Doctors Financial Education Series Article
This article is designed to help clarify why it is often better for a busy doctor to put their focus into their career rather than driving endlessly around the suburbs to find their dream home. Plus why having someone negotiate for you on the purchase will usually quickly pay for itself and save you hassle.
Firstly… What is a Buyer’s Agent?
Buyer’s Agents are licensed real estate professionals who represent busy home buyers and investors purchasing residential or commercial real estate.
They specialise in searching, evaluating and negotiating the best possible price on behalf of the buyer. They do not list or sell real estate.
The key difference between a Buyer’s Agent and a traditional Selling Agent is who they represent. A Buyer’s Agent works exclusively for the buyer, whereas the selling Agent works for the seller. By law, an Agent cannot act for (and accept) a commission from both parties in the transaction.
So… Why should you use a Buyer’s Agent?
1.Access More Property – Discover a hidden network of properties for sale. In addition to property for sale listed by selling agents, you can access ‘silent listings’ and developments before release or advertising to the general public.
2.More Free Time – Instead of searching the internet and newspapers get someone to do the hard work short listing suitable properties for you. Searching for the right property takes a considerable amount of time. While the average person may inspect 5 properties per week, we can look at over 30 (or as many as it takes to find the right property for you). We only present a short list of suitable properties for you to inspect.
3.Save Money – Use a professional negotiator to obtain the lowest possible price and get unbiased advice on what price to really pay. Don’t pay too much for your next property. Being in the market every day means we instantly recognise good value property. We cut through all the hype and give you the bottom line.
4.Reduce Stress – Using a Buyers’ Agent cuts out the frustration of being shown inappropriate or unsuitable properties by selling agents who may not listen to the buyer’s needs. We also guide you through the process, co-ordinating the support services you need including solicitors, mortgage brokers, building inspectors, accountants and property managers.
5.Representation – We do not receive commissions or ‘kickbacks’ from sellers. You have an unbiased Buyers’ Agent working on your side, with your best interests at heart.
6.Maximise your returns – Source the right type of property in locations with good prospects for capital growth to help build your property portfolio faster. We identify hotspots for our investors before they become widely known and provide comprehensive reports on the investment potential for each property. We provide general advice on investment that should deliver a superior level of capital growth but recommend professional confirmation from your accountant or financial planner.
7.Find it faster – Dealing with hundreds of transactions each year means we have systems to secure properties quickly and efficiently.
Great…How do you get started?
Contact us on (07) 32528810 or info@doctorswealth.com.au and we will arrange a great time to talk about your property needs and wants.
Angela Richards
I am a client of Doctors Wealth as a final year medical student who has taken up the Graduation offer. I have accepted my offer of employment and I am interested in buying a 3 bedroom unit near the PA hospital to live in and rent out two rooms next year. I have a 20% deposit. Would you be able to tell me the best loan for my situation and how to structure it.
Thank you and I look forward to hearing from you.
Kind regards
Angela
David Hooper
Hi Angela – Great question!
Yes, it is definitely possible to begin the process of buying your first property now. Some banks will require proof of you working for up to 3 months before offering you a loan for work, however this is not an accross the board issue, so we still do have options with regard to lenders.
The correct structure for the loan will almost certainly be an interest only loan, with a 100% offset account. This will result in the correct structure for now, but importantly the best structure for your future tax planning, as it is very likely that your property may become an investment for you down the track.
Our property side can compare and organise the available loans to ensure you get the best outcome, plus help walk you through the home buying process.
We will contact you today to discuss some of the options and finer details.
Thanks Angela,
David