5 Things Homebuyers Overlook During A Property Visit

11/21/2021 Clive Elliott Homebuyer Tips, Investment Tips  

As a home buyer, one of the things that you should definitely do when looking at homes is personally visiting the property. This is how you assess whether or not that specific property is right for you. Even before the home inspection, you get to check if the home features suit your needs and preferences. Moreover, you get to see early in the home buying process if there are relevant concerns about the home. This will save you time as you will be able to further narrow down your options. Aside from simply looking around the house, there are other things that you need to do during your visit. For a more comprehensive evaluation of your home options, here are 5 things homebuyers overlook during a property visit:

Checking out the recent redecoration or renovation.

Major renovations are definitely a plus in a home. Aside from elevating the lifestyle of the homeowners, they can increase the value of the property. However, it is a must to be wary of minor renovations or redecorations. If you can smell fresh paint, check out the walls for possible discoloration against older paint jobs. Sellers would want their home to look its best despite minor issues. Recent paint jobs could mean that they might have been done to cover dampness or cracks. You would need to fix these later on. It would be best to know about these beforehand so your buyer’s agent can discuss these potential issues with the seller.

Turning off the lights.

A property is always staged first before listing in the market. During open houses and property visits, the seller or listing agent would want everything to be perfect. Hence, the home is staged in a way that lets potential buyers see it as a perfect home. Lighting plays a key role in setting the atmosphere and mood in a room. With this, when visiting a property, you would want to try to turn off the lights. This will show how the room actually looks and how it actually feels to stay in it. It is also best to check this during the day as it will let you know where the natural light comes in and if there are dark areas around the house.

Taking a moment of silence.

If there are other buyers during your visit, it can affect the overall noise within the house. If you can, take a moment of silence to check external noises that you can hear from within the property. Go to each room and check the level of noise. If you can hear too much noise inside the house, this can be a deal-breaker no matter how perfect you think the property is. You wouldn’t want to live in a home that is in a noisy neighbourhood. Remember that you have to be comfortable in your own home.

Turning on all the water taps, hot and cold.

Water pressure is an important factor that needs to be checked in a property. It is a basic need and it could be a big inconvenience if there is an issue with the water supply in the property. You can check this by turning on every tap in the house. Make sure to also ask about the age and condition of the water and heating systems.

Looking outside the windows.

Aside from the interior, the areas surrounding the property should also be a factor in deciding whether or not you want to purchase the home. Look outside the windows to check the views around the property. The views outside will have an influence on how it will feel, either cramped or bright, living inside the house. It can highly influence your everyday mood once you start living in that house. Potential developments around the property can also affect the value of the home.

All these and other things that you should check and do during a property visit will be taken care of if you have a buyer’s agent. With vast experience in helping buyers like you find the best home, they will make sure that you are checking the right things in a property. With the help of these real estate experts, you will be sure to get the best deals on the perfect home.

To schedule a free consultation with the experienced buyer’s agents of Buying Perth Real Estate, contact Clive at (08) 6215 0200 or 0412 926 190 or send an email to clive@buyingperthrealestate.com. 

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5 Benefits of Having a Smart Home

11/11/2021 Clive Elliott Investment Tips  

Smart home technology is one of the must-haves in home improvements today. It is also something that most home buyers look for when purchasing a new home. Aside from being impressive, having a smart home has a lot of benefits. It will make your lifestyle easier and will make everyday living more efficient. However, like all other home upgrades, it also entails additional costs. Before you make this investment, it is best to know the benefits of having a smart home.

What is a smart home?

Smart home technology utilizes an automated system that connects various appliances and features in your home. It lets you control all your smart devices through your computer or mobile device. Some systems can even allow you to control it using voice command. As impressive as it sounds, having a smart home actually provides homeowners with a lot of benefits.

1. It provides convenience.

With a smart hub where you can control all your smart home products, you can manage your home easier. It will allow you to control your appliances and devices in a single controller – it can be your computer or mobile phone. With this, it is important to look for the best smart hub – one that will be compatible with all your smart devices at home. 

If you have a smart home, there’s no need for you to physically go to your appliances or devices just to switch them on or off. You may not realize it immediately but this provides utmost convenience in your everyday life. For instance, while you are on the way home from work during summer, you can already turn on the air conditioning system. Your place will be able to cool down as soon as you arrive. It will save you a lot of time and let you proceed with your routine with no hassle. 

2. It gives you peace of mind.

Have you ever gone out of your house and wondered whether or not you have turned off the lights? Or worse, whether or not you are able to lock your door? With smart home technology, you will be able to check the status of all devices that are connected to your smart hub. In case you accidentally left the lights on or forgot to lock your door, you will be able to fix it with just a few clicks. No need to go back home and it will give you the peace of mind that you need.

3. It maximizes security and promotes safety.

One of the best advantages of investing in a smart home is being able to maximize the security features of your home. A surveillance system is a good security feature. However, you can even make it better by connecting it to motion detectors and automated door locks. You can even turn on notifications and receive alerts whenever any of your security features get triggered.

A smart home also promotes safety. No need to worry if you left your electrical appliances working. Since you will have full control of all your devices even if you are not at home, you’ll be able to monitor them and turn them off just in case. This will reduce the risk of fire hazards that can be caused by overheating appliances.

4. It is energy-efficient.

Since you will be able to control your devices anytime and anywhere, it can be guaranteed that all appliances that need to be turned off are turned off while you are not home. Also, smart home systems allow you to automate and schedule the times when you need your appliances to work. This is usually helpful when it comes to heaters and air conditioning systems. By smart usage of these appliances, you will be able to conserve energy and even save money on your electricity bill. Moreover, you are also able to provide a positive environmental impact by making your home energy-efficient.

5. It increases your home’s value.

Having full control of your smart home devices wherever you are might be the most compelling advantage of having a smart home. But aside from the benefits that the homeowners experience every day in their smart home, it can actually provide a bigger benefit in the long run. With the smart home system that is installed in your home, it will increase the value of the property. When the time comes that you decide to sell your home, you will be able to sell it at a higher price than other properties that do not have smart technology yet.

With all these benefits, it really pays off to invest in a smart home. To help you find the smart home that is perfect for you, feel free to consult with the experts at Buying Perth Real Estate. These buyer’s agents have ample experience that can provide you with the best real estate deals for your smart home. 

Give these experienced buyer’s agents a call at (08) 6215 0200 or 0412 926 190 or email us at clive@buyingperthrealestate.com.

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How to Build a Property Portfolio

07/01/2021 Clive Elliott Investment Tips  

If you are a property owner thinking about diversifying your investments, you are probably wondering where to start when building a property portfolio. Depending on your personal goals, financial situation, and risk appetite, it’s actually not that difficult to start acquiring and managing more properties when you know the right steps.

What’s a Property Portfolio?

A property portfolio is a compilation of investment properties owned by either an individual, trust, or a company. Managing a property portfolio comes with many benefits as well as many risks that need to be managed.

The Benefits of Building a Property Portfolio

  • It gives you a diverse income stream – Building a property portfolio can help give you multiple sources of income aside from your work, business, and other investments.
  • You can gain more equity – By acquiring more property, you can gain more equity in the long run.
  • You can increase rental profits – Over time you can increase rent on several of your properties that when combined can be a big amount.
  • Lessens risks – Having a diverse property portfolio in different areas can lessen risks of losing money.
how to build a property portfolio

Here are some steps that you need to take and figure out so you can start building your property portfolio: 

Tips on Building a Property Portfolio

1. Define your investment strategy

Keep in mind that there is not one correct strategy when building a property portfolio. What is effective for one investor, might not be effective for another investor. So before anything else, you must define your investment strategy. 

As I mentioned, there are many different ways to build your property portfolio and one thing you need to make sure is that you maximize profits while minimizing your risks. Are you planning to earn through capital growth or rental returns? Do you think a buy-and-sell strategy will fit your goals? Or is short-term leasing like renting out your house for Airbnbs popular in your area? Take your time to research your options to know which investment strategy fits your goals.

2. Use your property’s equity

You can speed up your property growth by leveraging the equity you have in your current properties. Your bank can help you determine how much your current property is worth and how much equity is in it. Once you have enough equity in your property, you can use that as a deposit for your investment property purchase by borrowing against it.

Saving deposits can take a long time. By tapping the current wealth of your property portfolio, you can add more properties.

3. Choose the right properties

Choose the right property to invest in. Whether you choose to focus on high rental returns or capital growth, you must make sure that the property is worth investing in. The main thing to consider when choosing a property is the location, location, location. As they say, location is everything. It will define how fast your capital will grow in a number of years or how in-demand your property will be for rentals.

Hire an experienced buyer’s agent in your area to have an expert that will help you scan the market and give you vital insights. Aside from their knowledge and skills, buyer’s agents have an extensive network and can help you find good property deals that you likely wouldn’t be able to find on your own. Buyer’s agents can also negotiate for you and can possibly help you save thousands of dollars.

With these steps, you’ll be on the right track to building your property portfolio. The journey to becoming a property investor might not be easy, but equipped with the right tools and the right mindset, it will definitely be much easier. Set realistic goals, always research, manage your risks, and seek help from experts so that you can achieve being a successful property investor.

Get a free consultation from the buyer’s agents at Buying Perth Real Estate to help you get started on building your property portfolio. Contact Clive at clive@buyingperthrealestate.com or give us a call at (08) 6215 0200 or 0412 926 190.

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5 Things to Consider When Buying A Foreclosed Property

06/13/2021 Clive Elliott Homebuyer Tips, Investment Tips  

If you are an aspiring homeowner or property investor who has a limited budget, you have probably considered looking for foreclosed properties. Foreclosed properties, also known as repossessed homes, are properties that have been seized by the bank because the previous homeowner failed to complete their monthly payments.

Many times, you can get foreclosed properties at a cheaper price than regular property listings. You can even find many great deals that might surprise you. However, you must still be careful when looking for foreclosed properties as you might chance a house that’s full of structural damage and hidden issues.

So before you buy a foreclosed property, here are some things you need to consider:

1. Determine your purpose

When looking for foreclosed properties, the first thing you should decide on is what you want to do with it. Are you buying it to live in it? Or are you planning to buy the property for investment purposes?

Knowing your purpose will help you know where to look and what to look for. You and your buyer’s agent will be able to do proper market research and will be able to eliminate choices that don’t fit your qualifications. It’s easy to fall in love once you see a good deal, even if it doesn’t have the features you need or it’s not in the ideal location.

2. Home inspection and title search

Once you spot a foreclosed property that’s ideal for you, consider conducting a thorough home inspection and title search. Many foreclosed homes have been neglected or abandoned by their owners, some even for years. While you can expect that it won’t be in its top shape, checking for foundational cracks, problems with pipes and roofs, and other structural and wiring issues can help you determine if it’s worth the price.

Since most foreclosed properties are sold on an “as is, where is” basis, you’ll get a chance to be prepared on how much you’ll need to to budget on repairs once you buy the house.

3. Learn Property’s History

Do your research and learn about the property’s history. Once a property is acquired by a bank, there is little chance that they’ll know the history of the property including any repairs and maintenance done in the past. The banks will not always reveal this information to the buyer. An experienced buyer’s agent knows how to find this info.

To learn the history of a property, you can try to look at any public records available and ask around the neighborhood. Your buyer’s agent can also help you with the background check because of their extensive network and connections. With a limited source of information, what’s important is to know some background on the previous owners, why the house was abandoned, and if there was anything that happened before that you should worry about.

4. Apply for a mortgage lender

Make sure that a mortgage lender has your back when buying a foreclosed property, especially if you are planning to get it through a property auction. Banks are often in a hurry to sell foreclosed properties off, so you don’t want to risk losing a property that you’ve been eyeing.

Check your finances and apply for a mortgage first, before you make any commitments to buy a property. With money and paper on hand, this will help you secure the property without any problems.

5. Think about extra costs

Buying a foreclosed property might seem cheap, but you need to consider the costs of all the repairs and maintenance needed. Some houses need more work than others and sometimes it’s all about finding a good deal. When calculating your budget, always think about the extra costs you need to spend to get the property in top shape.

Buying a foreclosed property definitely has its pros and cons. Once you find a great deal, you can definitely turn that abandoned house into your dream home or a great source of income.

A buyer’s agent has the expertise to help you find a great deal. With their years of knowledge and experience, you won’t have to worry about houses with red flags or hidden problems. Buyer’s agents will definitely help you from the start of your home buying journey until you close the transaction.

Contact Buying Perth Real Estate for a smooth and hassle-free home buying process at (08) 6215 0200 or 0412 926 190 and get a free consultation from us.

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hiring a property manager

Why You Should Hire a Property Manager

06/01/2021 Clive Elliott Investment Tips  

Having a rental property is a great investment as it can provide you with a passive income. 

However, managing a rental property isn’t as passive as it may seem. It is better to hire a property manager to help take care of your property. With the skills and knowledge that a good property manager offers, they can definitely help you save a lot of time and lessen your stress. 

To help you further understand their value, here are the reasons why you should hire a property manager:

1. A property manager can make wiser decisions.

As the property owner, sometimes you can be too emotionally attached to the property that it can be hard to decide on changes that can actually be beneficial to it. The same goes with being too attached to a tenant that you have a hard time raising the rent.

Since a property manager has years of experience in handling different investment properties, they can make better and unbiased decisions that can improve your property and have a long-term impact on its value and returns.

2. A property manager knows tenancy laws better.

When you think that you can handle your rental property on your own because you think no legal issue will occur, you are setting yourself up for a surprise. Disputes and issues are bound to come in any investment property; and when it comes, you should be knowledgeable enough to handle them.

A property manager is prepared for any disputes and can often prevent them from happening in the first place. They are more knowledgeable and experienced to handle legal concerns and are equipped to go to court if needed. This can save you a lot of stress in the long run.

3. Issues and repairs can take a lot of time and effort.

If you are renting out a property, proper maintenance is a must. Given that there are tenants using the property, it will be more prone to issues and repairs. Moreover, since they do not own the property, the maintenance and repairs should be taken care of by the landlord. This means that all complaints and maintenance requests will be addressed to you.

By hiring a property manager, you get to save yourself from calls and urgent requests from your tenants asking to have their plumbing or electrical issues fixed. This will give you more time for other things and help you avoid stress. Property managers will also take care of regularly checking the property and providing consistent maintenance to keep your tenants happy.

4. It can be hard to increase rent. 

As time passes by, maintenance and other property costs increase. Hence, your rent should also increase for you to maintain your profit. Increasing rent can be hard to do on your own as you are not an expert and it usually ends up as a personal negotiation among the tenants. Many factors can be involved like being personally and emotionally attached to your tenant.

This is another reason why hiring a property manager is a must. Property managers are more knowledgeable about rental rates and they will be able to discuss the increase with your tenants in a professional manner.

A Good Property Manager is Worth It

A property manager can be your best investment yet. It might seem pricey at the beginning, but once problems start appearing, you’ll surely thank yourself for hiring a property manager. Hire a property manager with enough knowledge and experience in the Perth rental market.

Do you need more property tips and buyer’s agent recommendations? Get a free consultation from us at 08 6215 0200 or send an email to clive@buyingperthrealestate.com. 

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