How can you keep up to date with the property market?

Tweet

Many of our clients ask how they can best keep up with the property market. How DO you know roughly what houses are selling for in you area? How do you keep track of it all. I always tell them that RSS feeds are the way to go. But what are RSS feeds, how will they help, and how do you use them?

What are RSS feeds?

RSS stands for Rich Site Summary. They gather the latest content from your favourite sites. This saves you time because it means you don't have to visit each site individually.

How will they help?

Rather than visiting all the real estate sites, searching your area, scrolling through to find similar properties to yours, an RSS feed will gather all this for you. The property list at the top of this blog, for example, is an RSS feed of all of our properties from domain.com.au.

How do you use them?

Setting up an RSS feed can seem a bit daunting at first, even for the technologically savvy, but they are worth the initial effort. Essentially here's what you need:

• You need an RSS feeder. This can be an online tool, such as Google Reader, which links to your gmail email account. Alternatively you can download a free program, such as FeedReader.

• Once you have a reader, you need to go to the website you wish to follow (for example domain.com.au), perform your search as usual, then look for the RSS feed button (see example below).

• Click on the RSS feed button, then follow the instructions to subscribe to the feed (pictured below).

For more information, http://www.whatisrss.com/ is a great little website.

Tweet

Check out our new format for the Open For Inspection times for our latest rental properties. Categorised by suburb, this will make it easier for you to map out all the properties you wish to inspect this weekend!

Follow this link to view it on our website: http://jmchase.com.au/index.cfm?pageCall=content&ContentID=85118&MenuItemID=85523&subject=Inspection_Times

Seniors Benefit From Lower Stamp Duty

Tweet

Image from http://t3.gstatic.com/images?q=tbn:ANd9GcRkzK1gv2IOI2zvgzIUihmz-PIf6jVPW-MryLL0XHAEMRbJStuZ

There has been a lot of discussion about reductions in stamp duty being offered to first home buyers after 1 July, and the improved and increased assistance for seniors is equally significant.

The REIV has highlighted that one of the problems with stamp duty is that it acts as an artificial barrier to moving; after all, if you need to move home because you have outgrown your current home – or it has outgrown you – then you face an additional expense of around $30,000 on a median priced home. 

This issue was also highlighted by many submissions to the federal government’s Henry Tax Review. 

It can be a particular barrier for those who have retired and are on fixed incomes as they have both a limited and finite income. And if you have retired and your family has grown up and moved out then it is more than likely that your home is larger than you need or want.

There are, therefore, very obvious benefits for the individuals and community to removing artificial barriers to ‘downsizing’.

This is why the decision to substantially increase the value of the duty relief for eligible seniors is a good one.

As of 1 July the current threshold for duty relief will increase from $440,000 to $750,000. Under the new laws, eligible seniors will receive a total exemption from stamp duty for homes purchased to a value of $330,000 and a partial exemption between $330,000 and $750,000. 

The home can be a new one or an existing one, the main stipulation is that it must be the purchaser’s principal place of residence.

The list of eligible seniors has also been extended to include holders of a Commonwealth Seniors Card.

To see the full list of edibility requirements and how to apply contact the State Revenue Office on 13 21 61.

Taken from REIV.com.au

What to look for in an investment property

Tweet

Choosing a property for investment purposes is not the same as choosing a home to live in. Keep the following tips in mind: 

- Not all titles are created equally - whilst most apartments are strata titles, if you're buying property that's company title make sure you read the fine print carefully. The owners of company title buildings are set up as shareholders in the 'company' and they must vote to decide on various rules including occupancy changes and rental rights. You also have to have approval for most alterations, even within the unit itself. 

- Choose for rental appeal - even though you won't be living in it, you'll want to make sure the property has features that most people look for, including internal laundry, proximity to transport, security, car space/garage, balcony. 

- Don't over do it - it's possible to spend more money on renovations and upgrades than you're ever likely to see in returns. Make sure you are realistic about how much someone will be prepared to pay when you eventually come to sell. You want to do enough to seduce buyers but not so much that you're out of pocket. 

- Keep your finger on the pulse - when property prices are dropping and rents are rising, it may be time to make the most of economic conditions. 

- Do your homework - if you're buying in an area you're unfamiliar with, research it well. Look at data on property prices in the area and rental yields as well as vacancy rates. Speak to the local residents and shop owners and even the council to find out as much as you can about the place. There's a lot of information out there to help you, like RP Data's report on the best suburbs to buy in around the country.

Report from stgeorge.com.au

The Importance of an Inspection When Buying a Home

Tweet

When you've located your perfect home and are about to put in an offer, make sure you have a professional, independent building, pest and strata (for those buying an apartment) inspection.

Building inspections will usually cover things like:

Structural damage to the roof space.

Sub-floor ventilation and drainage.

Rising damp, asbestos and other hazards.

Damage or problems with gutters, windows, foundations, cracks.

Doors, ceilings, plumbing, electrical wiring.

Extensions, renovations, additions that do not meet regulations.

Pest inspections look out for things like:

Existing or potential damage from all kinds of pests.

The active presence of pests, like termites or white ants.

Strata inspections are only applicable to apartments/townhouses and they cover:

Ongoing maintenance fees and any special levies payable.

Rules and regulations set out by the Body Corporate/Owner's Corporation.

History of disputes or claims against the current owners.

The balance in the administrative and sinking funds.

Whether the insurance cover for the building is adequate.

What if problems are found?

You don't have to kiss your dream home goodbye if problems are identified in any of the reports. You could use the information to find out the cost of fixing any problems and negotiate a lower price through the real estate agent. But remember, if you don't organise inspections or don't take note of the findings it could cost you thousands of dollars in repairs that you didn't factor in to the price...and that could hurt.

Source: stgeorge.com.au

Happy Easter from the team at First National JM Chase!

Tweet

Put a Freeze on Cost to Keep Warm

Tweet

First National Real Estate says there’s a lot homeowners can do to improve their carbon footprint and keep escalating power bills down during winter.

In winter, the typical Australian household consumes approximately 2700 kWh of energy, which is around 7 per cent more than in the warmer months.

So, while many environmentally-friendly actions should be taken throughout the year, it is during winter that we need to be more diligent and follow some additional guidelines.

Turn down heater thermostats by one or two degrees and close curtains and blinds to reduce heat escaping. Put on warmer clothing, like sweaters, to lessen the reliance on heaters for warmth.

Avoid leaving unnecessary lights on and switch them off when no one is in the room.  Outdoor lights should use motion sensors wherever possible.  Use lower wattage bulbs such as compact fluorescent lamps (CFL).  Appliances, such as computers and televisions, should be turned off at the wall, if possible. 

Inspect the home for air leaks and install draught seals and weather stripping around doors and windows and repair faulty.

Upgrade all areas of the home to recommended insulation levels and potentially save 5 to 25 per cent on heating and cooling costs.

Install energy efficient appliances wherever possible.  Use major appliances, such as washing machines, dishwashers or dryers at bed-time and other low energy use times of the day, and avoid using them between 4pm and 9pm – this is the optimal time to power down.