A New Home for New Possibilities
Dr Yip Yeng Yoong | Paediatrician | Singapore
Yip Yeng Yoong found out about Property Wizards through a quick search on the internet. Living in Singapore, he was looking for someone specific to help find a Perth property for his son. Yip’s son was a student of medicine at the University of Western Australia, and urgently needed a place to move into. Corresponding via skype and email, Yip expressed the urgency of the matter as he wanted his son to get settled before the university semester started.
Property Wizards understood the time constraint and acted on it quickly. We also determined that Yip’s property would need to comply with Foreign Investment Review Board (FIRB) requirements.
For these reasons, the property needed to be:
- Near good public transport to and from UWA
- In a quality suburb
- A high standard of home and well-finished
- Big enough for family to stay and not feel cramped
- Yip’s son should also like and approve of the property
- A property that would meet the FIRB requirements
PROPERTY WIZARDS PROCESS
To meet these requirements, we commenced our thorough process, and did the following:
Property Research – Since getting to the university was of topmost priority, we studied the bus routes looking for good suburbs that had sufficiently frequent buses going past UWA. We then looked into the rest of the requirements and made sure each property ticked the right boxes. After assessing literally hundreds of properties and eliminating most, we found properties that initially matched the criteria in Claremont, Subiaco, West Perth, Perth and East Perth.
Working with Criteria – From the initial list, we assessed and eliminated many for reasons such as a) just too far to walk to bus stop b) didn’t qualify for FIRB c) was leased long-term d) over-priced e) poor street appearance or f) in poor locations within the suburb. Also, properties that were not due for completion for some time were rejected.
Choosing the Best – We shortlisted five superb properties based on the criteria. The top factors we considered were ease of getting to UWA and to other amenities, quality of the home, finishes, space, layout and most of all, location.
Inspection & Evaluation – We further narrowed down our list and viewed three properties to evaluate and assess in greater detail. We sent lots of photos to Yip, showing all aspects of the property (both good and bad).
FINDING THE ONE
Yip and his wife flew to Perth to view the shortlisted properties and were delighted with the selection. They quickly made a decision.
The property they chose was a 114 square metre, large home with 3 bedrooms, 2 bathrooms, and 2 car bays. It was in a very good pocket of East Perth on a lovely street. It was quiet and also had views over a park from a huge balcony! The home had a bus stop nearby with busses directly to and from UWA, was close to the river and a short walk to a good supermarket for easily stocking up on groceries.
The finishes of the home were of a very high quality and the layout was superb for living in, studying and hosting family.
Yip’s son viewed the property and fell in love in an instant!.
SECURING THE PROPERTY
Property Wizards got to work immediately to secure the property at the best possible price. To move things forward as quickly as possible and ensure we were successful, we simultaneously:
- Conducted a thorough due diligence on the property,
- Assessed the price based on comparative market evidence and
- Prepared the contract of sale along with all the extra protective clauses that Property Wizards adds.
After a short negotiation the property was secured at $875,000, in an area with excellent potential for long term property growth because of its convenient location near the waterfront, being close to shops and many facilities, proximity to the Perth CBD and the quality of the building and surrounding homes.
GOING THE EXTRA MILE
The family requested the carpets to be replaced, and we were only too happy to help. For this task, we referred them to our renovations specialist who had timber floors installed instead. This made Yip’s family very happy.
Property Wizards also extended our help in:
- Taking the trouble to obtain assurances from the energy authority regarding the nearby power substation
- Ordering building inspections and ensured the seller fixed the 8 minor problems found
- Obtaining FIRB approval for the buyers
- Referring our client to a solicitor to help assess the lengthy, non-standard contract the developer proposed
- Negotiating with the developer’s solicitor to remove clauses from their contract – and obtain a better outcome for the buyer
With a new home in place, Yip and his wife are proud parents who devoted their time and resources not only to their son’s future, but also their family’s future.
YIP HAD THIS TO SAY:
If you want to learn more about property investment strategies, or you’d like to clarify your investment strategy and goals, why not complete our Getting Started form to get the ball rolling.
We can help you unlock the potential of the real estate market for your family through savvy property selection, negotiation on price and conditions, development expertise and the magic of robust research.
Regardless of market conditions, our research, local knowledge, and access to silent sales means we find the hidden gems that can outperform the market in capital growth and rental returns for long term wealth creation.
Importantly, we’re able to provide property investors and homebuyers with the same level of representation that property sellers have benefited from for years.
Your property portfolio is your path to financial freedom and the lifestyle you’ve been longing for.
Property Wizards takes away the stress of buying a property and saves you money at the same time. We can show you how, or you can sit back and let us do all the hard work for you.