homes is usually a mirror image of each other. Each home has its own door/entrance; hence, it can be occupied by different families. 

A duplex can be a great investment as it can either be on a single title or two separate titles. Therefore, it can be individually owned or sold. Most investors who plan to rent out properties also choose duplex due to the opportunity of having two rental incomes while having a lower land cost. This is because it requires less land than stand-alone homes. Some investors also use one side of the dwelling and rent out the other.

Apartment

apartment in australia

Apartments or flats are commonly found in more urban and commercialized areas where land is scarce and expensive such as real estate prices in Perth. They can range from studio flats to flats with several bedrooms. Some mid-range and high-rise apartments also offer excellent amenities and facilities.

Apartments are perfect for single individuals and small families don’t need that much space. It’s great for people who want to live in the city but can’t afford to buy stand-alone houses.

Townhouse

townhouse in australia

In Australia, townhouses are often found in the suburbs of major cities. They are more affordable and are considered a better choice compared to apartments. More townhouses are being developed in prime suburbs where the land is scarce and the houses are becoming more expensive. 

This type of housing is a great choice for small families who plan to upgrade from apartments and would like to relocate to prime areas or cities of Perth.

Buy a House that Suits your Needs

Whether it is your first time buying a house in Perth or not, make sure to research which type of dwelling fits your lifestyle. Think about your long-term goals and plans. Do you think an apartment will be ideal for your plans in five to ten years or are you thinking about growing your family? Proper planning and foresight are needed when purchasing real estate.

Once you have already decided on which type of residential property is right for you, reach out to an experienced buyer’s agent to help you find the perfect home based on your criteria. Buying Perth Real Estate has experts that have a vast knowledge on Perth real estate. With their constant monitoring of Perth prices, rentals, and sales, their expertise will make your buying journey hassle-free.

Before you start your search for your dream home or your investment property make sure you contact the most experienced Buyer’s Agent in Perth at www.buyingperthrealestate.com.

Timing The Market or Time In The Market

The Perth property market currently has become very active and has continued to increase in value. This is mainly because there is a limited selection of good properties on the market. This is due to a rise in population brought about by families returning from interstate and overseas to enjoy the safety of Perth and all the surrounding suburbs.

During the period from 2017 through to November 2019, records show the Perth market fell over 12.5% and more in some suburbs. Almost a greater fall than any other state in Australia. To gain profit in investments, investors always keep in mind that they need to be able to buy low and sell high. It seems like a simple strategy that is easy to follow, isn’t it? However, knowing when the market has reached its lowest point or highest point isn’t easy, even for experts. Prices change rapidly depending on the demand and economic conditions. 

This is what we are seeing now in the Perth Real Estate Market. Prices are starting to rise, and astute investors are seeing that this is the time to take advantage as the real estate market changes direction. Some independent market commentators have predicted a rise of up to 20% in some areas while some of the major banks are a little more conservative in forecasting up to a 10% rise in values.

When it comes to investing in real estate, what is the best strategy – timing the market or time in the market? These terms may sound similar but they are totally different concepts.

Timing the Market

Timing the market means being prepared and acting quickly, but wisely and seeking advice from experienced experts in the real estate industry. Experienced buyer’s agents monitor the market daily and select properties with potential, often before they come onto the market. This means you’re getting the first opportunity before the rest of the buying public.

There are many factors that lead to the rise and fall of market prices mostly socio-economic factors, government policies, demographics, and technology. 

For real estate, timing the market is difficult to predict even for seasoned experts. And even if you were able to buy low, there is a chance that it could still take you years to profit from your investment.

Time in the Market

Time is one of the best assets an investor could have. However, not all investors know how to properly use it to make their investment more successful. Property prices fluctuate from time to time and the demand also changes depending on the economic situation. With this, when there are slight changes in real estate prices, some investors tend to sell their property sooner than others as they do not want to risk the possible plummet in prices which can eventually lead them to lose their profit.

However, in the long run, property values tend to rise. Given this, investors who spend more time in the market have more probability of getting a higher return than those who invest by timing the market. If you are planning for a long-term investment, time in the market is more important than timing the market.

a neighborhood

Timing the Market vs. Time in the Market

Consider these two factors when buying a property. For people buying a home for themselves, time in the market might have less impact on you in the long run. However, for property investors who wish to buy and sell properties, it might greatly affect your profits.

To simply put it, timing the market means predicting when is the right time to buy and sell in the real estate market while time in the market is taking a longer time before you sell the property. Both have their pros and cons. In timing the market, it is hard to predict whether or not it is the right time to buy or sell as prices change rapidly. But if you are lucky enough to buy or sell at the right time, you can gain profit in a shorter period. On the other hand, if you wait for a longer time, you might still need to pay maintenance fees for your property which can eventually offset the amount of your profit. However, since property values tend to increase over time, you have a higher chance of becoming successful.

In the end, it depends on your objective as an investor and the level of risk you are willing to take. 

For more advice about the Perth  Real Estate trends contact clive@buyingperthrealestate.com or visit our website.

7 Steps to Purchasing Your Dream Home

Purchasing your dream home will probably be one of your biggest milestones in life. Finally getting to own your own land, house, and not paying that monthly rent is one of the best feelings in the world.

But where should you start? While purchasing a home will take a lot of time, effort, and money, following these seven steps to purchasing your dream home will make your home buying journey easier.

key on door of dream home

1. Determine if you’re ready to purchase a home.

Before anything else, the first thing that you should ask yourself is: Am I ready to purchase a home? Purchasing a home is not an easy decision to make. It requires a lot of planning and considerations. The most important consideration is to ask if you’re financially ready. 

Check your financial status. Is your savings enough for a deposit? Assess your lifestyle. Once you start paying for a mortgage, will you still have enough money for your expenses? Although there are ways to save money when buying a home, make sure to also have enough money for an emergency fund. Experts suggest saving three to six months’ worth of living expenses as your emergency fund. Through this, you will still be able to pay for your mortgage should there be problems with your income in the future.

2. Research.

Research about the real estate market in your area. Real estate markets usually go up and down depending on the economy and other factors. Research on forecasts and predictions. Is now a great time to buy a home? Or are prices predicted to go down after a few months?

Determine what type of property you need and how much you can afford. Look at which areas have safer or more accessible neighbourhoods. Maybe there is a developing area that offers affordable prices. Look at all your options to see the best deals and offers in your area.

3. Find the right buyer’s agent.

Once you’ve familiarized yourself with the real estate market in your area, look for the right buyer’s agent that can help you with the home buying process. 

Buyer’s agents have an extensive network that can help you find great properties – even those that are off the market. They can also give you more accurate market updates, help you in negotiating the property price, and assist you in getting the right home loan. Your home buying journey will be a walk in the park once you’ve got a trusted and experienced buyer’s agent.

4. Look for the right mortgage for you and get pre-approved.

Before you can look for the home of your dreams, you need to get pre-qualified for a mortgage to determine how much you can actually afford. To get pre-approved, you’ll need to provide financial information, such as proof of your income, your savings, and investments, to your mortgage banker or bank. 

Once you’ve submitted this information, your lender will determine how much they can lend you. This will give a head start on the price range of houses that will fit your budget.

property options when purchasing dream home

5. Start shortlisting options and make offers.

It’s always good to have options. Once you’ve discussed what you are looking for in a home with your buyer’s agent, they will provide you with property options based on your criteria. It is now time to look at those properties, your buyer’s agent will schedule visits, and shortlist options. 

When assessing your options, always take note of your requirements. Find the property that fits your needs the most. If you are having trouble finding the property that ticks all of the boxes on your checklist, select your negotiables and non-negotiables. Negotiables are the things that you want in a home but do not necessarily need – they’re just nice-to-haves. Non-negotiables are parts of the home that you won’t be able to live without.

Once you’ve decided on a property, you can now make an offer. Your buyer’s agent can help you in negotiating the best price for your chosen home.

6. Request a building inspection as part of your offer.

Make sure the buyer’s agents add special conditions to your offers like building and termite inspections. This is a mistake that most buyers commit when buying a home. They forget about doing an inspection and are surprised by the issues that still need to be addressed in their new home. Visiting and checking the home on your own isn’t enough. Make sure you engage a reputable Building inspector, as they are experts who are more knowledgeable about what needs to be checked.

Doing this prior to your offer often can help in identifying if there are issues that need to be fixed, this can help you assess if purchasing the property is worth it. An experienced Buyers Agent can give good advice in these areas. It can also help you negotiate further with the seller. You can ask them to include the repairs in your contract. Discuss with your buyer’s agent to know the best offer you can make.

7. Offer accepted.

Once your offer is accepted, your buyer’s agent will give you guidance through the maze of preparation required to be ready for the final settlement day. All the needed documents – contracts, insurance, and loan documents must be in order for a smooth settlement day.

This might seem a lot of work but no need to worry. Your buyer’s agent will be there to assist you step by step. 

Seven days prior to settlement day in Western Australia a final inspection of the property can be made to make certain all the special conditions have been attended to, things like hot water systems, stoves, air conditioning, and alike are all in working order.  

On average, once the offer has been accepted it can take from 21 days upwards to settlement day, depending on the conditions in the contract to be met (such as finance approval, etc). There might be some stress and challenges along the way, but an experienced Buyer’s Agent can help ensure that they can deal with every situation for you. but be patient it will surely be worth it in the end.

Once you’ve followed these seven steps to purchasing your dream home or investment it’s time to enjoy the fruits that your purchase offers.

For more information on the steps to purchasing your dream home or investment in Western Australia contact Clive@buyingperthrealestate.com  or visit www.buyingperthrealestate.com  

A Family Home With an Investment and Development Potential

R20/60 DEVELOPMENT POTENTIAL

117 Leach Highway, Willagee

This incredible investment is on a busy road which is 10 minutes to Fremantle, the well-known cappuccino strip, and excellent swimming beaches.

There’s a PLUS that many will overlook when viewing this property.

It is an 853 sqm lot size zoned R20/R60 which has the development potential for a five-unit site.  Plus, uninterrupted valley views with stunning sunsets.

The property at the rear of 117 Leach Highway being 78 Arkwell Street has an easement linking future development access from 78 Arkwell Street. This easement is already constructed and in place.

This property is an incredible opportunity you can call home with great future potential. This outstanding three-bedroom character home has superb features. The moment you enter, you can feel the country-style warmth.

The home is surrounded by beautiful trees, massive avocado, and mango trees, Moscato grapevines, and citrus trees over fifty years old.

Features included:

  • Spacious lounge and dining area 
  • Large open area with high ceilings, decorative cornices, modern downlights, and neutral tones
  • A modern renovated kitchen that includes dishwasher, gas cooktop, plenty of cupboard space, and double door pantry
  • Double-sized bedrooms with ample views
  • Fully-renovated bathroom with ample light coming in
  • Wide backyard with a double undercroft garage that can be used as a games room for the family

Additional features:

  • Ample parking area that can accommodate up to ten cars
  • Shed and workshop
  • Stunning Willagee valley views
  • Ducted evaporative air conditioning
  • Downstairs laundry
  • Timber floors
  • Firepit
  • Close to parks, sporting grounds, library, shops, primary and high schools, and universities
  • Accessibility – fifteen minutes to Perth, ten minutes to Fremantle, and only five minutes to the freeway and Bullcreek Train Station

With all the facilities available, this is a very comfortable home for a young family. You can live in the home while deciding to subdivide.

If you are looking for a fantastic investment, grab this home as it is realistically priced from $650,000. In this market, it offers top value.For more information and to arrange your viewing contact Clive@Buyingperthrealestate.com or call Clive at 0412926190.

5 Ways to Get the Lowest Price for your Next Home

Searching for a great yet affordable property isn’t that easy, especially if there is a high demand in your area. Even with the economic turmoil that has happened in 2020, property prices in Western Australia have continued to increase.

So what are the things that you can do to get the lowest price for your next home? Read these tips to find out some of the many ways to get the lowest price for your next home.

Look for Off-Market Properties

There are many amazing and affordable properties that aren’t listed on the real estate internet marketing sites. Off-market properties are properties that are being sold without a listing or advertisement. This can be a great opportunity as off-market properties usually have less competition and have cheaper fees.

To spot an off-market property, you can ask your local real estate agents, through real estate auctions, through buyer’s agents who have strong contacts with banks and financial institutions, or even through word of mouth from friends and family. 

Consider Foreclosed Properties

Foreclosed properties are properties that are being sold by the homeowner’s bank because of failure to pay the loan. These properties are usually cheaper than your average property listing and you can definitely find good deals.

You can either search for foreclosed properties on banks’ websites or go to their office for a list of foreclosed properties for sale. Again, engage an experienced buyer’s agent who is well known and respected throughout the Perth real estate and bank community.

Hire a Buyer’s Agent

Buyer’s Agents have an extensive network. They can find you great property deals and can recommend the best possible property that will surely answer what you are looking for in a home. Furthermore, they are experts who have vast experience in negotiation which can help you get the lowest amount possible. 

A bonus when you hire a buyer’s agent is that you get a hassle-free buying journey, aside from helping you get the lowest price for your next home. They will also assist you in processing special conditions and building reports to protect your buying decisions.

Sharpen your Negotiation Skills

In many circumstances, having excellent negotiation skills can actually go a long way. This also applies to purchasing a property. Negotiation plays a critical role in getting the best deal that you could have.

It is a good strategy to sharpen your negotiation skills. However, if you do not feel comfortable with negotiating with sellers and agents but want to get the best deals with conditions that suit you, engage a buyer’s agent. Buyer’s agents will look after the searching, selection, negotiations, and special conditions right through to settlement.

In most cases, the money saved in the negotiations and time saved and stress more than covers the buyer’s agents fees.

Look for the Best Home Loan Deals

Aside from the selling price of the home you’re planning to purchase, you can get a low price by looking for the best home loan deal. Explore different home loans and compare them to find the best mortgage rates. 

Ask your buyer’s agent to put you in touch with an independent mortgage broker. They can find you a home loan that best suits your financial capability, based on the loan duration and the best interest rate.

Get The Lowest Price for your Next Home Today

If you need help in finding the best deals, reach out to the buyer’s agents at Buying Perth Real Estate. You may send an email to clive@buyingperthrealestate.com.