Keep hearing that Real Estate isn’t for young people? Well think again. Julie O’Donohue from NextAddress says that they are all completely wrong.
Punch in any search on ‘buying real estate’ into the web and you are bound to find a plethora of articles and examples highlighting that real estate is an ‘old man’s game’ or ‘out of reach for the young’.
What these articles fail to consider is that digital disruption has come to real estate. Buying real estate is now geared more than ever, to savvy young investors that are comfortable transacting and searching online for everything.
The traditional model of real estate requiring buyers to do all the leg work or use a broker to find the right property is being pushed aside by new services, apps and tools that push information to buyers and side step the real estate agent. This new model for real estate also reduces the instances of bias against young buyers.
To get you into a property, we’ve pulled together a list of the best new apps and online services to make buying a property easier and quicker.
Property research and valuations
Two of the top new online resources for property valuations and information are Microburbs and RealAs. These services provide free and accurate property value information on homes you are interested in.
Microburbs can also provide a ‘Hip Score’ which ranks the property based on how close it is to cafes, services and other amenities. This is an excellent tool for researching properties that are outside your local area or in regional areas which offer affordable options for investment properties.
With these services, buyers don’t have to rely on advice and buyers guides from real estate agents. An offer or auction strategy can be made with confidence because it is based on actual sales data, and not simply what the agent or vendor thinks the property is worth.
Get the jump on other buyers by researching properties on RealAs or Microburbs.
Targeted information and peer to peer tools
There is a general distrust of sharing personal details and information on the ‘interweb’ among older people. They are missing opportunities to use the targeted sharing of information to take the leg work out of finding a property.
Next Address is one of the new breeds of real estate portal. It uses detailed customer profiles or wish-lists to identify only the properties that match the buyer’s requirements. Traditional real estate portals use broad search parameters that result in hundreds of inappropriate properties being sent to buyers including promoted properties that have paid extra fees to be pushed out to potential buyers. It’s a waste of everyone’s time.
Next Address is a peer to peer real estate model that doesn’t charge commission on the sale of a property.
Another entrant to the Australian market in coming months will be Purplebricks who have a fixed price model that uses real estate agents for the transaction. Add in services such as First Home Buyers Australia who are providing relevant and up to date information and resources and you are well on the way to finding the right property.
Sharing the costs of your mortgage
Gone are the days when the only real options to share the costs of your mortgage were to rent your property out or move in and get a flatmate.
AIRBNB has made it incredibly easy to rent out your entire home or to rent out individual rooms on a short term or long term basis. Your property needs to be well located and close to cafes and entertainment for this to work. You can use the ‘Hip scores’ on Microburbs to identify suitable properties for this strategy.
You can also consider renting out your parking space or driveway to help with the mortgage. Parkhound is a great online service that enables you to list your available parking or to secure parking close to you new home if it doesn’t come with parking.
These online resources really do level the playing field in terms of finding and researching properties. Take advantage of them and beat traditional buyers to great properties.