No matter what your personal circumstance is, the real estate market can have an affect on us all. It doesn’t matter if you are in the renting stage of your life or have just paid of your mortgage and considering investing, the property market has an impact on us all. Over the next two issues of Real Talk, we are going to give you some hot tips for each stage of the property journey to ensure that 2017 is a successful real estate year for you.
Renting is a fantastic stage in the property journey, it allows you to try living in different areas, focus on your lifestyle wants and needs whilst not worrying to much about the affordability of a suburb. Here are some top tips to ensure 2017 is a positive year for you as a renter.
- Be the best tenant you can be
Treat your rental property as your own. What goes around comes around and if you treat your property or your property manager poorly it will certainly affect you when it is time for a lease renewal or as you go for another property. Treat your home with pride and work with your property manager – not against – in reporting maintenance or any issues you have.
- Don’t disregard surrounding suburbs
If you have your heart set on living in a specific area but are finding the rents a little out of your budget, try looking in neighbouring suburbs. Most of the time, the culture and lifestyle vibe of the area will still be present and many times you can find cheaper rent by living adjacent to the ‘it’ suburbs.
- Understand peak periods and plan around them
If you want to best opportunity to snag an amazing rental property, try to look outside of peak periods such as the new year or the start of university semesters. You will find you’ll have more options to choose from and will be able to pick a property you love rather than settling.
- Be upfront with your landlord and property manager.
So you want to get a cat? Talk to your property manager. Your air conditioner has been broken for two months and summer is around the corner? Talk to your property manager. Funnily enough, property managers have many powers, but mind reading isn’t one of them. If you do not report any issues, maintenance requests or get permission to add new family members to the house you will find you’ll have an unpleasant experience. Staying on top of any maintenance issues in your property will ensure that you have a enjoyable living experience and that your landlord knows you were a responsible tenant, which could come in handy come reference time!
This is arguably one of the most exciting but stressful stages in your property journey, you are in a position to buy your dream home and start the next chapter in your life, whether that be upgrading, downsizing or just trying a change of scenery – here are some top tips to help you in your buying journey.
- Be sure of your finance
Real estate experts are warning that lenders are being more scrutinous than ever before when it comes to approving mortgages. Make sure that you are getting expert advice from a mortgage broker and that you are confident that you are not overextending yourself. Having a professional go through your finances with you to help you understand your borrowing capacity will put you in good stead for the life of your loan and help to alleviate some of the stress.
- Think of the future, not just today
Even when buying your own home you still need to observe the market and understand the area you are going into. Your home is your biggest asset and you want it to continue to grow. Look at what is in store for the future of your suburb before you buy, is it set to bring in new transport or schools? Is the infrastructure in the area going to boom? All these things will affect the properties value when are ready to sell and move on.
- Have a realistic expectation of the value of the property
To avoid too much heartache come auction time, prepare yourself with the true value of the property. Often properties sell for much more than the advertised price, leaving potential buyer disillusioned. Do your research, find out what similar property in the area have sold for and adjust your expectations on these figures… and don’t be ruled by your heart too much… if the property is going for well over its true value – prepare yourself to walk away.
Be sure to read the next edition of Real Talk for our top tips on Selling and Investing.
For more information on how to have a prosperous 2017 in your property stage, contact Solid Investment Property on (03)9690 2666