She is pictured here with our Caroline!

Congratulations from all of us at MyPlace!

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Legal Documents are Binding

After exchange of a contract, the purchaser may have time to “cool off”. Not all States allow a cooling off period but if a cooling off period applies, the purchaser can rescind before the end of the cooling off period. Cooling off does not apply to sales at auction. The smoothest route with the best legal protection is to request any additional clauses before you sign and consult with your solicitor or conveyancer.

Think about more than Price

Assess potential properties on more than asking price. For example, consider location, neighbourhood, and transportation links along with the price. You may be able to secure a cheap property in an undesirable location but keep in mind you may be stuck with it for longer than you want. Having said that, when you find the right property, make a reasonable offer based on market analysis of sales prices of similar homes in the area.

Building Inspections are Important

 If you don’t want unexpected and possibly, nasty surprises engage a building inspector before you commit to buying. Building and pest inspectors are trained to look for faults, so expect a list of current and possibly future issues. If you do not understand your report, have the inspector explain any major faults, as minor defects are worth noting but are not usually an issue. If there is a long list of faults and you want to proceed, use the building/ pest report as a negotiating tool. Your building/ pest report will also furnish you with a precise list of issues to be addressed after purchasing the property.

Don’t let the Trials of Searching Exhaust You

 Every potential homeowner has hit a wall while searching for their dream home and thought about buying the next property that is almost okay. Misleading agent descriptions, vendors pulling out, being gazumped – it happens to nearly every buyer, but do not despair and buy out of desperation. It is hard looking at properties with excitement and hope, only to discover that they don’t meet your needs or aren’t in the right price bracket. Stop looking for a while, or contact real estate agents you haven’t approached and give them a comprehensive list of your requirements and a firm budget. As discussed in Part 1, you may also like to try a buyer’s agent or advocate, as they often uncover properties that are not on the open market.

We hope our three part series has helped clarify your thoughts and adequately prepare for buying your home. If you need further advice, or would like to discuss your next purchase, we invite you to contact us for a confidential chat today.

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Never sign without getting appropriate legal advice, make sure you minimise your mortgage exposure and consider your new home purchase from all angles.

Decisions, decisions – choose that mortgage wisely

Make sure you have a preapproved mortgage in place before you start negotiations. Remember that internet loan calculators cover the basic, best case scenario, so get an exact figure from the bank and pick your finance package with care. Shop around for the best mortgage or consider using an independent finance broker, as they usually have access to more lenders and financial products.

Stick to a Budget

Real estate agents are trained to get as much money out of buyers as possible, so do not fall into the trap of wanting what you cannot afford. It can be hard to resist, but you must stick to the amount you have been approved to borrow. Don’t be tempted to think that an extra few thousand or more won’t have an adverse effect – circumstances can change, and future financial shocks like job loss or rising interest rates could mean you cannot meet mortgage repayments on an over-budget purchase.

The Painful reality of Underestimation

In the heat of buying excitement, many homebuyers overlook the costs associated with buying a property. Stamp duties, mortgage insurance; depending on your lender’s requirements, Lenders Mortgage Insurance allows you to borrow up to 95% of the purchase price of your home, with a lower deposit than is usually required. Traditionally, lenders require borrowers to have at least a 20% deposit. Loan application fees, valuation costs, rates and building and pest inspections all have to be paid on or before settlement. Remember; you will also have to pay to move, possibly redecorate to your taste and repair items that will choose inopportune moments to break down. Some extra money should be set aside for ongoing repairs and maintenance.  If you do not have a fund for incidental costs, you may defer property settlement, which could cost you in penalty fees and or loss of your deposit.

Allowing ‘the market’ to dictate

 The time to buy is when you are ready. It is easy to fall into a cycle of indecision waiting for the correct market conditions that may never arise in your chosen suburb. Unless the housing market in your area is severely inflated (in which case you should probably look elsewhere), you should not let short-term market conditions or media forecasts affect your decision to buy.

As with everything in life, a little preparation can save a great deal of heartache. Getting your budget right and sticking to it will mean you begin life in your new home without having to worry about financial shocks.

In Part 3 we discuss the risks attached to home buying exhaustion, protecting your interests in a contract of sale, basing your decision to buy on factors other than price and the importance of building inspections.

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Below is a list of four mistakes we see time and again, and the steps you should take to avoid the traps.

Flying Solo

Most homeowners engage a real estate agent, but very few homebuyers do the same. Many feel that they can research the market, get a ‘feel’ for the suburbs and properties that interest them and negotiate matters for themselves. In reality, the homeowner has the advantage of a professional who is backing their cause through the entire process. Home buyers and especially first home buyers should think seriously about engaging a buyer’s agent or advocate.

Real Estate Agents are not Your Friend

You will quite likely spend considerable time with one agent looking at a number of properties together. It is natural to be friendly with each other, but do not forget that the agent works for the buyer. In fact, the agent is morally and legally obliged to work for the property owner.

Failing to Research and Prepare

Make sure your individual or family budget is prepared in advance, and you know what you can afford to spend/ borrow. Arrange pre-approved finance and start managing to your budget before you take the plunge.

Find out about your chosen neighbourhood. Visit it at different times of the day and enter its name into search engines to bring up news or other items that may point to undesirable areas. Research schools, amenities, transportation, zoning and crime levels.

Love at First Sight

Keep your emotions under control when you are viewing a property with an agent, and do not decide you must have a house at any cost. There are plenty of homes that will meet your requirements, so if your ‘dream’ home is out of your price range, or has serious structural or neighbourhood issues, use your head and move on.

Have a checklist of your requirements in a house and physically tick off as you complete inspections. Then you can sit down and compare competing homes against your priorities. Remember to take a friend wit you!

This is the first in a three-part series of Homebuyer Traps and Pitfalls. Next time, we focus on mortgages, property prices, budgeting and home-buying costs.

If you have come close to suffering one of our pitfalls but managed to avoid doing so, we’d love a comment on how you did it!

The post PART1: Buying a Home? How to Avoid the Traps and Pitfalls appeared first on MyPlace Conveyancing.

        

The new requirements can be summarised as:

Estimated selling price

All new sales authorities must include an estimated selling price which is reasonable and takes into account the sale prices of the three comparable properties in the area. The estimated selling price must take the form of either a single price estimate or a range estimate provided the range is no more than 10 per cent.

If there is a change over time and the estimate is no longer considered reasonable the seller must be told in writing and the sales authority and any advertising must be updated.

Statement of information

A statement of information must be displayed at all open for inspections, included with all online advertising and provided to prospective buyers on request.

The statement must include:

• An indicative selling price, which must not be less than the estimated selling price, any rejected written offer or any price that the lender has advised is unacceptable. In line with the estimated selling price, it will also need to be updated if there are any changes;
• Details of the three most comparable properties used to calculate the indicative selling price; and
• The median house or unit price for the suburb.

Advertising

Whilst there is no requirement to directly incorporate price references in advertising, the statement of information must accompany any online advertising and must be provided to purchasers upon request and this must include the indicative selling price.

Any references in advertising that modifies the price by the use of words or symbols, such as “from”, “over”, “starting at” or “+” must not be used. The use of “price on application” or “contact agent” seems to be allowed but if asked by prospective buyers the agent must give the indicative selling price. Price ranges can continue to be used provided the range is no more than 10%.

The new provisions only apply to residential property sales. The sale of rural, commercial and industrial properties remain unaffected by the new laws although the provisions of the Australian Consumer Law remain applicable.

All agents should be familiar with the new laws and be educating staff carefully on how they must now operate and conduct themselves during selling campaigns. Given that individual breaches of the new measures can result in up to a 200 penalty unit fine (based on the current penalty unit $30,334 per offence) or in certain circumstances the loss of commission earned on properties sold, it is important for all agents to get it right.

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First Home Owner Grant

For contracts signed from 1 July 2017, the First Home Owner Grant will double for regional new home construction or purchase from the current $10,000 to $20,000. A few important considerations to note are:

• The date that you sign your contract is the critical factor in determining whether you’re eligible for the $20,000 grant or the existing $10,000. If you’re intending to build on vacant land, the relevant contract is your building contract, not the contract to buy the land. Accordingly, you can sign a contract to purchase your land now and you’ll still get the $20,000 grant so long as you do not sign a contract to build your new home until after 1 July 2017.
• The doubled grant applies to regional areas only, which essentially includes any area outside of metropolitan Melbourne, but includes larger regional centres such as Bendigo and Geelong.
• The grant is available only to eligible first home buyers. If you or your partner have received the grant before, owned property in Australia before 1 July 2000 or lived for more than 6 months in a property in Australia which you wholly or partly owned after 1 July 2000, you are not eligible.
• The grant is only available for newly constructed homes valued up to $750,000. That is, on the construction of a new home, or the purchase of a brand new home that has never been used as a residence. The grant is no longer available on the purchase of existing homes, however, there are stamp duty savings available in such cases.

Abolition of stamp duty for first home buyers

Currently, eligible first home buyers purchasing new or existing homes are eligible for a 50% reduction in stamp duty on their purchase. However, from 1 July 2017, first home buyers purchasing properties valued below $600,000 will be exempt from paying any stamp duty. A concession applies on a sliding scale for properties valued between $600,000 and $750,000.

In practical terms, if you’re an eligible first home buyer buying an existing home valued at $400,000, and you sign your contract after 1 July 2017, you would save $8,185 on stamp duty (being the amount of stamp duty with the current 50% concession applied). If instead you chose to build and your house and land package costs $400,000, you would save $8,185 on stamp duty and receive the $20,000 grant.

As with the grant, it’s all about the timing. As stamp duty obligations arise upon the transfer of land (and buildings), the date that you sign your land contract is critical. First home buyers wanting to take advantage of the doubled grant and be exempt from stamp duty will need to wait until after 1 July 2017 to sign contracts for both land and building.

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Renovation Do’s:

Insurance

One thing that is vital to do before you commence a renovation -check with your insurance provider whether you are covered by public liability and home and contents insurance during works. If you have to vacate the property during renovations, your policy may lapse after a certain number of days of unoccupancy. Your builder/contractor should be licensed and have insurance to protect them and their employees against any claims made against their work and their employees should be covered by worker’s insurance.

Add space

Have you ever heard someone walk into a property and complain that it is too spacious? Of course not! A property may be overly large for a person’s needs, but a sense of spaciousness that works with the proportions of a house will always be a winner. Creating space doesn’t have to come at a premium cost. Simple tricks like removing bulky furniture and painting walls in neutral colours will get you started in the right direction.

Let there be light

Again, people rarely complain that a house isn’t ‘dark enough’ inside. Buyers want light – preferably natural light. Think about opening up a non-supporting wall or adding bi-fold glass doors to give your living areas a natural, modern feel.

Find reliable tradies

Reliable tradies turn up when they are supposed to, get the job done and stay within the budget they’ve quoted. If you find a good one, make sure you look after them and keep them happy. Be clear what it is you expect them to do and pay them on time.

Stay within budget

You’ve nailed down the design and sourced good, reliable tradies: now it’s time to stick to your original budget. Of course, there may be unpleasant surprises in the form of serious building issues – it is wise to have a contingency plan in place to cover the unexpected. Expensive flourishes or design changes that were not in the original scope of the job can be costly. The last thing you want is to overcapitalise when you renovate.

Renovation Don’ts:

Keep changing your mind

Choose your builder/project manager carefully – make sure they have the same vision as you and then stick to that agreed vision. The most expensive, time-consuming activities when renovating are due to last minute changes. Try not to give in to the urge of changing your mind unless it adds serious value or is required to maintain building integrity.

Work without an agreed design

Your builder and tradies are not mind readers, so providing them with a plan will make your vision clear and provide a working schedule. It’s important to have a design on paper and make it accessible to everyone involved in the building project. Detailed, professional drawings give your vision a better chance of coming to life, and act as insurance against unapproved design changes.

Work against the house

Are your renovations are in keeping with the style of the home? There’s no point putting a state of the art wetroom in a circa 1890’s cottage, just as there’s little point in a French provincial kitchen in a sleek, city penthouse. Sympathetic renovations add to the fundamental character and appeal of a property, and that means added value when you decide to sell.

Distract the tradies

Every time you stop and talk to the workers on your building site, especially if it’s about their weekend or the footy, you’re losing money. Most tradies are paid by the hour, and every time one of them stops, the entire schedule slips. Constant interruptions by the homeowner can end up costing many hours in downtime on a site. There will be times when problems arise that have to be dealt with on the spot, but a good rule of thumb is to set ten minutes aside each day (preferably first thing in the morning) to speak to the foreman and iron out pressing issues. Be friendly and welcoming by all means, but make sure you run a tight ship and you’ll reap the rewards.

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The renovations are complete and you’re ready to sell. Your friends think your home looks amazing and your agent says it will make a good price with the right buyer. So, what’s the next step? Before you rush out and put your property on the market, think hard about your potential buyer, and remember first impressions can make or break a sale. To help you get started, we’ve put together five tips to get your home noticed. You want it sold as quickly as possible for the best price.

Know your buyer

To sell a home we need to start thinking about your buyer’s wish list for their new home might be. This means researching sold properties in your suburb that are similar. Who were the main buyers? How were the properties styled? Were there outstanding sales, and if so, what was the defining aspect of those outstanding properties? Spend a few hours of your weekend looking at similar properties currently on the market. Attend open days and listen to other people’s comments about their layout, decor and overall appeal.

Work to your strengths

Are you great at painting a wall and fixing a broken door handle, but not so good at picking soft furnishings? Do what you are good at and accept when you need help from an expert. Investing in a stylist and hiring furnishings will help you make a fast sale for the price you want.

Hire a stylist

We know that styling comes easy for some, but for many of us it’s easy to get confused with the mass of information and images available. If you know how to balance a room, match complementary colours and furniture styles and create a particular ambience, you will no doubt take a D.I.Y. approach to styling your own home. If you are not this way inclined, hiring a stylist will bring your home up to the latest trends and ideas, saving you precious time. A professional stylist will also know where to hire quality furnishings that give your home instant ‘lifestyle’ appeal.

Take advice

This should be a no-brainer, but commonly, people sabotage their hard work by not listening to the experts. If your agent tells you your decor is outdated for the main buyer-group in your area, don’t take offence, take heed! If your stylist tells you your favourite old sofa needs to go into storage, then it’s time to drag the old girl out!

Don’t get emotional

It can be hard to remain detached when you are selling your home. Treating it like a business transaction and keeping your emotions out of it, will pay off all your hard work with a better offer and quicker sale. Taking constructive criticism from your agent and taking on buyer feedback will give you tips to make your property more desirable on your next open day.

Once your home is on the market, keep it ready for inspections – you don’t want all of your hard work and investment undermined by untidiness. Take the time to straighten beds and plump-up pillows, and ensure the dining and kitchen areas are clutter free. Presenting a clean stylish home that is inviting is the best way to get to sale at your preferred price.

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MyPlace Conveyancing is an online fixed fee conveyancing portal that provides a conveyancing service when you are buying or selling in Wollongong and surrounds.

The area was first settled in 1816 by graziers and cedar cutters. Wollongong and nearby Port Kembla have been home to heavy industries such as coal mining, coke smelting and steel works since 1928. It has grown to be the third largest city in NSW, boasting a population close to 300,000.

Realestate.com.au lists the median house price at $792,000 and the average weekly rental at $495. Due to its beautiful location by the sea and temperate climate with even rainfall throughout the year, real estate is a high demand market. To make the most of those spectacular views, the city has some attractive new apartment block developments for sale. There are plenty of affordable older style apartments, so you never have waste a weekend mowing again.

You get it all in Wollongong: sunny skies, sea breeze, gorgeous coastline, spectacular escarpment landscape with big city amenities, making it a very attractive place to live. Beautiful and unspoiled beaches, rain forest walking trails, vibrant multi cultural population, easy access to the city centre which is a hive of employment and regional services. The University of Wollongong offers a world class tertiary education and there are over 40 primary and secondary schools to choose from for the growing family.

Our property lawyers will take care of all your real estate transactions in the beautiful city of Wollongong. With affordable online conveyancing we get you to settlement without the stress.

Sit back and relax Wollongong, MyPlace has got you covered!

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Perth is the pearl of Western Australia, one of the cleanest cities in the world. The City is divided by two rivers; the Canning and the Swan. You’ll get the whitest sand and the bluest ocean in WA and Perth suburbanites are no stranger to the beach lifestyle. A bustling metropolis full of green spaces, it’s a city where idyllic scenes of the two rivers with gleaming sail boats and wildlife are accessible to everyone.

Homely list the 20 best suburbs of Perth. We will give you a snap shot of the top ten:

Melville comes in at number one – voted as a safe place to raise a family, a trendy and up and coming suburb. Its leafy and quiet with friendly neighbours. The median house price in Melville is $787, 000 and the average weekly rent is $420

Currambine is voted as second – described as a neat and quiet suburb close to the beach and the freeway. It is peppered with nice family homes and has its own train station and shopping malls.  The median house price in Currambine is $530, 000 and the average weekly rent is $410.

Edgewater is next on the list at third – a great lifestyle suburb on the banks of the lovely Lake Joondalup and five minutes drive from the beach at Mullaloo. Only 22km from Perth central, it takes 20 minutes by train to get to the city centre. The median house price in Edgewater is $558, 750 and the average weekly rent is $410.

Bibra Lake comes in at fourth – a suburb that has plenty of nature and wildlife, with a series of freshwater lakes in its boundaries. It is home to a theme park and recreational facilities which make it ideal for families. The median house price in Bibra Lake is $517, 000 and the average weekly rent is $410.

Booragoon ranks fifth best suburb – host to the Garden City Shopping Centre, close to St John of God Hospital in Murdoch and Murdoch University.  Plenty of great parks and friendly neighbours makes this suburb a nice place to live. The median house price in Boorogoon is $883, 000 and the average weekly rent is $470.

Noranda is sixth on the list – this is a great suburb for active families, with a number of sporting clubs to choose from. It also has great schools, the Noranda Shopping Village and is close to the airport and Perth city centre. The median house price of Noranda is $580, 000 and the average weekly rental is $370.

Ashfield comes in seventh – this suburb has access to the Swan River with bush land surrounds. Still a lightly populated area, it feels like a country town with nature at your doorstep. Its a 15 minute commute to the city and an easy drive to the airport. The median house price in Ashfield is $500, 000 and the average weekly rent is $345.

Woodlands is lucky number eight – a short distance to Scarborough Beach and Jackadder Lake, plenty of green spaces and playgrounds makes this an attractive established suburb. It has its own shopping village, two doctors surgeries, restaurants, takeaways and movie theatre. The median house price in Woodlands is $940, 000 and the average weekly rent is $480.

Ferndale is voted as ninth best suburb – the beautiful Canning River runs right around this village in south Perth. Enjoy the environment by canoeing on the weekends and bird watching as they nest on the river bank. Shopping is accessible with a quick drive to the CBD, Westfield Carousel Mall or Riverton Forum Mall. The median house price in Ferndale is $480, 000 and the average weekly rent is $330.

Connolly is our final at number ten – 26 kms from Perth CBD it has a large golf course estate, five minutes from the beach. Its a safe and friendly place to raise a family with access to schools and shopping centres. The median house price in Connolly is $665, 000 and the average weekly rent is $480.

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