Archive for buying a home

Houses with granny flats

Posted by Kirsten Friedli 
· 7 August 2019 

Are you considering buying a property with a granny flat, or putting a granny flat onto an existing property you own? This is a great solution for a variety of purposes, such as accommodating an elderly parent, adult children, or running a home business. Or you may be looking to gain extra income from the granny flat.

Whatever the reason, the advantages of owning a property with a second dwelling on the same block are many. In Sydney alone, building approvals for granny flats have almost tripled on a yearly basis since 2010.

With residential space becoming rarer, and property owners looking for creative ways to maximise their income, granny flats are the obvious choice. Granny flats can either be attached or unattached to the main residence, but in all cases are smaller. They are often self-contained with bedroom, kitchen, bathroom and living area, and are usually under 60 square metres.

If you are buying a property that already has a granny flat, your first priority should be finding out if the dwelling is legal, with all appropriate compliance paperwork in place.

So, what are the benefits and risks of buying a property with a granny flat?

BENEFITS
Accommodating family members
There is no doubt that part of the reason behind the popularity of granny flats is for the accommodation of family members, such as parents or grown-up children.

Extra rental income
Granny flats can be handy income earners.

Spreading your risk
If you have an investment property with main residence and granny flat, you have the added protection with any vacancy of one dwelling being rented while seeking a tenant for the other. The likelihood of two vacancies at the same time is highly unlikely, minimising your risk.

More tax depreciation
If the granny flat is new and is being rented, then there is the opportunity to claim depreciation. You should discuss with a qualified financial professional.

Increased home value
Adding another dwelling onto your property will increase the value of your home (as long as it is done to a professional standard).

RISKS
Increased property management costs
An extra dwelling brings added responsibilities and maintenance costs.

You may reduce your rental market or resale potential
When it comes renting your residence, the presence of another dwelling on the property may not be attractive to some tenants. And when selling, the presence of two dwellings will increase the value of your property, but will change interested purchasers to either one who is looking for this sort of living arrangement, or an investor.

For more information, or to discuss any of your real estate needs, please contact our team today on 4628 7444.

Categories : All Categories, Buying, Renovating
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A guide to buying your first home

Posted by Kirsten Friedli 
· 3 June 2019 

Buying your first home is a big step, but also an exciting one! There is quite a bit to consider before buying your first home. To make things easier, we’ve put together a list of items to review before purchasing.

BUDGET
A good place to start is to draw up a budget of what you can realistically afford, factoring-in any additional expenses to home ownership (covered below under Additional Costs). Once you’ve drafted a personal budget, the next step is to talk to a mortgage broker about the best home loan on the market for you. Pre-approval makes the lending process a lot easier when it comes time to formally apply for a home loan.

DUE DILIGENCE
It’s vital to do your due diligence before buying a home. This means inspecting the property in person, and ensuring the proper building and pest inspections are carried out. Building and pest inspections do incur a cost, however they ensure there is no structural damage or serious damage from pests, such as termites, which can potentially cost you tens of thousands of dollars in repairs.

BUYING AT AUCTION
Doing your due diligence is essential no matter the method of sale, however, if the home you are interested in is being sold via auction, you will need to carry out and incur the costs of building and pest inspections before the auction – even though you may not be the successful bidder.

This is because sales by auction are not subject to the usual conditions of sale – they have no “cooling off” period, and the sale at the auction event is final.

GOVERNMENT GRANTS
In New South Wales, there are a couple of government purchase incentives for first home buyers. There is the First Home Owner’s Grant Scheme, that is $10,000.00 towards buying the property (for eligible purchasers), and aFirst Home Buyers Assistance Scheme, which is exemption or a reduction on stamp duty costs. For more information go to the NSW Government’s Revenue Office website at www.revenue.nsw.gov.au/grants-schemes/

ADDITIONAL COSTS
Apart from a home deposit and the ongoing cost of mortgage repayments, there are other costs you should be aware of before buying your first home:

Stamp duty. Stamp duty can be a considerable cost to factor-in when buying your first home. The amount of stamp duty you’ll pay is dependent on the state you’re buying the property in. Some states also have first home buyer concessions or exemptions on stamp duty. Stamp duty can also be borrowed as part of your home loan.

Lawyers/conveyancing fees. It is a good idea to have a solicitor or conveyancer look over the contract of sale and mortgage documents before signing a sale agreement. Fees can vary.

Building and pest inspections costs. As mentioned, it’s definitely worth investing in a one-off building and pest inspection before signing a contract, or as part of a condition of sale to ensure your potential home is structurally sound and pest free.

Home and contents insurance. Remember that home insurance is
an essential part of the home-buying process. Insuring your home is something that needs to be organised and ready to take effect as soon as you settle on your property, not necessarily the date you move in. So, make sure you have looked at your options and have chosen the premium that best suits your needs and budget.

At Harcourts The Property People we have many properties for sale suited to first home buyers. Visit www.propertypeople.net.au, or contact our office on 4628 7444 for more information.

Categories : All Categories, Buying, First home buyer
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What millennials are looking for in a home.

Posted by thepropertypeoplecampbelltown 
· 20 November 2018 

Millennial is the term used to describe people born between 1981 and 1996. Recent research reveals that around 40% of home buyers are currently from this generation, so it is important if you are looking to sell to this group of buyers that you consider the attributes they are seeking in a home.

Most millennials view property differently, they often manage strict budgets, and are therefore price sensitive. They are generally fluent with accessing and analysing the massive amount of information about property and investing available on the Internet, and know how to find properties that offer value for money and the prospect of capital growth. They also understand that they need to start with a smaller property or unit as a stepping stone, or buy a house in a suburb where prices are affordable.

Millennials are also more likely to be first home owners and are therefore eligible for the government’s First Home Owner Grant and stamp duty concessions.

So, what are millennials looking for in a property?
Technology, modern design elements and lifestyle are undoubtedly some of the most attractive elements.

Millennials want top-quality wireless internet coverage and/or fibre optic connectivity, “green” features/innovations, and a home with top lifestyle features that is centrally located.

Internet/broadband coverage (whether wireless or fibre optic) is a top-of-mind consideration for this generation. A young family buying into a long-term commitment want to know that access to the internet will be fast and reliable. This information should be clearly displayed in your property’s marketing.

Millennials are looking for spaces that can double as a home office. The trend for many is to include a work station or tech hub at home, as many are based part or full-time working from home. With a few touches of technology or by adding connections, this buyer group can more easily imagine themselves living and working in the space.

Lifestyle options such as open-plan lounges, kitchens and outdoor entertaining areas are popular with young buyers. Make every effort to present these spaces to buyers, showing them how they can entertain their family and friends.

It is also important to note that these buyers are often starting a family, or getting ready to in the near future. Therefore, the interior and exterior areas must be applicable to young children and pose no safety risks. They are also attracted to properties that are close to neighbourhood parks and other amenities appealing to young families, and when selling, your Sales Consultant should highlight all these features to prospective buyers.

Going with the lifestyle, millennials prefer to live within a reasonable distance to the city centre. Good transport links, convenience, and having decent amenities within easy reach are highly regarded.

Lastly, the emphasis on building a sustainable future is a sentiment often expressed by millennials, and more enquiries about renewable energy and solar-powered facilities are being received. If you have solar power installed, or external lighting powered by the sun, then these are things you need to include in your property’s marketing.

For more information on selling your home, contact the professionals on 4628 7444.

Categories : All Categories, Buying, First home buyer
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Settling into your new neighbourhood

Posted by thepropertypeoplecampbelltown 
· 19 November 2018 

Buying a new home often means moving to a new suburb or city. The change of location is often due to work relocation or for personal reasons. Whatever the reason for your move, it can be a little daunting finding the best ways to get to know the neighbourhood and have it start feeling like home.

Here are a few ideas to help break the ice:

ASK THE EXPERTS: A good place to start finding out what’s good in your new neighbourhood is to ask the real estate agent you purchased from. In the course of buying you would have talked to them about the big things like nearby schools, or transport routes. But they’re also a great resource to ask about everything from finding the best coffee and great parks and playgrounds, to the best local shops and restaurants.

HOOK YOURSELF UP: Spend some time finding and reading local newsletters, newspapers, community Facebook groups and supermarket community noticeboards. They’re a great place to find out about local events, organisations in need of volunteers, or even ongoing projects such as community gardens and working bees; all great places to meet people and start getting involved.

WALK THE WALK: Spend a weekend or two getting lost. Take to the streets on foot and just wander around. You’ll see much more than you would from the car, and be more likely to uncover the neighbourhood’s hidden gems – and you’ll quickly get your bearings for where everything is. If you’re in a large city you don’t know, you should do the same in your car, and you’ll quickly learn the best driving routes and how all the suburbs fit together.

TALK THE TALK: While you’re walking, stop and have a chat or even just a passing “hello” to any of your neighbours you come across out and about or working in their garden. It’s a relaxed way to break the ice. Once you’ve found that great café, make it your regular and get chatting to the staff, or strike up a conversation with local shop owners. Once you start finding a few local favourites you’ll start to meet some of the same faces each visit.

BE SEEN: Instead of heading next door to meet the neighbours, just be visible and approachable in and around your property. If you’re mowing the lawns or gardening in the front garden, just be aware of who’s around and give them a wave and a hello.

KNOCK ON THE FRONT DOOR: The best way to meet people is the most direct. It can be a little intimidating but it is a great way to meet your neighbours, especially those closest who you’ll see most often. If you want an icebreaker, take them a small gift like a cake, or invite them over for a drink.

AFTER SCHOOL: If you have school-aged children, get involved in school activities, sports and events. It’s a great way to help your kids settle in and you’ll quickly become part of the school community. The same is true for sports clubs.

For any of your real estate needs, contact your local professional, Harcourts The Property People on 4628 7444.

Categories : All Categories, Buying, Community, First home buyer, Moving house
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Should you buy or sell your house first

Posted by thepropertypeoplecampbelltown 
· 2 November 2017 

When looking to change homes, one of the big questions is should you first SELL your current property, or BUY your next property first?

The answer to this question depends on your circumstances and the current property market. To help you make your decision, consider the following factors:

How easy will it be to sell your current home?
How quickly your home sells can vary for a number of reasons: – current market, type of home, amenities in the home, price, suburb and perhaps some outside influences like interest rate changes. A local and experienced Sales Consultant can answer most of the questions; show you recent comparable sales in your area and show you how long they took to sell, as well as give you a good idea of likely buyer demand for your home.

What is your current home worth?
Until you have an approximate value of your home, it will be difficult to establish what you can afford to spend on your next property. A Sales Consultant can show you a Comparative Market Analysis of what similar properties have recently sold for in your area, to help you get this approximate value.

What if you sell your property first?
If you choose to sell first, you will be in a far stronger position to purchase as soon as you see what you like. And if you have already done your homework and know the market that you are looking to buy in, you will be ready to confidently take the next step.

However, if there is a time difference between you settling on your home and finding the next one you want, you will need to arrange alternative accommodation in-between, and that means moving twice.

What if you haven’t sold and have found your dream home?
If you have found your dream home before you have sold your existing property, agreeing to purchase the new home obviously puts you under some pressure to sell. You want to avoid the position where you are under pressure to sell, and end-up having to drop your price for a quick sale.

To help alleviate some of the pressure, you can possibly negotiate the settlement date of the new property to be longer to give you more time to sell, and perhaps organise the final selling of your existing property and the purchasing of the new home on or around the same date so that you only have to move once.

If you find yourself in this position you should look at all your options and speak to the experts first. Speak to your Sales Consultant and finance professional to weigh up your options.

What if house prices are rising?
If you’re in a rising market, it could make sense to buy your new home first at its current market value, negotiate a longer settlement, and have your current property potentially rise in value at the same time – this way you could earn more from your existing property.

What if house prices are falling?
Falling house prices may work in your favour as well if you can attract an interested buyer before prices dip lower, leaving you free to purchase your new home at the lower end of the market. However, falling house prices is also an indication of a slower market, meaning it could take you longer to sell your existing home.

Your local real estate professional is equipped to help you make informed decisions. Speak to one of our sales professionals today on 4628 7444.

Categories : Buying, Preparing your property for sale, Selling
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Getting the most from open home inspections

Posted by thepropertypeoplecampbelltown 
· 1 February 2017 

Attending open home inspections in search of your ideal property is highly exciting! However, you will often find that there are a few issues on an otherwise fantastic property that are holding you back from moving forward.

Rather than eliminating the property based on these issues, have a closer look and consider if these things have a relatively easy and not too expensive solution?

Before attending open home inspections, it’s a good idea to write a list of your top five needs in a property, so you are clear on your ‘must haves’, as opposed to the things you would ‘like to have’.

When attending open homes, have this list handy to keep you on track. Then take a note of any issues; perhaps take photos of them for you to evaluate later. These photos can then be used to send to tradespeople for an opinion on what can be done (and a price). You may be surprised as to the outcome!

Here are a few examples of issues and fixes:

Construction
Poor construction of walls or floors may seem like a huge issue, but may be easy to fix. Some walls can be demolished to open up areas of the house, and floors fixed, or new floors placed over the top to gain what you are looking for.

Unappealing design
Don’t be discouraged by the ugly tiles in the perfectly sized bathroom or kitchen. Tiles can easily be replaced. Many hardware stores also have modern flat-pack cabinetry that are easy to put together and install; and many can also install custom made timber, stone or acrylic bench tops.

Not enough storage
If there is a lack of storage, consider building a shed, built-in wardrobes, or purchase a lovely set of drawers to serve your needs.

Air conditioning
If there isn’t any heating or cooling in the property, it is easy to get a local air conditioning company to install – and it certainly adds value to the property. Also consider insulation to keep the temperature constant and to reduce your power bills.

Unappealing backyard
The backyard is often full of opportunities. Adding a pergola, BBQ area, paving, and beautiful gardens are all straightforward projects that will not break the bank.

Finally, when attending an inspection, don’t hesitate to ask the real estate agent as many questions as you like. He or she may also be able to offer you some useful suggestions to get the property looking exactly as you would like.

For real estate service and advice, contact the professionals at Harcourts – The Property People on 4628 7444.

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