Owner Occupier Below Market Purchase
🏠😎💥 BOOM...BOOM...BOOM...20th PURCHASE BY EASY BUYER'S AGENT. January has not even ended and we were proud to have been able to make our 3rd purchase this month. This time, we are helping an owner occupier who was time poor, and get stuck in her suburb selection. Asking $315,000, purchased $307,000. Land size 603sqm. What's interesting with this purchase is, our owner occupier client has some specific requirements. Read on 🔻
💥 BRIEF:
Client is an owner occupier who was staying with her parents. She is now ready to buy on her own but she wants to still being close to her family in Thornlie. Budget was $350-$370k and would consider established or build new. As this is for owner occupier, there needs to be that "wow" factor to the house. She was also only interested in 3x2 specifically and will not consider 4x2, 3x1 and other combinations.
💥 PROPERTY STORY:
We must admit, this purchase has not been an easy one. Easy Buyer's Agent knowledge on 300+ suburbs around Western Australia was what has allowed us to finally secure a matching one. First of all, our client wanted to buy something close to her parents in Thornlie, but would not want anything IN Thornlie. While it sounded so contradictory, we understood her reasoning. She has been raised all her life in Thornlie, safe to say she has had enough of it.
When someone talk about being "close to somewhere", it is all very subjective. Define "close". Is it 5 minute drive, 10-min, 15-min? Initially we presented multiple properties from various suburbs which we thought was "close", however, throughout the process, we actually helped our clients to be more and more aware of what it was she wanted.
Our client finally presented a particular block of land in an estate very close to where her parents lived. It was not in Thornlie, but suburb that was very close. The problem was, the land alone was priced $199,500, and size was 205sqm (very small). Meaning, factoring in building, siteworks, etc would have cost her more than her $350-$370k budget. While the builder promised they would have been able to deliver within the budget, as an experienced Buyer's Agent, we disagreed.
Guiding our client end-to-end, holding her hands through the process, it made her realise that while building new is still possible, she might not get a desirable house. At $350-$370k total build with $199,500 land component, her house will be very basic, possibly without high ceiling, no stone-bench finishing nor evaporative air-con. Our client was stuck, few times she was trying to make the numbers worked to no avail.
This is where Easy Buyer's Agent knowledge on various suburbs across WA played a very vital role in finally securing a matching property. When we were presented with that land estate by our buyer, we immediately recognised the area/suburb that our buyer was looking for. We immediately were thinking outside the box. Long story short, we found a matching one in a suburb on the other side of that land estate.
What was crazy was, the property we presented was 3-times the land size (603sqm), property was already neat, 3x2, looking gorgeous on the inside, and asking price of $315k. When we presented this, immediately our client agreed that it is a lot of house for the price. Long story short, we put an offer. Unfortunately, it did not go down that easy: we had another competitor. This is that "put your best foot forward" game...which we must admit, we hate playing it.
Using our research and negotiation skill, we picked a number which our client was very happy with and yet still gave a big chance to win. Easy Buyer's Agent's relationship with the seller's agent played a vital role also because seller's agent's job, after all, is to influence the seller to pick a good offer. In the end, our buyer got it...she was very happy because not only was the house was way below her budget, it ticked all her boxes, and most importantly, from opportunity point-of-view, the seller bought it for $410k in 2014. Therefore, at $307k purchase price, safe to say that there is potential equity to be had.
💥 Thinking of buying property? You know who to contact. To buy a great property you need the following:
- Time;
- Knowledge of prices and suburbs throughout WA;
- Negotiation skill;
- Ability to spot a deal.
Luckily, we have been trained for years to excel at all the above. Call us now for free consultation.
