Property www.echo.net.au/echo-property
Property insider Be sure you know what’s included: Understandably when you go to inspect a home normally you see it presented at its best. The vendors may have upgraded fixtures and fittings to help them get the best possible price. Fixtures are items permanently attached to the building. Fittings can be more easily removed. The golden rule is to never assume. While it might be annoying, come settlement day, to move into your new home only to find there are no light bulbs it can be very upsetting; likewise if the water feature that ‘made’ the yard is no longer there or there is only a cavity where the dishwasher used to live. An agent who is working hard to get the best possible price for the vendor may recommend that none of the fittings is included in the sale and therefore these things can be used as leverage in the negotiation process. The contract for sale shows exactly what is included in
the sale of the property. You should have your solicitor and conveyancer check the contract and be clear with you about what exactly is included. You should also check with the agent and cross-check the contract with what the agent says is included with the sale. If there are discrepancies in what you thought was included and what is actually included in the sale you need to renegotiate. Go back to the agent and explain the situation and see what they say.
things can lead to a complete breakdown in the negotiation. Before the emotion sets in around what you may think is fair or not, you need to decide at what point you are willing to walk away from the property; is the cost of finding a new dishwasher or fountain worth losing the property over? It is very wise to organise a pre-settlement inspection with the agent to make sure that the property is exactly as you expect. If not, settlement can be delayed until the issues are resolved.
Adding value to gain a higher net price Lots of renovating shows are in full swing in TV-land. If you’re going to sell, one of the big questions is: do you sell as is, or do you renovate?
Hopefully the situation can be resolved without too much fuss; however, sometimes these
The important thing is that you want your renovations to add value. If you spend $100,000 on renovations and only increase the sale price by $100,000 (or less!) you’d have to ask yourself why you went to the bother. Cosmetic improvements, such as replacing tap fittings, drawer handles, landscaping or even just tidying the garden, all make your property look fresh and well maintained while leaving the potential purchaser plenty of scope to put their own stamp on their new home. Another thing to consider when you are deciding where to spend your money is to ‘paint pictures’ for the purchaser. If for example your yard is neat and tidy but plain, add an outdoor table and chairs and umbrella, some bright cushions, so that it is easy for a potential buyer to picture themselves relaxing with family and friends in that setting. There are local companies that will decorate your home to help it achieve an emotional connection with the potential buyer.
BUSINESS FOR SALE
Investment property deductions Word has it that the ATO has expenses claimed against investment properties under the spotlight. There is an overview on the ATO website https://www.ato.gov.au/ General/Property/Residential-rental-properties/Expenses-youcan-claim/ that makes the guidelines clear. In a nutshell you can only claim a deduction for your related expenses for the period your property is rented or is available for rent. You must be able to prove the property was genuinely available to rent. For example, it needs to be advertised and, considering all circumstances, tenants are reasonably likely to rent it. HAVE ANYTHING TO So, there couldn’t be stringent LET US KNOW ABOUT? conditions or an above-market Any new faces? Career rental price being asked, for milestones? Exceptional example. results? Market observations? By the way, advertising at your Have you had anything workplace or via word of mouth quirky or unusual happen to is not enough to satisfy the ATO you out in the field? Email criteria. propertyinsider@echo.net.au.
The Old Mill Timberyard - $1.4M Manns Road, Mullumbimby
For further information contact Kath Vaubell 0415 410 633 / kath@byronbaysales.com.au
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Market leading North Coast business - established 30 years
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Specialising in timber supply & timber products to the Northern Rivers and Southern QLD
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Solid business, proven performance, no direct competition
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Secured on a long lease this large 5829m² site includes machinery shed, drying kilns, admin building, hardstand, parking & open yard
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Further opportunity to value add and expand
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Servicing trades and general public with a loyal customer base of account holders
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Comprehensive plant and equipment inventory maintained to the highest standard
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Unique opportunity to secure one of the region’s leading operations
COMMERCIAL 12 Lawson Street, Byron Bay / 02 6685 8575
North Coast news daily: www.echonetdaily.net.au
The Byron Shire Echo June 8, 2016 27