I've been looking for the perfect home for a while.But after a few years of waiting, I finally found it.I knew I wanted a two-bedroom, two-bathroom home, with an attached garage, that was located near the river.I also knew I needed a backyard.So I put down my deposit, and in December of 2015, I walked into the Realtor's office in the River Oaks section of San Francisco.He was so happy to see me.I ...
Find a real estate agency who will make you happy?
That’s the key to finding the right agent for your needs and budget, according to one new study.
In fact, this study found that finding a good real estate service can save you tens of thousands of dollars over the long run.
«A real estate career is a long and rewarding career,» said study author Michael Meehan, from Sydney University.
«It is a high-risk, high-reward endeavor.»
The researchers, from Australia’s Murdoch University, analyzed data from over 1,000 Australian households, asking them about their personal and financial finances.
The research showed that Australians spend on average $6,000 more a year on rent than people living elsewhere in the world.
And for a first-time buyer, buying a home is likely to cost anywhere between $7,000 and $11,000, depending on the property.
«Many of us have been in the rental market for a while,» said Meeham.
«We don’t know what to expect in terms of the property price, the availability of housing and the availability and price of our assets.»
He said many first-timers, whether they’re looking to buy or rent, are looking for an agent who will help them find the best home for them.
«The best real estate professionals are not necessarily the best at finding the best house, but they will do the best they can for the person looking to make the investment,» he said.
«They’ll do their best to help you get the best deal for yourself, for your family and for your property.»
The study also showed that people in Australia spend more on mortgage repayments than those in the UK, the US and Canada, and the difference is even bigger for first- time buyers.
«That means people who are in Australia have a lower interest rate than those who are elsewhere,» Meehans research lead, Dr Richard Hildreth, said.
The study is the first to analyse mortgage repayment data from Australia, which means the findings can help explain why many Australians don’t live within their means.
«When you think about the real estate market, there are people who have had an interest in renting and then they have a mortgage and that mortgage is coming due,» Miehans said.
It also shows that Australians’ attitudes towards their finances and their housing situation are far from optimal, according the study’s co-author, Dr David Schoen, from the University of Queensland.
«There’s some people who would like to have a decent mortgage but are unable to find one,» he told TechCrunch.
«There’s also some people that are just not comfortable with their finances.»
The research shows that people with higher incomes are more likely to be comfortable with spending more than those with lower incomes.
«If you have a very high income, you are more inclined to invest,» Mollie said.
«If you are a very low income, your spending is likely going to be quite lower.»
There are also differences between different types of housing.
For example, the study showed that in some areas of Sydney, people who live in detached houses earn more than people who buy them.
But Mollies research found that this was only true for people who were renting or buying a house.
«In a lot of cases, the difference between renting and buying a property is very small,» he explained.
Mollie’s research also shows some people in Melbourne spend more than their counterparts in Sydney.
«People in the middle of the spectrum are spending more money than those on the lower end of the income scale,» he added.
«You can see that in Melbourne where you have people who can buy, but you have the people who just aren’t buying that are living in houses.»
Mollies study found there are two major factors affecting the cost of buying a new home in Australia.
First, there’s the mortgage repayement, which costs between $150,000 to $200,000.
«Mortgage repayments are the big driver,» he continued.
«For the people in the bottom fifth of income, that’s their main reason for owning a home.»
But it’s not all about the mortgage.
Mellies research also showed people in Sydney and Melbourne spend significantly more on housing than people in other major cities.
«This is a city where people are moving out and people are having to move in,» he pointed out.
«So there’s a lot more money moving around.»
It’s also a city with the highest property taxes in Australia, but the average home price is less than $300,000 in Sydney, $200-300,00 in Melbourne and less than half that in Canberra.
However, for first time buyers, the costs of buying and owning a house can be higher than that.
«To buy a home, you need a deposit