THE BYRON SHIRE
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ECHO PROPERTY BUSINESS DIRECTORY
NSW govt looks at reforms to home building NSW fair trading minister Anthony Roberts has released a position paper setting out reforms to the Home Building Act 1989. ‘The current Act has become too complex and unclear with endless disputes between homeowners and builders,’ Mr Roberts said. The proposed reforms cover various aspects of the home building legislation including dispute resolution, statutory warranties, home building contracts, owner-builders’ obligations, home warranty insurance and licensing. According to the minister, the proposed reforms will: • ensure the level of regulation of home building contracts is equal to the associated risks • provide greater clarity about the rights and obligations that flow
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from the statutory warranty provisions and change the focus of what constitutes a defect requiring a greater warranty period • encourage timely and efficient resolution of home building disputes • ensure owner-builder permits are not used to circumvent licensing requirements and manage health and safety risks associated with owner-builder work and • help keep phoenix companies and other poor performing build-
ers out of the industry. ‘Protecting homeowners as they renovate, build or buy their home helps people in achieving the great Australian dream, while also setting clear ground rules for builders,’ Mr Roberts said. ‘The position paper provides the public and industry with a preview of the reforms before they are introduced to Parliament later this year.’ See more at http://bit.ly/hmbuild.
Don’t fly blind on property investments, says Archicentre
With low interest rates, lack of housing stock to match population growth and inThinking of selling? creasing auction clearances fuelling propChoose an agent who understands modern erty sales in Australia, many home buyers marketing and local property sales. are flying blind on their property investDriven by heart, guided by ethics and ment and its potential economic impact on supporting our local community. their financial future. Fiona Crandell Cameron Frazer, general manager of ArLICENSED REAL ESTATE AGENT chicentre, the inspection and design service Professionals Mullumbimby of the Australian Institute of Architects, 0400 418 886 | fiona@promullum.com.au said buying property without knowing its condition or potential is a high-risk investment strategy that can have lifelong implications and result in home buyers losing Now interest rates have dropped, arrange an money. OBLIGATION FREE mortgage health check. Are you getting ‘Home buyers purchasing a property the best loan package? If I can’t find you a better deal I’ll without a property inspection and then simply tell you. You have nothing to lose and everything to finding major structural issues, termites or gain. Give me a call or email and contact Russel Shaw. foundation problems after they have moved in that could cost thousands of dollars to Russel Shaw 6680 8045 repair; often that cost is usually financed by 0412 833 280 extending the mortgage.’ The entry of many people into the proprshaw@acceptancefinance.com.au erty market using their self managed superwww.acceptancefinance.com.au annuation funds to purchase property on
INVESTMENT, FAMILY HOME OR REFINANCE...
38 October 8, 2013 The Byron Shire Echo
the promises of income and capital growth has added another vital area where people should be extremely careful of purchasing a property without an inspection and undertaking due diligence on all aspects of the purchase. ‘Apart from the property inspection of the condition of the property, home buyers also need to assess the renovation potential of the property to ensure it can be renovated to provide a good return when it is finally sold. Unfortunately many people invest in property to secure their financial future without a planned strategy or any idea of the cost of renovating their home or investment property. ‘With an ageing population many of today’s baby boomers are purchasing homes to renovate and live in with a view to
gaining capital on the resale when they move to smaller or assisted accommodation in their later years. ‘For this group of home buyers and renovators the success of the renovation can have a major impact on their financial future. ‘People actually devalue their investments with poorly conceived designs or inappropriate materials, providing a negative cash flow for the investment and poor re-selling options.’ Mr Frazer said the bottom line for home buyers is that a thorough pre-purchase property inspection can actually save money as knowing the condition of the property can often provide a bargaining point with the vendors. The pre-purchase inspection also provides a person purchasing an investment property to renovate with a guide to the feasibility of the project. See more at www.archicentre.com.au.
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