Tag Archives | Real Estate Agent Buying Or Selling Your Home

Things You Need to Know Before You Bid at Auction

Things You Need to Know Before You Bid at AuctionLaws governing the purchase of property at auction differ from those covering private treaty.
It is advisable to make sure you are in a position to bid at auction, prior to attending.

A successful highest bidder is committed to proceed with the purchase so bidders need to ensure that they are in a position to proceed.

The purchase at auction (under the hammer) is not subject to a cooling off period or building inspection, it is an unconditional contract.

Tips for preparing to bid include:

  • Obtain written finance approval. This can be subject to a valuation so this may need to be done prior to the auction.
  • Arrange the deposit. Check with the agent what is required. It is usually 10% and payable by cheque or bank cheque on the day.
  • Undertake a pest and building report prior to the auction if the owner has not provided one. If they have, call and discuss report with the inspector.
  • Have your legal representative peruse the agreement for sale and undertake due diligence.
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Quality Appliances Offer a Quality Price

Quality Appliances Offer a Quality PriceSo you’re renovating your bathrooms and kitchen area, choosing colours, tiles and appliances. It’s true that quality, fashionable appliances add value to your property or at least make it more attractive to potential buyers. In particular, bathrooms and kitchens sell homes.

Quality fixtures and fittings add that special touch to your property, making it visually pleasing and adding a heightened sense of value and style. However, buying appliances that will appeal doesn’t necessarily mean buying the most expensive. It’s wise to shop around and see what features, tones and colours are fashionable and practical, as most buyers especially love clean lines and practicality.

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Our New Listings to Keep You Busy This Week

Hi all,

Check out our New Listings email, sent out every week which features interesting articles and the list of properties open for inspection. Contact us to check it out, you can always subscribe to receive it!

Thanks!

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Refinancing Myths and the Simple Truth

Uncertainty in the economy has home buyers wary of the conflicting types of information available to them. Apparently we are operating in a two-tiered economy: a booming economy in the mining sector and the flat economy that most of us live in.

This has left many mortgage holders wondering whether they should refinance, lock-in a fixed rate or simply stand still and watch what unfolds.

Uncertainty and confusion exists among mortgage holders. No one really knows what way rates are headed and the proposition of refinancing your mortgage could have as many pitfalls as benefits.

These are some of the refinancing myths:

Myth 1: Low Rate Is The Be All and End All

Borrowers often forget that many of the low rate loans lack other money saving features such as mortgage off-set facilities. Borrowers should also check as to whether the low rate is for the life of the loan or just an introductory period.

Myth 2: Change Lenders For A Better Deal

A common misconception is that you need to change lenders to obtain a better deal. This is a falsehood as your current lender generally will negotiate in order to maintain your business.

Myth 3: Debt Consolidation Is A Good Idea

Many people believe that by consolidating their debts when refinancing that they will be better off in the long run. This is untrue. Often a credit card or personal loan refinanced along with a mortgage will mean that the debt will be paid out over 20 – 30 years rather than 3-5 years. What is often forgotten is, so too will the interest!

If you are considering refinancing, ensure you research what loan and what features are best for you and that you shop around for all your options. Talking to a good finance broker is the easiest way to do this.

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Divide and Prosper!

Purchasing property on larger blocks in older subdivisions can generate extensive profits if the property can be subdivided.

In recent years local council regulations have varied and smaller subdivision is allowable in certain areas. This change in policy has allowed an opportunity to purchase older property in older subdivisions where a developer/renovator can undertake the renovation of the existing dwelling and subdivide the land creating the opportunity of profit.

Here are some tips to get you started:

  • Contact local council and familiarise yourself with its policies in relation to subdivision and development.
  • Identify the types of areas where you can find suitable properties for subdivision.
  • Canvas those areas with agents and personally to see if you can find a seller.
  • Make sure you have your finance in place so that you are ready to act should the opportunity arise.
  • Keep you first project simple. A small, successful sub-division will put you in good stead for future projects
  • Always do your homework on the area, market and property!
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