The benefits of Engaging a BAO Agent that Understands Everything Regarding FIRB
Ulzii's Success Story
Pictured : Buyers Agent Online Principal : Barry Pound ( right ) with over seas buyer Ulzii and listing agent Daniel Colbert .
Are you an overseas buyer looking to invest in the Australian property market, but feeling overwhelmed by the complexities and extra costs involved? Ulzii, a newly appointed engineer from Mongolia, found himself in a similar situation when he landed in Perth, Western Australia. However, he quickly realized the immense value of engaging an experienced Buyer's Agent from Buyer's Agent Online, Barry Pound, who had 30 years of expertise in the Perth real estate market.
Navigating the Costly Challenges
Ulzii's journey started with the daunting prospect of the Foreign Investment Review Board (FIRB) application, which required a nonrefundable fee of $15,000. This was just the beginning, as overseas buyers like Ulzii also faced an additional 7% foreign duty. Before even beginning the property hunt, he found himself $57,000 behind due to these expenses. Furthermore, FIRB buyers were restricted to purchasing new properties that had never been lived in, adding another layer of complexity.
The Expertise of a Trusted Buyer's Agent
Understanding the intricacies and challenges of the Perth real estate market, Ulzii turned to Barry Pound, an experienced Buyer's Agent from Buyer's Agent Online. Barry's guidance proved to be invaluable. The first step was to assess Ulzii's borrowing capacity and FIRB purchasing status, which was done with the help of an experienced finance broker. Armed with this information, the hunt for the perfect property began.
Knowledge is Power
One of the key advantages of having a seasoned Buyer's Agent like Barry on your side is their extensive network and knowledge of the local market. Barry effectively connected with listing agents and had a deep understanding of the available properties. This insight gave Ulzii a significant edge in his property search.
The Ultimate Discovery
Through Barry's network and connections, he came across a unique opportunity—an off-the-plan apartment that had recently become available for purchase. What made this find even more attractive was that it came with a pre-approved FIRB status, negating the need for Ulzii to go through the lengthy FIRB application process. Additionally, this property offered a 50% duty discount, resulting in a substantial saving of $32,000 for Ulzii.
Unlocking the Buyer's Advantage
The savings Ulzii realized through Barry's expertise allowed him to secure a property that exceeded his initial expectations. He not only avoided the arduous FIRB process but also managed to use his savings to invest in a property far better than he had ever envisioned.
The Rising Demand for Buyer's Agents
Now, more than ever, buyers are recognizing the immense value of engaging a licensed and experienced Buyer's Agent to guide them through the property purchase journey. These professionals not only possess the knowledge and insights to help buyers save money but can also negotiate on their behalf without the emotional attachment that often clouds buyers' judgments.
In Ulzii's case, engaging Barry Pound as his Buyer's Agent was a game-changer. His expertise, connections, and negotiation skills allowed Ulzii to overcome the hurdles of buying property as a foreign investor and secure a dream home for his young family in Perth, WA. This success story serves as a testament to the benefits of having a trusted Buyer's Agent by your side when navigating the complex world of real estate.