Things That Can Go Wrong Buying Property in Brisbane & What to Do About it

For both the investor or home buyer, a property purchase is most likely the biggest financial outlay undertaken. Most people undertaking a property purchase borrow considerable amounts of money, therefore anything going wrong in the process can jeopardise someone’s financial future for life.
 
So what could possibly go wrong? The list that follows is just a small sample:
 
·              The property is advertised as having access to transport, but when you move in the service is poor and infrequent.
·              When you inspected the property, you didn’t check out the immediate neighbourhood. The entire local chapter of the Hell’s Angels lives behind you.
·              The property was so beautifully presented that you didn’t notice the electricity tower behind the trees in the back yard.
·              Those solid timber fence posts are riddled with termites.
·              The water pressure is so poor that when you start the dishwasher, the other taps dry up.
 
An buyer’s inspection is usually only a cursory “look-over”, especially if the property is occupied. In someone else’s home, it’s uncomfortable poking around, or moving the couch aside to check the paint job.
 
While a professional building inspection will highlight structural defects, it generally won’t find the things already mentioned, simply because it’s not designed for that.
 
How to reduce the risk to the buyer
 
Engaging a buyer’s agent can take the apprehension out of buying property. A good buyer’s agent will:
 
·              Evaluate the buyer’s criteria and present only relevant properties
·              Preview properties on the buyer’s behalf or accompany the buyer to inspections
·              Bid at auction on behalf of the buyer
·              Negotiate with the seller, with the buyer’s interests in mind
·              Structure an offer, and present it to the seller’s agent, or seller
·              Arrange mortgage brokerage services if required
·              Assist with pre and post settlement issues
 
The difference between a buyer’s agent and a real estate agent
 
·              A buyer’s agent does not sell real estate
·              A buyer’s agent works on behalf of the buyer, not the seller
·              A buyer’s agent presents the buyer with all the information they need to make an informed decision, without the sales “hype”

The benefits of using a buyer’s agent
 
·              Uses their networks to find as many relevant properties as possible
·              Saves time – they do all the leg work to get a short list
·              Uses professional negotiating skills to get the best price
·              Less frustration – the buyer only sees properties that meet specified criteria, not every listing a seller’s agent is trying to move off their books
·              Finds the right property in a good location that will attract capital growth
 
There is a fee for using a buyer’s agent, but that will be easily recouped by buying a quality property that increases in value.