Viewing by month: January 2016

Three tips to help find the right property manager

Three tips to help find the right property manager

Property management is an important aspect of renting out your investment property. Some people are able to look after a property on their own but most people choose to use the services of a professional.

If you are looking for someone to take the hassle out of managing your property, here are three tips to help you find the right person:

1. Organisational skills
Organisational skills are a must have. Property managers often have over one hundred properties under their care and following up on late rent, maintenance issues, and finding new tenants can be complex and time consuming. Make sure that your property manager displays clear signs that they are well organised. Being late to meetings, forgetting documents and being vague about details could all be an indication that they are not organised.

2. Communication
The manager that you use must be able to communicate well. There should be clear channels for you and your tenants to speak with the property manager. Check to make sure that calls, messages and emails are responded to in a timely fashion. If not, it could be that communication is not the strong suit of the property manager and that could lead you to become frustrated or lose a tenant.

3. Property Inspections
Receiving regular reports regarding the state of the property is vital. These reports and inspections help you to understand if the property is in good shape or if any damage has been done. Ask how often the inspections are carried out and for information about how detailed the inspections are. It's better in the long run to know as early as possible if there is a problem. A property manager that is serious about inspections is a very good sign that your investment will be well watched over.

0 comments | Posted by Charles Tarbey on 28/01/2016 at 1:42 PM | Categories:

Getting ready to buy property in 2016

Getting ready to buy property in 2016

The last quarter of last year saw more stock coming onto the market and this has continued into 2016 in many locations. New stock on the market can mean more options for buyers.

However, there is still a degree of competition between buyers and it would be well worth being ready to move quickly on a property should the right one become available.

Below are three things to make sure you have in place while looking for a property.

1. Finance
It might seem like a no-brainer, but make sure you have finance in place before you begin to look for a property. If your offer is accepted on a house, but your finance falls through, you are likely to lose your deposit. Therefore it is well worth ensuring that any finance needs are organised well before you find anything.

2. Legal
In order to make the process go smoothly it may be helpful to have a contractor ready to take care of the legal side of the transaction. Checking over the contract of sale is a vital part of buying a property and if something is missed you can have problems down the track.

3. Building and pest inspections
There can be a temptation to simply buy a property if it looks good. However, the untrained eye may miss potential problems with the house and this could cost thousands to remedy. Even if the property looks sound, make sure that you have the home checked over by a building and pest inspector – it could save you from making the wrong decision.

0 comments | Posted by Charles Tarbey on 21/01/2016 at 9:00 AM | Categories:

Three things to remember when looking to buy real estate in 2016

Three things to remember when looking to buy real estate in 2016

With the new year well and truly under way now, many people may be thinking about their next property transaction. Here are three important factors to think about before buying a property.

1. Develop relationships
Whether you are looking to buy or sell real estate in 2016, developing relationships with real estate agents can help. Spend some time informing local agents about the type of property that you are interested in. A buyer who has a strong relationship with an agent may be the first person to be called when a suitable property is listed for sale.

2. Play the long game
In my experience, property investment works best over the long term. Property growth tends to occur in cycles. Investors could increase their risk of losing money by trying to pick the top or bottom of a cycle. By investing in property over the long term you may be able to eliminate much of your likelihood of being burnt by short term volatility.

3. Buy with your head, not your heart
Make sure that you don't become too emotionally involved when looking to buy a property. Try to think rationally about the purchase. One way to help do this is to set a budget and write a check-list of features that you want in a home. When you inspect a property, compare it to the list – this may help you to stay within your budget rather than getting tempted buy a property that doesn’t fit your needs or price range.

0 comments | Posted by Charles Tarbey on 13/01/2016 at 1:49 PM | Categories:

Buy where you can afford, rent where you want to live

Buy where you can afford, rent where you want to live

Over the past three and a half years, real estate prices in many areas have grown significantly. This has led to some buyers finding it difficult to purchase a home in the area they would like to live in. In this situation, I believe that there may be an alternative strategy to owner-occupying in order to purchase property.

Many people may find that renting in an area that they want to live in and buying a property in an area that they can afford could be a useful way to enter the real estate market.

By choosing to do this, buyers may be able to make a property purchase sooner than if they had to save a deposit for a home in the area they wanted to live in. There are also other advantages to owning an investment property and renting where you want to live, such a taxation benefits.

If you are able to build equity in an investment property, you could use it to finance a purchase in the area you want to live in at a later date. Alternately, you could use the equity to purchase additional rental properties and create a portfolio of investment properties.

Buying where you can afford and renting where you want to live won’t be the answer for everyone, but it can be a useful way for some to enter the property market when they might otherwise struggle to do so.

0 comments | Posted by Charles Tarbey on 07/01/2016 at 10:58 AM | Categories: