Tag: property

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Before & Afters Expert Tips House Tours Real Renos RENO ADDICT

Real reno: An unrecognisable family home transformation

This real reno for profit was completed by our resident expert Naomi Findlay in Newcastle NSW. I’ve had the pleasure of looking around it myself so I can vouch for what a beautiful and clever job she did!

This four-bedroom brick and tile home transformation took the serial renovator and her team six weeks with a budget of $110,000. To look at it now, you’d never know what a challenge it was: “It had an impossible layout and floorplan with disproportioned spaces and rooms with far too many doors,” says Naomi. But of course, she saw the potential. It wasn’t straightforward; the whole place had to be rewired and pretty much re-plumbed.

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After: kitchen

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Before: kitchen
Before: kitchen

The floorplan changes were complex but as you can see, more than worth it!

I’d agree with Naomi that creating the master suite (a bedroom large enough for a lounge area with the benefit of having a deck off it, and an en suite so generous most people would be delighted to have it as the main bathroom!) made the biggest impact. Not surprisingly, it’s also her favourite part of the reno, along with the main bathroom.

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The new master suite

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Before: master suite
Before: master suite
The impressive en suite
The impressive en suite
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Before: en suite

Creating the large deck area brought the yard and the house together and Naomi says the best bargains were the locally made timber vanity tops and above bench bowls.

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After: deck
17 external silk home
Before: exterior

“The biggest learning was to keep it simple. Good design does not have to be tricky but instead simple and clever.”

Before: bedroom
Before: bedroom
After: bedroom
After: bedroom

As a true reno addict there’s no question of Naomi doing it all over again!

Her advice for would-be renovators:

  • Have a plan from the get go
  • Have a budget and a healthy buffer
  • Be surrounded by a team you trust
  • Be proactive and assume nothing when it comes to communication. Comms are key!

Naomi runs staging, styling and design company Silk Home in the Newcastle and Hunter Region, NSW and the International Institute of Home Staging (IIHS). If you’re interested in home staging, check out her conference happening in Sydney next month.

If you’d like to ask Naomi any questions about this reno, please comment below.

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Expert Tips Styling

The perfect Sydney event for new and professional home stagers

Fancy becoming a home stager? Or do you want to improve your skills as a professional property stylist? If you answered yes, we have the event for you!

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Naomi Findlay

Running 10 and 11 July, the first ever Sydney Home Staging Success Summit will teach both new and professional home stagers how to run a successful business. Organised by Naomi Findlay, principal of the Australia-based International Institute of Home Staging (IIHS) and our very own Reno Addict expert, and Jana Uselton, founder of America’s Home Staging & ReDesign Association (HSRA), the summit will feature a session to introduce new property stylists to the field, as well as host seminars to advance the knowledge of those already in work.

“There has been such a high demand for property styling that it was time for the industry to make a push to bring more people in,” says Naomi. “Whether you’re a beginner who wants to find out whether home staging is for you, or a professional looking to sharpen your skills, this summit is a great way to gain business knowledge and meet like-minded people.”

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The two-day event will start with a half-day introductory session to home staging, followed by a full day of workshops that will cover everything from working with real estate agents and running a home staging business to specialist sessions on luxury property styling and capturing the home builder’s market. Attendees can choose to attend one or both days, with places selling for $39 for the introductory session (including a gift valued at $39), $149 for the full-day summit and $168 for the whole event.

More information, including the summit agenda, can be found here.

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RENO ADDICT

The great division: division 40 versus division 43

In order to maximise property depreciation deductions, it is important to understand the difference between division 40 and division 43 regulations. These two main pieces of legislation affect rates at which assets can be written off and claimed. Knowledge of the difference between division 40 and division 43 assets can assist in ensuring that deductions are maximised. This is particularly important when planning to replace any existing structures or items contained within an investment property.

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Division 43
Otherwise known as ‘capital works allowance’ or ‘building write-off’ – division 43 is a deduction available for the structure of the building and the items within it that are deemed irremovable.

Division 43 can be claimed at a rate of 2.5% over 40 years. However, not all properties qualify for this allowance. As a rule, any residential property in which construction commenced prior to 15 September 1987 will not qualify. There are exceptions to this rule when renovating. Any renovations completed after the legislated dates set by the Australian Taxation Office (ATO) may also entitle an investment property owner to deductions, even if the renovations were completed by a previous owner of the property.

Division 40
Also known as ‘plant and equipment’, these are the removable assets found within an investment property. Examples of division 40 items which owners can claim depreciation deductions for include lights, blinds and ceiling fans.

These assets depreciate according to an individual effective life and therefore at a much faster rate than structural items. For example, in residential properties carpet can be claimed at a rate of 20% over 10 years (using the diminishing value method).

Owners of all investment properties, regardless of the property’s age, are eligible to claim deductions for these assets.

Common mistakes investors can make by incorrectly categorising items

It is easy for investors to incorrectly allocate deductions for items by not seeking expert advice. Particular assets can cause great confusion as some assets will qualify in part for division 40 deductions and partly for division 43 deductions. For example an air conditioning unit falls under division 40 whilst the ducting for the same unit falls under the division 43 allowance. Similarly, an in-ground pool falls under the division 43 allowance whilst the pumps for the pool fall under division 40.

In order to ensure your deductions are maximised within the ATO guidelines, it is essential to have a specialist quantity surveyor visit the property and complete a site inspection which lists all assets and outlines the deductions correctly.

What to be aware of when renovating

Understanding the depreciation rates of different items can help owners to make informed decisions when renovating.

Investors can make their choices to install items which will improve deductions and depreciate at a faster rate. For example carpet (division 40) depreciates at a faster rate than tiles (division 43); blinds (division 40) depreciate faster than wooden louvres (division 43) and ornamental lighting (division 40) depreciates faster than down lights (division 43).

The advantage of replacing division 40 assets is that the owner can depreciate these items within a shorter time period depending on the assets individual effective life, potentially resulting in the full depreciable value of the asset being claimed and providing the maximum deductions to the owner within just a few years.

It is also important to be aware that removing assets can affect both division 40 and 43 deductions. Any removed assets could entitle their owner to additional claims. If there is any remaining depreciable value for assets being removed, this residual value can be claimed as a 100% tax deduction in the same financial year as the items disposal.

A depreciation schedule should be arranged both before and after a renovation to capture both existing assets which are planned for removal and any new assets installed by the property owner. A specialist quantity surveyor will complete a depreciation schedule which allows owners to claim the maximum deductions possible.

Case study:

David purchased an existing house one year ago. The property was approximately fifty years old and was acquired as an investment.

After BMT Tax Depreciation conducted a detailed site inspection and noted the eligible plant and equipment, a depreciation schedule was prepared. The schedule identified $15,000 worth of depreciating assets.

Whilst the property was income producing, David claimed a total of $2,700 in deductions in his first financial year.

David decided it was time to build a new investment property on the site. In doing so the existing building was demolished and removed from site. The residual depreciable value of $12,300 became an immediate 100% deduction in the year of demolition.

The following shows some examples of division 40 and division 43 items found inside and outside of a normal home.

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Be sure to obtain a tax depreciation schedule from a reputable quantity surveying firm to maximise your depreciation claim. For obligation free advice for any property on the deductions available for both division 40 and division 43 assets, speak with one of the expert staff at BMT Tax Depreciation on 1300 728 726 today.

– Bradley Beer is the managing director of BMT Tax Depreciation. A depreciation expert with over 16 years experience in property depreciation and the construction industry.

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RENO ADDICT

How to save money by claiming tax deductions on furniture in a rental property

Often property investors rent out their property fully furnished. Depreciating furniture can add thousands of dollars to the owner’s depreciation claim.

The below table provides an example of the difference that claiming depreciation on a $16,000 furniture package could make to an investor who purchased a two-bedroom two-bathroom unit:

2014_TQ1 - Without and Without Furniture

It is important that a specialist quantity surveyor prepares a tax depreciation schedule for an investment property before the owner lodges their tax return. A quantity surveyor will carry out an inspection on the property to identify more plant and equipment items and apply depreciation legislation to maximise depreciation deductions for the owner.

BMT Tax Depreciation complete reports for over 10,000 accountant referrals each year, with reports showing an average of $5,000 to $10,000 as a first full year deduction.

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For further information on depreciation, property investors can visit BMT Tax Depreciation’s What is Depreciation page.

– Bradley Beer is the managing director of BMT Tax Depreciation. A depreciation expert with over 16 years experience in property depreciation and the construction industry.

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Design Outdoor & Exteriors RENO ADDICT

6 great upgrades to make your home more energy-efficient

Upgrading your home to be more energy-efficient is in your best interest. By adding solutions geared at conserving energy, you’ll not only be protecting the environment, you’ll be saving lots of money in the long run. In contrast to conventional homes, energy-efficient ones limit unnecessary energy consumption and greenhouse gas emissions, conserve energy and reduce the demand for non-renewable resources. All in all, it’s worth making your home energy-efficient! Here are six smart tips to help you do it.

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  1. Replace your windows

If your windows are old, consider replacing them with energy-efficient alternatives or improve their efficiency with weather-stripping and storm windows. In general, replacing windows just to save energy isn’t that cost-effective – one source claims that it saves you 7-to-24% off your heating or air-conditioning bills. That is, unless your windows are large and single-glazed. Otherwise, it’s good to consider energy-efficient options once you’re replacing your windows for other reasons as well – that’s when the change becomes cost-effective.

  1. Insulate your home

insulation

Proper insulation is key to saving energy. Without it, you risk letting out a lot of your heat during the cold winter months – and we all know that heating bills are high. Make sure to have good insulation – blown-in insulation for your walls or weather-stripping. Remember that the expertise of the contractor is more important than the insulating material you use – it’s the installation that matters most here.

  1. Think about solar panels

Solar panels are costly, but they’re a great investment. You can easily have them installed on your rooftop and enjoy reduced electricity bills by producing your own electricity. Even if the initial price seems quite high, solar panels are cost-effective. Still, they’re not such a popular solution in many regions of the world – but it’s very likely that this will change in the near future.

  1. Choose your appliances wisely

If you’re about to get some new appliances for your home, look for those with the HE logo. Certified appliances use less energy, and while they will cost you a bit more, they’re simply a smart investment. You’ll be running them very often, if not all day long, so expect to save on your electricity bills over time. Even when choosing energy-efficient appliances, it’s a good idea to limit their use. Avoid overusing your heater during winter, keep your thermostat at a certain level instead of changing it all the time and turn some appliances off when you’re not using them.

  1. Use compact fluorescent lamps (CFLs)

lightbulb

Instead of incandescence light bulbs, go for the energy-efficient alternatives. If you settle for the old style of light bulbs expect to use much more energy than you have to. Sure, the CFLs are more expensive, but in the end they’ll help you save money on your electricity bill. Also, they last 12 times longer than regular light bulbs.

  1. Revamp your garden

Smart landscaping can be of great help in making your home more energy-efficient. By planting trees, you’ll protect your home from intense sun during the summer and during winter, your trees will act as a smart remedy against cold winds, helping you to conserve all the heat generated in your home.

Making your home energy-efficient is simply worth it – you’ll protect the environment, reduce your carbon footprint and enjoy innovative energy solutions that will only add value to your property.

— Lori Gardner is an experienced property advisor at Performance Property where she helps customers find and purchase the home of their dreams. 

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RENO ADDICT

Seven ways to (really) save for a deposit

Whether you’re squirrelling money away for your first home or are a seasoned property shark, the process of saving for a deposit can be a thrill or a challenge… depending on how you tackle it! But the most effective techniques for building a rock solid deposit involve injecting a few crucial money-saving techniques into your everyday. Before you realise how effective the following tips are, they may have built you the perfect diving board to jump headfirst into the property market.

Photo credit: Rosewood
Photo credit: Rosewood

Tip 1: Have a smart goal

When setting yourself a savings goal, be realistic – it’s not going to happen overnight. Give yourself a timeframe to keep you on track, for example: “I’d like to save $50,000 in three years.” Doing this will allow you to analyse all your outgoings and deduct this from your income to give you an idea of what you should be aiming for – and what is realistic – to save each month.

Tip 2: Separate your needs from wants

When analysing your outgoings, be ruthless –are these needs or wants? You can’t survive without food or electricity, but do you really need to spend half your income on updating your wardrobe? Sometimes wants are borne from habit and there is a psychological connection between payday and treating yourself to new purchases. For example, celebrating payday with a visit to Westfield. These habits need to be reevaluated when you’re serious about saving for a property.

Tip 3: Learn how to snowball

So many people struggle to make the connection between knocking over debts and saving money. Snowballing is the art of paying off debts in order of their size, as hitting smaller commitments first will knock them off the to-do list while simultaneously eradicating any interest or further obligations you have to them.

Tip 4: Set up auto-savings

A separate savings account with automatic payments will allow you to directly debit some money from your everyday account each payday. No matter how big or small, they key thing here is that you’re saving some cash regularly and watching your home deposit dream get closer to reality.

Tip 5: Cut down on coffee

Before you get all panicky and up-in-arms, the important focus here is to minimise your cafe-bought intake, not completely go without your java. Simply giving up one coffee a day (assuming your coffee is $4) could save you $20 each working week which, over the course of 12 months, will add more than $1,000 to your savings. Bringing your lunch in from home just twice per week could net you more than $2,000 in savings per year.

Tip 6: Lock it away

Want to fast track your savings? Term deposits are a great way to avoid the temptation to dip into your savings. The best bit? As well as keeping your money locked away for a fixed period, some have high interest rates, so you’ll be making more money just for being smart with your savings!

Tip 7: Don’t go it alone

Do you have a friend who is also planning on saving for a deposit? Or are you saving to buy with a significant other? Use each other for motivation and make a pact to keep each other on track. For example, if you and your partner each commit to saving $100 a week toward your deposit, you’ll not only have a dedicated savings plan, but any amount you put aside will be matched by the other person. Using the above example of $100 per person per week could leave you close to $1,000 per month closer to your dream home.

The days of simply putting your pennies away and hoping for the best are long gone. If you want to call yourself a homeowner, follow these strategic tips and make it happen sooner.

— Bessie Hassan is the editor at finder.com.au, one of Australia’s largest comparison websites. She’s passionate about real estate, renovating, and helping Australians find better. 

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RENO ADDICT Shopping

Domain’s new Apple app helps you watch the market. Literally.

With the Apple Watch due to be released 24 April, Domain have transformed their award-winning iPhone app into the perfect tool for helping house hunters closely watch the property market (pardon the pun!).

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Providing easy access to the information you need throughout the buying, selling, renting and searching process, the Domain app will allow you to:

  • Search and view property information and photos with one touch
  • Receive instant notifications about properties that meet your criteria and when details or inspection times update
  • Organise properties as favourites and schedule inspections
  • Pick up where you left off with your iPhone to explore properties in more detail.

Domain’s Apple Watch app will be available to download free from the Apple App Store following the release of the watch.

For more information.

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RENO ADDICT Shopping

realestateVIEW.com.au’s updated app: for anyone looking to buy, rent or sell

realestateVIEW.com.au’s newly upgraded mobile app offers heatmap technology to revolutionise the way property is found and sold.

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The technology allows users to visually explore median prices, weekly rent and monthly loan repayments for specific areas within different suburbs with a click of a button. They can then overlay these maps with up-to-date sales or auction results and mark nearby points of interest or amenities (i.e. schools, public transport, supermarkets), helping house hunters find their ideal location.

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Head of product and technology at realestateVIEW.com.au, Raymond Smit, believes the app offers a one-stop-shop for anyone looking to buy, rent or sell property and will quickly become the on-the-go companion for the weekend house hunt. “Our app goes beyond the traditional property search – house hunters now have access to local data helping them make an informed property decision on-the-go.”

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Other key features include suggested properties, real-time data on the latest sales and auction results, points of interest, open for inspection times and a new layout and visuals.

The free app is available on all iPhone and Android smartphones and can be downloaded here.

For more information.

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Outdoor & Exteriors RENO ADDICT

How to save money by claiming deductions on what’s outside

When it comes to claiming depreciation on investment properties, many investors are unaware of the deductions available on outdoor structures, fixtures and fittings.

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Items outside a building can add value to a property. Rather than ignoring the street appeal, investors can include items in the yard or outdoor area to help attract potential tenants. The investor can then maximise their deductions by claiming depreciation on the eligible items in the front yard, backyard and on the balconies of their properties.

Deductions can be claimed on these outdoor assets as either capital works allowance or plant and equipment depreciation.

Capital works allowance, also known as building write-off, is based on the historical cost of a structure, excluding the cost of plant and non-eligible items. Outdoor structures which qualify for the capital works allowance include:

BMT Tax Depreciation ~ Outdoor Appreciation Increases Depreciation ~ 09.12

Plant and equipment items, including removable or mechanical assets, are also eligible for depreciation deductions. Each plant and equipment item has an effective life set by the Australian Taxation Office.

The depreciation available on each item is calculated using the effective life. Some depreciable outdoor plant and equipment items commonly found outside a property include:

BMT Tax Depreciation ~ Outdoor Appreciation Increases Depreciation ~ 09.12 (2)

Assets outside a property can be worth thousands of dollars. Investors should take special notice when old assets including retaining walls, garden sheds and driveways are removed and replaced during a renovation. They may be entitled to claim 100% of the unclaimed value as a deduction. A specialist quantity surveyor is qualified to calculate values and construction costs of these items and can ensure that investors are not throwing dollars away.

— Bradley Beer is the managing director of BMT Tax Depreciation. A depreciation expert with over sixteen years experience in property depreciation and the construction industry.

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Design DIY RENO ADDICT

Your how-to renovation guide from Block buyer’s advocate Greville Pabst

A well-executed renovation can add considerable value to your property when it comes time to sell it, but home renovations are not for the faint hearted. Renovating your home is a significant undertaking with many things to consider before you’ve even picked up the tools. That’s why we decided to create The WBP Renovator’s Guide to Property, to make all those tough decisions, easy!

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Each property is unique and needs to be judged on its own merits, including its location, style and size. Taking these factors into consideration will help you decide where your money is best spent.

Researching your suburb and understanding the needs of the demographic of the area is critical to determine where to allocate your funds and maximise the value of your property. For example, residents of lower density outer suburbs will be influenced by different features to those living in higher density inner city areas.

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Our guide to renovating property lists increasing a property’s physical floor space by adding bedrooms, an additional bathroom or a modern kitchen as some of the surest ways to add value. These additions do come at an expense though, so buyers need to avoid overcapitalising — costs should not exceed the value added to the property.

Other features that add value to keep in mind are having manicured gardens and building a garage, all of which can add up to $100,000 to a property’s value.

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Before renovating, engage an architect for guidance, source quotes from a local builder and seek property advice to determine market value before and after the proposed renovation. Following these simple guidelines and planning ahead can help save you time and money and significantly maximise the value of your property.

WBP Property Group’s Renovator’s Guide to Property is available here.

— Greville Pabst is the chief executive of WBP Property Group and one of The Block’s new buyer’s advocates.

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RENO ADDICT

How to stay cool at an auction: by The Block buyer’s advocate Nicole Jacobs

The Block Triple Threat buyer’s advocate Nicole Jacobs, shares her five top tips to buying at auction…

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Even as a seasoned professional, an auction brings butterflies to my stomach, and I love that feeling. It keeps me alert and ready for the auction. Harnessing this energy positively is one of your keys to a successful outcome.

1. Pre-auction homework 

Before the auction, you will need to have had the Contract of Sale looked at by a solicitor or conveyancer to make sure all questions have been answered. You will have your finance sorted (know your limit) and you will have done your homework on the area (recent sales of similar properties) and attended several auctions so you know the process.

2. Is it a referral or non-referral auction?

Know the difference, know the signs and ask the question. This is something you need to know.

A non-referral auction means the auctioneer will not break for a ‘quick chat with my vendors’. Once he/she has reached the vendor’s reserve price they will keep going until the last bid is offered, count it down three times and sell it under the hammer. If you were waiting for the half-time during this auction, you could be leaving without even putting your hand up.

A referral auction can play out two ways. The auctioneer will break when the bidding slows to a halt and ‘refer to their vendor/s’, come back and either declare the property ‘on the market’ or say ‘we are very close’ or something to that effect. They will continue and hope that the reserve price is met and keep going while the bidding keeps coming. Often, one of the agents assisting will go inside and come back out and give a nod of  ‘it’s on the market’ to the auctioneer and they will knock it down three times when the bidding has stopped.

If throughout either of these processes you are confused, don’t be afraid to ask the question ‘Is the property on the market?’. If nothing else, it will slow proceedings and allow you to think if the pace has been faster than you can calculate!

3. Stand in a prominent position where you can see the whole crowd and the auctioneer

Positioning yourself well at an auction is crucial. You need to see where the bids are coming from so you can watch their body language and you also need to be in clear view of the auctioneer.

Body language is an amazing human trait, especially at an auction. A couple that start to shake their heads or discuss whether they can go up another $1,000 has clearly not come to the auction with a firm limit and an auction strategy.

4. Bid and bid with confidence

An auction where no one bids is crazy. If the property passes in on a vendor bid, then a ‘behind the doors’ auction goes on and then you have no idea if there is actually another bidder at all.

If it is going to pass in, then let it pass in to you. You will then have the right to hear the vendor’s reserve price that you will either be happy to pay, or be able to negotiate for a good 15 minutes while everyone else is outside wishing they were you.

Every auction is different. Whether you come in at the start, halfway through or at the end, you need to bid with confidence. If you know your prices, then a strong first bid can often knock out half the competition right there and then. While many auctions have been won on a bid of just $1,000, it is often not the strongest tactic to employ, going up in $1,000 lots.

5. Don’t end on a round number

Try not to have a finish limit that is a round number. Sometimes this is because the bank or finance broker has said ‘you can go to $1,200,000’. If you have a limit of, for example $1,205,000, you may just be able to put in your additional $5,000 strong bid at the end and win the auction.

–Nicole Jacobs is a member of the buyers’ jury on The Block Triple Threat and director of Jacobs Buyers Advocates in Brighton, Melbourne. She has worked in real estate for more than 15 years.

 

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RENO ADDICT

Using a buyer’s agent: would you?

Buyer’s agents are becoming increasingly popular. After all, who wouldn’t want someone who speaks the language of inspections, appraisals, contracts, settlements and price negotiations to do your bidding?

Kristy - Agility Property reno addict

Kristy Smith, owner of new boutique buyer’s agency, Agility Property, does this and more, also providing related services such as interior design and property management. Believing buyers typically represent themselves with limited market knowledge — while sellers are represented by an agent — Kristy thinks it’s time for a level playing field.

“Hiring a buyer’s agent gives you a balance of power during research and negotiation,” explains Kristy. “You have the best information, knowledge and experience on hand.”

Kristy also plans to give this power to her clients through a new app set to launch in March. “Some buyers want to stay involved in the process but just need guidance. So the aim of the app is to simplify and enhance their experience, and it’s obviously available anywhere and anytime of day.”

A whopping 88% of property purchases were handled by a professional buyer’s agent in the US according to a 2013 study undertaken by American National Association of Realtors and according to Kirsty the trend will continue to rise in Australia too.

Find out more about Agility Property.

Would you use a buyer’s agent? Have you used one with great results? We’d love to hear your experience in the comments.

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RENO ADDICT

5 questions with our real estate guru Mark Foy

As the principal director of Belle Property Surry Hills, Mark Foy really knows his stuff. Not only has he been the number one seller in Sydney’s Darlinghurst for the last three years, he also has a long history of exceptional sales results in the broader inner city. So we thought there was no-one better to answer the difficult questions on where to spend the big bucks when renovating for profit, how to pick the best agent and how to buy a property when you really have no idea what you’re doing! Mark will be Reno Addict’s go-to guy for all things real estate.

mark foy reno addict

1. What is ‘buyer beware’ and what should I look at?

Buyer beware basically means buyers need to do their own due diligence on a home. They can’t expect all the information to be given to them. If you’re buying a house you need to get a building inspection done or if your buying an apartment you should get a strata report done; a strata report is like a building report, it shows you the financials and the history of the building so you understand what you’re buying into. Also other things like doing council searches and seeing whether there’s going to be a building popping up across the road are important to do; it’s not the agent’s duty to disclose, but rather the buyer’s duty to seek out that information through their solicitor. And finally the buyer should have the contract reviewed by a lawyer prior to exchanging.

2. What value does a new kitchen add to a house?

It definitely adds a lot more salability to the property. You’d definitely get your money back and possibly a bit more. A kitchen is such a critical part of the house, you spend a lot of time there entertaining and preparing meals; so I think updating a kitchen for a sale is important.

3. How should I go about selecting an agent when selling?

The most important part of selecting an agent is understanding their experience. Are they local and active within the area, do they speak to buyers in the region and are they in touch with the market? You also have to find out how they’d go about handling the selling process. Starting from how they conduct their open homes and communicate with the owner and potential buyers, all the way through to picking an auctioneer come auction day. All these things come into play and they’re the things I’d want to know.

4. What are the big-ticket items to concentrate on when renovating to sell?

More important than kitchens and bathrooms is presenting a property that’s got a certain feeling about it. When a buyer walks into a property you’ve only got one chance to create that emotive feeling and it’s not through having a nice kitchen! It’s through making sure it’s furnished nicely, that it’s looking sleek with a new paint job, that the floorboards look nice or there’s a new carpet, that the garden’s presented well, that there’s music playing and then that it all comes together by being represented by a fresh looking agent out the front. All those things come into play, so that’s what I’d be focusing on when you’re renovating.

5. How much notice should I take of building inspection reports and should I ever buy without one?

I’d definitely get a building inspection report, 100%! It’s $400-500 and it’s peace of mind. Buyers aren’t builders and they don’t know what to look for, I think it’s critical that you get one. However, one thing to consider when you’re reading a report is the builders that do them are always going to describe the house in its worse condition, because realistically they’re protecting themselves. But in saying that it depends what and where you’re buying. If you’re buying an old 150-year-old house in the inner city then you need to understand that it’s going to need work done. However, if you’re buying a brand new house and it’s getting a bad condition report, then there’s something wrong. Therefore it’s important you consider where you’re buying and how long the building has been erected for.

–Contact Mark via his website or submit a question for him here.

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House Tours RENO ADDICT Styling

Diary of a Reno, the complete video series

Watch all five episodes of our Diary of a Reno video series as we take you through a real life renovation, from purchase to sale and $25,000 profit six weeks later! Our expert Naomi Findlay, an experienced property developer (and busy mum of four!) owns successful business SILK Home Staging & Styling and teaches others how to stage for sale and set up their own styling businesses through her International Institute of Home Staging. Former Block winners Alisa and Lysandra are just some of her students!

Watch videos 1 through to 5 to follow the whole story of this project in Newcastle, NSW.

Video 1

Video 2

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We hope our warts and all, keeping it real advice has inspired and helped you. If you have any questions for Naomi, please put them in the comments below.

Happy renovating!

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House Tours The Block

Dan and Dani sell first property since The Block

Dani and Dan

Two-time Blockheads Dan Reilly and Dani Wales know a lot when it comes to renovating and selling homes. But this time there are no TV cameras and they’re selling their very own apartment.

Dan and Dani in Apartment

Situated in the Melbourne suburb of Richmond, it is the first property they have renovated since being on 2012’s The Block and 2013’s The Block All Stars.

Outside

The pair purchased the one-bed apartment just before they had their TV debut, which saw them juggle renovating The Block house and moving in. “It was such a hectic week as we were working on the master bedroom and en suite on The Block whilst trying to move into our apartment at the same time,” explained Dan.

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