How much does it cost you to find your property the DIY way?
Updated: Jun 2, 2019
Have you ever wondered how much it cost to search for a property? No, I’m not referring to costs such as your conveyancing, pest/building inspections.
Very often, the reply we get is “NOTHING. ZERO. ZILCH.”
Let us look at the facts.
A research conducted by UBank suggests that it can take a person in VIC 7-12 months on their property search. That is up to 12 months of lost rentals and, given that property prices have risen around 6.8% annually [Corelogic] on average, you would have missed that 6.8% capital growth, AND you would have paid 6.8% more for your property when you find one. WOW!
Now let’s put the sums together. Considering the median Melbourne house price of $833,000, and a median rental of $420 per week. That’s $21,000 in missed rentals, $56,000 in missed capital growth, and you’ll be paying $56,000 more for the property.
That’s a total of $133,000 (or more)! Or about 16% of median house price.
And that does not take into account the hours and months of time spent researching, and searching, doing property inspections, the angst, anxiety, blah blah blah...
How can you reduce this? Engaging a Buyer's Agent is one option. On average, it takes a buyer's agent between 1 to 3 months to find a property for the buyer. The simpler the requirement, the quicker it is.
So, conservatively, a Buyer's Agent is likely to half your search time. You get your property sooner, you are panalised less in equity appreciation, you enjoy the capital growth and you get your rental income earlier. That is a savings of between $33,000 to over $100,000. Now, does that make engaging a professional Buyer’s Agent, a cost effective, and smarter idea in your property search journey?
As Buyer's Agents, we've access to smart property research tools and listings from a variety of sources, including off-market property, new and upcoming properties, and properties which aren't even on the market yet.
Have a no obligation chat with us. Mention this blog and we’re pleased to offer a special deal just for you.