So you are looking for a property in a suburb/town and you don't know what is the average price of property?
So what you do is you can just going property to proper a property, until you make a purchase and by then you know roughly what the median price is. The other way is check via internet search engines: median house prices and type is the suburb your searching for.
How is this helpful? It helps you decide whether you will purchase over or under the market price and it sets your goals straight, knowing how much you might be looking for!
Here a result from realestate.com
Here is a Property Snapshot from realestate investar
Here is one from Investment property mag
There are many others that may make you pay for reports, not really required unless you really want to spend the money to do so. Reaching makes it easier for you if you need to understand the property market!
Friday 27 June 2014
Tuesday 27 May 2014
New Home Owners: Trick Of The Trade!
Although you are inspecting your new or first property, it may be daunting to see if all expectations have been met by yourself and/or partner.
The hardest decision is placing property inspections by prioritizing them in order of likeness, choice and most importantly time of inspections, no matter if it is by auction sale or on the market
As you inspect the property, you will look for different things to question or to even provide wonderful compliments. This depends on your own reaction (even before entering through the door). You may be making a life time decision, that can dramatically change your life. The important question to ask yourself will this be your lifetime house? Will you and/or your partner and any other families be happy living here.
The trick of the trade is not appear that this is the first house you have ever visited. If asked questions what other houses you've seen make you mention one that they may know is locally advertised.
I mean some Real Estate Agents may their tricks of the trade to make you sign on the dotted line. You have to have ready for line, 'Are you interested.....'
The hardest decision is placing property inspections by prioritizing them in order of likeness, choice and most importantly time of inspections, no matter if it is by auction sale or on the market
As you inspect the property, you will look for different things to question or to even provide wonderful compliments. This depends on your own reaction (even before entering through the door). You may be making a life time decision, that can dramatically change your life. The important question to ask yourself will this be your lifetime house? Will you and/or your partner and any other families be happy living here.
The trick of the trade is not appear that this is the first house you have ever visited. If asked questions what other houses you've seen make you mention one that they may know is locally advertised.
I mean some Real Estate Agents may their tricks of the trade to make you sign on the dotted line. You have to have ready for line, 'Are you interested.....'
Thursday 8 May 2014
Land Tax On Investment Properties
Each State and or Territory has different laws. You will have to carefully check each one ( pending where the property is being purchased), to see if when purchasing investment properties, there are applicable Land Tax and how do pay them as they are regulated by the State or Territory.
Mostly your own house will be exempt, it is based on the Valuer Generals valuation of you land only. You can then checkout if you are under/over the threshold. Over means you will have to pay yout Land Tax.
Click Here for NT Land Tax Details
Click Here for Vic Land Tax Details
Click Here for Qld Land Tax Details
Click here for NSW Land Tax Details
Click Here for ACT Land Tax Details
Click here for TAS Land Tax Details
Click Here for SA Land Tax Details
Click here for WA Land Tax Details
Mostly your own house will be exempt, it is based on the Valuer Generals valuation of you land only. You can then checkout if you are under/over the threshold. Over means you will have to pay yout Land Tax.
Click Here for NT Land Tax Details
Click Here for Vic Land Tax Details
Click Here for Qld Land Tax Details
Click here for NSW Land Tax Details
Click Here for ACT Land Tax Details
Click here for TAS Land Tax Details
Click Here for SA Land Tax Details
Click here for WA Land Tax Details
Tuesday 6 May 2014
Deceased Estates Being Acquired
Sometimes in our lives we are appointed Executors to a deceased estate and have to manage the financial affairs of the estate; this maybe through family or a friend that had no family that requires yourself or other Executors to manage their Estate.
It is in this sad occasions that many matters may have to be dealt with straight away. If their is Real Estate left to be determined whether to keep or sell, that is a matter for the Executors, but this is dependent on ensuring the will is following and ensuring that all Tax Obligations are met, prior to beneficiaries receiving there allotted payments.
In Australian if the principal place of residence was the place of residence for for the deceased person, then as an Executor and/or beneficiary you are exempt. If there were investment properties included, then there is a Capital Gains Tax that will be charged. The most important bit is that the Deceased Estates Real Estate property principal place of residence must be sold within 2 years of the date of death to be Exempt from the capital Gains Tax.
This is a time we do not choose to have the property but will be provided the property based on the will and testament. This must be followed. Be in mind bills that received in the deceased estates name must be paid until the completion of the Deceased Estate's final disbursement of funds paid to a beneficiary or beneficiaries. In most cases real estate properties will have to be sold - refer to your legal representative for proper legal advice.
Click Here for More Information From the Australian Tax Office
It is in this sad occasions that many matters may have to be dealt with straight away. If their is Real Estate left to be determined whether to keep or sell, that is a matter for the Executors, but this is dependent on ensuring the will is following and ensuring that all Tax Obligations are met, prior to beneficiaries receiving there allotted payments.
In Australian if the principal place of residence was the place of residence for for the deceased person, then as an Executor and/or beneficiary you are exempt. If there were investment properties included, then there is a Capital Gains Tax that will be charged. The most important bit is that the Deceased Estates Real Estate property principal place of residence must be sold within 2 years of the date of death to be Exempt from the capital Gains Tax.
This is a time we do not choose to have the property but will be provided the property based on the will and testament. This must be followed. Be in mind bills that received in the deceased estates name must be paid until the completion of the Deceased Estate's final disbursement of funds paid to a beneficiary or beneficiaries. In most cases real estate properties will have to be sold - refer to your legal representative for proper legal advice.
Click Here for More Information From the Australian Tax Office
Monday 7 April 2014
See What Mess Could Happen If You Own A Block of Town Houses!
This is mostly for buyers who want to develop on the land and building median density housing, like duplexes or individual town houses.
You have to Check your Council's Local Environmental Plan to see that after development whether you can sell one property individually and keep the one or sell them together. What I am trying to say is, Council may block you from selling one of them due to Titles, so ensure all Titles of each property is completed, with completion of the building being finalised.
I know someone that wants to live in one Town house but has to see both Town houses and moved out because of the Local Environmental Plan!
Importantly Check Local Government Zoning And Any Intended Changes!
If all agents were honest to you, they would all ask you to check local government areas zoning's and or proposed zoning changes, which may affect the price of your property either in a positive or negative way.
The zoning changes could be detrimental to yourself, if there is zoning for industrial changes or for a higher density housing or even for high rise business business building or large development shopping applications. If you do not do your research yourself - you can ask your legal representative to chase this up for you.
A lot of Council have a Local Environmental Plan - if this is located on their website, check out their mapping of zones, to where your property fits in!
I hope this is help advice to yourself!
The zoning changes could be detrimental to yourself, if there is zoning for industrial changes or for a higher density housing or even for high rise business business building or large development shopping applications. If you do not do your research yourself - you can ask your legal representative to chase this up for you.
A lot of Council have a Local Environmental Plan - if this is located on their website, check out their mapping of zones, to where your property fits in!
I hope this is help advice to yourself!
Sunday 19 January 2014
Dealing With Real Estate Agents!
A majority of the time you are dealing with individuals called, 'Real Estate Agents'. And yes, we are all individuals as well.
What I mean is although there is a feeling that the Agent is there for the commission only, it can be for some and the majority Real Estate Agents have feelings that can may you buy or not buy the property.
All home purchasers are looking for the best property they can buy, for the area, ensuring that price meets the fully satisfied box. They don't see dollar signs in your eyes when you enter a property and are been shown a property, they are looking for the interested purchaser not the disinterested purchaser. Even the disinterested purchaser may purchase another property from the same agency.
Qualified Real Estate Agents will give you a rundown of the benefits of purchasing that particular property, any defaults you see in that property you highlight yourself and that can be part of negotiating for the sale price.
The correct agent will say, ' The market will determine the selling price of the house' pending economic and local factors that can alter the price at any stage.
As the purchaser, using you don't come ready prepared to take down notes when you are visiting the property for the first time and there will be things unseen to you that will not be right or covered up - no matter how small they are. Then as you enter each room ask the agent appropriate questions that can determine your interest in purchasing the property. *The Agents job is to represent the seller and answer as many questions it takes, until the property is sold.
A majority or purchasers know what sort of property they have in mind and if it doesn't meet the full capacity comfort zone, they will walk out and the agent won't hear them again. This is not the agents fault - this is because the property didn't fit the purchasers criteria.
If a purchaser likes and funds are available to purchase the property within the budget limits of purchasing a property then it is the time to negotiate unless if more than one party doesn't agree.
The price advertised on the market is not the selling price unless advertised final sale price or similar. There is room to move. here then comes you negotiating qualities.
Once an initial deposit is paid then there is the cooling off period where you will be set normally 10 days to ensure that you do want to purchase property and Financial loans are approved, ready to go!
If not your holding deposit is non-refundable.
Therefor agents should be treated with the best of behaviour, so that you do get their attention and understand you want to be their purchaser of that property. It would be the same you would like to be treated if you were a salesperson.
BE NICE TO REAL ESTATE AGENTS AND THEN THEY WILL BE NICE TO THEM!
Once you are nice to them the trust begins!
*There will be times where the agent may say I have to go to another property inspection and that will indicate you have, missed the boat, try another time!' Two things can be considered here is that you didn't time yourself property to make the property inspection or the Real Estate Agent is too busy to talk to you - time constraints.
What I mean is although there is a feeling that the Agent is there for the commission only, it can be for some and the majority Real Estate Agents have feelings that can may you buy or not buy the property.
All home purchasers are looking for the best property they can buy, for the area, ensuring that price meets the fully satisfied box. They don't see dollar signs in your eyes when you enter a property and are been shown a property, they are looking for the interested purchaser not the disinterested purchaser. Even the disinterested purchaser may purchase another property from the same agency.
Qualified Real Estate Agents will give you a rundown of the benefits of purchasing that particular property, any defaults you see in that property you highlight yourself and that can be part of negotiating for the sale price.
The correct agent will say, ' The market will determine the selling price of the house' pending economic and local factors that can alter the price at any stage.
As the purchaser, using you don't come ready prepared to take down notes when you are visiting the property for the first time and there will be things unseen to you that will not be right or covered up - no matter how small they are. Then as you enter each room ask the agent appropriate questions that can determine your interest in purchasing the property. *The Agents job is to represent the seller and answer as many questions it takes, until the property is sold.
A majority or purchasers know what sort of property they have in mind and if it doesn't meet the full capacity comfort zone, they will walk out and the agent won't hear them again. This is not the agents fault - this is because the property didn't fit the purchasers criteria.
If a purchaser likes and funds are available to purchase the property within the budget limits of purchasing a property then it is the time to negotiate unless if more than one party doesn't agree.
The price advertised on the market is not the selling price unless advertised final sale price or similar. There is room to move. here then comes you negotiating qualities.
Once an initial deposit is paid then there is the cooling off period where you will be set normally 10 days to ensure that you do want to purchase property and Financial loans are approved, ready to go!
If not your holding deposit is non-refundable.
Therefor agents should be treated with the best of behaviour, so that you do get their attention and understand you want to be their purchaser of that property. It would be the same you would like to be treated if you were a salesperson.
BE NICE TO REAL ESTATE AGENTS AND THEN THEY WILL BE NICE TO THEM!
Once you are nice to them the trust begins!
*There will be times where the agent may say I have to go to another property inspection and that will indicate you have, missed the boat, try another time!' Two things can be considered here is that you didn't time yourself property to make the property inspection or the Real Estate Agent is too busy to talk to you - time constraints.
Friday 10 January 2014
What Type Of Properties Are You Choosing From?
This is to make it clear to some purchasers that you have a somewhat clear understanding, are fully prepared to listen too and deal with Real Estate Agents. They will use words in their language that can throw people like yourself off, words like Californian Bungalow, Terrace House & Town House etc.
Most of us have a general understanding but need that extra knowledge that your response to descriptions of what type of real estate is being described to you is completely understanding.
Let Real Estate agents know you understand what they say using their terminology. They might even take a better interest in what you say and how you respond!
House:
1. building in which people live; residence for human
beings.
Cottage:
A small house, usually of only one story. A small, modest house at a lake, mountain resort,
etc., owned or rented as a vacation home.One of a
group of small, separate houses, as for patients at a
hospital, guests at a hotel, or students at a boarding
school.
Duplex:
duplex apartment
noun
duplex house
noun
a house having separate apartments for two families, especially a two-story house having a complete apartment on each floor and two separate entrances.
Free Standing house:
A single-family detached home, also
called a single-detached
dwelling or separate
This house is a free-standing residential
building. It is defined in opposition to
a multi-family dwelling.
Mansion
1. A very large, impressive, or stately residence.
Town House:
noun
Unit:
u·nit
Villa:
Duplex:
Bungalow:
noun
Most of us have a general understanding but need that extra knowledge that your response to descriptions of what type of real estate is being described to you is completely understanding.
Let Real Estate agents know you understand what they say using their terminology. They might even take a better interest in what you say and how you respond!
House:
1. building in which people live; residence for human
beings.
2.
a household
Cottage:
A small house, usually of only one story. A small, modest house at a lake, mountain resort,
group of small, separate houses, as for patients at a
hospital, guests at a hotel, or students at a boarding
school.
Duplex:
duplex apartment
noun
an apartment with rooms on two connected floors.
noun
a house having separate apartments for two families, especially a two-story house having a complete apartment on each floor and two separate entrances.
Free Standing house:
A single-family detached home, also
called a single-detached
dwelling or separate
This house is a free-standing residential
building. It is defined in opposition to
a multi-family dwelling.
Mansion
1. A very large, impressive, or stately residence.
noun
1.
a house in the city, especially as distinguished from a house in the country owned by the same
person.
person.
2.
a luxurious house in a large city, occupied entirely by one family.
3.
one of a row of houses joined by common side walls
Unit:
u·nit
noun
1.
a single thing or person.
2.
any group of things or persons regarded as an entity: They formed a cohesive unit.
3.
one of the individuals or groups that together constitute a whole; one of the parts or elements into
which a whole may be divided or analyzed.
which a whole may be divided or analyzed.
4.
one of a number of things, organizations, etc., identical or equivalent in function or form: a rental unit; a unit of rolling stock.
| From High Rise Units |
| Median Density Units |
Villa:
vil·la
[vil-uh]
Duplex:
duplex apartment
noun
an apartment with rooms on two connected floors.
duplex house
noun
a house having separate apartments for two families, especially a two- story
house having a complete apartment on each floor and two separate entrances.
Bungalow:
bun·ga·low
[buhng-guh-loh]noun
1.
a cottage of one story.
2.
(in India) a one-storied
thatched or tiled house, usually surrounded by a veranda.
3.
Terrace Houses
s]
(in the U.S.) a derivation of the Indian house type, popular especially during the first quarter of the20th century, usually having one and a half stories, a widely bracketed gable roof, and a
multi-indowed
dormer and frequently built of rustic materials.
multi-indowed
dormer and frequently built of rustic materials.
Terrace Houses
ter·race
[ter-uhs]
noun
1.
a raised level with a vertical or sloping front or
sides faced with masonry, turf, or the like,
especially one of a series of levels rising one
above another.
sides faced with masonry, turf, or the like,
especially one of a series of levels rising one
above another.
2.
the top of such a construction, used as a platform, garden, road, etc.
3.
a nearly level strip of land with a more or less
abrupt descent along the margin of the sea, a
lake, or a river.
abrupt descent along the margin of the sea, a
lake, or a river.
4.
the flat roof of a house.
5.
an open, often paved area connected to a house or an apartment house and serving as an outdoorliving area; deck.
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