Surefire buyer strategy to set yourself up for success
Mark Hay Realty Group Property Consultant Kong Wai Wong experienced first-hand what it is like to be a buyer in Perth’s hot property market when he recently snapped up a family pad in Bateman.
After spending three weeks attending many home opens, Mr Wong bought a house in the Rossmoyne Senior High School catchment area, with easy access to freeways, public transport, shops, restaurants and a sports centre. Being near family and friends was also a bonus.
“We only viewed the property for around 10 minutes and decided to place an offer, as the location, the full-sized block and the general functionality of the home ticked most of our boxes,” Mr Wong said. “Apparently it was one of four offers presented to the seller.”
Mr Wong said the key to their success was placing a very strong, clean offer that was not subject to finance or sale, as well as offering the highest price and a flexible settlement to suit the seller.
“The seller had been at the property for almost 50 years and we asked the agent to inform them that we intend to make it our family home for many years too,” he said.
Offering his top tips for other buyers, Mr Wong said they should start by getting their finances ready, then actively research their area of interest and target a home on a nice street with potential to add value through renovations.
“Attend as many home opens as possible to see the pros and cons of each property in detail and observe the number of buyers in attendance to gauge if it will attract many offers,” he said.
“Be sure to ask if the council approved any additions, such as the pergola or shed, and find out if the home contains any hazardous
materials or has been treated for pests.
“You should research the neighbourhood, join the community Facebook page to get a feel for the area and ensure there are mostly owner-occupiers in the street – a well-kept house is most likely occupied by owners who take pride in its presentation.
“I also walked and drove around the street and spoke to the neighbours.”
After finding a suitable place and flagging their interest with the selling agent, Mr Wong suggested buyers have a reputable conveyancer or solicitor at hand to help with the settlement and a trusted building and pest inspector to ensure there were not any issues, especially in the case of older homes.
“A busy or inexperienced buyer can also consider engaging a professional buyer’s agent to assist with their journey,” he said.
“Properties that are in a top school catchment area and near amenities and transport tend to outperform in the long run, as there is always demands for such properties, whether it is a strong or slow market.
“We are not only purchasing a home but a lifestyle, which is immeasurable in financial terms.”
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