When buying a property to rent out for investment purposes, do you follow your gut, head or heart? According to , chair of , you can consider all of these as long as the renter’s perspective holds the greatest sway.
So how has the property boom affected you?
From the sidelines it’s been like watching a rodeo, as buyers and sellers get tossed around by a runaway bull market. The rest of us are just as happy to be on the outside looking in, glad we’re not directly affected. But that’s not strictly true! Given that a large part of your personal wealth is tied up in your home or other properties you may own, the fact is your financial standing has changed, maybe quite dramatically. And unless you’ve had your property revalued in the current market, you don’t really have an accurate picture of your current worth.
Chances are your equity has grown significantly in the last few years and that may offer some pretty exciting opportunities – to fund that extension you’ve been wanting to do, finance your business, bankroll an investment property, help the family or pay for the holiday you’ve been putting off for so long.
Bring yourself up to date. Ask one of George Brand's expert staff for a complimentary market appraisal. There’s absolutely no pressure or obligation.
Lauren Ferreira heads our team of professionals managing over 900 properties, so her advice for prospective landlords is worth listening to…
1. Online advertising is crucial. As well as promoting your property on Australia’s major real estate websites, our own georgebrand.com.au receives over 1,000 unique visitors per month.
2. Photography can make or break your property, professional photos will ensure you property stands out against the competition.
3. A large existing database can immediately expose your property to hundreds of potential tenants.
4. We offer inspections by appointment or Open Homes giving prospective tenant's the choice of a time that bests suits them.
5. Understand your market conditions. Our market knowledge and detailed approach to a leasing campaign ensures our clients experience very low vacant periods.
Did you hear the ridiculous price they got for that place up the road?
Runaway auction stories are abound at the moment, and it’s very tempting for vendors to join the frenzy in the hope of getting more than they expected. And why not? In a strong market it’s often hard to know exactly what your property is worth, and an auction is a very good way to test that.
The sale is ‘unconditional’. You’re protected by the reserve price. And there’s the fear of missing out – where emotional buyers are pushed to their limit and often beyond.
But auctions can be very stressful on vendors, not just buyers, and as a general rule of thumb, six out of seven properties are still sold by private sale in Avoca Beach, Copacabana and MacMasters Beach. A private sale gives you more say in what you think is a fair price. You have time to consider offers, without being put on the spot. And greater flexibility to negotiate terms that suit both parties, especially if you’re not in a rush to sell. With Auctions there’s no guarantee they’ll be successful, or even get you the best price – the winning bidder only has to offer slightly more than their competitor, which may well be less than they were willing to pay.
Like everything, it’s horses for courses, and you need to discuss the options carefully with your agent.
There’s always so much hype surrounding the property market but with the media’s coverage in overdrive it can cloud our view on how some suburbs are performing. As you have no doubt read and heard, many have predicted the Sydney property market will start, and has indeed begun to level out making it easier for first home buyers to enter the market. But is this really the case?
The Central Coast and Sydney has been lashed with some serious thunder storms this summer causing havoc and destruction to hundreds of businesses and homes. Blackouts seem the norm and after a stinking hot day its almost guaranteed a spectacular electrical storm will follow.
Are you a landlord and your investment property has been damaged from a storm or natural disaster? Although we can’t stop a storm from hitting, we can be prepared and aware of the next steps ii damage is caused.
Just like a relationship, sometimes a property comes with baggage too…in the form of existing tenants! Any empty house and a new set of keys awaits most home buyers at settlement, but some will inherit a tenant and a house full of somebody else’s belongings.