Kaya, future homeowners!
So, you’re ready to take the plunge into Perth’s property pool, but you’re feeling a bit like a fish out of water?
No worries, here at Red Fox, we’ve got your back. Consider this your survival kit, packed with all the essentials you’ll need to navigate the Perth property market like a pro.
Location, Location, Location!
First things first, where do you want to live?
Perth’s inner north is a hot ticket right now, offering a mix of trendy cafes, top schools, and killer property options. But don’t just take our word for it—do your homework. Research suburbs, check out local amenities, and maybe even have a cheeky flat white at the neighbourhood café.
Our advice? Love where you live. You’re spending a lot of money so choose your location wisely.
Budget Like a Boss
Before you start envisioning yourself in a swank Federation manor, let’s talk money. How much can you actually afford? Remember, it’s not just the purchase price you’re shelling out; other costs include stamp duty, inspection fees, settlement agent costs and depending upon your borrowing capacity, mortgage insurance.
Depending upon what you buy, you might need to budget for some after-purchase improvements, too.
Chat to your bank (or a broker), and consider getting pre-approved for a loan.
The more organised you are with your finances, the more attractive you are to a seller.
The Great Inspection Expedition
You’ve found a place online that looks like it ticks all the boxes. Super!
But don’t get too carried away. It’s time for an inspection. Go armed with a checklist so you can spot any potential issues (or future costs) and so you don’t miss something that might come back to haunt you once it’s settled, like a zombie apocalypse survival bunker left by the previous owner (hey, you never know!).
There are no cooling-off periods here in WA; once your offer is accepted, it’s a legally binding contract. So do your due diligence (and check for that bunker) before making an offer.
Multiple Offer Mayhem
If your dream home is attracting a lot of other buyer interest, brace yourself for the multiple auction arena. It’s like the “Hunger Games”, but with slightly fewer deaths. Ask the selling agent to explain the process. Can you amend your initial offer if there’s someone higher, or is it best and final, one shot only?
Know your limit, stick to it, and don’t let the adrenaline get the better of you.
You’ve done it! You’ve found and won ‘The One”. Congratulations.
Now it’s time to pay your deposit, get your finance approved and organise your inspections. Get started on those asap so you don’t miss any deadlines.
You also want to find an experienced settlement agent – they’ll be able to provide guidance on any questions or issues that come up between the purchase and settlement. The selling agent is acting for the seller, not you, so you want someone knowledgeable on your side.
And finally, the keys!
Whoop whoop! Pop the bubbles, you’re a homeowner now. Welcome to the world of mortgages, rates and maintenance. But also, no more rental inspections (Yay!).
The Final Word
Navigating the Perth property market for the first time can feel like wrangling with a small child —intimidating, unpredictable, but oh-so-rewarding when you get it right.
So arm yourself with this simple survival kit, and you’ll be well on your way to living the great Aussie dream.
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Wanting advice about your own specific home and circumstances? Call me now on 0405 812 273 – we’re here to help.
Red Fox are ratemyagent Agent of the Year award winners in Mount Lawley, Inglewood and Bedford. We specialise in the suburbs surrounding Beaufort Street and beyond.