The Blog
- Show all categories
- Uncategorized
- Real Estate Prices
- First home buyers
- Buying a home
- Auctions
- Opens
- Renting
- Real Estate Agents
- Selling a Home
Jun 12, 2019
Avoid Mistakes when Investing in Property
When it comes to investing in property, you may feel intimated. You may be worried you are going to make costly mistakes. You don’t want to have regrets down the road. Avoiding these common mistakes can help you to feel more confident about such endeavours. Paying your Debts Avoid getting caught up in more debt than you can reasonably manage. You may have big plans for the property such as fixing it up and renting it out. Yet there can be expenses and complications along the way. Make sure you are ready for the unknown and you are flexible with your plans. When you have extra funds, pay on your non-tax debt first. Once you eliminate that completely, then you can focus on your tax deductible debts. This includes property such as a home or a vehicle. Depreciation needs to be Considered The value of your property will hopefully increase over time. Yet there is no guarantee about that. The economy can be unpredictable and you also have to factor in the issue of depreciation. Make sure you take advantage of depreciation issues on your taxes too, as this can reduce the tax liability you are accountable for. The best way to find out is to hire a professional to take care of your taxes when you have invested in property. Increase Rental Amounts over Time Don’t overlook the issue of inflation when it comes to what you will charge for rent on your investment property. Each time the lease is renewed it may be necessary to increase the rental amount by a bit to compensate for the rental rates and for inflation. It doesn’t matter if you are renewing the lease with the same tenants or you have new ones moving in. Managing the Upkeep When you rent out the investment property, you are responsible for the maintenance and upkeep. Make sure you budget for this as the cost of repairs or replacing appliances can be expensive. You may decide you want to hire someone to take care of reported problems for you versus you trying to do the work on your own or calling a professional each time there is a reported incident by the tenant.
Jun 5, 2019
Understanding Stamp Duty
Stamp Duty is one of those upsetting and challenging costs involved with buying a home. Knowing about it and understanding it can prevent you from feeling blindsided when you are trying to get into a home. The funds from this type of collection helps society as a whole too, so that can help you to feel a little better about it with the funds going back to the public needs in Australia. Who Pays? Most of the time, the Stamp Duty is paid by the buyer of the property. The amount is based on the location and the selling price of the home. There are times when the seller will agree to pay this on their behalf. That all has to be put into writing though within the contract. The funds must be paid within 30 days of the settlement of the property. To find out the cost, there are free online tools. Just enter the location and the home amount to generate the figures. This can help you to make sure you have enough money ready for the purchase of the home. If you can’t afford it, talk to the seller about reducing the cost of the home or helping to pay the Stamp Duty.
May 28, 2019
Selecting a Family Friendly Neighbourhood
The right neighbourhood for your family to reside in is very important. It isn’t worth it to have the home of your dreams in a location where you don’t feel safe. You should have access to common amenities too. Here are some things to take into consideration before you make a purchase. Schools Even if your kids are very young, they will soon be going to school before you know it. Find out the quality of the childcare centres, primary and high schools in the area. You need to feel confident your child will have a solid educational foundation in the area you choose to live. Community Activities Most parents love getting their children and the entire family involved in various community activities. Find out what is on offer in the local area, including sports teams, community projects and festivals that you and your family can become a part of. Shopping You will appreciate the convenience of having shopping options close to you home. This can include places where you get groceries, put petrol in the car, pick up medications and maybe even have a meal out. It makes sense to have these necessary businesses in close proximity to your home. Transportation Even if you have a vehicle, you may find public transportation to be a necessity. If you have older children, they may need to rely on it to get to school, the library or even a part time job. Public transport also ensures you have alternatives by which to travel and is an indication of quality local infrastructure in your area.
May 13, 2019
What First Time Property Investors need to Know
First time property investors need to pay attention to the proven benefits offered. This is the only way to reduce the risk of costly mistakes. When you own rental property, you have a great opportunity to make some additional income. However, you don’t want it to be a money draining exercise. Learn the Basics First Before you dive right in, take some time to learn the basics. Read books, listen to videos, and go to seminars about rental property. This will offer you the pros and cons and help you to identify common problem areas you need to avoid. Read current magazine and newspaper articles so you know what you are getting yourself involved in. Real Life Experiences Spend some time reading about real life experiences other property investors have had. This can help you to decide if you really want to get involved or not. They can share with you details about finding great renters and inform you of ways to deal with potential troublesome tenants. They can share with you what you need to have in your written contracts too. Professional Advice Go to the experts before you buy any type of investment property. They can help you to get a great deal and provide that support to protect your rights. Seeking expert advice from the very start can ensure a smoother process that will help you to have a successful outcome.
Apr 30, 2019
The Best Ways to Save Money for a Deposit
When you need to save money for a deposit, you don’t want to go without your basic necessities. There are ways you can get more money coming in and see less going out. The difference can go into your fund for that deposit. Set a Goal The amount of money you need and when you will have it by, should be part of your goals. This gives you something concrete to work towards. You want to avoid saying“some day” you will have that deposit. Instead, you need a time frame that is specific and realistic, to ensure it will happen! Budget Make a list of your monthly expenses and your monthly income. What is left over? This is your disposable income. Where does that money currently go? Do you enjoy social activities often or dining out? Make a commitment to eat at home and rent movies rather than dinner out and a movie at the theatre. Make coffee at home rather than going to the coffee shop each day. Only spend your money on necessities. You will find the savings add up daily, weekly, and monthly. As you see the savings growing, you will feel great about the changes you have made. Offer yourself some small rewards now and then though so you don’t feel completely deprived. More Income While you strive to reduce debts, work on increasing income too. Can you pick up an extra shift at work? Can you get a part time job on the weekends? Either would help you have more money you didn’t have access to before. Can you do odd jobs such as pet sitting, babysitting, or housekeeping? If you have unwanted items, perhaps you could sell them to earn money. Staying busy will also reduce your urges to spend! Stay Positive It takes time and effort to save up for a deposit, so don’t get discouraged. Stay positive and give yourself credit for what you are doing. Being patient and determined is going to get you the results you seek!
Apr 23, 2019
Should you Rent or Buy your Next Home?
The decision to rent or buy your next home isn’t always an easy one. On one hand, renting means you have flexibility. You can leave when your lease is up and move anywhere you like. If you enjoy the place, you can talk to the landlord about renewing the lease. You also don’t have to take care of major repairs or replacing appliances either as that is their responsibility. Yet when you buy your home, you are building up equity in it. Each month that money goes towards something you own and you get ongoing value from. With rent, you pay for the use of the property but then it is gone. You can also fix up your home anyway you want when you own it. This includes painting and decorating, whereas you are limited with such options when you rent. What can you Afford? When you evaluate your budget, you may discover you can’t afford to buy your own home right now. You may not have good enough credit or enough money saved up for the deposit and the associated costs involved with the purchase. Perhaps you can’t buy the type of house you want on your budget, so you are going to rent for now and buy in the future when your situation improves financially. If you are uncertain you would like to live in a given area for an extended period of time, don’t buy. You don’t want to feel pressure to sell the property because you’d rather relocate. However, if you plan to stay in the area for many years, it is better to buy than to rent. Then you can sell it for a profit at a later date.
Mar 28, 2019
How to Negotiate the Purchase Price on a Home You Want
Before you pay the full asking price for the home you want, find out if there is any room for negotiating. If the seller realises you are serious about buying, they may work with you in order to get it off the market. You really don’t know unless you ask! Be Ready for the Process There is a process you need to go through, and it starts with making an offer in writing. Do this through the real estate agent. It should have the price you are willing to pay and the other conditions of the purchase. For example, you may wish to include it is contingent upon loan approvals and inspections. If the buyer accepts your offer, it is a done deal. If they don’t, they may stick firm to what they ask. If that is the case, you need to decide if you want to buy the home for that amount or keep looking for a cheaper house. There is a good chance they will come back with a counter-offer. This is more than your offer but less than their original asking price. The negotiations can go on and on with thisuntil you both agree on a price or one of you no longer budges and the saledoesn’t happen. Evaluate the Market You need more than luck on your side to negotiate a better price for the home you want. Spend some time evaluating the market price of what is out there which is similar. Armed with that information, you can often get a better price in the end. Show confidence in what you are asking for, rather than being nervous. Firm Limits If you have a set amount you can spend which is less than the asking price, put it out there. If the real estate agent knows you are approved for a given amount, they may take that information back to the seller. Knowing they can get a sure sale (if they agree to your price), can encourage them to accept it. Otherwise, they may choose to take their chances and see it stay on the market for a longer period.
Jul 23, 2018
Buying a Home? Always Consider the Following
Buying a home is an interesting experience! It is often a learning process for those involved. Following this advice can help you make a good choice; one that you and your family are happy with. Research There is plenty of marketing out there about homes, but you need to conduct your own research too. What is the going price of a home the size you want, and in the location you are interested in? What is the economy offering in terms of interest rates for someone with your credit rating? Think about access to core locations such as your job, parks, and schools from where you would be living. You should also look into the crime data for that area. Culture and Diversity You want to be happy about your surroundings, but they are often overlooked when it comes to buying a home. Find out what you can about the culture and the level of diversity offered in a given location. It may be an opportunity for you to grow and to learn. It can be a place where you meet new people and create lifelong friendships. Spend some time walking or shopping in that area to get a feel about the people. If you don’t think it is going to be a good fit, trust your instincts. You aren’t going to be inside your home all the time. Go for a walk around the neighbourhood and talk to people. Do they seem to be friendly? Ask them how long they have lived there and what they like most about the area. Commute may be Worth it Prime areas can end up being far more expensive to buy a home in. They are in demand so the prices soar. Don’t settle for a home that isn’t large enough or doesn’t offer you everything you need. You may wish to consider surrounding areas and what they offer. Sometimes, a commute of 20 minutes or so can help you to buy far more. The commute may be worth it to stretch your money and make a good investment. Inspecting Homes Narrow down the possibilities and focus on the quality options. Plan a time to inspect a home that meets your needs and price range. Look for anything that doesn’t seem right. Investigate the areas of the home and look for potential problems. Vendors are going to lengths to make their home look the best it can. Don’t be so in awe of it that you miss problematic areas.