Preparing our property for rent optimises the return on your investment. If you take the time to ensure your property is well presented and inviting, prospective tenants will be drawn to your property. Remember, we want prospetive tenants to feel at home and to basically picture themselves living there in a nice, clean and inviting environment. So how does our property attract tenants and make them feel welcome?
1. Pest Control. There is nothing worse than the sight of bugs and pests crawling around the property during a property inspection. The first thing I would do is leave.
2. Gardens. Ensure the lawns are neat and green, the hedging has been done and the flower beds are looking their best. A neglected garden is detering and often puts people off. Hence, a blooming and healthy garden shows pride and care and prospective tenants often picture themselves spending time maintaining the gardens and enjoying some outdoor leisurly fun.
3. Paint. Walls and ceiling must feel fresh and clean. If paint is overdue it might be worthwhile slapping on a new coat to brighten up the place.
4. Carpet. It is reccommended that carpet is replaced every 10 years however it might not need replacing this often if it is well maintained. A steam clean and deodouriser might do the trick. If carpets are freyed or damaged, you might want to consider placing a nice rug over them or change them all together.
5. Wardrobes. Add cheap long framed mirrors in the same colour to older style wardrobes. This brings them into the 21st century and adds light while gives the perception of a bigger space in the room.
There are many DIY tips you can take advantage of to bring your rental property up to grade. The key is making a good first impression.
"How is the property market in Sydney and Brisbane" I am being asked. Well they are selling strong with investors from China and India buying up a lot of our countries prime real estate. An article I read recently gave stats that 10,000,00 wealthy Chinese would like to invest in Australia with a long term goal to emigrate here and live the Australian lifestyle. That's positive news for capital growth and supply and demand as many local investors continue to buy off the plan. With Brisbane having said to be a world class city, much focus has been invested into making this city bigger and better. Let me know if you want to know which buildings are set to make an impression and become landmark builds.
It's not an unreasonable question, is it? Buying off the plan can sometime be worrying, especially if we're not well informed about the procedure and process of the transaction from start to finish. Here are some things to consider when buying off the plan.
Benefits to buying off the plan:
- Lock in a price – One of the advantages of buying off the plan is that you will pay the current market price for a property, even though it will be completed in the future.
- Securing a high value asset for a low initial capital outlay – While a deposit is made to secure the property (usually 10%), the entire payment doesn’t need to be paid until the property has been built. This provides you with time to organise your finances and if required sell your existing home without the need for bridging finance.
- Increase in property value – If the market experiences growth, the property you purchase off the plan today may increase in value when you settle two years later.
- Tax advantages – If purchasing for investment purposes, you may be able to claim depreciation on your tax for items like fixtures and fittings. It is important to consult your Accountant to find out if you are eligible.
- Stamp duty savings in some states – State governments (in certain states) offer bonuses and reductions in stamp duty for buying off the plan which can save you thousands of dollars.
- Seven year builders guarantee – Newly built properties in Australia come with a 7 year builders guarantee which means structural or interior building faults must be repaired by the builder.
Risks to buying off the plan:
- Falling property market – There is a risk that you may pay too much for a property if the market falls between the exchange of contracts and building completion. If this does occur you may find it difficult to secure finance for the full amount.
- Failed expectations – As many builders do not allow you to see the property until construction has completed, there is a risk that what you envision is not what you will receive. The quality of work may also not meet your standards.
- Rising Interest rates – Interest rates could increase before you settle on the property which is problematic if you wanted to fix the term of the loan at the current interest rate.
- Bankruptcy – Many buyers fear the developer could go into liquidation before the project is completed. You need to ask what the options are if this occurs; will you get your money back and what guarantees do you have?
Ensure you have a Solicitor or Conveyancer check the terms of the agreement to ensure you are protected should this occur.
Before you sign the dotted line…
- Visit the property site and check the location. If there are other constructions in the area, it may affect your view.
- Carefully inspect the display home, models and plans. Investigate the fixtures, fittings and finishes.
- Research the market conditions and speak to an expert to determine the property prices.
- Research the developer. You may wish to
- Ask how long they have been in the industry and how many properties they have built.o Visit your developer’s previous work, inspect the quality and speak to previous clients to determine their satisfaction with the property.
- Ask questions to determine what is covered as part of the purchase price, for example, what fittings, floor coverings, painting and decorating is part of the package and what is additional.
- Discuss your expectations for the property with your developer and have them written into the contract to avoid disagreement with the developer at the completion of the project.
- Obtain guarantees of their financial status written into the contract if possible, to avoid encountering financial complications with the developer. Ask to see the developer’s balance sheet to determine their financial strength as there is a risk that if the developer goes into liquidation before the property is finished you may lose your deposit and other costs.
Carefully review the contract with a legal professional. Take note of:
o The completion date.o If there are penalties if you withdraw from the contract
o If you can visit the site during construction.
o If you can make changes to finishes and fixtures.
o What happens if the developers run into financial problems and what happens to your deposit?
o What happens if faults are identified post-completion?
Not all of us are familiar with the costs associated with selling our home. Agent fees can sometimes be unclear or daunting and on such an important matter, it is essential that we understand exactly what we're in for whether the property is sold or not sold with the listing agent. Often, advertising fees are unavoidable and we are faced with bills amounting to thousands to cover the cost of on-line advertising, printed material, professional photography and sign-boards just to name a few. Wouldn't it be nice if the stress of paying bills when trying to sell your home for the best price possible was removed, and advertising cost were incorporated in the sales commission fee. I agree it would be a much simpler and desired avenue to take when selling house. It is therefore important to shop around for the right agency when you are thinking of selling.To find out what our agents can do for you, call us and ask about any promotions on our professonal services www.primerealtor.com.au
What if you could buy a family home for under $400k, or better yet, less than $300,000. We know there are many remote areas where we could buy property and earn a good return, but we want growth, not just a rental income to cover the mortgage. We want to see our investment grow and double the equity within a matter of just a couple of years right?
For instance, the prices of property in Freemantle, Western Australia has jumped as its only 30 minutes from Perth but more-so because it is close to the West Coast.