Contrary to what you may think, the final inspection that happens within 7 days before the settlement date is very important. Simply put, this is your last chance to get the vendor to fix anything that was broken in the period between the day you signed the contract and the settlement. Continue reading 6 practical tips for a successful final inspection
Category Archives: Property Investment
Mudgee leads list of 10 top-performing NSW housing markets with prices up 7.44%: Residex
The central western NSW town of Mudgee, a hotspot for mining, agriculture and tourism, has been the top-performing NSW housing market over the past year, according to the latest Residex regional market update.
Mudgee district house prices are up 7.44% for the year to August, with a median house price of $272,500 following a gain of less than 1% in the previous 12-month period.
Residex reported a 16% jump in sales in Mudgee over this period, with 548 properties selling. Continue reading Mudgee leads list of 10 top-performing NSW housing markets with prices up 7.44%: Residex
Joint property contract — have you worked out which type of tenancy suits best?
The contract arrives. The property purchase is, not unusually, being made by two people with the same surname. But there’s no instruction about how they’ll share ownership – whether as ”joint tenants” or as ”tenants in common”.
There are crucial legal differences between the two structures, which have long-term financial ramifications. Continue reading Joint property contract — have you worked out which type of tenancy suits best?
Property Settlement 101
Once a property has been sold, there is a period of time between the contract being signed and the handover of keys, in which a number of important steps must be completed.
When reading through the overview below, the following terms are used:
Vendor: The person or entity selling the property
Buyer: The person or entity buying the property
What does the term ‘property settlement’ mean?
Stamp duty back on the table
STAMP duty is back on the table for first-time buyers of existing property after a long exemption period and come October 1, those purchasers will no longer be eligible for a $7000 cheque from Mr O’Farrell to ease the homebuying squeeze.
For a $300,000 purchase, NSW home buyers will need to front up $8990 in stamp duty on existing properties before even getting the keys to their new front door. Continue reading Stamp duty back on the table
Interest rates hold steady at 3.5 per cent
In a widely expected move, the Reserve Bank has opted to keep interest rates on hold at 3.5 per cent today.
The decision comes as inflation remains reasonably steady and after the property market has shown tentative positive signs heading into spring. Continue reading Interest rates hold steady at 3.5 per cent
How to spot a property lemon
A property with defects can be an investor’s nightmare, not to mention a money pit. Here’s how to minimise your risk of buying a ‘lemon’.
You might think building faults are confined to structures like that condemned old hovel at the end of the road that’s about to fall down. If so, you might want to think again. Continue reading How to spot a property lemon
Auction Strategies- Bid with confidence
Buying at auction can be a fast and effective means of securing your dream property but buyer beware, it is not without risks.
With substantial sums of money at stake and emotions running high, property auctions can be adrenalin-charged affairs.
A good auctioneer will create a sense drama to proceedings to ensure that punters are primed and the bidding runs hot – so you’ll need to be on the ball. Continue reading Auction Strategies- Bid with confidence
Buying a property – the hidden extras
Forgetting to factor in the added costs of buying a property can be one of the biggest mistakes investors can make.
Following these tips will help ensure you avoid any nasty surprises. Continue reading Buying a property – the hidden extras
How Aussies like their kitchens and bathrooms
In 2 words?
Bigger and better, that’s how Aussies like their kitchens and bathrooms.
Just to give you an idea of what people are prepared to spend on their kitchens and bathrooms, here is a quote from the HIA report: they predict that the amount spent on renovations and installations of kitchens and bathrooms will hit a record $12 billion by 2012. Continue reading How Aussies like their kitchens and bathrooms