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Jul 7, 2022
3 mistakes to avoid when selling your home
When it comes to selling your home, there are a few things that you should consider before deciding to sell and then testing the market to see if it will achieve your goal sale price. Avoiding little mistakes along the way can reduce stress and maximise the outcome. 1. Avoid overcapitalising on improvements It may be recommended or even necessary to carry out small improvements or renovations to your property before you put it to market. These may be necessary repairs and maintenance items, compliance or even a refresh to present the property in the best light. Before you break out the toolkit and plans, it is wise to create a need-to-do versus nice-to-do list and budget out what each improvement is likely to cost. When you have a price estimate of what the property could sell for, you can then make an informed decision about which improvements will help maximise the sale and which may end up costing you more in the long run. 2. Be careful not to underestimate the power of presentation When a prospective purchaser walks through your home, it is a high chance that they will try to imagine themselves living in the property or imagine a happy living space for a good tenant. Presentation is a key element to ensure that you are increasing the amount of interest that the property receives and likely to achieve a higher sale price based on potentially more demand. Consider decluttering your belongings and removing personal keepsakes. A deep clean of the interior and exterior, as well as garden maintenance, can also assist with ensuring the property is presented in the best possible light. 3. Steer clear of unrealistic price expectations A common mistake in real estate when a property is not moving on the market can usually come down to how it is priced. While it may be tempting to price based on the mortgage you owe, and how much you would like to sell the property to make your next move, this is not always a realistic strategy. A professional agent will advise you on a realistic figure that could be achieved based on the current market and how your property is positioned to gain a successful sale. Getting ready for an open home? Impressions matter. Considering buying an investment property somewhere different? Have a look at what is available in Rockhampton.
Jun 30, 2022
What can property investors claim at tax time?
Heading into tax time can seem a daunting prospect with understanding what you can and can’t claim on your investment property. The good news is that a good property manager can help to keep track of your expenditure over your property and a great accountant will help with identifying and maximising the deductions that you can claim on your investment. Below are some of the areas that your accountant may talk to you about considering when putting through your return. Agent Fees The professional fees that are charged by your Property Manager is one item that you can usually claim at tax time. They may include fees such as the management and administration fees, marketing costs with finding a new tenant, letting fees and other ancillary costs that may be included with the daily management of your investment. Rates and levies During the time that the property is rented, you may be able to claim for the payment of council and water rates on the property as well as the strata levies that are incurred if your property is subject to a strata title and management. Strata fees for the management of a strata plan may also be included as part of this claim. Repairs and Maintenance Over the course of the life of a property, items will be subject to wear and tear and break down or need replacing over time. Your accountant can usually discuss claiming any costs or depreciation for the items that are repaired or maintained over the course of a tenancy. Some of these items to claim at tax time might include repairing or replacing items such as dishwashers, appliances, electrical or plumbing repairs, pest control, gutter cleaning, building maintenance or everyday maintenance like pool servicing and lawns and garden care. Taxes and Interest A good accountant will also discuss the option of claiming interest and land tax costs for the time that a property is tenanted, if you are eligible and calculate these deductions to put through with your claim at tax time. Depreciation Investing in a professional tax depreciation report will assist at tax time with identifying the potential for depreciable items at the property based on its current age. Your accountant can then claim any potential depreciation that has occurred on the property and maximise the return that you can receive. Professional Fees Employing professional services like accountants and solicitors in the management of your property for specialised needs is an essential part of investment property ownership. Claiming the costs for these services should also be discussed with your accountant to include at tax time as well as any property insurances that are held over the investment. Thinking about diversifying your investment property portfolio? Have a look at what is available in Toowoomba. Looking to find additional ways to maximise your investment property value?
Jun 27, 2022
Should I consider selling off-market?
While there are the traditional methods of sale including auction, private treaty, and expressions of interest or tender, with more recent market demands, selling off-market has become a viable option for sellers and buyers. To sell off-market, a sales agent will usually have a database of interested buyers that have been generated due to an interest in similar properties in the area. This will provide an avenue to market the property to these prospective buyers without public advertising. If this form of sale is your preferred method, it is important to partner with a sales agent who has a proven track record of recent sales in the local area and is likely to have a list of qualified buyers. They will be able to leverage off this list to contact prospective buyers that are finance approved and bring those buyers to you. This style of selling will mean that there potentially isn’t a need for many weeks of open homes and there is a simpler marketing strategy than is required for traditional methods of sale. The agent will also facilitate the process through to settlement and give you the opportunity to sell the property faster. Selling off-market can be a good move to reduce the associated marketing costs that can come with a traditional property sale. You may find that there isn’t a need for investment in professional styling as purchasers may not be expecting the property to be styled. Positioning an off-market sale in the market may also be a strategic move to assist both vendors and purchasers who are looking for anonymity in the sale and purchase of a property. This form of sale offers a level of privacy that isn’t available in other sales and as a vendor, if you would like to maintain a closed-door option to your sale, then this may be the best preference. As with all forms of property sales, talk to your advisors and your sales agents to determine the best method of sale that will suit both you and the style of property that you are selling. Thinking about an investment property in a city other than your own? Have a look at what is available in Hervey Bay. Thinking about selling your property? Read about 5 things to disclose when selling your home.
Jun 26, 2022
5 things to disclose when selling your home
When it comes to putting your home on the market for sale, there are several areas that are important to disclose to your agent and potential buyers before and during the sale of the property. Failure to disclose many of these areas can result in harsh penalties, depending on the state that you are in as well as the loss of buyers without penalty during the transaction. Material Fact There are requirements to disclose items called material facts, which include things like mould, illegal drug manufacturing if the property has been subject to floods in the past and serious or violent crimes that have occurred at the property. Failure to disclose these areas could result in the buyer walking away without penalty. Asbestos In many states, there are requirements around loose-fill asbestos that may be contained in the home. It is also important to disclose if you are knowingly aware of asbestos in the home. If this is not disclosed, it may be picked up by building inspectors during the sale process which could mean penalties to you as a seller. Building Defects In more recent times, we have seen reports of building defects in some newer apartment buildings that have involved larger final ramifications. It is important that any known potential defects are disclosed as these are likely to be noticed during building inspections which may mean that the buyer will want to negotiate on the final sale price, or they may walk away from the sale. Property Titles and Consents If the property is subject to covenants, zoning, renovations, or easements, these should all be disclosed during the sale. Disclosures under these categories could include shared driveways, water easements for authorities if developments have covenants around landscaping, streetscaping or fencing designs and requirements or zoning in areas of flood, fires, or specific developments. You should also disclose if there are disputes in relation to any boundaries or fence lines that may cause a challenge to the sale. Tenancies If you have current tenants at the property, it will be important to disclose the sale to the tenant as well as any fixed-term leases and their terms that are in place to the potential buyer. If there are longer-term tenancies in place that are 20 years or more, many states have specific requirements around occupancy and termination that should be disclosed, especially in cases where the buyer may be looking at owner-occupation rather than investment. Feeling the cold? Tips to save your energy budget this winter. Thinking about buying an investment property in a different city? Have a look at what is available in Bundaberg.
Jun 18, 2022
5 maintenance items to tackle during winter
The return of the cooler months can be a time where it is tempting to hibernate and let those maintenance items go around your home until the spring warmth is back. Keeping on top of home maintenance in the winter months will ensure that it doesn’t get too far behind. Check walls and ceilings for damp and mould Damper and colder weather can create havoc in our homes and with a mixture of reduced ventilation, potential ingress of water from the elements and reduced sunlight, mould can creep its way onto walls, ceilings and even furnishings. A quick check regularly of walls behind furniture and ceilings as well as around windows, blinds and curtains can help you to stay on top of the mould and clean it away quickly if it appears. Inspect smoke detectors and fire alarms The cooler months signal a return to dragging out heaters and using other heating devices. It is advisable to check that these are working effectively and serviced if required, ensuring that you have working smoke alarms at the property. Smoke and fire alarms are required to be checked annually and it is important to take steps to have these serviced, especially heading into the months when the potential for home fires rises. Ensuring smoke detectors and fire alarms are working is a winter property maintenance essential. Service fireplaces and heaters If you have an older fireplace or even those running on gas or electricity, now is the time to safeguard your home by servicing these items and ensuring that they are in good working order. Cleaning chimneys and around fireplaces can reduce the risk of fire while servicing gas heaters can reduce the potential for gas leaks and checking electrical heaters can lessen the chance of electrical fires. Carry out a pest inspection While we like to huddle up for the warmer months, so do the pests that can find refuge in your home looking for warmth. Checking cupboards, vents, garages, roof spaces and under stairs will find all sorts of places that cockroaches and mice like to hide. If you do happen to find that you have pests in your home, contacting a pest control company can assist in finding solutions to keep them under control. Ventilate where possible Where you can catch warmer days during the winter months, it is ideal to ventilate your property as much as possible. A simple type of winter maintenance includes opening doors and windows to let fresh air flow and sunlight through, helping to dry out dampness and keep things like mould at bay. Where you can’t ventilate, using dehumidifiers and fans on low can help to increase air circulation and reduce the stuffiness that can build during winter. Smoke alarm legislation changed in Queensland 1 January 2022
Jun 8, 2022
Regional Infrastructure Report 2022
The release of Infrastructure Australia’s latest report into the strengths and infrastructure gaps in Australia’s regional areas has been welcomed by industry advocates. The first report of its kind, the expansive study examined the opportunities and challenges facing the regions as more and more home buyers and renters look for life outside urban areas. Property Council of Australia Chief Executive Ken Morrison says the report found the top challenge for the regions is the provision of diverse and affordable housing. “This report is a critical piece of work that has the potential to guide governments, businesses and communities as they look to support good growth in the regions,” Mr Morrison says. “We know housing is not only a huge contributor to economic growth, but the provision of diverse housing options also helps to ensure the workers, teachers, doctors and other service providers can live in these regional towns and contribute to thriving communities.” Main objectives The Regional Strengths and Infrastructure Gaps report provides government, industry, businesses and the community with a guide to support record migration and further growth, off the back of the 200 per cent increase in growth in Australia’s regional areas in 2019/2020. This regionalisation trend has continued with the first quarter of 2021 being the largest internal migration on record. In developing the report, Infrastructure Australia collaborated with 48 Regional Development Australia committees to conduct extensive consultation on community views. Key themes Overall, the report aims to help realise a regional renaissance. This includes the expansion of population, which brings a need to develop new service models and deliver expected infrastructure to continue growth. It also seeks shared perspectives in changing regions, including identification of common themes: unique impacts from the COVID-19 pandemic; a greater need for proactive planning; major projects to be community-led; a changing social landscape; and First Nations communities’ culture and connection to country. Capitalising on regional strengths and prioritising infrastructure gaps is paramount. This includes availability, diversity and affordability of housing; water security; mobile and broadband connectivity; access to further education and skills training; and connectivity through public transport networks. In a nutshell, the report shines a spotlight on each region – recognition of each area’s diversity, opportunities and priorities by the 48 separate regions for further planning and to identify reform and investment options. How regions can get involved All stakeholders are encouraged to provide feedback and additional information to support this work program via the feedback form at infrastructureaustralia.gov.au. For the full report visit 2022 Regional Strengths and Infrastructure Gaps | Infrastructure Australia. "Smarter Communities" are often built with key infrastructure concerns in mind. Read a little more about them here.
Jun 5, 2022
4 things to consider as a property investor
Employ the experts Regulations around the property including tenancy legislation and taxation are areas that change over time. This is where qualified and experienced experts in property management and accounting can assist in making life easier during your investment journey. Employing a qualified and experienced property manager can remove the stress that can come with managing your own investment property. They will understand the relevant legislation and processes required to maximise your investment. A great accountant can also assist with removing the stress of tax time and ensure that you are receiving the best possible returns on your investment while working with you to improve your investment strategy and achieve the financial goals that you are aiming for. Insure your investment One mistake the property investors often make is failing to take out adequate insurance cover over their investment property. Even the best-laid plans cannot control everything that happens, and a good insurance policy can help in covering for cases where the unexpected happens. It’s important to consider not only building and contents but also landlord insurance which will cover your income in the event should a tenant fall into arrears or damage occur to the property during the lifetime of tenancies. Maintain the property Properties will age over time and with tenancies, even in your own home items will wear or break. Setting aside funds to account for the inevitable will ensure that you are reducing your stress levels when it comes time to need to fix an item at your investment property and guarantee that not only the tenant has functional items in the property, but you are also keeping the property up to date with the latest market. Allowing fixtures and fittings in the property to fall into disrepair over time can end up being a costly expense in the long run and preparing for maintenance can keep your investment in good order. Keep up to date with the current market A good property manager can assist you with ensuring that your property is priced at the right rate in line with current market conditions. Be aware of what the trends are in the area for your investment and talk with your property manager to ensure that you are achieving the best rent for your investment. You may need to also consider recent market conditions and any current tenancies that may be impacted if you increase rents. Weigh up the options of the impacts of increasing the rent, vacancy periods and excellent tenants. Have you considered buying an investment property in a different town or city to your own? Take a look at what is available in Ipswich. Feeling the cold this winter? Rising Energy costs?
Jun 3, 2022
Moving home in winter: Six Tips
The winter months can sometimes be unpredictable when it comes to the weather. Rather than it dampening your moving plans, take some steps to ensure that moving home in winter is as seamless and stress-free as possible. Check the weather app Rain has the potential to cause havoc on your moving plans so being prepared for any inclement weather can reduce those moving day jitters. Your weather app will be able to tell you what is expected, and it is best to plan for any event and those just in case moments. If it does look like rain, purchase some plastic sheeting from your local hardware store to cover furnishings and floors, even old sheets can work in these scenarios to protect those precious items. Matting outside the entry doors will also help in minimising the potential for dirt to be tracked through the property. Hire the professionals Where you can, hiring professional removalists can make the move an easier process. They can help you pack up your belongings and deliver them to your new home so that you can minimise the heavy lifting and focus on unpacking and settling into the new property. Outsourcing the clean-up to professional cleaners, carpet cleaners and gardeners can also make life easier and if you are renting, this can ensure that you are taking steps to help get your bond returned sooner with an easier handover. Outsource your connections There are some great companies that can assist with the connections and disconnections of your services to get you set up sooner in your new home and have the lights on for move-in day. They can also help with closing off old accounts for your previous residence and finalising those accounts. Label your boxes This one is the same whether you are moving home in winter or any season. Do the little things like labelling your boxes relevant to the room that they belong to or what they contain when you are packing up. If you have hired removalists this will help them identify the areas that the boxes need to go when they are unpacking in your new home, and you will be able to unpack the ones that you need more urgently. Prepare for a full day When you are organising your time of move-in winter, keep in mind that the daylight hours are shorter. Get started as early as you can to use most of the daylight that you have. If you have pets or children, moving day can be quite a stressful experience. You might consider where possible to arrange for friends or family to care for them which can reduce potential anxieties around the move. Having a bag of essentials on hand including things like a small tool kit, some smaller cleaning items, snacks and even a change of clothes while they might seem insignificant, can help make the day run smoother. Schedule an overlap when moving home in winter Alternatively if you can, see if you can see if you can arrange a move in date that is a few days before your move out date. Allowing yourself more than one day for the move can always make final tidy-ups and unstacking necessaries in your new home a little calmer. Energy bills on the rise in winter time? Have you considered buying an investment property in a town or city different to your own? Take a look at what is available in Bunderberg.