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faqs
I will know the right property when I see it, why waste time with a brief?
Scanning real estate listing sites can be fun, but without a very clear idea of what you need in a property you risk wasting time looking at and evaluating unsuitable properties, and getting frustrated by the property search process. A well-defined property brief acts as a guide, helping you focus your search on properties that meet your needs, and will save you time and energy.
How do I set a budget for buying a property?
t’s important to understand how much you can spend on a property. Think of these expenses as upfront costs, and the ongoing costs. We recommend that you speak with a financial planner to better understand your circumstances, but also a mortgage broker to understand your borrowing capacity and the cost of repayments, particularly as interest rates change. Newin & Co has an extensive network of experts around Australia we can refer you to, and work collaboratively, in order to making the property buying process as seamless as possible.
How know the general area, do I need to do more research?
Researching locations for buying a property is crucial. Understanding property values, school catchment areas, public transport is all key. But so too are issues like future development in the area, zoning requirements, council rates. A buyer’s agent will collate all of this information and more, to help you make informed decisions about your property purchase.
What is a buyers brief?
A buyer brief defines all the key tangible and intangible requirements a buyer expects to attain when purchasing a property as their home or as an investment. Examples of the common key requirement may include price, the number of bedrooms, bathrooms, garages, specific proximity to shops, parks and schools, build quality, aspect, view, renovation potential, rental yield, capital growth target and so on. The more elaborate or unique a buyer brief is, typically the longer it can take to find a property if there is little flexibility or compromise. Ultimately, a good buyer brief is aimed to guide you to successfully sourcing and buying the right property sooner.
Can I change my brief?
Yes, If there is a need to revise your buyer brief, Newin & Co will adapt accordingly and optimise the brief. We will look for opportunities or make recommendations that aim to exceed your needs so that you have more of the the “nice to haves” outlined by your brief. For example a family looking for a 3-bed house in the lower-north shore of Sydney may realise that their brief is not suited and are getting priced. We optimse the brief’s budget towards similar surrounding areas. Later, they buy a 5-bed house with a pool at lower price in the upper-north shore instead. Before making substantial compromises, we can source and recommend properties in similar areas that will tick all or more of your boxes, optimising your brief to give you greater value.
Why do I need a buyer's agent? Can't I do this myself?
Buying a home or buying an investment property can be a complex process. A reputable buyers agency can leverage their expertise, market knowledge and negotiation skills to secure you the best possible deal on a property that aligns perfectly with your brief.
Do I need to attend the property inspection in person?
If you’re not local to the property, our Buyers Agents can conduct property viewings on your behalf and provide feedback afterward. If you cannot attend in person we will either undertake a video walk-through, detailed photographs, or work with you to find the best way to familiarise yourself with the property.
What happens after a property viewing?
Do I need to attend the property inspection in person?
If you’re not local to the property, our Buyers Agents can conduct property viewings on your behalf and provide feedback afterward. If you cannot attend in person we will either undertake a video walk-through, detailed photographs, or work with you to find the best way to familiarise yourself with the property.
What happens after a property viewing?
After each property viewing, we’ll discuss our findings with you and address any questions or concerns that you may have. If you decide to move forward with a property after seeing it yourself, we’ll discuss the strategy moving forward and bring you along the journey towards securing your next home or investment.
How long do negotiations take
The duration of a property negotiation varies based on factors like the property’s uniqueness, market conditions, and the seller’s responsiveness. We work to streamline the process, aiming for timely and successful negotiations.
However, once a negotiation is in full-swing, it can move quickly. So, it is important to have all your financing in place, due-diligence completed and be ready to act quickly to secure the property.
What factors are considered during property negotiations?
Property negotiations consider various factors, including market trends, property condition, seller motivations, and comparable sales. Our Buyer’s Agents leverage this information to tailor effective negotiation strategies.
What is the best auction bidding strategy?
Each auction is unique, so it’s important to understand the dynamics at play before you start to bid. It is important to understand the market dynamics, how many other bidders there are, and how serious they are, as well as the motivations of the seller. It is also key to understand the tactics the auctioneer and real estate agent selling the property are likely to use in order to try to increase the price. Utilising the services of a buyer’s agent with existing real estate relationships and experience at auctions can be helpful to increase your chances of being successful at auction.
Is it OK to bid against yourself at auction as an auction bidding strategy?
Technically you can bid against yourself at an auction, and a real estate agent may encourage this if the property has not yet reached the reserve price. However it might be more advantageous to negotiate with the vendor if the property passes in (doesn’t sell at auction) so it is important to have a good understanding of your auction bidding strategy.
How do I register for an auction?
Each state in Australia has different rules about registering for an auction. Newin & Co’s buyer’s agents in Sydney, Melbourne, Brisbane, the Sunshine Coast, the Gold Coast and Adelaide have experience in the process and will guide you through the process. The Real Estate Institute of Australia and the equivalent organisation in each state are great resources to help you understand the process of an auction.
How long does the due-diligence process typically take?
The duration varies based on factors like property complexity and the extent of research required. We will work closely with your conveyancer and pest and building inspector to provide timely due-diligence results, ensuring you can quickly make an informed decision about the property.
Why is property due diligence important before purchasing a property?
Property due diligence is essential before purchasing a property for several reasons. Firstly, it protects your finances by uncovering any potential issues that could impact the property’s value or require costly repairs. Secondly, it ensures legal compliance, reducing the risk of legal complications by confirming adherence to zoning regulations, building codes, and property tax requirements.
Additionally, due diligence helps you assess and mitigate risks associated with the property, such as market trends, location factors, and future growth potential. It also provides crucial information for making informed decisions about the purchase, empowering you to negotiate effectively with the seller and improve the terms of the sale. Ultimately, completing due diligence offers peace of mind by reducing the likelihood of encountering unexpected surprises or regrets post-purchase.
When should I start property due diligence?
As early as possible in the home buying process, ideally before making an offer or entering into any contractual agreements.
Typically, before an offer is made it is best to gather as much information as possible however an offer can be made with conditions such as, offer is subject to a pest and building inspection and finance approval. It will all depend on the method of sale and how offers are typically received in state you’re purchasing.
What is a pest and building inspection and what does it cover?
A pest and building inspection typically covers a thorough examination of a property to identify any structural issues, defects, or pest infestations. Here’s what it typically includes:
Building Inspection: This involves inspecting the structural elements of the property including the foundation, walls, roof, ceilings, floors, windows, doors, and any other visible structural components. The inspector will look for signs of damage, deterioration, or poor construction.
Pest Inspection: A pest inspection focuses on identifying any signs of pest infestations or damage caused by pests such as termites, ants, rodents, or wood-boring insects. This inspection usually covers both the interior and exterior of the property, including the attic, basement, crawl spaces, and around the perimeter of the building.
Report: After the inspection is complete, the inspector typically provides a detailed report outlining their findings, including any issues or concerns discovered during the inspection. This report can be used by the buyer to make an informed decision about whether to proceed with the purchase of the property, negotiate repairs or adjustments to the sale price, or withdraw from the transaction if significant issues are uncovered.
How do I get a hold of council plans?
When conducting property due diligence in Australia, it’s essential to contact the local council’s planning or building department. They maintain records of property plans and easements, which are crucial for understanding any restrictions or encumbrances on the property. These records can provide valuable insight into the property’s development history and any potential limitations on its use or alterations
What is a strata report?
A strata report is a document that provides comprehensive information about a property within a strata scheme. In a strata-titled property, such as apartments, townhouses, or units, individual owners own their unit or lot, while common areas and facilities are owned collectively by all owners and managed by a strata corporation or body corporate.
The strata report typically includes details about the financial and operational aspects of the property, such as:
- The financial health of the strata scheme, including budgets, levies, and any outstanding debts or liabilities.
- The rules and by-laws governing the use and management of the property.
- Any ongoing maintenance or repair issues affecting the property, including upcoming or completed works.
- Records of past meetings and decisions made by the strata committee or owners’ corporation.
- Insurance coverage for the property and any claims history.
- Any legal disputes or litigation involving the property or the strata corporation.
What is the contract of sale?
A contract of sale for residential property is a legally binding document that outlines the terms and conditions of a property sale transaction between a buyer and a seller. It is essential to review all of the components with in the contract of sale before making an offer on a property. Key components include but are not limited to, identification of the parties involves, property details, purchase price, deposit amount, payment terms, special conditions, finance clauses and the settlement date.
Why would I use a buyer's agent to find on-market properties?
The best buyer’s agents will not steer you towards any particular property just because it helps to close a deal. The best buyer’s agents will search the entire market, including off-market, pre-market, on-market and post-market properties to find the right property for you. Using a buyer’s agent means you can be confident you have seen the entire market and that you have made the right choice.
What type of properties can a buyer's agent help me find?
Regardless of whether you are searching for an inner-city apartment, a charming cottage or a rural retreat, national buyer’s agents like Newin & Co’s consultants are able to source every type of property. This includes off-market listings not available to the public. A good buyer’s agent will tailor their search to your specific brief and budget.
How do buyer's agents access off-market properties that aren't publicly listed?
Buyer’s agents have extensive networks of both real estate agents and potential sellers. Leveraging these relationships means we are able to present unique opportunities that match your brief. The goal is to reduce competition and potentially secure you a property before the competition even knows it exists.
Can a buyer's agent's search save you time?
A buyers agent’s ability to source properties on and off-market generates greater opportunities for you to consider in a shorter amount of time.
Newin & Co’s swift service has been praised by many clients for providing relevant options very quickly while enabling them to focus on work and family commitments.
What areas do you research for property?
Newin & Co searches for property in Sydney, Brisbane, Melbourne, Adelaide and Perth.
Depending on your requirements and needs for a property, the areas we can search for you are wide and far.
Within each key city, we’re buying property for clients in luxury markets as well as outer city suburbs and some regional towns depending on the client’s needs.
We’ll search anywhere within these core areas in order to source the right property at the right price.
How long does searching for a searching take?
Ultimately the property brief, market conditions and available stock on and off-market can affect the process and timeline of searching for the right property.
Depending on your unique requirements, the time it takes to search for a property is typically a couple months on average.
However, quite often we can search and secure a client’s property in a matter of days to weeks after engagement.
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