Does it get much better than this?
We recently assisted David and Keri, Victorian based first time investors, purchase this well presented 3-bedroom, 1-bathroom home for only $356,000!
The vendors, prior to officially marketing the property for sale, spent a significant amount of time and money on improving the overall appeal of the property. As a result, the vendors were very confident of achieving a sale price in excess of $375,000. Propertyology’s independent appraisal confirmed that this wasn’t unrealistic, suggesting that this property would have been good investing at a purchase price of up to $380,000.
Negotiations between the sales agent and our Buyers Agent, Bryan Loughnan for continued for some time, with Bryan finally able to secure the property for what we consider a very good price of $366,000.
Upon acceptance of the offer, as with all of our contracts, our team then sprang into action to assist David and Keri with all things due diligence. This included recommending a local conveyancer, a local building and pest inspector as well as a local property manager.
In general, this property presented very well, however the due diligence reports did highlight a few minor issues of concern. As astute investors looking to purchase existing properties (i.e. not new or off the plan) we understand and acknowledge that we are never going to have a shiny and new property – we still need to be assured that the property we are purchasing is structurally sound and low maintenance.
In this instance, there was some minor maintenance issues, estimated to costs between $2,000 to $3,000 that when completed, would raise the overall appeal of the property. Discussing this with our client, we agreed that if we could get the vendor to provide half of the cost towards these works it would be a great outcome.
Our Buyers Agent Bryan Loughnan then used this information from the due diligence reports to his full advantage, and combined with his extensive negotiation skills and through various tactics, was able to successfully negotiate a further $10,000 off the purchase price! This result is not common. and now our clients will be more than able to address those maintenance issues when the time is right.
Congratulations again David and Keri on making what we are confident is a very astute investment decision.