Here we are.. Comin’ at ya with the next round of common questions asked by first home buyers…
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We love working with first-home buyers. Helping them navigate what can be a very confusing and stressful time is one of the most rewarding parts of our job! We were first home buyers once too and know just how critical the right guidance is to long-term success in property ownership.
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As a general rule, we don’t buy off the plan (OTP) property for our clients. However, there are some circumstances within which an off-the-plan purchase may fit. It really comes back to your property purchasing strategy. Are you buying for cash flow and depreciation? Or to be able to value add and for capital growth? Answering questions like these might be able to give you an answer as to whether or not off-the-plan purchases are right for you!
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We’re always talking to our clients about whether a property has room to add value through renovation, but why? Because it’s a great way to manufacture your own growth in the property. Rather than sitting back hoping the market will go up in your favour. You’re putting the performance of the property in your own hands.
What do we mean by ‘value-adding’? We mean spending a dollar, to make 3 (or more!).
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So you’ve watched advocates bidding like crazy on The Block and you’re wanting to know more about buyers' advocates and how it all works.
First of all, what you see on the block is NOT a good representation of what we do.
The thought of purchasing inflated real estate for our clients so we can get our name in lights for a few minutes doesn’t quite fit in with our business ethos.
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No matter how good or bad a property appears to be, we always recommend getting a building and pest inspection.
We have seen perfect looking 5 year old apartments riddled with water leaks, and what you perceive to be dilapidated houses come back with structurally sound concrete stumps and perfect plaster work! All they need are some new weatherboards and a heavy duty paint job!
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First of all.. What is ‘zoning’?
Zoning is a framework, generally set out by state and territory governments and applied by local councils, which dictates what can be built where and how. It regulates the pace and pattern of development, growth and character of an area.
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You may have heard the term thrown around, but what constitutes an off market property? It refers to a property being sold without any public advertising. When we say ‘public advertising’ we mean it hasn't been uploaded to any online portals, which costs the vendor thousands of dollars.
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We’re talking in person auctions.. they may take place in front of the property on the street, inside the property or in a boardroom at the agents office. Let’s unpack a few strategies and considerations, but remember… Just like real estate itself this is not an exact science, there is no one particular formula for success when it comes to auctions.
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So you're ready to move. You already own a property and you’re looking to up/down size into the next one. The most common question we get with clients in this position is, ‘Should I buy or sell first?’
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So often we hear clients start their search, picking apart property with a fine tooth comb.. But unfortunately property is imperfect. Property needs money spent on it and they simply wont tick all your boxes.
Its very common for clients to come to us exhausted and overwhelmed with their spreadsheets and lists of property must-haves. We’d like to think we are magicians and property developers, but we’re not. We can't build our clients' dream home, we can merely work out what is non-negotiable and what's negotiable. Typically, this is determined by what can be changed and what can't. The orientation can’t be changed, the location, property style, access to amenities and transport, can’t be changed. These are the things to look for and focus on.
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The market was extremely strong in 2021, with auction pass ins a rare occurrence. However, this year we are seeing it back as a common scenario for a property to pass in at auction, and often promptly sell to the highest bidder in negotiations afterwards.
We want to explore what this means and how to navigate it - if you find yourself in the hot seat!
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While we recently touched on the basics of depreciation, we're going to explore how it can make/save you money this week. While it seems counter-intuitive, let us explain…
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If you’re looking for a sea and tree change, Beaumaris has it all. Bordered almost exclusively by golf courses, parks and beautiful beaches, it’s no wonder Beaumaris is highly sought by families looking to live in a safe bayside environment.
Harking back to the good old days of suburban living, the tree lined streets come whisper quiet and the neighbours extra friendly. With a handful of shopping strips and ‘The Concourse’ where you’ll find the buzz, you may be able to get a good coffee and some eggs on toast but you’d be hard pressed to find much more! No that’s not true, there's definitely a cute pizzeria that opened up in the early 2000’s somewhere in there (no wait, that was Black Rock)!
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Described by its google description as one of the hippest suburbs in Melbourne (which obviously means it’s true!)
It’s the home of the mighty pies, even though technically Victoria Park is in Abbotsford. Why they do that is beyond me (‘Welcome to Thornbury’ is actually located in Northcote if you didn’t know), very confusing for the average punter!
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While we all hope (and pray) that our houses only increase in value over time, they'll still invariably lose value in other ways. We're ignoring land size and location today, obvs. This is all about the building itself and all the expensive bits attached to it. Let us delve into the world of property depreciation.
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If driving into Bendigo for a day trip isn’t on your to do list this year then do yourself a favour and put it at the top. Named a UNESCO city of gastronomy in 2019, alongside 65 others worldwide, this culture, art and history rich city is a regional treasure.
It’s one thing to visit for the day but making the move permanently? The ABS records a net 22,651 Melbournians have relocated to other parts of Victoria during the pandemic and for those looking to join them we can see why you are tempted.
With a population forecasted for 2021 at 123,632, the median 3 bed house price sitting at $575.000 and the established airport flying direct to Sydney with Qantas (Adelaide and Brisbane following soon), the appeal to snap up one of the many period homes and immerser yourself in the welcoming and diverse community is great.
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You might know someone who's bought an investment property through a trust, has raved about it (using lots of jargon), and you'd like to know more. Let’s look at the pros and cons:
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Do you want to know about our secret weapon? The one that works harder for our clients than anything else? We used to be real estate agents. Yep, that’s right, we used to be one of ‘them’... and we’re not mad about it!
In fact we love estate agents, they are our friends, personally and professionally, and we appreciate the job they do. However, it is a massive win for our clients that we understand how the other side works.
We’ve attended sales training and real estate agent coaching for over 8 years, we’ve sat in on countless sales meetings, we have talked directly to vendors about their wants and needs and how to achieve them, and negotiated directly with buyers from the other side of the fence.. we’ve done it all.
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We wholeheartedly believe in property. We believe everyone should buy real-estate for wealth creation. We talk about property all day everyday and we love it.
Recently we have been hosting ‘Lunch and Learns’ at our co-working space (mostly for first home buyers) where we talk about how to set your property strategy, what constitutes an A-grade property, how to vet and then secure it.
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