Review Category : Market Info

Property Bubble In Australia

Mark Draper (GEM Capital) talks with Roger Montgomery (CEO Montgomery Investment Management) about Australia’s elevated property market.

Roger presents on ABC and Sky Business News, and is of the view that the property market is now most likely past its peak. He then discusses some of the implications of this for the Australian economy.

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7 Common Mistakes to Avoid when Restoring Old Homes

Are you planning on restoring an old home you’ve just bought? With concerns for safety and obsolete systems, it pays to be extra careful in going about the restoration process. There are too many things that you can do wrong if you’re not a professional and don’t know what you’re doing. It’s important to consult an expert before you do any remodeling yourself. However, here are a few common mistakes to watch out for nonetheless.

Not Having a Plan

Not only do these projects tend to have many an unexpected hiccup, but they are not the kind of process you can just wing as you go along. You need to have a building inspector check the entire house for starters. You have to know what damage there is, what systems need entire overhauls, and what structural changes you shouldn’t be making at all. You then have to strategically plan for the systems you wish to install, repairs to be made, and the order in which all these changes have to take place.

Doing it Yourself

Another common mistake is trying to fix things yourself. Many home renovations and restorations need to be handled by professionals, especially the older a home is. Make sure you hire someone for heritage windows repairs Melbourne, for example. Old homes require certain procedures and licenses to renovate. Make sure you have the right permits and follow zoning and building regulations carefully.

Having an Unrealistic Budget

You should have multiple experts check out and estimate the restoration project. These jobs are highly unpredictable, as unexpected repairs or problems can pop up at any time. Factor in contingency allowances for any unforeseen expenses.

Replacing Instead of Repairing

One easily avoidable mistake is the expenses involved in replacing or fixing things around the house. Depending on what needs to be done, it may at times be more costly to replace something altogether, and at other times it may be more expensive to try to fix it. Work closely with experienced builders and the contractor to find out the more budget-friendly and sensible options are in each case.

Historic-Rehabilitation Taxes

Depending on where you live and what kind of house you’re restoring, historic tax credits may apply. Make sure to do your homework on the house, the tax incentives, and historic preservation information that might be relevant. Get a hold of all the blueprints and layouts of piping and electrical work.

Going Against the House’s Design

While you may want to modernize the look and feel of the house, you have to find a delicate balance between what assets the house already has and the modernity you want. Work with the design and style of the house and look for ways to enhance it with a modern touch.

Making Unnecessary Changes

Know the fine line between ‘just enough’ and ‘too much’. Sometimes all a particular room might need is just a new coat of paint. Make sure you don’t unnecessarily change anything that only requires a bit of sprucing up. You’ll eliminate unnecessary expenditure this way as well.

Take these little concerns into consideration throughout the process of restoring your old home, and you should be mostly well equipped for the job.

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Characteristics of a Successful Real Estate Agent

One of the main things that you need to know about the real estate industry is that one cannot survive in it alone. Whether you are a team player or not, you will require the assistance of a number of other people in order make profitable income. Among these individuals, the aid of a real estate agent is paramount to the success of your business. Therefore, it is important for you to ensure that you hire the right agent for the job. When hiring an agent, make sure to see whether he or she has the following characteristics.

Tenacity

A real estate agent who is not tenacious will not be able to get you what you want. Remember that consumers will be quite hesitant when buying houses, especially from an unfamiliar seller. It the responsibility of the agent to persuade these individuals to make the purchase. Some buyers will be stubborn about the price or about certain aspects of the house. At such circumstances, the agent must not give up easily. He or she must be able to close the deal one way or another.

Local Knowledge

It can be quite difficult for you to find the right property or suitable customers when you are unaware about your place of living. Local knowledge is an essential qualification for all real estate agents. These individuals must always follow up on property news in order to know where the profitable prospects lie. If the agent has experience in selling homes in the particular area, he or she will have a clear understanding about the requirements of the customers.

Useful Connections

It is imperative for a real estate agent to have a useful network of contacts. When selling a house, you will require the services of various professionals in order to meet the demands of the customers. For instance, you will require the contacts of an inspection company to make sure that the house is clean and hygienic. In the same way, you will require a real estate lawyer or a conveyancer to oversee the conveyance procedure. You must make sure that your agent has such professional contacts.

Honesty

The real estate agent must be both honest with you and the buyer at all times. It does not matter even if it is for your personal gain, the agent must never lie to the buyer about the house or any other details regarding the contract. Deceiving the buyer can not only ruin your reputation, but it can result in legal and financial complications as well. Moreover, it is important for the agent to be true to his or word as well. For instance, if the agent says that the purchase will be closed within a deadline, it must be done within that time period.

Of course, finding an individual with all the above characteristics can be tough. But if you look in the right places, you will definitely be able to find the right one.

 

 

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