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Jul 2, 2019
Getting the most from Attending an Open House
Attending an open house can be a wonderful way to find out if you like a home and would like to make an offer on it. However, you may feel a bit intimidated by all of it. Here are ways you can get the most out of the experience. Make sure you adhere to the times of the open house, don’t show up 15 minutes before it is over. Give yourself plenty of time to check it out. If you can’t make it during the open house hours, you need to schedule an appointment. Dress Comfortable Be aware of your comfort when it comes to what you wear. Do not show up at an open house in your tracksuit pants, but there is no need to dress up either. Be comfortable and wear shoes for walking inside and out. It is best not to wear noisy shoes that echo through the home as you explore. You want to be able to check out the garage and the yard too. Meet the Host Take the time to introduce yourself to the host at an open house. This may be an agent or it could be the owners of the home. Typically, they will be by the front door to greet those coming in and to thank those leaving for stopping by. You don’t have to feel obligated to make an offer or to stay if the home isn’t what you are looking for. If you have questions, the host is the person to converse with. If they are very busy with people coming and going, it can be hard to get their undivided attention. You can tell them you are interested and ask if you can schedule a time to talk. When you do, do not criticise the home and there is no need to give them too much information about your own personal situation. You can share with them the type of home you are looking for and even the price range if you like. Ask Permission You may be interested in taking photos or a video of the home so you can review them later. Never assume it is fine to do this. You should always ask the host for permission. It is very rare they will decline your request, but you should always get their approval first before you do this. You don’t have to ask for permission to open up drawers or closets at an open house. However, make sure you are doing so for the sake of the home buying experience and not out of curiosity.
Jun 26, 2019
Additional Homebuyer Costs you need to be Aware of
Don’t be caught off guard when it comes to buying a home. There can be several additional costs that you weren't ready for. Knowing about them in the early planning stages can help you to budget for them. What you will pay depends on where you live and the cost of the home you purchase. Stamp Duty Any time you buy a home, you will be charged a Stamp Duty. It can be sizeable so keep that in mind. The more your home costs, the higher this is going to be. For a $500,000 home, it can be as much as $25,000! There are Stamp Duty calculators you can use online free of charge. They can help you figure out what you may pay. Just enter your state, territory, and the purchase price to get the figure. Legal Research and Verification It is important for the owner of any property to own it free and clear before it is sold to someone else. If they payoff the person holding the mortgage but they also have other liens, it can’t be transferred to someone else. A professional in the legal realm has to do this research and to verify there aren’t any other outstanding debts the home is tied to. Insurance Any time you finance a home, you must have insurance to cover the remaining balance due on that loan. This is required by the lender to eliminate their risk of a complete loss if the property is damaged or destroyed. Plus, it is recommended to have insurance coverage for your personal belongings as well. Utility Deposits and Transfers You may have to pay for utility hook-up fees, deposits, and transfers. This includes money for the water, power, gas, and internet. If you have a landline, there may be a cost there too. What you will incur depends on where you have services.
Jun 19, 2019
Bidding at an Auction for Property
Going to an auction can be a great way for you to get your hands on a property for a low price. Yet this is a commitment and you should have a bidding strategy in place. This will help you to decide if you should continue to bid or let it go to the other interested parties. Bidding Yourself If you are going to step into the arena of bidding on property at an auction, you need to be confident. You need to remain calm even when there is pressure to continue to raise your bid by those around you. Be realistic and don’t let the buzz around you get you to keep bidding higher and higher, or you may suffer remorse later on. Ask Someone to do it for you If you are intimidated, ask a friend or family member with experience to bid for you. They can go with you and help you to stay relaxed. This is known as a proxy and they will be able to get things done for you. Keep in mind, what they bid and agree on, you will be bound to! Buying Agent You may find it is easier for you to get what you want when you count on a buyer’s agent. They can bid on a property for you. They will only bid on certain criteria you have selected and up to a given dollar amount. This can help you avoid trying to make time in your schedule to go to the auction. It can also prevent you from spending more than you had intended.
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.
Aug 13, 2018
Costs First time Homebuyers need to be Aware of
Buying your first home is exciting, but it can also be a financial drainer you weren't ready for. Being aware of the various costs you may incur can help you to plan accordingly. Typically, the extra costs can be as much as 10% of the purchase price of your home. You need to keep that in mind as you are looking for a place to buy. Fees and Taxes There is a Stamp Duty which will apply when you buy a home. This amount is based on the purchase price of the property. It will also depend on the location where you reside. It is going to be one of the largest fees you will have when you buy a home. A registration fee can apply too for the transferring of the documents associated with that property. The costs also depend on where you reside. Loan Related Costs Your lender may have various fees and costs they add on for the loan too. This can include a settlement fee, service fees, and establishment fees. If you get a fixed rate locked in, there may be fees for that too. When you borrow 80% or more of the cost of the home, you will need LMI which is Lender’s Mortgage Insurance. The amount depends on the overall cost of your loan for the home you purchase. Other Possible Fees There are a variety of other possible fees that could apply when you buy your first home too. For example, you may incur legal fees for the transfer of the property from the previous owner to you. There may be fees involved to make sure there aren’t any other liens on the property too. A title search is conducted and there will be costs involved with the inspections for the home. These are to verify the structure is sound and pest free before you buy it. You will also need to have the utilities turned on at the new property. There may be transfer fees that apply from your previous location. Covering the Costs Save what you can when you know you are looking to buy a home. Any money you may get such as bonuses or what you don’t need for your basic living costs, could be put aside for savings. Look at incentives and rebates offered which you may qualify for as a first time home buyer too. They can reduce the amount of money you need to come up with out of your own pocket to buy a home.