How We Helped James and Rebecca Purchase Their First Home
James and Rebecca were a young couple excited to take their first step into the world of homeownership. Living with their parents at the time and facing long commutes to work and their inner-city lifestyles, they were determined to find their own place. With a limited budget and a need to avoid unnecessary expenses, they gave Chamberlain Brown a call to find and purchase the right property.
The Hurdles
James and Rebecca faced several challenges as first home buyers, the least of which was acknowledging that they’d never purchased a property before. Lacking the knowledge and experience needed to navigate purchasing property was a hurdle they were struggling to overcome. They also feared real estate agents might not take them seriously or consider their offers, given their first home buyer status. Understanding the true value of a property and making a smart investment decision was also challenged with their limited knowledge of the current market. They needed someone who could approach potential properties with a rational mindset, free from emotional attachments.
The Process
We took a systematic approach to address their challenges:
Align To Buy Meeting: We discussed their wants and needs, outlined deal-breakers, and used our local market knowledge to create a tailored property brief.
Property Sourcing: We then began scouring the market for properties that matched their criteria, both online and through our extensive off-market database channels.
Due Diligence: We carried out extensive due diligence on identified properties with private inspections, building and pest reviews, risk assessments, and proximity evaluations, to ensure we knew everything possible about the property prior to negotiating and to ensure there would be no unexpected financial surprises.
Valuation: We calculated an unbiased fair market value to set an appropriate offer limit.
Negotiation: Leveraging our professional relationships with the real estate agent and any information we uncovered regarding the property, we developed a strategic negotiation plan. Placing offers on James and Rebeccas’ behalf, to prove their commitment to the agent, we were able to secure a great deal.
The Result
In just over four weeks, James and Rebecca were officially homeowners. With our property sourcing abilities and negotiation expertise, we were able to secure the right property for an unbelievable price so much so that the bank valuation after purchase came back $30,000 above our agreed price. Securing James and Rebecca a wise investment for their first property purchase with an instant kick to their equity position that has set them up for the next chapter.
If you're looking for advice on the Newcastle market, you can find us on Instagram @chamberlainbrownproperty or enquire here. Let us help you buy in the Newcastle property market.