focus_contributor.
BUYING PROPERTY
with VANESSA SIMPSON
BEACH OR BUSH EXCLUSIVE BUYERS’ AGENTS
W ELCOME TO THE F IRS T COLUM N O F BU Y ING P RO P E RTY CO F FS COA ST.
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ach month I intend to give insights into the world of Buyers’ Advocacy and buying property, here on the Coffs Coast. I will cover topics such as the role of a Buyers’ Agent, advice for first home buyers, what’s happening in our local market from a buying perspective, a sneak peek at some of the Coffs Coast’s luxury homes, ‘beach or bush’ – living on our stunning coast versus living in our beautiful hinterland, insider tips, plus other varied topics. This month, I’d like to start with the role of a Buyers’ Agent. Although Buyers’ Agents are prevalent in our capital cities and are now included in popular ‘reality’ series, a lot of people here on the Coffs Coast are still unfamiliar with the concept. I, personally, originally obtained my real estate licence whilst living in America, where ‘Realtors’ either represent a buyer or a seller during the property transaction. When purchasing a property in the USA, a buyer will generally engage a Realtor to act as their (buyers’) agent to source the property plus represent their best interests during the process. I enjoyed working with buyers so much, I opened my own buyers’ agency here on the Coffs Coast.
108 COFFS COAST
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imperative the purchase is a sound one on all Buyers’ Agents are licenced real estate levels. The notion of having a representative agents. They carry out functions such as who will look after solely your interests is inspecting and short-listing properties, most certainly logical. assessing market value, bidding at auction, negotiating with sales agents, accessing Buyers’ Agents charge a fee to the buyer for databases and information not readily their services and do not share commission available to the public, plus they carry out with the sales agent. extensive research to For investors, the fee may ensure your choice be tax deductable because is a sound one. They it’s a fee associated with Given the also have increased acquiring the investment, substantial access to off-market of course, check this financial outlay, properties. Buyers’ information with your it’s imperative the Agents also liaise accountant or tax advisor. purchase is a sound with your engaged Beware of ‘spruikers’ one on all levels. The third parties, such presenting themselves as notion of having a as building & ‘wealth creation’ experts, representative who pest inspectors, but who do not hold a real conveyancers and will look after solely estate licence, or other strata inspectors. your interests, is most relevant qualifications. certainly logical. For most of us, There are also those buying a property is who decided the recent the largest investment property boom was a time we’ll ever make, and for a change of career and have not worked yet most people go it alone, without the in real estate before, presenting themselves assistance of an industry professional. It is as buyers’ agents. the sales agent’s legal obligation to represent Your due diligence is the most important the best interests of the seller and to act part of the process when purchasing a exclusively for them. property and you need someone by your side Given the substantial financial outlay, it’s who is experienced in the process.
