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Thinking of renovating? If you want to get it right the first time and avoid costly mistakes then it’s important to plan your renovation with precision. The easiest way to keep a renovation on track is to make sure all the tradespeople do their work in the right order.
So here we are. Interest rates are at record lows and we have an oversupply of off-the-plan developments in key capital cities such as Sydney, Melbourne and Brisbane. It’s a combination fraught for danger for overly ambitious and inexperienced property investors.
With 20 years real estate experience under my belt, I can assure you buyers who reveal any information in relation to their motivation or time frame for wanting to buy are likely to pay more.
If you want to have a better than average chance of success at auction, you really need to become familiar with the environment and psychology of auctions before the big day.
The new changes to the auction system are due to come into effect on the first of January. They have been designed by the Office of Fair Trading to stop underquoting. But will they really work? Well we are less than four weeks away and yet it appears to be ‘business as usual’. Let me explain.
Over the years I’ve observed buyers making just about every mistake there is to make.
In recent months we’ve had media reports about several developers who were enacting sunset clauses leaving buyers high and dry. Here, developers essentially terminate purchasing contracts and hand back the 10% deposit on a technicality which is at their discretion.
Last year St George Bank surveyed 1000 prospective buyers and found that auctions were still getting the better of them. They found that prior to attending an auction 51% experience anxiety and 48% said it had a negative impact on their sleep patterns.
We’ve all read about the get rich quick stories where property investors build a large portfolio in a short period of time by using equity in one property to purchase another one and so on.
With the end of the financial year fast approaching it’s a good time to sit back and analyse your financial position. Investors should be questioning their property portfolio to make sure it’s performing at its best.