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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.
Apr 10, 2019
Prepare before Arriving at an Open House
It can be fun to go to an open house and inspect a home, but you need to be well prepared before you show up. Make sure you have plenty of time to look around and you aren’t rushed. Clear your mind of distractions so you don’t miss anything. When possible, you should go with your partner. One of you may notice things the other didn’t. Try to leave the kids with a friend or grandparent if possible too. Explore in Depth Focus your attention on the entire home, from the outside looking in. Go through each room and think about what it offers you and what it is lacking for your needs. Look in the cabinets and the cupboards so you get an idea of how much space it offers. Turn on the sink, check the burners on the stove, and flush the toilets. These are all essential things to consider when you inspect a quality home. Take an inventory outside too, such as the parking set up. If there isn’t a garage, will you have sufficient parking on the street close to your home? Take a look around the yard to make sure the lawn has been well maintained. Is there a storage shed or a place for a BBQ out back? Listen as you Explore Don’t discuss with your partner what you see as you go through the house. However, you should be listening to what others around you are talking about. Perhaps they noticed things – good or bad – you didn’t. Maybe they are willing to make an offer on the house or they are planning to leave because of something they noticed. Such information can help you decide if the home is a good fit for you or not. Walk around the Neighbourhood If you liked the home, go for a walk around the neighbourhood before you leave. This can be a prime time for you and your partner to discuss what you liked and didn’t like about the home. At the same time, it gives you a good feel about the type of environment and surroundings you will have, should you purchase that property. Trust your instincts too because they are usually more in tune than just the mind. If there is something you didn’t like about the place, you don’t have to justify it. Just keep on looking and you will know that ideal home when you find it. Then you will be glad you didn’t give in early and buy something else!
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.
Mar 21, 2019
Understanding the Home Auction Terminology
Buying property at a home auction can be a wonderful investment. It can be a way for you to get a great home for a lower price than if you were to buy one directly on the market. To get a home at auction though, you have to be the highest bidder. There can be others vying for that same property. Understanding how the home auction process works can help you to feel confident and take the uncertainty out of the process. Understanding the Rules There can be variations to the rules from one auction to the next. With that in mind, it is important to get information about those rules which will apply prior to going to such an auction. There is no cost to be in attendance and you don’t have to bid at all. If you do decide to bid, you will have to start at the opening price. As the price goes up based on more bidders, you can decide to increase your bid or to step down. Set a Bid Limit Before the bidding starts on a given property, make sure you have a set bid limit. Don’t exceed that. If the amount goes beyond that point, step down. Don’t get caught up in the competition of a bidding war with other participants. Some of them are ready to pay far more than you are for a given home. Let them have it! Vendor Bid There are times when the bidding stops before therequestedreserve amount is reached by the seller. With that in place, the auctioneer can declare this and state that the price isn’t enough to satisfy the sale of the property. If it is close enough to the reserve price set by the seller, they may agree to accept that amount of money. However, they do have the right to decline it, so a discussion will take place between the auctioneer and the seller.
Mar 13, 2019
Best Options for Property Auctions
When it comes to property auctions, you can find some terrific deals at great value. Knowing your options and when to use them, can make it a smoother process and prevent you from spending too much. You should be excited and have fun rather than feeling stressed and obligated to continue bidding. Conduct Research Find out all you can about the property before you go to the auction. This includes the number of owners, square footage, and the market price for comparable homes in the area. Such information will help you to determine your maximum bid amount. Be disciplined with that figure and do not bet even one more dollar over that, on the property! Read the Terms and Conditions You will have the opportunity to read the terms and conditions of the contract before you bid. Yet many people going to a property auction never do so. You need to read that information and ask questions for anything you don’t understand. Never bid if you don’t agree or fully understand those details. Be Confident If you are sure you are going to bid, try to get a position close to the auctioneer. You don’t want to be overlooked in the crowd. Bid at the increments as they move along by the auctioneer. Pay attention to when you are getting close to your maximum amount so you don’t go over by accident. Stay calm, even as the price is going up. You will start to notice the body language changing among those around you also bidding. Try to stay the same and not disclose your true feelings.
Oct 31, 2018
Compare Your Suburb Real Estate Values
Has it gone up or down? All Melbourne and Metro house and unit median prices listed here.