Property Strategy Goal 1: Buying or building to live in the home for five years or more

In our last blog ‘The Importance of having a Property Strategy’ we talked about how it’s crucial to plan for your current and future property goals.

If your goal is to live in the home you are buying or building for at least five years, there are some important things to consider around your longer term preferred lifestyle prior to beginning the buying or building process.

It can seem overwhelming to choose where to start, so make a list of what you need (what you can’t live without) and what you want (the nice to haves) and make sure you consider:

  • How close the property is to amenities like schools, transport, shops, parks or bike tracks? Remember advice like ‘buy the worst house in the best street’
  • Checking with local council to research development plans scheduled for the area (e.g. new roads, railway stations)? Will they add to your property value or against it?
  • Is this a property that has scope for improvement, renovation or extensions to cater for a growing family? Is the back yard big enough? Is there room for a pool?
  • Is the area experiencing growth? A boom in apartments, cafes or shopping outlets?
  • Ensuring you know how much you can spend and do your budget before starting to search to avoid disappointment. We all want the harbour view, beach cottage or mountain hideaway but what can you really afford and how much can you borrow? Talk to your finance broker.

If you are building or considering renovations in the future, it’s important to ensure you do not over capitalise on the property for the area in which you are building. In most instances the real estate market will only bear a certain level of sale price for a certain area. Do your research first and be careful that you don’t spend more on a property than houses in the local market are selling for. Speak to a real estate agent, research the internet to see what properties are listing and selling for, and make sure that the figures add up. Ideally whatever you are investing into the property should provide a return when you do go to sell.

But as this is going to be your long term home, it’s important to remember your lifestyle should take precedence over considerations such as resale value and rentability, as these will be offset by the value a better lifestyle provides.

Look out for our next two blogs outlining tips for:
Goal 2: Buying or building to sell in the next two to five years
Goal 3: Buying or building to keep as an investment and purchase another property in two to five years

Geelong real estate seminar covered property development

This morning’s Property Success seminar held at John Doe Cafe in Geelong was another outstanding success with a record number of attendees despite the very fresh Geelong winter morning!

This month’s special guest was property developer Tony Anile. Tony’s experience in property development extends over 30 years. In that time Tony has successful completed developments of all shapes and sizes. Continue reading

Why buyers should establish good rapport with a sales agent

In this post, I’d like to talk about agents and you having a good relationship with them regardless of whether you are the vendor or the purchaser.   While it’s true that the vendor is the side that engages the real estate agent and the agents job is to get the best deal possible for the vendor, their primary job is to get a sale, and in order to get a sale, they need to work with buyers to make that happen.

There are two parties in the equation and without two parties there is no sale.

One of the big things that I notice is the buyer comes to me, often with a combative approach and they think that I’m the enemy. I’m not the enemy. I want to work with the buyer as a real estate agent in order to get a sale. So I think one of the most important things, as a buyer is to not treat the agent as an enemy. Yes, they are working for the vendor, but they need you in order to get the sale through. So establishing rapport with an agent is really important. Have a chat, talk to them, treat them as somebody that’s going to assist you in the process of buying the property, not as the enemy. Talk to them about the property, talk to them about the situation with the vendors, find out as much information as you can in a general conversation with the agent, Having a conversation and getting information from the agent will put you in a great negotiating position and at the end of the day puts you in a better position to make an offer.

As a purchaser there may come a time when you also want to sell your home, so if your getting to know your agent that agent can then become your best ally.

As an investor, this agent may just have some great properties on the books and if you treat them as an enemy and you don’t establish a rapport with them, they’re not going to come back to you and tell you about other good deals that might be happening and when other properties come on the market.

One of the other key things to getting a deal is being in the right place at the right time. That might be monitoring the market, but also being in the good books or on the database of agents could also be another great source.   The agent you’ve build a great relationship with, may come straight to you and you’ll get first crack at a property when it comes onto the market and often that’s when you can get a good deal, particularly for property the vendor might want to sell quickly, so that inside information is particularly important when you’re looking for a bargain.

Having great relationships with both vendors and purchasers is what we strive for.  The purchasers are just as important to us as the vendors because without them we’ve got no one to sell to.

Learn How to Subdivide and Develop Property at July’s Breakfast Seminar

Learn how to make money by Subdividing and Developing Property
with our very special guest. Tony Anile has been doing it for over 30 Years

In this month’s seminar we will be discussing HOW to Subdivide and Develop property.

If you’ve ever thought about subdividing or developing real estate, you really won’t want to miss our next Property breakfast seminar, to be held on Tuesday the 9th of July at John Doe Cafe in Geelong. We are very excited to announce that we have a special guest speaker.

Tony Anile, has over 30 years experience subdividing and developing property throughout Victoria, Tony will be there to answer all your questions and to impart his knowledge about developing property as well as discuss the various aspects that you need to know including the pitfalls to look out for and the planning requirements you need to know in regard to successfully subdividing and developing property.

To Book a ticket to our next Property breakfast seminar, click on the How to Subdivide and Develop property here, check out our Facebook page or our You-Tube Channel.