Hey Victorian investors this one’s for you.
Whilst anything that involves the word tax usually puts everyone to sleep, we’ll try and make this as brief and informative as possible.
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So you’ve bought a property, you’re waiting eagerly for settlement to come around. You’ve called the agent or the agent has called you to book in the pre-settlement inspection or final inspection as it’s otherwise known.. What now?
Well a few things to flag right from the outset which a lot of buyers don’t realise that the vendor doesn’t actually have to have the property vacant for this inspection, nor do they have to have the power on.
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We recently ran a session with a bunch of savvy business owners and professionals about all things property. We only had half an hour so wanted to note down a few of the takeaways from our presentation for those of you looking to enter the property market;
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There is no doubt COVID has changed the way people are working. No longer are businesses demanding employees work 9-5 Monday to Friday from CBD office buildings. Pure joy has spread through the community of commuters who were regularly wasting up to 2hours of their day getting in and out of the office. Saving on parking costs, Myki fees, $28 salads and everything else that comes with it. The flexibility it has created is undeniable, but is this new way of life sustainable and what does it mean for the property market?
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Whilst we’ve been thrown into another lockdown, virtual/online auctions are back in full swing.. and if you haven’t been swapping Netflix for Zoom Auction action, we wanted to give you a bit of a wrap up of the two very different ends of the spectrum of online auctions you can encounter.
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Firstly, let us clarify that we are not debating the ‘location, location, location’ catch cry. Our philosophy is to buy the worst house in the best street you can afford. However, that is exactly where a lot of people become unstuck.
When we first sit down with clients, they’re usually wanting to buy a big house in their dream suburb. Unfortunately, more often than not they simply cannot afford both.
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In a hot market, it is very easy to start breaking the golden rules when it comes to buying property. One of the biggest mistakes we have seen people make in a rising market is starting to compromise their search and location is usually the first thing people will forgo.
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Real estate is one of those loosely regulated industries whereas a buyer, it can often feel like absolutely anything goes, because in many aspects… anything goes!
Particularly when it comes to buying property prior to an advertised auction date. There are countless ways agents can manage this and it is completely up to them how they decide to process an acceptable offer prior to auction.
Without a crowd of competing buyers at public auction supporting your idea of the property value, it can be stressful knowing how to play your hand without putting all your cards on the table.
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We’re all becoming more aware of the need to be eco-friendly. These days, many of us do the basics such as recycling rubbish (correctly!), without thinking about it too much. But its 2021 and time to step it up a notch. Below we’ve included some simple steps we can all achieve which encourage a more sustainable way of life. The best part, they not only help the planet but are easier on our wallets too! Win Win!
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So you’re wanting to get into the property market, get in line friend! You might be out there looking to buy an investment property or perhaps it’s a home to live in, whatever you’re on the hunt for, one thing is for sure, you’ve found yourself smack bang in the middle of one of the hottest markets we’ve seen in our 10 years in real estate. SO GOOD LUCK!
Aside from the seemingly never-ending media reports telling us real estate is on fire, you are also likely to see nightclub long lines at open for inspections, 5 + bidders at auctions, fewer properties to choose from and agents as hard to get a hold of as hand sanitizer in 2020!
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When you’re scrolling the pages of realestate.com.au or domain.com.au you might be forgiven for missing the small button which says ‘view agent price guide’ or ‘view statement of information’.
What’s contained within these buttons is a document that came into effect in May 2017 to try and combat the rampant underquoting which was happening in Melbourne.
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In some states, the terms Townhouse, Villa and Unit are interchangeable, but in Victoria, a ‘Villa Unit’ is considered a dwelling type in its own right.
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Slapping on that sold sticker could be here quicker than you think!
We want to give you some easy to achieve money-saving tips, because we know first-hand the benefits of getting into the property market sooner rather than later. The only thing standing in your way is that pesky deposit… so let’s get saving!
Learning to save is one of the most important life lessons (which hasn’t quite made the school curriculum yet…. Shout out to those super useful Algebra lessons!). Don’t stress if you’ve found it hard to save in the past, it’s a difficult thing for many people regardless of age or income. Hopefully, by the end of this article, you’ll be on your way to financial freedom!
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Have the kids officially flown the coup and you’re left in an oversized family home with far too many bathrooms to clean to make sense!?
Are you dreaming of a life where mowing the lawns doesn’t take an entire weekend and heading off on a month long vacay is simply a matter of turning the key and walking away??
Whatever your reasons are, the time inevitably comes in most people’s lives where the 5-bedroom thumper no longer makes sense and it’s time to sell the beloved family home.
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Is it quality time with your family? When you’re tied up with work, school plays, swimming lessons, guitar practice and basketball training all week, your only option is to get out there with everyone else in Melbourne and fight the Saturday traffic to find your dream home. Dragging your kids along with you, Ipad in the back of the car just to avoid a tantrum as you cross the city to make it to the next inspection on time… Only to then invest yourselves emotionally in a property that goes $200k above your budget at auction the following week. Not quite what dreams are made of. We do the running around for our clients, pre-inspect any potential contenders and ensure they’re going to be within an achievable price range before you even get into your car.
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Here are some great suggestions for investors wanting to invest in a slice of Melbourne real estate. Of course, like anything, you need to make sure it fits your individual scenario, and please don’t forget to read our recent blog around portfolio diversification.
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So you’ve decided to sell your property, if you’re hoping to get it done before the end of the year then time is definitely not on your side. The task may feel completely overwhelming but we assure you, it is absolutely possible.
Outsourcing is going to be the key to success and sanity. As the old saying goes.... in order to make money you gotta spend it!
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So, you want to be a property mogul and have a bunch of investment properties. We love it and we support you.
Asset diversification (aka – not having all your eggs in one basket) should be part of the conversation when you are on your property purchasing journey to help with risk minimisation.
While we’re on the topic of risk minimisation we want to quickly chat about over leveraging. Some brash property investment strategist will speak highly of leveraging people up so they can own as many properties as possible, as quickly as possible. This is called the ‘I own 20 investment properties which total $8m, of which I owe $7.99m on’ model. We have seen globally now more than ever that people need to be careful overextending themselves.
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Whether you bought a home to live in and now it doesn’t fit your requirements due to location or accommodation. Or you bought a property and your strategy was to turn it into an investment property after you’ve lived in it for a year (thank you first home buyer stamp duty concessions). We thought it might be helpful to compile a guide of things to consider.
First of all, emotionally detach yourself from the property. This is where we see a lot of people go wrong. They have lived in the property and loved it, but what you like and what others like may be different. What ‘quirks’ in the property you may tolerate, others won’t. We want to help you have a smooth transition from a place you call home, to a place which is for investment generating purposes. Let’s go.
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So you have your deposit in your pocket and your pre approval ready to go….
Think you’re ready to sign a contract? Think again.
There are seemingly endless costs associated with buying a home, it can feel overwhelming to say the least. Though the list looks extensive, it’s nothing to be afraid of. Here we break down all the costs along the way to make sure you’re completely prepared.
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