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Sep 26, 2023
Resale potential and buying property
When it comes to selling property for capital gains, timing is crucial. Additionally, having the necessary resources to upgrade to a better area is equally important. Before buying a property, it’s essential to consider its resale potential, especially in adverse circumstances, to ensure a profitable outcome. Stay focused and informed First and foremost, location remains essential. To determine a neighbourhood’s potential for future growth, analysts consider various factors, such as the overall appearance, quality of schools, access, shopping, crime levels, and absence of negative factors like living near a rubbish tip or freeway. By focusing on these factors, you can make informed decisions about purchasing properties that are likely to appreciate in value. Be strategic and patient with property decisions Saving for a property purchase should be a priority for those looking to invest in real estate. Even small amounts saved each week can make a significant difference in the long term. Paying fortnightly rather than monthly can result in more repayments per year, reducing the interest paid over time. Furthermore, any additional income, such as wage increases, tax refunds, or financial windfalls, should be put aside to accumulate savings for a future property purchase. Be disciplined and prepared Discipline and preparation are crucial for becoming proficient in planning your finances. By paying attention to various factors, you can make informed decisions about property purchases, ensuring you pay the right price for a property. Additionally, these practices can help you get ahead in life, making smart financial decisions that lead to long-term financial stability. Various resources are available to help you with your personal finances, so check with your local finance bodies for online calculators and budgeting apps. By taking advantage of these resources and implementing the practices mentioned above, you will be more informed about your property decisions. By considering resale potential when purchasing a property you are taking into consideration factors that will influence your capital gain.
Sep 19, 2023
Setting the right price when selling your home
The real estate market is highly dynamic, and the final sale price of a property is determined by several factors. While the mortgage owed and the cost of purchasing another property are important considerations, they do not solely determine the listing price or the eventual sale price. An experienced real estate agent with local knowledge can provide valuable insights into the current market and research several factors to determine the pricing strategy. Setting the right price for your property will be one key factor to a successful sale. To establish a suitable listing price, it is advisable to consult a local agent who possesses extensive knowledge of the area and understands the current market conditions. The agent will conduct thorough research, taking into account several factors that influence the pricing of your home. Research the comparable properties in your area One crucial aspect is assessing comparable listings in your vicinity. Researching the current or recently sold properties in your area that share similarities with your own can provide valuable insights. You should consider the listed price and final sale price of these comparable properties to determine a price range for your property. When selecting comparable properties, factors such as size, number of bedrooms, bathrooms, living spaces, parking facilities, additions, and inclusions should be taken into consideration. Additionally, consider the age of the property, as well as any potential improvements or renovations that have been made, as they can impact the price estimate. Research about withdrawn listings Examining withdrawn listings can also offer valuable information. These withdrawn sales provide an indication of properties that did not sell and can reveal whether they were on the market for the right price or faced other challenges. By analysing such cases, you can expand the range of pricing considerations for your property. Calculate and compare Once you have gathered all the relevant data on comparable sales in your area, you can consolidate the information to calculate the average listing and final sale prices. By comparing these figures, you can approximate the value of your home. However, for a more accurate estimation, it is recommended to consult a local agent for a sales appraisal or consider investing in a professional property valuation. In summary, pricing your home requires a comprehensive understanding of the local market dynamics. While factors like your mortgage and personal needs are important, consulting a knowledgeable agent and conducting research on comparable listings and withdrawn sales will provide valuable insights for determining a suitable listing price. If you want to make sure you’re getting the best outcome for your property, get in touch with our team now and let us help you navigate the market to get the best price for you. Undertaking these research activities yourself is useful - RealWay's team of agents are experts at this and have additional property insight based upon their cumulative experience.
Sep 13, 2023
Buying property at the right moment
Buying property is one of Australia's greatest opportunities for wealth creation and timing the market during real estate investment is crucial. While some investors focus on time in the market, successful ones take matters into their own hands. They often look for uncapitalised areas to invest in and predict where the market is heading to maximise profits. Mastering capital growth Investors need to work their capital as fast as possible to capitalise on the expected growth in the real estate industry. Understanding the different markets and buying in upward-trending areas is necessary for smart investment decisions. Australia and New Zealand offer various state-based property market cycles that provide opportunities for investors to move their money to the next lucrative location. Buying property with a counter-cyclical strategy Affordability and sales volume are two principles that excite or deflate a market. Sales volume has a direct correlation with sentiment, and when people are not buying, investors can secure smart deals. On the other hand, when people are buying, investors can sell and make a profit. Running counter-cyclical to the mindset of other buyers is essential for psychological purchasing, as following the crowd can be harmful to an investor’s bottom line. Market limitations Understanding market limitations is critical for any investor. Every market has a limit, and a market can only sustain so much before becoming too expensive or oversupplied. Local markets tend to perform strongly and steadily without experiencing extreme highs and lows like global megacities such as Dubai. Markets with diverse economies tend to inflate and deflate but still rise in value consistently. Mastering ‘timing the market’ Buyers might purchase real estate too late in the cycle and this can be detrimental to their investment goals. Smart investors pounce on market capitalisation by following guidelines that indicate future boom areas. These guidelines include interstate investors buying into the area, high auction clearance rates, and local investors beginning to return to the market. When opportunity knocks, timing the market becomes crucial rather than just relying on time in the market. To analyse market sentiment to the best advantage, investors need to understand the volatile components of the marketplace and avoid extremes. The real estate industry provides opportunities for smart investors to predict future trends and capitalise on them. By understanding the market and being counter-cyclical to the mindset of other buyers, investors can secure smart deals and maximise profits. If you have any questions about how this situation might affect your investment, make sure you get in touch so we can give you the best advice possible.
Sep 8, 2023
Property types: exploring what suits you
When it comes to choosing the right property, it can be a challenging decision. Should you buy an existing home or build a new one? This is a common dilemma. Let’s look at some options to consider before you make your decision. To buy or to build; that is the question Purchasing an established home provides certainty about what you’re getting, but it may require additional expenses for renovations and repairs. On the other hand, building a new home allows for customisation and personalisation, but it can be time-consuming and challenging to visualise the final result. Building a new home may offer cost savings in terms of stamp duty. The affordability and feasibility of building a new home versus buying an existing one often depend on the desired location. Is buying “off the plan” right for you? Another option to consider is buying “off the plan.” Buying this type of property involves committing to the purchase before construction begins or when it is partially completed. The construction timeline provides an opportunity to save more money after paying the initial deposit. However, a significant risk of buying “off the plan” is that the property market may change during construction, potentially impacting the property’s value and your borrowing capacity. Do house and land packages fit your needs perfectly? House and land packages have gained popularity, particularly among first-home buyers in capital cities. These packages are often available in new suburban developments where the land tends to be more affordable. An advantage of house and land packages is that the houses are built with modern materials and energy-efficient appliances. However, it’s essential to note that some packages may not include extras like fencing or gardens, so you should consider the additional costs. Do fixer-uppers fit your budget best? For those seeking a more affordable option, fixer-uppers can be an attractive choice. Purchasing an older home that requires renovation or repair can provide a larger block of land, but the cost of renovations should be factored in. Depending on the extent of repairs needed, the expenses may surpass those of purchasing a newer property. Conducting a building inspection report can help identify any major damages that require attention. Do you prefer the strata-living lifestyle? Apartments and units are becoming increasingly popular, especially in urban areas. They often offer a more affordable alternative to houses, but additional costs such as quarterly strata levies for maintaining common areas should be considered. Newer apartments with more amenities are likely to have higher levies. However, apartments and units require less maintenance compared to houses, allowing homeowners to spend more time enjoying their living spaces. Need a bigger space for family gatherings? Consider townhouses and villas Townhouses and villas also provide a more affordable option with lower maintenance requirements. These properties are typically held through strata title, similar to apartments, which means there will be levies for building maintenance. Unlike apartments, townhouses and villas often include an outdoor terrace or courtyard, providing a private outdoor space. Need more affordable house and land options? Dual occupancies and duplexes are perfect choices Dual occupancies and duplexes involve two homes built on a single block. Each home has its own title and may offer a small garden or backyard space. Duplexes are similar but usually share a wall between the two dwellings. Noise and privacy considerations associated with townhouses also apply to duplexes. Both dual occupancies and duplexes are generally more affordable than detached houses due to their smaller land size. Do the research Before deciding on the type of property that suits your needs, it’s crucial to create a budget and a list of your necessities. Researching financial costs, locations, and the desired neighbourhood will help narrow down your options and make an informed decision. Get in touch with the RealWay team to help you find the perfect type of property.
Aug 30, 2023
Kitchen Makeover: 5 Budget-Friendly DYI Ideas
The kitchen has always been known as the heart of the home and its appearance can make an impact on people living there and potential buyers. While renovating a kitchen can be an expensive undertaking, it can also add significant value to a home. However, you don’t have to break the bank to make improvements. There are budget-friendly ways to enhance your kitchen’s aesthetic and functionality, which can make a big difference without putting a strain on your finances. Paint Your Cabinets One of the easiest and most cost-effective ways to give your kitchen a new look is by painting the cabinets. You can choose a colour that complements existing decor or go for something bold and eye-catching. With a little bit of elbow grease and some paint, you can transform your kitchen in no time. Update Your Hardware Another quick and easy way to update your kitchen is by replacing your hardware such as cabinet knobs and tapware. Switching out your cabinet knobs and drawer pulls can make a big difference in the overall look and feel of your space. You can find affordable hardware options at your local home improvement store or online. Add a Backsplash A backsplash can add both style and function to your kitchen. Not only does it protect your walls from splatters and spills, but it can also add a pop of colour or texture to your space. There are plenty of affordable backsplash options available, from peel-and-stick tiles to inexpensive ceramic options all the way up to coloured glass splashback. Install Under-Cabinet Lighting Lighting can make a big impact in any room, and the kitchen is no exception. Installing under-cabinet lighting can add both ambience and functionality to your space. You can find affordable LED strip lights or puck lights that are easy to install and won’t break the bank. Create a Gallery Wall Finally, adding a gallery wall to your kitchen is a great way to showcase your personality and style. You can display artwork, family photos, or even vintage kitchen utensils. It’s an affordable way to add some personality and charm to your space. A kitchen makeover is not only an affordable way to enhance the look and feel of your kitchen, but it can also increase the value of your home. A well-designed kitchen is often a key selling point for homebuyers, and by implementing budget-friendly DIY ideas, you can create a space that will impress potential buyers and increase your home’s market value. So, invest in your kitchen, and enjoy the benefits of a beautiful and functional space that can also be a valuable asset when it comes time to sell your home. If you need help in selling your home, make sure you get in touch with our team so we can give you the best advice possible.
Aug 21, 2023
Solar Power Lifestyle: From Sunlight to Savings
Solar power is becoming an increasingly popular choice for homeowners in Australia and New Zealand. According to the Clean Energy Regulator, Australia has the highest uptake of solar globally, with more than 2.68 million rooftop solar power systems installed as of December 31, 2020. This means that one in four homes in Australia has solar panels on their roof, and this number is growing rapidly. How much can it save? The benefits of adopting solar power are significant, including potential savings of up to $2,500 per year on energy bills. Additionally, solar power offers environmental benefits such as the reduction of greenhouse gas emissions and conservation of natural resources. Homeowners should consider factors such as location and shading when deciding whether solar power is suitable for their household. With the increasing market size of the solar panel installation industry in Australia and the growing solar energy market in New Zealand, solar power presents an attractive option for those looking to contribute to a sustainable future. The cost of installing solar panels is negligible when considering the long-term savings and environmental benefits. On average, solar panel installation can cost anywhere from $3,000 to $12,000. However, households can save up to $4,000 off the average solar system with the Government’s Small-scale Renewable Energy Scheme, which allows users to get paid for the electricity they produce. This scheme also helps households recover their system cost in around three years, add value to their home or investment property, and insulate themselves from rising energy costs. How does it work? A residential solar system works by directly converting sunlight into electricity, providing a cost-effective, low-maintenance, long-lasting and compact option for homeowners. Australia and New Zealand are leading the way in adopting solar power, with Australia having the highest adoption rate globally. According to the latest data from the Clean Energy Regulator, as of December 2021, over 3.5 million rooftop solar power systems have been installed in Australia, which equates to one in every three homes having solar panels on their roof. New Zealand is also seeing significant growth in solar power, with a 78% increase in installed solar capacity in 2020. The Clean Energy Regulator notes that Australia and New Zealand have some of the sunniest locations globally, making it an ideal location for solar power. Australia also leads the world in per capita photovoltaic capacity, with 591 watts per person, which is almost eight times the worldwide average. Advancements in science have made renewable energy cost-competitive with traditional power, allowing for a global transition to lower emissions and a cleaner future. Many Australian households are already achieving net-zero emissions, meaning they generate more energy than they consume annually. With the numerous benefits of solar power, it presents an excellent opportunity for homeowners in Australia and New Zealand to contribute to a sustainable future while also saving money on energy bills.
Aug 14, 2023
Buying and selling a home simultaneously
When considering buying and selling a home simultaneously, it’s important to have a well-thought-out strategy to ensure a smooth process and avoid financial loss. Most people aim to sell their current home for the highest possible price, buy a new home at the lowest possible cost, and minimise the hassle involved in the process. But the question remains: should you sell first or buy first? First off, get your home ready for sale The first step in this process is to prepare your current home for sale. Simple DIY projects like a fresh coat of paint and completing odd jobs can help increase the value of your home. Additionally, paying off more of your mortgage before selling can also result in a higher profit. Buying and selling at the same time - get ready to decide When deciding whether to sell or buy first, it’s best to aim for the settlement on your new property to occur a few days before the settlement on your current home. This will give you more time to move and minimise the stress involved. However, unforeseen circumstances can arise, and the decision of which to do first will depend on various factors such as the current market, your ability to afford a bridging loan, and your equity. What happens when you sell first? Selling your current home first has the advantage of knowing exactly how much money you have to spend on your new home. However, you may need to rent temporarily while looking for a new property, which can result in additional costs and time spent packing and unpacking. Selling first also runs the risk of a gap between sale and purchase, during which property prices may rise. What happens when you buy first? Buying your new home first can remove the need for a temporary rental and prevent you missing out on your dream home if you find it before selling. However, overestimating the selling price of your current home or underestimating the time it takes to sell can be costly. Additionally, having bridging finance can result in paying off two loans until the existing home sells. Before making a decision, it’s essential to understand the potential costs and time involved with each option. Careful planning and consideration can ensure a smooth process and minimise financial loss when buying and selling a home simultaneously. If you have any questions about how this situation might affect your decision to buy or sell a property, make sure you get in touch with our team so we can give you the best advice possible.
Aug 4, 2023
Rental application: Tips for nailing it
To stand out among the competition and secure your dream rental property, it’s important to have an organised and fully complete rental application. Here are some tips to make your application process more efficient and effective so you’re ready for your next rental property inspection. Be organised with your paperwork Start by getting all your documents in order before attending any property inspections. This includes bank statements, employment letters, and references. Notify your references in advance that they may be contacted. Being organised beforehand saves time and prevents someone else from getting the property you want. Be thorough in filling out the rental application Fill in your rental application thoroughly and correctly. Ensure that all the information you provide is accurate and detailed, especially about your employment, to show rental providers and property managers that you are financially stable. This makes the sorting process easier and increases your chances of your application being considered. Be personal by including a cover letter Include a cover letter to add a personal touch to your application. Use this opportunity to explain why you would be the ideal person to live in the property. Additionally, when inspecting a property, introduce yourself to the agent to establish a personal connection and gain useful insights. Finding out the answer to the questions you might have will help with your future application. Be prompt and submit your application ASAP Apply for a property as soon as possible once you’ve found the one you like. Waiting too long can result in losing the property to other applicants. Ensure that your finances are in order, and inform your current rental provider of your intention to move out as soon as possible. Be smart and start searching off-peak season Generally, January tends to be a very busy time for people searching for rental properties. Competition is high so take advantage of the off-season to find a property. Instead of waiting for the peak rental seasons, start searching as soon as you’re ready. This can help you avoid the competition and secure a better deal. For instance, if you want to rent near the beach, start searching before the warmer months. Final words Being proactive and getting ahead of the game with your rental property search and application can improve your chances of success. To increase your chances even more, get in touch with our property management team and find out how you can quickly and easily apply for your next rental property. Smart Renting: Key Budgeting Areas to Think About