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The secret to buying and selling a home simultaneously

The secret to 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.

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 temporary rental and prevent 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.

Nailing your rental application: Tips to get approved

Nailing your rental application: Tips to get approved

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 apply 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.

Are you selling yourself short? Leverage market appraisals

Are you selling yourself short? Leverage market appraisals

Most property owners receive offers for a market appraisal from one or more real estate agents on a weekly basis. While this offer is designed to be the first point of contact between property owners and agents and offered as a free service, the appraisal itself can be a valuable tool if handled correctly.

Is the price ideal?

Ideally, property owners should seek at least three opinions on their property’s value before making any decisions. The median value of the three appraisals will likely be the most accurate indication of the property’s worth. If the figures quoted by the agents seem too high or too low, this may be due to flaws in the marketing or valuation processes.

Marketing, commissions, property sale methods, and gut instinct are all important factors to consider when choosing an agent to work with. Property owners should carefully assess each agent’s strengths and weaknesses before making a decision that will have a significant financial impact on their future.

What makes the price ideal?

An effective appraisal should include advice on how to present the property in its best light and whether any potential improvements are worth carrying out. The external appearance of the property is crucial, as most buyers instinctively look at it first. Maintaining the garden, the path leading to the front door, and ensuring the doorbell works can create a lasting positive impression.

Taking a closer look

Inside the property, property owners should create an invitingly lived-in look with the help of their agent’s advice on lighting, fragrances, pets, and general tidiness. Adding fresh flowers, brewing coffee, and a drop of vanilla essence on a warm hotplate for a just-finished cooking aroma can help to entice buyers.

Distance is key

It is important that property owners not be present during inspections. This is to protect the owners’ sensitivity as what they love about their own property may not be what a future owner may appreciate. It also creates a welcoming atmosphere that buyers will appreciate. Many agents suggest that homeowners be flexible about inspection times during the selling period to ensure the property is available to the widest range of potential buyers.

Market appraisals can be an invaluable tool for property owners. Seeking at least three opinions and carefully assessing each agent’s strengths and weaknesses can make a significant difference when selling a property. Maintaining the external appearance of the property and creating an inviting interior can help attract buyers. Finally, property owners should be flexible and not present during inspections to create a positive experience for potential buyers.

Final words

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.

Renting or buying: Which suits you best?

Renting or buying: Which suits you best?

Deciding between homeownership and renting is a dilemma that many people face when looking for a place to live. While owning a home can be a sound investment and provide a sense of security, it may not be the best choice for everyone at all stages of life. Let’s have a look at the pros and cons of both options to help you make an informed decision.

Weighing in your current situation

If you have a stable income and have saved up a significant amount of money, buying a property may be a wise decision. However, if you’re in a transitional phase, such as switching jobs or relationships, renting may be the better option. It’s important to weigh your current circumstances and priorities before making a commitment.

Finding the perfect balance between affordability and lifestyle

Many people assume that buying a home means sacrificing their disposable income. However, with careful budgeting, both renters and homeowners can afford some luxuries. You don’t have to forgo all of life’s pleasures to become a homeowner or pay rent.

Saving by prioritising equity

If you decide to buy a property, be aware that the majority of your payments in the first few years will go towards interest. Financial experts recommend paying double the required amount, particularly in the early stages, to reduce your loan duration. This can ultimately save you a significant amount of money in interest payments over time.

Planning your future

If you’re ready to settle down and have a solid plan in place, owning a home can be a worthwhile investment. However, if you’re uncertain about your future property plans or not keen on being a property investor, it may be best to hold off on buying for now. Continue to build your savings until you’re in a more stable position. Investing in other options might be more appealing for your financial goals.

Preparing for maintenance costs

One of the benefits of renting is that the property owner is responsible for repairing and maintaining the property. However, if you’re prepared for the possibility of unexpected expenses, such as a leaky roof or broken appliance, owning a home can be very rewarding. Experts recommend having an emergency repair fund of at least $5,000 before embarking on your home search.

Whether you choose to rent or buy depends on your personal circumstances and priorities. Consider your current financial situation, future plans, and willingness to take on the responsibilities of homeownership before making a decision. Get in touch with our team to discuss your options further.

A guide to smart property investment

A guide to smart property investment

Investing in property can be straightforward if you follow a few simple principles. Although buying an investment property is similar to purchasing a home to live in, it is essential to approach the decision with a strictly business mindset. This means focusing solely on the bottom line and removing all emotion from the equation.

Know the essential investment principles

The key to successful property investment is a steady rental income and strong capital growth. Investing in an affordable, attractive, and well-located property can help to safeguard your finances for the long term. As tenants increasingly seek a certain lifestyle, it makes sense to choose a property that is close to amenities such as public transport, shops, restaurants, parklands, and schools. Additionally, it’s important to consider depreciation and reduced stamp duty when deciding to invest in new dwellings or off-the-plan developments.

Define your desired outcome

To establish a clear investment strategy, it’s crucial to determine your primary property financial goal. Do you want a self-servicing investment property that provides sufficiently high rental returns, or are you chasing capital growth? Negative gearing can help reduce your tax burden when rental returns do not cover the interest on the borrowed money or the expenses involved in retaining the property. This loss can be used as a tax deduction and varies according to your tax bracket. However, it’s important to be prepared for the potential adverse effects of interest rate rises or a prolonged period without a tenant.

Take the best approach to achieve your desired outcome

To ensure a successful investment, it is important to take a methodical approach. Choosing the right investment strategy will dictate the type of property and location you should be looking for. As with any investment, higher returns come with higher risks. Therefore, thorough research, planning, and attention to detail in each step of the buying process will help minimise risk and stress. Seeking advice from industry professionals may also be necessary, but the benefits of peace of mind make it a small price to pay.

Like a fine wine, an investment property requires nurturing and time to mature to reap the rewards. By following these simple rules, you increase your chances of investing wisely. It’s always advisable to consult your home lender, financial advisor, or bank for further investment advice.

Don’t sign that lease yet! 5 key questions to ask before renting out your property

Don’t sign that lease yet! 5 key questions to ask before renting out your property

If you have purchased or are looking to purchase an investment property for rental income, there are important steps and considerations to keep in mind. In this article, we will outline some key questions to ask yourself before renting out your property.

1. Are there any issues that need fixing or updating?

Before renting your home to someone new, it is important to address any issues with the property. What you’re willing to live with might become dealbreakers for new renters. Common problem areas in established properties include fixtures, fittings, and appliances that may not be durable or of good quality. Investing in new or reconditioned appliances could save you money in the long run. Additionally, cleanliness is important, especially in high-use areas like bathrooms and kitchens. Mouldy grout, broken tiles, leaking taps, chipped paint, and outdated fittings should all be addressed before renting out your property. It may also be necessary to replace or clean carpets, repair wall damage, and amend or replace floors, curtains, and blinds.

2. How do I get started?

When it comes to managing your rental property, it is strongly recommended that you enlist the services of an experienced and qualified property manager. Property managers have the experience in tenancy laws in your state and will know how to get the best possible outcome for your investment property. A trusted property manager is worth their commission so it’s important you do your research and work with the one you feel will work to have your best interest at heart.

3. What are the fees that I need to consider?

There are several management fees to consider when renting out your property, including the cost of enlisting a property manager, letting or leasing fees, management fees, marketing fees, and other administrative costs. You and your property manager will need to sign an exclusive leasing and management authority, which gives the agent exclusive rights to find a renter and manage your property.

4. Have I discussed the timeline for the rent payments with my agent?

Once a new renter has been found, your property manager will forward rent payments to you within a reasonable timeframe. This timeline may depend on whether the renter pays on time and how often payments are distributed from their trust account. It is important for your property manager to explain their accounting timelines in writing as part of their service to you.

5. What are the repairs needed after a renter has moved out?

In the event that repairs are needed after a tenant has moved out, you can authorise your property manager to arrange for urgent repairs up to a specified amount. This authority should be included in your contract, and if the renter is still living in your property, you must also provide them with a written statement that explains whether or not the property manager can arrange for urgent repairs. If repairs are authorised, the statement should include the maximum amount that the property manager is allowed to spend on repairs.

By keeping these considerations in mind, you can ensure a successful and profitable rental property investment. Let’s explore how we can assist you with managing your rental property and get in touch with our team today.

Top 5 reasons to work with a buyer’s agent

Top 5 reasons to work with a buyer’s agent

Buying a home can be a daunting task, especially if it’s your first time. The process of searching for the perfect home, negotiating with sellers, and closing the deal can be overwhelming. That’s where a buyer’s agent, or buyer’s advocate, comes in. A buyer’s agent is a real estate professional who works on behalf of the buyer to help them find and purchase a home. Here are some of the ways that a buyer’s agent can help you buy the perfect home for you.

  1. They save you time and energy
    One of the main benefits of working with a buyer’s agent is that they can save you time and energy. A good buyer’s agent will listen to your needs and preferences, and will only show you properties that meet your criteria. They will also be able to give you a realistic picture of the market, so you don’t waste time looking at properties that are outside of your price range or not right for your needs.
  2. They provide expertise
    A buyer’s agent has expertise in the real estate industry that can be invaluable when it comes to finding your perfect home. They know the local market and can provide you with insights into the neighbourhoods, schools, and amenities that are important to you. They can also provide you with information on the latest market trends and help you make an informed decision about your purchase.
  3. They negotiate the best deal
    Another benefit of working with a buyer’s agent is that they can help you negotiate the best deal for your property purchase. With the experience, they have when negotiating real estate transactions, they will use their knowledge to help you get the best price possible. They can also help you navigate any issues that arise during the process, such as building or pest inspection problems or finance issues.
  4. They protect your interests
    A buyer’s agent is also there to protect your interests throughout the entire home-buying process. They will help you understand the terms of the contract and will make sure that your rights as a buyer are protected. They can also provide you with advice on any legal issues that arise during the process.
  5. They provide support and guidance
    Finally, a buyer’s agent can provide you with support and guidance throughout the entire process. Buying a home can be a daunting and emotional experience, and having someone to talk to and guide you through the process can be invaluable. Your buyer’s agent can help you manage your expectations and can provide you with advice on how to navigate any challenges that arise.

Working with a buyer’s agent can be an excellent way to ensure that you find and purchase the perfect home for you. If you’re thinking of buying a home, consider working with a buyer’s agent to help you navigate the process and find the home of your dreams.

If you’re not sure about using a buyer’s agent, get in touch with our team or talk with the Real Estate Buyers Agents Association of Australia.

Smart Renting: 5 Key Budgeting Areas You Can’t Afford to Overlook

Smart Renting: 5 Key Budgeting Areas You Can’t Afford to Overlook

When starting your search for your next rental property, it is essential to keep in mind the associated expenses and budget accordingly, both for moving and ongoing expenses.

Be smart about your rental payment and bond

To begin with, you should factor in the rental payment and bond. Property managers will evaluate your income and affordability before accepting your rental application. Generally, your gross income should be within 30-35% of the weekly rent. You should use this as a benchmark to ensure that you stay within your budget and do not exceed your financial limits. Additionally, you will have to pay a bond equivalent to four weeks’ rent to the bond authority before you can move in. This payment should be considered when considering your ideal rental property.

Be smart about relocation costs

Moving expenses such as hiring removalists and cleaners should also be taken into account. Contacting multiple removalists for a quote can help with planning and avoiding any unexpected expenses. Moving costs can quickly add up, so it’s always better to be prepared. Professional cleaners, carpet cleaners, and tradespeople can also be employed to reduce the stress of moving out and expedite the return of your bond.

Be smart about consumption costs

Apart from moving costs, you should also budget for ongoing expenses, such as electiricy, gas and water usage. Though it may be difficult to budget for these expenses initially, you can use the costs from your previous home or ask energy companies for an estimate based on the property’s size and occupants. After the first month or quarter, you’ll have a clearer idea of what to expect. Additionally, clarifying with the Property Manager or Owner whether electricity, gas, or water is included in the rental price is crucial to avoid confusion and ensure that you understand your obligations.

Be smart about your internet connection

Connecting to the internet is another expense you should consider. After moving in, you may want to set up an internet connection. The NBN Co website can help you determine the type of connection available at the property, and you can then research plans from various providers to find the best option for you.

Be smart about insurance

Finally, it’s important to note that while the owner may have insurance for the building, your belongings are not covered under their policy. You should look into renter insurance, which is an affordable way to protect your belongings from any incidents or accidents that may occur during your tenancy. Many companies offer renter insurance, so you can compare and find the best option for you.

Our office can get you in contact with our preferred providers, so make sure you ask how we can help you when you’re looking for your next rental property.

Maximising Profits and Minimising Headaches: The Benefits of Hiring a Property Manager

Maximising Profits and Minimising Headaches: The Benefits of Hiring a Property Manager

Hiring a property manager can be a smart decision for anyone who owns one or more rental properties. Whether you’re a first-time investor with one property or a long-term investor with a portfolio of rental units, a property manager can help you save time, money, and hassle. Here are some of the key reasons why you should consider hiring a property manager.

Handling day-to-day operations

First and foremost, property managers can handle the day-to-day operations of your rental properties. This includes everything from screening tenants and collecting rent to scheduling maintenance and repairs. With a property manager on board, you won’t have to worry about dealing with tenant complaints, late rent payments, or emergency repairs.

Making sure you comply with your local laws and regulations

Another benefit of hiring a property manager is that they can help you stay on top of local laws and regulations. A good property manager will be familiar with the rules and regulations that govern rental properties in your area, including things like eviction procedures, tenant rights, and fair housing laws. By working with a property manager, you can ensure that you’re operating your rental properties in compliance with all applicable laws and regulations.

Maximising your rental income

In addition to handling the day-to-day operations of your rental properties, property managers can also help you maximise your rental income. They can conduct market research to determine the most competitive rental rates for your properties, and they can help you identify areas where you can cut costs or increase your revenue. With a property manager on board, you can rest assured that you’re getting the most out of your rental properties.

Reducing your vacancy rates

Another key benefit of hiring a property manager is that they can help you reduce your vacancy rates. Property managers can market your properties to potential tenants, conduct tenant screenings, and handle all of the paperwork and logistics involved in leasing your units. With a property manager working to fill your vacancies, you’ll be able to keep your units occupied and generating income.

Maintaining your rental properties

Property managers can also help you maintain your rental properties and keep them in good condition. They can schedule regular maintenance and repairs, handle emergency repairs, and ensure that your properties are in compliance with all health and safety codes. With a property manager taking care of your properties, you can rest assured that they’ll be well-maintained and attractive to potential tenants.

Providing valuable insights and advice on the rental market

Another benefit of hiring a property manager is that they can provide valuable insights and advice on the rental market. They can help you identify trends and changes in the market, as well as help you make informed decisions about your rental properties. With a property manager on board, you’ll have access to their expertise and insights, which can be invaluable in making smart, data-driven decisions about your investments.

Helping you achieve work-life balance

Finally, hiring a property manager can help you achieve a better work-life balance. Instead of spending your time dealing with tenant issues and property management tasks, you can focus on other areas of your life or your business. With a property manager taking care of the day-to-day operations of your rental properties, you’ll have more time and energy to devote to other priorities.

There are many good reasons to consider hiring a property manager if you own rental properties. From handling the day-to-day operations of your properties to providing valuable insights and advice, property managers can help you save time, money, and hassle while maximising your rental income. So if you’re looking to streamline your rental property management and achieve a better work-life balance, get in touch and discover how our team can help you achieve your property investment goals.

Preparing for a successful property sale: 5 tips

Preparing for a successful property sale: 5 tips

Selling a home involves various considerations ranging from repairs, finding the right agent, presenting the property well, to deciding where to move next. However, there are five additional areas that homeowners should take into account before or during the selling process. These include understanding the current market, building trust with the agent, checking tenant and property history, and providing access details for future owners.

Do your research

One of the critical aspects of selling a property is researching the current market. Homeowners should have a good understanding of the property market in their area, including recent sales and pricing trends. They can investigate the real estate portals to get an idea of properties listed or sold in the neighbourhood before engaging an agent to sell. This knowledge can help them come to an agreement on the eventual list price.

Establish trust between you and your agent

Another crucial factor is building a good relationship with the sales agent. Homeowners need to trust their agent to assist them in making one of the most significant transactions of their lifetime. If they have questions or doubts about the agent’s experience or the process, they should not hesitate to ask for clarification. This way, they can feel comfortable with the process and satisfied with the final sale.

Review the obligations of the owner and tenant

If the property being sold has a tenant, homeowners should check the tenant and owner obligations with their property manager. This information may include access to the property for inspections and notice periods required once the property sells. Depending on the circumstances, homeowners may choose to sell the property tenanted or provide the tenant with notice before selling. The lease terms and tenancy details should be communicated to the sales agent and solicitor before the sale as this may affect the type of buyer interested and the terms of the contract exchange.

Conduct an inventory of keys and access details

Before settlement, homeowners should conduct a stocktake on keys and access devices such as garage remotes and alarms. This process will ensure that all keys and devices are handed over to the new owner, including any spare or duplicate keys. In some cases, homeowners may find that some keys do not fit the locks or are missing, requiring them to take action to replace or repair them.

Review the property history and requirements

Homeowners should check the property’s history and requirements before selling. There may be caveats or requirements listed over the property that may affect the sale or attract a different type of buyer. For instance, some properties may be heritage-listed, while others may have restrictions over potential development applications or renovations. It is essential to be transparent about this information before the sale so that potential buyers can make informed decisions.

Speak with one of our sales agents to stay up-to-date with the latest sales and trends in your area. If you’re unsure whether to keep or sell your property, our sales team can also provide you with the information you need in order to make the best decision.

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