Tag: real estate agent

Categories
Expert Tips Interiors Addict

I’m a real estate professional but my own move was a nightmare!

By Michelle May

People say that death, divorce and moving house are three of life’s most stressful events. Well, I can certainly vouch for the third one! 

Having worked as a buyers agent for more than 14 years, it’s safe to say that searching and securing properties for clients has become second nature. However, my recent experience moving house has highlighted just how complicated the process can be when you don’t have a professional by your side. 

Even with my experience, plenty of moments highlighted how confusing and stressful things get when buying and selling a home! On the upside, the experience was undoubtedly educational and here are a few things that I learned.

Buyers agent Michelle May found her own home-buying experience a nightmare!

You can’t do it all. 

I am proud to say that my clients always experience a calm, organised and strategic approach when I help them buy their dream home. I’d love to say that’s how I handled my own move – unfortunately, it wasn’t! As a mother of two and a business owner, juggling everything on top of going to open homes, preparing to sell my house, and still buying properties for clients was tricky. 

Naturally, you get pulled in so many different directions on your property hunt that having someone independent by your side to save time and keep your search on track is crucial. Having an impartial ally also plays to the next point:  

It’s impossible to remove your emotions from the equation

Should you follow your heart or your head when buying a property? In reality, you need a good mix of both, but there’s a good chance that your emotional side has a louder voice than the logical! 

As much as we’d like to admit that we can be objective and assess a property for its investment potential, it is very hard to check your emotions at the door, especially factoring in your family members’ feelings. 

Again, finding someone independent and not afraid to tell you a few home truths is vital. If you don’t have access to a property professional’s expertise and strategic mind, find someone you trust. Make it their job to provide that analytical balance and ensure that the extra storage and picket fence don’t blind your decisions. 

Don’t let a time crunch control your decisions

There were points in the moving process where I felt like I had to make quick decisions and rush things along. That feeling was compounded by a to-do list as long as my arm. Spending such a long time in one house meant a lot to organise. 

However, putting extra time pressure on yourself is a sure way to make mistakes. Whether you’ve already sold and are looking for somewhere new to buy or have made an offer and need to sell to get your finances, rushing the process will only lead to bad decisions. 

Yes, there will be pressure to get things pushed through but try not to dance to someone else’s tune – unless you absolutely have to!

You don’t have to buy straight away but renting has its challenges

Many homeowners subscribe to the belief that paying rent is a waste of money. Why pay someone else’s mortgage off when you could be paying your own? However, six to 12 months of rent now can make you hundreds of thousands of dollars later. Effectively, you’ve bought yourself the time to make a smarter property purchase. 

However, be aware that the rental market in Sydney is crazy right now. I’ve been at open homes for houses that charge a premium, and there are still upwards of 30 groups waiting to go through. 

Subpar properties with bad layouts and damp problems are being snapped up. I’ve even seen plenty of great applications knocked back because others have offered well above the asking price.

There are phenomenal properties out there if you know where to look. Working with a well connected professional will help you find a temporary home that allows you to slow down, breathe and make a smarter investment in your next home.

-Michelle May is host of Buy Your Side podcast and Principal of Michelle May Buyers Agents.

10 design gurus share their top tips for moving house

Sponsored by Super Easy Storage They say moving house is one of life’s most stressful events… up there with the…

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,…
Categories
Expert Tips RENO ADDICT

The nine experts you need before investing in property

By Bradley Beer

While property investing is one of Australia’s favourite pastimes, it doesn’t mean it’s always an easy ride. There are ups and down and certainly rewards to reap, but you do have to put in some groundwork and planning to become a successful investor.

While this can seem overwhelming at times – especially for first time investors – the good news is that you don’t have to go it alone. There are professionals whose very job it is to help you along the way. In fact, it is recommended you have a property investment team of sorts – each player with a different role to help you towards  investing success.

As the team captain you get to pick the players, but there are the nine experts you should consider including on your team:

Image: Business2Community

  1. Accountant and/or Financial Advisor

A common goal of property investing is financial reward, but you need to use your money wisely. An accountant will help you manage your money and advise on any tax changes you should know about, as well as help you claim everything you’re entitled to. A financial advisor is slightly different and looks at your financial situation more holistically. They can help you determine your financial goals and set a realistic plan to achieve them. Ideally, your accountant and financial advisor may be one in the same, but both of these services are incredibly useful.

  1. Real Estate Agent or Buyer’s Agent

When you’re searching for your first or next investment property, it’s good to have a real estate agent or buyer’s agent you can trust. Their commission should be transparent, they should have a thorough knowledge of the local market, have a deep understanding of your requirements and be proactive in helping you find your ideal investment.

  1. Property Manager

While some investors may be tempted to self-manage their property, there are a lot of risks involved in this approach if you don’t have the knowledge or time to manage this effectively. A good property manager will help you secure quality tenants, be on top of any damage, will save you time, tell you of any requirements and will help take some of the emotion away from the process. As their fees are tax deductible this shouldn’t be looked at as an unnecessary expense.

  1. Mortgage Broker

In the past year, mortgage brokers have been gaining market share in Australia.  The 2017 Property Investment Professionals of Australia (PIPA) investor confidence survey revealed that 83 per cent of respondents are hoping to finance their next loan via a mortgage broker, up from 71 per cent last year. If you’re looking to purchase a new investment property, it may be worth speaking with a mortgage broker to help you find the best product to suit your situation and your finances.

  1. Conveyancer

There’s a lot of complicated paperwork involved in purchasing a property including the contract of sale, mortgage documents and other paperwork related to the transaction. It’s best to enlist the help of a qualified and reputable conveyancer to do this legal legwork for you. They’ll help decipher any complicated terms and conditions and translate the legal jargon. While you’re not legally obliged to hire a conveyancer, it should help you reach settlement sooner and with a lot less stress.

  1. Quantity Surveyor

Ensure you get a quantity surveyor that specialises in property depreciation to prepare your tax depreciation schedule. A specialist quantity surveyor is worth having on your team as they will ensure you’re claiming everything you are legally entitled to. A specialist will also keep on top of any tax changes so you don’t get on the wrong side of the Australian Taxation Office (ATO). The ATO recognises quantity surveyors as one of only a few professions which possess the required construction costing skills to calculate the cost of items for the purposes of depreciation.

  1. Building Inspector

It’s essential that you get a building and pest inspection carried out before you buy a property. The last thing you want is to buy a property only to later find it’s actually riddled with termites or structurally unsound. A trusted building inspector will help you determine if you have a quality property on your hands and can save you from forking out thousands on surprise repairs and maintenance after the time of purchase.

  1. A mentor

It’s great to have someone who is an experienced investor who you can turn to for advice and learn from their real life experiences. Investing in property has its ups and downs so it’s nice to have an investor friend on your side to help, even if it’s just to chat about your situation and investing plans.

  1. Yourself

While you don’t need to be an expert to invest in property, it’s important to arm yourself with some basic knowledge of the market to keep on track of how your investment is performing. It will also give you more confidence when dealing with other professionals to ensure you’re not being taken for a ride. There are many resources out there you could use to improve your investing knowledge from books, blogs, magazines and online resources to information nights and investing courses.

–Bradley Beer (B. Con. Mgt, AAIQS, MRICS, AVAA) is the Chief Executive Officer of BMT Tax Depreciation. 
Please contact 1300 728 726 or visit www.bmtqs.com.au for an Australia-wide service

Buy property with friends and increase your tax deductions

Categories
Bathrooms Expert Tips RENO ADDICT

A guide to what BUYERS want from a bathroom renovation

Image: Kyal and Kara

A bathroom can make or break a property sale. Make sure your bathroom renovation leaves the best impression on buyers with this guide.

Image: Kyal and Kara

A bathroom is never the biggest room in the house but it can make a significant difference to the way a buyer sees a property. While a bad bathroom may not kill a property sale, it will definitely dampen the price if buyers believe they will need a sizeable budget to fix or update it.

Here are some considerations for your next bathroom renovation.

1. Create space

Space is one of the first things buyers will notice about a bathroom. Cramped bathrooms won’t add value to your property so if you can make space by shifting fixtures towards the walls or slimming them down it will help to create more room.

If you don’t have the time or budget to replace fixtures there are design elements that will help make the bathroom feel more spacious. Consider light-coloured walls and fittings, large rather than small tiles and well-placed mirrors of a generous size.

2. Neutralise

While brightly coloured, boldly patterned or themed bathrooms often have a ‘wow’ factor on TV and in magazines, it’s best to go neutral if you want to appeal to a wider range of property buyers: you don’t want to stand out for the wrong reasons in a buyer’s mind.

Image: Caroma

This means finding a neutral colour for the walls and fixtures. I’d advise against anything too dark, which can be overly masculine and make the bathroom look smaller. Light and neutral is the way to go.

3. Let there be light

A well-lit bathroom helps this hard-surfaced space look welcoming. Natural light is always good, so make sure you maximise windows and skylights. Also look at where overhead lighting falls and whether you can add lighting options such as under mirrors or over the bath or shower. Take your cue from five-star hotels rather than nightclubs.

4. Favourable fixtures

The most popular bathroom features that buyers like include:

  • Dual vanity/double sinks
  • Separate bath and shower
  • Toilet separate from bathroom
  • Wall-hung or close-coupled toilet
  • Underfloor heating
  • Heated towel rails

Don’t go overboard, though. If installing a dual vanity or a separate bathtub will make the bathroom smaller, I’d recommend keeping the space instead.

Image: Caroma

5. Add another bathroom

If space and budget allows, adding a bathroom is a surefire way to add value to a property. It wasn’t until the late 1980s that builders started to add an extra bathroom to places, so if your property was built before that, chances are you can make it more appealing to buyers with another bathroom or an extra toilet.

Overall, the bathroom should fit with the rest of the home. If you’ve modernised other rooms but the bathroom hasn’t been updated, it will have an impact on how buyers view your property. Any way you can ensure your bathroom is in harmony with the rest of your property will benefit the sale.

Mark Foy is one of our resident experts and a director of Belle Property Surry Hills in Sydney.

Read all Mark’s articles

Categories
RENO ADDICT

5 tips for an engaging open house when selling your home

Ready to put your home on the market? Pierce Cody, Owner and CEO of Cody Live, shares his top tips for hosting a successful open house.

1. Set the stage: Create a neutral environment, clean the house and keep it well maintained. Clear counters, ditch clutter (remove anything the least bit controversial) and maximise natural light. It may also be worth employing a bit of staging to set the mood. When it comes to pulling in the serious buyers it pays to have a stylist who knows a few tricks of the real estate trade.

2. Take advantage of technology: make sure your agent uses the latest technology to market your house. You need a professional presentation online including a map, directions, and unique selling features. Don’t forget to make the most of social media to keep people updated too. Having people register their interest on the day by providing an email address also means that you can contact interested buyers in real time on the day.

3. Keep potential buyers updated: there’s nothing worse than waiting around at an open house with no information. Buyers become frustrated and can often lose interest. A good way to keep buyers updated is via digital signage. Cody Live StoryBoards (see below) can be updated remotely and instantaneously. If an agent is running late, they are able to simply send a message to the StoryBoard to update all attendees. Simple.

IMG_8691 (2)

4. Enlist the neighbours: Neighbours can be some of the most important salespeople for the house. They want their friends to move into the neighbourhood therefore acting as potential scouts for the property, have your real estate agent drop off notification pamphlets about the open house and also welcome them to come in for a browse themselves.

5. Work closely with your agent: Have any relevant paperwork ready, the less buyers have to ask the more at ease they’ll feel in the property and the more time they’ll be able to spend imagining themselves in it.

https://youtu.be/C9Oob57jBas

For more information on Cody Live

Categories
RENO ADDICT

How to go from bidder to winner: auction strategies to land you a property in 2016

Attending an auction, with the intention to bid, can be a nerve racking experience to say the least. You’re about to compete, in public and at a cost; however, the ultimate cost is at your own discretion. Bidding is an art, and if perfected, can see you outdo the guy who rolled up in the shiny Merc and tripled the first bid.

gavel
Image source: Your Property Hound

  1. Have your finances pre-approved: Secure a loan package with a competitive interest rate – and do so beforehand so you know your budget and can bid with confidence (and not just emotion) when you rock up on auction day.
  1. Bid in odd numbers: a simple trick that can be extremely effective. Typically bids will go up in even increments. If bids begin to falter at $500,000, then bid $503,000. You could just manage to win the auction at a fraction of your foreseen cost by avoiding round numbers.
  1. Have three prices in mind: A price you believe would be an absolute bargain to pick up the property, another you consider to be the true value, and a final that would be the absolute maximum you could afford. Auctioneers fuel off overbearing emotions. By dissecting the value, you’re effectively allowing yourself to participate in the auction from a stable and sensible position.
  1. Be an alternate-bidder: If the bid is increasing in $5,000 or $10,000 increments, try to slow bidding by going up by only $1,000 or $2,000; likewise, if bidding has slowed down and is going up in only small increments, try to blow the other bidders out of the water with one last powerful bid. Either way, you’re breaking the pattern and by doing so, manipulating the process to your advantage.
  1. Remain cool and confident: Ask the auctioneer or selling agent questions that might deter the hesitant, auction-novice. Mention the body-corporate fees, or ask for an update on the local capital works. Expressing your knowledge could be the difference between leaving with a new property or leaving without. Make calm eye contact with other bidders, transmit your confidence through your body language even if inside you’re as nervous as the rest of them!

–Bessie writes for finder.com.au, one of Australia’s largest comparison websites. She is passionate about real estate, renovating, and helping Australians find better.

Categories
DIY RENO ADDICT

How much should I spend on my reno? Part one: valuations

Kitchen with Island, Sink, Cabinetrs, and Hardwood Floors

Number crunching is one of the less exciting parts of renovating – but unfortunately it’s also one of the most important. Whether you are turning over an investment property or renovating your home as a long-term nest for your family, it makes sense to know you are not overcapitalising and the money you are spending is adding value in the long-term. What’s more, the scope of the work can often determine the best type of finance you need to put in place.

Kitchen with Island, Sink, Cabinetrs, and Hardwood Floors

This is the first part in a series about steps to take to ensure the hard work you put into your renovation pays off financially.

Know where you stand – valuations matter!

Start with the end in mind – is the work you are planning going to add more value to your property?

Even if you plan to stay in your home for the foreseeable future, it’s important the work you undertake not only improves your lifestyle, but that it’s work that actually adds to the value of the house and you know where you stand financially up front.

In my work as a broker, I always advise clients to get two valuations. Having your house valued by both a real estate agent and a registered valuer is one of the most beneficial steps you can take. It’s best to have valuations from both, because the two tend to look at property values differently. Real estate agents look forward to what people will pay in the future, while valuers look in the rear vision mirror at what people have already paid for similar properties.

Show them your plans and ask them what they think your property will be worth when the work is completed. A good rule of thumb with valuations from real estate agents and valuers is to work with a number somewhere in the middle of both estimations – agents tend to be optimistic and valuers conservative.

Once you have an idea of what your home is currently worth, what it’s estimated to be worth on completion and how much the work you are planning is actually going to cost, it will become apparent whether or not your renovation is going to add value.

Swimming pool

Ask the real estate agent what buyers are looking for in your area and how your house compares. For example, if they tell you swimming pools are turning people off buying, you may need to reconsider your plans to install one, especially if your budget is going to be tight. It may make more sense to use your pool money to install another bathroom or an extra bedroom.

As well as obtaining professional valuations, make sure you do some legwork yourself. Go to as many open houses in your area as you can to get a feel for what’s on the market and how much it’s fetching.

Use your valuations to guide your design choices. If your house has already significantly increased in value thanks to its location, it is less likely you will spend more than the value you’ll add in the long-term and you would probably do well to upgrade the finishes you install. Look at the kitchens and bathrooms in similar houses that are on the market and use them as a guide as to what buyers are expecting. Similarly with floor plans and soft furnishings.

Your valuations can also steer you in the right direction when it comes to how you are going to finance the work. If you are planning a major renovation that’s going to add significantly to the value of your home, you may choose to leave more of the work in the hands of a builder and take out a construction loan that is paid directly to your contractor.

For a smaller DIY reno that is going to enhance your lifestyle more than the value of your home, a personal loan could be the way to go, while a renovation you plan to complete in a few stages may be best serviced by leveraging the value of your home as work progresses.

Arming yourself with a thorough knowledge of the market before you begin is a solid foundation for any reno, especially one that’s close to your heart!

— Paul is the Director of CVG Finance, a leading brokerage offering financial services across all areas. 

Categories
Expert Tips Interviews RENO ADDICT

Video: Andrew Winter’s top tips for selling your home

This video interview with the always straightforward Andrew Winter from Selling Houses Australia is absolutely packed full of seriously great expert advice on selling your home.

Andrew Winter. Image courtesy of Selling Houses Australia
Andrew Winter. Image courtesy of Selling Houses Australia

When’s the best time to sell, when to renovate, when to use an auction and what work’s worth doing, plus his top tip for Interiors Addicts.

Don’t miss this one!

Watch all our other Interiors Addict TV videos.

Categories
RENO ADDICT The Block

Real estate agents share behind the scenes goss about Block auctions

Josh and Charlotte

Even for the most experienced real estate agent, selling a Block property is no walk in the park. First, you’re dealing with thousands of potential buyers traipsing through the property, rather than the usual tens or hundreds. Secondly, there’s the fact you have to market the home while the show’s still airing (sounds like a marketing nightmare to me!). And lastly, there’s the almighty challenge of having to sell a townhouse with the whole country watching! No pressure!

hockingstuart
Mark (left) and David

So we spoke to Josh and Charlotte’s real estate agents — listing agent Mark Konishi of hockingstuart South Yarra and auctioneer David Wood of hockingstuart Albert Park — to find out what goes on behind the scenes and how they’re going to avoid an auction disaster like last year’s.

Josh and Charlotte
Josh and Charlotte

“We weren’t involved with the Glasshouse series but feel that many buyers were perhaps thinking the apartments could have sold for more and as a result weren’t present on the day,” explains David. “It’s important that we do all we can to ensure all potential buyers are attending the auction of the apartment.”

148_2840717_310315044441_3328

Alongside high buyer demand, both David and Mark think the property’s location, style and high quality fixtures, will see Josh and Charlotte come out on top this auction day. “From our experience in the South Yarra market, we know that there’s a strong appetite for townhouses in prestige locations,” says Mark. “Darling Street, in particular, is within proximity to the shops, public transport, the Yarra, the Botanic Gardens and many schools, as well as being an arm’s reach to the CBD. The quality of Charlotte and Josh’s apartment with its luxury fittings and furnishings will also put us in good stead to come out with a good result on the day.”

148_2840717_270315030840_8471

As well as having many high-end fixtures, Josh and Charlotte’s townhouse also includes many other stand out features. “Being at the front of the building, the townhouse boasts fantastic street appeal and enjoys plenty of natural light,” explains Mark. “The electronic louvres on the facade allow the perfect amount of light streaming through. Plus, the spacious master bedroom has those exposed roof beams which buyers love, as well as a view of the courtyard. All in all, it’s a perfect low maintenance townhouse in a cracking location.”

148_2840717_130415120123_4271

With this Block listing being David’s fourth (he won Fans vs Faves with Steve and Chantelle) and Mark’s second, they both agree that while there is a lot of fanfare, the whole selling process is quite similar to any other property. “Admittedly, it’s not every day that we sell a block of four townhouses very similar in structure in the one day,” says Mark. “We have thousands of buyers through the property, most of whom want to check out their favourite contestants’ townhouse and be a part of the movement. But with that said, 27 Darling Street follows a very similar marketing campaign to other properties on the market, from sourcing buyers and running an advertising campaign to an auction.”

148_2840717_130415120122_1707

The Block goes to auction on 28 April, with the on air date yet to be released. Read up on everything Block here.

Categories
Expert Tips

Five ways to spruce your home up before it goes on the market

Many people selling their home underestimate the importance of making necessary improvements and adjustments before listing it on the market. However, what may seem like minor aesthetics can make a real difference to the number of people that read or click on your listing and attend the inspections. Many sellers write this process off as too expensive or too time consuming, but making a few repairs and improvements is sure to boost the selling price on your home.

Back to basics

Below are five simple and inexpensive ways to spruce your home up before it goes on the market:

  1. Back to basics

When buyers look at your home, they will instinctively imagine what their own furniture and items would look like in it. Bold colours and styles can be off putting and have the power to quickly eliminate potential buyers. Make it easy for buyers to picture themselves living in your home by sticking with neutral colours and styles. Consider repainting the walls a tone of magnolia/white, or having bright patterned couches or cushions recovered with a plain fabric. If spending this money or effort doesn’t seem worth your while, there are a number of adjustments you can make that won’t cost a thing. For example, remove table cloths to showcase plain surfaces, replace personal ornaments with a vase full of flowers or a fruit bowl, or swap family photos for a simple artwork.

  1. Cull the clutter

Clutter or an overload of personal bits and pieces can also make it tricky for buyers to imagine themselves living in your home. Go through the items on display and only leave out the ones that complement the look and feel of your home. Pack away overly personal items or those that take attention away from the room itself. Do the same with your furniture — clutter is off putting and taking out excess pieces will make rooms look more spacious and inviting. Pack the items away in a storage area or hire storage space if necessary. Avoid packing them away in the cupboard or drawer of a room that buyers will be passing through, as they are bound to want to look at the storage space available.

  1. Focus on the front

Sellers often get caught up on fixing up the rooms or the backyard of their home and neglect the front of the house. However, the front section should be your priority. Potential buyers, particularly those driving past the ‘for sale’ sign, will inevitably judge your home by what it looks like from street view. A good way of testing first impressions of your home is to put yourself in the shoes of the buyer and to see what needs to be improved or removed. It’s easy to get attached to your home and look beyond its flaws, so ask a friend or your agent for a second opinion. While it may seem pricey at the time, consider having the outside repainted, particularly if you think the colour has the potential to put people off. Make sure the lawn is mowed at all times and any weeds are removed. In the same way as the rooms, clear the front entrance of unnecessary items and invest in decor that will make it look more inviting, such as pot plants or a new front door mat.

  1. Clean and repair

Failing to do a proper clean of your home before holding inspections will jeopardise your chances of a quick sale. The property market is far too competitive to skimp on this part of the process, so make sure you spend the necessary time to give it a thorough clean top to toe and pay extra attention to the kitchen and bathroom. Consider hiring a professional cleaner before you take people through your home to ensure it will look its best and touch up on it daily so that you’re prepared for any last minute inspections.

In the same way, failing to get around to repairs before the inspections will decrease your chances of selling your home. The last thing that buyers want to worry about is costly repairs and while the jobs may seem avoidable, they only give buyers another reason to walk away. Make sure you take care of all obvious repairs — a broken doorbell or loose floorboard — and look out for any you’re not aware of — door handles, light fittings, cracks in the walls or ceiling, dripping taps and leaks, or broken fly screens/ windows.

  1. Go green

Making the most of your home’s outdoor areas will work wonders for your home and will make it far more inviting for buyers. Along with mowing the lawn and eliminating weeds, consider rearranging any outdoor furniture or items to make the garden look as spacious as possible. If you don’t have any outdoor furniture, it may be worth investing in a small table and chairs or a hammock, to make it look more enticing. If your home doesn’t have a garden, consider investing in pot plants or hanging plants for the entrance or balcony and buy flowers on inspection days to place in vases in the main living areas. This will give your home a natural and airy feel and will inject some colour into the space.

Go green

 

Consider taking these five tips on board to spruce your home up and make it look its best for buyers. Make your efforts worthwhile by spending the necessary cost to hire a good photographer for your property listings. This stage of the selling process is not worth skimping on;  it’s key to drawing a crowd to your inspections. Any investment in time or money you make here is certain to pay off in the long run.

–Zoe Pointon is the co-founder of real estate ranking and review startup OpenAgent.

Categories
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

Video 3

Video 4

Video 5

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!