Is your pool fit for use?

With the footy finals out of the way, most states have bid farewell to the last notes of winter. It’s now time to start thinking about bringing back to life one of the best parts of the home – the swimming pool. 

Over winter, a number of issues will have arisen requiring your attention before you get to enjoy your pool. Left unused for several continuous months, it’s likely that your pool has built up dirt and bacteria which can result in illness and other physical ailments. If you’re a pool novice or would just like peace of mind, it’s a good idea to consult a qualified technician to get your pool in working order. But if you’re an experienced pool owner just after a ‘refresher’, here’s some tips to help you return to the pool faster. 

A thorough clean
Over the cooler months, pool covers attract leaves, dirt and other bacteria. Make sure you remove all the dirt from the cover via a long-handled broom or leaf blower. Be sure to drain any surplus water on the top of the pool cover, stopping any dirty water entering the actual pool. Whatever implements you use, be sure not to rip the pool cover. Once the pool cover is removed, let it dry thoroughly in warm sun before folding and storing.

 Check your water

Fill the pool approximately half way to the skimmer opening and  remove objects like leaves, weeds and small branches using your pool net. Once debris has been collected, clean the sides and bottom of the pool either manually or with an automated cleaner. This process needs to be done thoroughly as unremoved dirt can compromise the filtration system. 

At the conclusion of the cleaning process, fill the pool. 

Are your systems working?
Check everything in your filtration system from the cartridge – which may need replacing – to pipes that may be leaking. Before turning on, make sure all valves and rings are properly lubricated to avoid wear and corrosion. It may be worth consulting your local pool specialist to ensure everything is in working order. It’s considered best to run your pool while you’re at work and check its condition when you get home.

 What is the condition of your water?
After your system has run for 8-12 hours it’s time to check the pH levels of your pool. Source water from about two feet under the surface and place in the testing tube. Your pool kit should outlay the necessary measurements and figures for a healthy pool and how to correct imbalances. Again, if you aren’t confident in making your pool safe for swimming, contact your local pool professional who will assist.

Rent or Buy? The age-old debate.

Mark Labrow
0431 025 449
mlabrow.mandurah@ljhooker.com.au
#therentalguy

With rent becoming more affordable (90.3% of Western Australians are paying less than 30 percent of total household income towards rent) and interest rates at a record low, the age-old debate surrounding rent or buy has reared its head again.

For many the amount of deposit required to secure a home loan is a huge stumbling block and is probably the biggest reason people continue to rent property instead of choosing to buy. However, the assertion that owning a property is better than rent needs a little bit of unpacking.

Below I outline some of the pro’s and con’s to renting to help decide which is the best option for you.

Pros:

Live where you want – One of the major benefits of renting is the ability to live where you want: In our current market, you can rent a canal home or beach front residence for potentially less than it would cost in loan repayments. If you’re renting, then you have the major benefit of being able to choose where you want to live and for how long (within reason).

Adjust your budget according to your needs – Repaying a mortgage is a huge commitment, over many, many years. Too be honest it’s probably one of the biggest financial strains on a household. Yes, over the years the amount you owe on your loan comes down but, initially, over the first 5 years or so it can be a bit of a struggle if you haven’t budgeted properly.

Choosing to rent means that you can adjust your budget accordingly (to a degree). Imagine the scenario where your financial circumstances are about to change and you’re coming to the end of your current lease agreement. If market conditions have changed then try to renegotiate the terms (and the price). If not find somewhere cheaper to match your new budget. As a renter, you can move down (or up) to a property that’s more suitable for you financially.

Got that long-awaited job promotion, why not upgrade to a better neighbourhood? Having more control over where you live and how much you pay is a real bonus of renting property.

Keep costs to a minimum – As a renter, on the whole, you skip a large amount of costs that homeowners are liable for. Each time you move it costs you a bond but hopefully, in most cases, you get your bond back from the previous property anyway. When you own, every time you move it costs you stamp duty, legal fees and agent selling costs. Plus, as an owner you pay rates (council and water) and you’re responsible for maintaining your home and fixing anything that might go wrong. Not so with renting, where, apart from rent and bills, you can keep costs to a minimum.

Cons

It’s a temporary arrangement –  However long you rent for, the home you live in does not belong to you. While this may not bother some, the longer you live in a place the more you put down roots. It can be hard to leave a neighbourhood especially if you’ve made friends there. Your home is never yours so if the owner wants the house back or wants to move back in there’s nothing you can do (if the lease agreement has come to an end).

Making it feel like home – In my time renting one of the biggest barriers to making a house feel like a home is the ability to hang pictures. While there are some great wall-hanging systems out there there’s no guarantee that the paintwork or plaster will stay intact and undamaged. Also, repainting and the idea of personalisation (making a home yours) is more difficult than if you own the home. I know some landlords will allow you to redecorate but the hassle of putting things back to how they were, especially if your lease is only for 12 months, can sometimes be an expensive exercise.

Packing up! – The expense (and hassle) of moving is one of the major downsides of renting. Unless you find a property that is a long-term rental moving is a common occurrence for those who rent. Packing up everything you own and hiring a truck or calling in favours from friends is a headache.

“Yes, I love moving’ is not a phrase I’ve heard ever. Unless you’re moving somewhere better or cheaper packing always feels like a burden that can’t be avoided. If you hate moving ask your owner for a long-term lease and agree to yearly rent reviews, this might give you a bit more stability and allows you to see the house more as a home.

If you’ve got a property you’re thinking of renting, or one that’s been sitting on the market for a while without any interest call Mark – The Rental Guy Mandurah and see if he can help you get to ‘Leased’ quicker.

Google The Rental Guy Mandurah, search for him on Facebook or call 0431 025 449

#therentalguy

 

Preparing your home for photographs

The internet has completely changed the way that people shop for houses. However, one thing that hasn’t changed is how much people value the listing pictures when it comes time to decide on which homes they are going to visit and walk through.

One of the best investments you can make when listing your home for sale is high quality listing photos. Your home should be clean and tidy and you should prepare for the photoshoot the same way that you would an open house.

Here are a couple of tips to follow to make sure you – and your home – are ready for a close up!

If you want to be taken seriously – try not to list your home before the photos are ready

Most people who are shopping for a home in today’s market have signed up for text alerts and emails that let them know when a home that matches their criteria comes on the market. The first thing they are going to do is to pull out their phone or tablet and scroll the pictures of the property. If your listing doesn’t have photos – they will quickly check it off of the list of potential matches.

Declutter, clean and organize your home prior to the photoshoot

While the photoshoot will only be a camera person walking around your home taking photos, you should treat the session as though you are hosting an elegant dinner party with your favorite celebrity and clean accordingly. The photos will not be able to hide years of clutter and dust if you choose not to get your home prepared for having pictures taken. If you want your home to be able to compete – you need to make sure you are putting your best foot forward.

Photos must be professional and high-quality

Pictures that are poorly lit or blurry will not sell your home. In fact, they may even cause your home to be on the market for so long that you have to reduce your asking price to get any traction. When you have your listing photos taken make sure you work with someone who has experience taking real estate photos and knows how to set the right lighting to make your home look its absolute best.

The more photos you have … the better

When potential buyers get that text or email notification that a house with their exact specifications has come on the market, the first thing they want to see is an array of photos that show exactly what the house looks like – in every room. The more photos you can get and posted – the better of an impression your home will make on potential buyers.

Source: Laura Briggs.

5 Trends to watch out for in 2017

Booms, busts, bubbles, oversupply, undersupply, strong growth, no growth … the property market has attracted plenty of headlines over the past 12 months. However, in reality, markets in 2016, generally, tracked like they did in 2015.

This is because the fundamentals that drive real estate markets – interest rates, supply, employment and population growth – saw little change over the year. If anything, these metrics moved further in favour of buyers with interest rates being cut twice and the national unemployment rate tightening over the course of 2016.

Download our full report here.

Transparent Negotiation – What, how, why?

So you’ve started seeing the words “Transparent Negotiation” pop up on real estate listings and you’re wondering what it means. Well, the answer is pretty simple… Transparent Negotiation is a totally transparent way of negotiating real estate transactions, and has been developed by agents to alleviate the frustrations and pitfalls of other selling methods. 

It blends the best characteristics of more conventional sales methods (like Auction and private treaty) into one flexible, fair and totally open method of sale, and creates an environment where agents can be totally transparent with all parties involved.

Sellers… Imagine knowing exactly how many buyers were going to be submitting offers on your property weeks before the set sale date. Or, imagine someone presenting you with an amazing offer prior to your Auction date, and still having the opportunity for all the other interested buyers to openly compete with that offer!

Buyers… Imagine never missing out on a property because you didn’t know how much you needed to pay. Imagine knowing all other buyers’ prices at all times (like an Auction) but without a public bidding process. Instead, you can bid from the comfort and privacy of your own home, and take your time to consider your next price.

Agents… imagine always being able to get your vendor the best price in a short time-frame by being able to include all buyers (e.g. those with finance or other conditions). Imagine an End Date Sale that was open and transparent, where the buyers could continue negotiating until you truly knew you had found the true market value of the home.

It really is a win-win for sellers, buyers, and agents alike – and is why agents across WA (from Broome to Bicton) are starting to adopt this new method of sale.

How does Transparent Negotiation work?

If a property is for sale by Transparent Negotiation, interested buyers are asked to submit their terms and conditions (things like settlement period, finance clauses and deposit amount) for the seller to approve. They’ll also be asked to submit a starting price on a separate form (which becomes like your ‘bidding sheet’ during the Transparent Negotiation). Your starting price does not have to be your best or highest offer (save that for the transparent negotiation). Only approved buyers (buyers who have had their terms and conditions accepted) can participate in the Transparent Negotiation.

The first starting price that the agent receives will become the advertised price for the property. If another buyer submits a higher starting price, that new higher price becomes the advertised price… and so on. This process can continue right up to the advertised date of the Transparent Negotiation.

However, if a starting price is submitted during this period which the seller would be happy to accept, the Transparent Negotiation may commence early (before the advertised date of the Transparent Negotiation) and all approved buyers will still have the chance to participate.

This process not only enables all parties to arrive at a true market value, but it takes the guesswork out of knowing what to pay by knowing what other people are offering to pay.

Another major plus for Transparent Negotiation is that it utilises technologies that we all use on a daily basis. Rather than bidding in public, buyers can submit their new price remotely by scanning, emailing, or sending a photo of their bidding sheet to the agent with each new price increase. This means buyers can bid from anywhere in the world as long as they have internet/mobile phone reception.

During the Transparent Negotiation, the agent informs all buyers of each new price that is received, giving everyone the opportunity to increase their price if they wish to. As the price increases, buyers will stop bidding or can withdraw from the Transparent Negotiation at any time if the price exceeds their budget. The buyer with the highest unchallenged price acceptable to the seller becomes the successful purchaser of the property – and the owner signs off on the bidding sheet to confirm the sale.

Why was Transparent Negotiation created?

Transparent Negotiation is a culmination of the knowledge and experience of some of WA’s top performing real estate agents and auctioneers, and has been designed to take the process of selling real estate into the 21st-century.

It brings together the best aspects of traditional sales methods, and removes the parts that don’t work so well.  By doing things just a little bit differently it puts trust and fairness at the forefront; giving sellers greater control and buyers a greater feeling of fairness.

To find out more about the Transparent Negotiation process and its success, please call us on 9586 5555 or email mandurah@ljh.com.au

Mortgage shortfall? There may be a solution.

While many people successfully buy and sell property every year, unfortunately there are some cases where the sale price may not cover the outstanding mortgage. While this can seem like an overwhelming situation there may well be a possible solution….

The bank will notify your settlement agent (prior to settlement) indicating there will be a shortfall between the sale price and the outstanding mortgage.

When the shortfall is considered a smaller deficit (for instance, $20,000-$30,000) there is scope for the seller and their agent to talk to their bank and work out an alternative before having to sell the property as a mortgage in possession. The major banks do have departments which can deal with these situations. Depending on the institution, there may be a hardship team; a credit collections solutions team; or the shortfall voluntary sales and settlement team. The hardship teams for the four major banks are:

• Westpac – 1800 067 497
• Commonwealth Bank – 1300 720 814
• ANZ – 1800 252 845
• NAB – 1800 701 599

For a comprehensive list of hardship team contacts, visit the below:

http://www.doingittough.info/Your-Bank-s-Hardship-Team

Top 5 traits of a good landlord

Life as a landlord can be challenging if you don’t earn your tenant’s trust and respect. By aiming to be the best landlord you can be, you will likely find the role more enjoyable and attract better tenants. Here are five qualities that all good landlords have in common – how many traits do you possess, and what areas do you need to work on?

1. Good landlords are inquisitive  The best landlords know exactly the right questions to ask potential tenants. Highly inquisitive, with sharp minds, they genuinely enjoy getting to know people and have developed great intuition. This helps them to select reliable tenants to rent their property, and to avoid bad seeds. What’s more, they’re not afraid to ask the tough questions – although they always do this with the utmost respect and courtesy for all applicants.

2. Good landlords are reliable and trustworthy  At first glance you might think, hang on a minute – aren’t tenants meant to be the reliable and trustworthy ones? But renting a property is a two-way street. There needs to be mutual trust between both parties. The more your tenant trusts you (and vice versa), the healthier your professional relationship will be, and the longer it will last. Finding tenants can be time-consuming and costly, so make sure you put effort into developing a solid relationship with your current occupants. This will minimise the risk of conflict (or of your tenants paying you late!).

3. Good landlords are excellent communicators Problems often arise when landlords and tenants stop communicating regularly. Good landlords keep the lines of communication open throughout the entirety of the tenancy, not just in the beginning of the agreement. They check in regularly to make sure the property is in good condition, there’s no issues that need to be fixed, and that the tenant is comfortable and content. This helps to foster a sense of trust (as per point two) and has the added bonus of helping you stay on top of maintenance.

4. Good landlords are proactive When it comes to property, there’s always the risk that something might go wrong unexpectedly. A pipe could burst, a window could break, the shower could stop working. Whatever the trouble, it’s important that your tenants can trust you to fix the problem quickly and to your best ability. If you take too long to respond, this could lead to resentment, conflict and ultimately to the tenant leaving or potentially even taking legal action. If for some reason you can’t respond to the problem quickly, try to arrange someone else to respond on your behalf. It’s all about showing the tenant that you care and that you are working hard to resolve the issue.

5. Good landlords are highly organised  Being a landlord requires a fair amount of paperwork. The best landlords are highly organised and don’t let the paperwork get on top of them. They aim to stay one step ahead of the game at all times. For example, they always have marketing material waiting in the wings in case their tenants decide to suddenly hand in their notice. Or, they schedule in things like rent reviews, contract reviews and property check-ups well in advance, so nothing is sprung on their tenants unexpectedly. Good time management skills are a must, and will reduce your chances of experiencing stress or conflict.

Learn more about property investment. Download our free guide to finding the best tenant for your rental:    https://www.mypropertylife.com.au/property-investors-guide-to-finding-the-best-tenants

Source: mypropertylife.com

Savvy Gen Y’s New & Innovative Ways to Buy Real Estate Infographic

6 New and Innovative First Home Buyer Trends Infographic

New Buyer Trends for Under 30’s

Rising youth unemployment numbers, the mounting cost of property in Australia and low level of wage growth has fuelled speculation that First Home Buyers are being priced out of the property market, however new research by LJ Hooker shows Generation Y are finding innovative ways to get their foot on the property ladder.

According  to LJ Hooker’s Head of Real Estate, Christopher Mourd young property hunters in today’s market have changed their buying habits to overcome issues faced in our evolving property markets, adapting the way they buy, use and invest in property to suit the way they want to live or to suit their budget and investment strategy.

“It seems to be the case that while policy makers and industry groups have been consulting on the best approach to help, the younger generation has been working behind the scenes to find innovative new ways of ensuring that they can secure their piece of the Australian dream,” he said.

“There are no doubt challenges faced by first home buyers, however many savvy Gen-Y’ers see investing in property as a long term venture, not just somewhere to live.”

In Fact, the latest consumer research from realestate.com.au shows that 23 per cent of those under 30 searching for property were investors and so will go that extra mile to secure a property.

 

LJ Hooker Research Reveals New Buying Trends

According to LJ Hooker Research Manager, Mathew Tiller there have been a number of factors that have influenced property hunters under the age of 30 to explore non-traditional ways of buying property, including; affordability, lifestyle choices, location and income and employment.

“The biggest driver changing buying habits of those under 30 has been the rising cost of property. The national average loan size for a first time buyer was $326,000 as of March 2015; a growth of 14 per cent over the past 5 years and 58 per cent since 2005.  Price growth has also dramatically slowed the time it takes to save up for a deposit,” Mr Tiller said.

“Also, rising levels of youth unemployment and low levels of wage growth since 2009 have not matched recent strong property price growth seen in capital cities. This has inhibited even those with secure employment from wanting to purchase their first property due to job security concerns and an inability to save for a deposit as fast as property prices have risen.”

These various economic, social and demographic shifts have resulted in a number of non-traditional buying trends emerging for those under 30. Here’s a fun infographic showing you what those trends are:

The Buyer Trends in More Detail

Rentvester®

The most common new buying habit, first identified in LJ Hooker’s The (new) Australian Dream white paper, is that of the rentvester.® This buyer is currently renting, loves their lifestyle and doesn’t want to relocate from the area where they are presently living. The problem is that they can’t afford to buy in this area. Rather than disrupt their current lifestyle these buyers purchase a property in a more affordable part of the city or country, and rent that property out while they remain as tenants in their current location.

Team up

Younger buyers have looked to overcome the affordability challenge by splitting and sharing the cost involved in purchasing a property. They have done this by teaming up with a family member, friend or business partner in order to buy a larger property to co-inhabit or as an investment. The major decision here is how to structure the ownership arrangement.

Mr & Mrs fix it

Young families have looked to get into a larger house in their preferred area by purchasing an older smaller home which usually sits at the bottom of the price scale for the area. Generally, these properties are in need of major renovation; however, they allow buyers to add rooms and levels as their families grow.

Build ‘em up

Another more affordable way for young families to get into a new house is for young buyers to move out of their local area and into a newly built suburb. This has seen demand for house and land packages in new estates rise considerably over the past few years. For those not willing to compromise on location, purchasing a vacant lot and building from the ground up has also been away to remain within their preferred area.

Buy now pay later: Purchasing off the plan for extended settlement

Capital city markets have seen strong growth in the number of new developments being approved; this rise has been in line with an increased popularity of apartment living. Purchasing “off the plan” allows a buyer to put down a deposit now and not have to deal with the mortgage repayments until construction is complete. This has been popular with the under 30s as it allows them to keep saving or maintain their lifestyle in the short term until they move into their new property. This has also been popular for the younger generation of investors who want to lock in today’s price and capture the capital growth over the construction period.

Thanks Mum & Dad: Using parents’ equity

Parents have ridden the property cycle over the past few decades providing many with a hefty equity uplift or outright ownership of their homes. This has in turn allowed them to use their financial position to go guarantor on their children’s mortgage or stump up some cash to help out with the deposit. Recent research by the NAB shows that first home buyers are increasingly turning to their parents for help in order to get into the property market. They found that 6.7 per cent of first home buyers now use the NAB Family Guarantee; up from 4.8 per cent in 2010. While some have called these buyers KIPPERS (Kids In Parents’ Pockets Eroding Retirement Savings) for the majority of first home buyers this is the quickest, most secure and best long-term financial solution to get a foot on the property ladder.

More tips on buying property in Mandurah.

 

Buying Real Estate – The Contract of Sale and Settlement

Contract Information

The contract of sale is a legally binding agreement between you and the owner of the property. It’s important to ensure all information provided in this contract is accurate and correct so the transaction can be completed successfully.

There are many details that need to be included in the contract of sale for a property.

• Names and addresses of seller and buyer
• Sale price of the property
• Deposit amount and due date
• Settlement date
• Any special terms and conditions (finance, inspections etc.)
• Chattels included in the sale
• Whether the house will be vacant possession or tenanted

As this is a legal document, it’s crucial to go through it with the real estate agent and your own lawyer or solicitor to ensure the contract is sound. A lawyer can also help you understand your requirements during the sale.

Cooling Off

In some states, there is a cooling off period that commences as soon as both parties have signed the contract for non-auction sales. During this defined period, you have the right to walk away from the sale, usually after paying a small termination fee.

However, some owners may provide the buyer with an agreement to waive the right to a cooling off period when signing the contract of sale.

Settling the Sale – What You Need to Remember

There are many things you’ll need to organise between the time you sign the contract of sale and the settlement date.

During the settlement period, you will need to fulfil the conditions outlined in the contract of sale as well as any other obligations you have.

Finance

Before the settlement date rolls around, you will need to contact your mortgage lender and organise your finance for the home. Whether you’re closing a bridging loan, using a loan portability feature or taking out another mortgage, your finance needs to be organised as soon as possible.

The balance of the home is due on settlement day and will usually be paid to the seller once the lender has authorised the payment.

Conditions

If you outlined any special conditions in your contract of sale, now is the time to fulfil these. For instance, the sale of your home may be subject to an inspection, valuation or some type of work by the owner.

For a smooth transaction, this needs to be organised well in advance to ensure everything is completed by settlement day.

Handover

Once both parties and solicitors have written to the agent to confirm the sale has settled, the agent can organise the handover of the keys to the new owner.

This can take a couple of hours to be finalised, so it’s a good idea to organise your removalists to come to your home the day after settlement.

Read more at http://www.ljhooker.com.au/myljhooker/

Renting Basics: Understanding Real Estate Leases

Know the Time Period

As part of our ongoing renting basics series, we have been looking at the important aspects of choosing the right place to move into as a tenant. But once you agree that a place is right for you and your potential living companions, there is still a lot of ground to cover! If you have your finances in place, you need to make sure the lease is fair.

This can be a hefty document, and one that requires careful consideration. So what should you be looking for to properly understand a lease?

Too often, people get over-eager to move into a property immediately and sign themselves on without properly checking the length of a lease. This is generally 12 months, but can vary. Make sure you can afford to stay there for this period and pay rent. If not, some negotiating over the exit date might be necessary – this isn’t always easy!

It’s a legal document, so you can’t just up and leave when you feel like it – once you sign, you’re bound as a tenant for this time period. Make sure you know how long you’re going to be there.

Read the Fine Print

A tenancy agreement, according to the Queensland Residential Tenancies Authority (RTA), should have the length of the lease, how much rent is paid and how it is paid, as well as special terms of the lease. This could be anything from not smoking on the premises to only having a certain number of people living in the house. Depending on the property, there will be specifics that you must be aware of.

You don’t want to be caught out finding out too late you must clean the carpet once a month, or moving into a house with your pet cat only to find out that the tenancy agreement states no pets!

Check the Property

According to Fair Trading NSW, tenancy agreements in this state will outline any repairs or modifications that have been promised by the landlord. For example, if a window doesn’t function, then this could be listed in the agreement. Make sure you get exactly what you agreed upon, and go over all of this before you sign on the dotted line.

Generally, a landlord will be happy to provide good living conditions for you – raise any concerns about the home you have and get these fixes down in writing.

Keep Good Records

A year can be a long time, and it’s easy to lose documents or throw out old paperwork. Don’t let this happen with your tenancy agreement. It’s a vital document that you will need when the lease ends, and is effectively the rules you must live by in the house.

Keep this, any bond lodgment forms and copies of emails in a specific folder for safe keeping. Nine times out of 10 they won’t be needed to resolve a dispute, but better safe than sorry! Taking photos of the residency before you move in is also an excellent idea, to prove the condition of the dwelling both before and after your tenancy.

Know Your Rights

The RTA states that you shouldn’t put down any money before you sign a lease, while Fair Trading NSW reminds us never to be rushed into an agreement. Take your time and make sure you know exactly what agreement you are entering!

Renting is a fantastic way to live, and by following these steps to fully understand the paperwork in front of you it should be pain-free and fun. Engaging a legal professional to help you work through everything can always be a good idea.

For further advice contact our office on 9586 5555 or visit http://mandurah.ljhooker.com.au/myljhooker