Market Update April 2015
If you’re prepared to consider yourself a custodian of Australian heritage, and will consider sensitive alterations, you’re likely to be well suited to heritage ownership.
Think buying heritage is for you? It's not hard to see why buying a historic house is so attractive. The stories, the architecture and the character of an old building are entirely unique - but there can also be some unexpected costs and restrictions along the way. So what are some of the things to look out for when buying a piece of your region's history? Here are a couple of points to keep the search for your dream home on track. Reno-able? Make sure you ask lots of questions during the inspection period and before you sign on the dotted line. Is the property heritage-
listed? If so, there might be limits on what structural or cosmetic changes you can make, whether it be old walls or one-of-a-kind features like fireplaces or chimneys. It's very easy to be charmed by an old home, but keep an eye out for government regulations surrounding historic properties in the area. These are in place to preserve the original nature of the home or neighborhood, so you might need special permits if you want to do any renovations. Is it worth it? With that in mind, think about the investment involved in owning a historic home.
However, be mindful that you’re likely to encounter unexpected problems, and extra costs can pop up along the way. So examine everything thoroughly - take pictures, open windows, and stamp on the floor. A special inspector, heritage architect or structural engineer will give you a second opinion and restoration cost estimates. Naturally, you need to keep things in perspective. While repairs or essential alterations may be expensive, they’re all relative to the purchase price, and that may be less than you expect. That being said, some local government bodies have incentive schemes for historic properties that encourage people to undertake conservation work on their historic homes.
Check with your local council or similar historic trust or organisation to see if they have an ongoing programme. If the property fits their criteria you might be eligible for a grant or reimbursement in the future. Values There are many different classifications for heritage properties, ranging from items of local interest through to National Trust listing. Generally speaking, any form of listing which introduces an impediment over the title will reduce the capital value of the property, compared to anything similar that is not listed.
12 Wolsten Road Para Hills You’ll Really Feel at Home Features of the home include: 3 Spacious bedrooms Large 4th bedroom/ family room Spacious lounge and dining area with large windows allowing in plenty of natural light Galley style kitchen with gas cooking appliance, ample cupboard & bench space. Reverse cycle air conditioning, gas heating and ceiling fans for year round comfort Outdoor entertaining area Large carport Tool shed Neat low maintenance gardens
Remember that trends are more powerful than individual results, so consider areas where high growth is expected. A low vacancy rate suggests you'll find tenants easily.
How to find a good investment
Depending on your investment goal, you want an area where demand surpasses rental supply - after all, you don't want an empty property! Know your market
Property investment is a big financial commitment so you want to make sure you get the best bang for your buck. Whatever your long term investment goals, choosing the ideal property isn’t easy. Location counts Finding the right location is half the battle. It drives the price and rental returns - and influences your success. Do your research. Ask local real estate agents and property management companies about the health of the market. Look at advertised rental prices and yields - and keep an eye on vacancy rate statistics.
If you're renting the property, understanding your target market is equally important. Families have different preferences than young couples, while retirees are at the other end of the spectrum than students. Look for features that prospective tenants will like. Tenants might appreciate offstreet parking, a garage or nearby transport. Wellmaintained properties secure higher rents, so consider how much work you will have to do to bring the property up to scratch. A run-down or damaged property may not be worth the investment in the long run. See more at www.firstnational.com.au
CRAIGMORE 27 Yeovil Circuit 5 bed 2 bath 4 car $337,000 GOLDEN GROVE 10 Cuneo Place 3 bed 1 bath 1 car $333,000 PARA HILLS 21 Wilkinson Road 3 bed 1 bath 3 car $292,000 SALISBURY EAST 19a Daphne Road 3 bed 2 bath 1 car $305,000 SALISBURY EAST 16/1 Hazel Road 2 bed 1 bath 1 car $187,500 SALISBURY HEIGHTS 3 Gateway Drive 3 bed 2 bath 2 car $414,000
Interested in a FREE appraisal? Whether you’re ready to sell or not, we’re happy to bring you up to date with recent results.
Holding deposits far from secure First National Real Estate recommends would be home buyers avoid using a holding deposit when they want to secure a property purchase. The preferable way to proceed is to exchange purchasing contracts, then use the cooling off period to complete enquiries. With competition so strong for the nation’s limited housing stocks, purchasers need to better understand the legalities around how they secure their purchase and not leave themselves exposed to gazumping. Buyers sometimes ask us to take a holding deposit, but then take their time to organise building and pest
inspections as well as legal enquiries, mistakenly believing they have secured the property. Paying a holding deposit does not mean the seller is legally obliged to sell you the property, or that you are legally obliged to buy. Only an exchange of contracts constitutes a legally enforceable agreement. Without an exchange of contracts, buyers place themselves at the mercy of a very competitive buyer marketplace. Real estate agents often don’t want to be seen to rush buyers into an exchange of contracts due to the relatively small penalty buyers incur if they decide to terminate
their purchase during the cooling off period. A cooling off period is the number of business days where a property buyer can walk away from a legal agreement to purchase a residential property. Buyers who do this usually have to pay the seller a small termination fee, which is often around 0.25% of the purchase price of the property. Any deposit above this will commonly need to be refunded. But when you’re sure you’ve found the right
property and want to complete your due diligence, many would argue it’s better to exchange contracts and secure the property, rather than risk being gazumped, having to continue the search for a property, and incurring yet more costs. The best advice for buyers is to have finance approved and move quickly to complete enquiries using the cooling off period. This eliminates the risk of being gazumped.
Retirement Local story tree change?
Are you thinking about moving to the country for a retirement ‘tree change’? If you are, there’s plenty of information available to help you consider the important factors. Head to First National Real Estate’s national website… firstnational.com.au
Click on the rural link at the very top of the page, and then explore our ‘Retirement Tree Change’ resources. We cover all the major factors such as how to choose the most suitable regional location; the sorts of questions you need to ask, and we provide advice about
broadband, solar power, health professionals, the extra costs you might not have thought about, and much more. Take a look today.
ARE YOU THINKING OF SELLING YOUR HOME? Tim Schwarz 0448 884 599
Jakub Ratajczak 0448 114 454
Contact one of our Sales Consultants for your
FREE MARKET APPRAISAL Today! Paul Taylor 8264 2223
Gavin Armstrong 0408 802 350
Are You Looking To Buy? Below is a selection of some of our properties currently on the market.
To view all of our properties, visit our website at www.taylorsrealestate.net.au
BURTON 10 Hastings Avenue Easy Care and Central to Amenities This home is strategically positioned central to major shopping centres, local schools and public transport. It boasts open plan living with kitchen overlooking the dining with large floor tiles and family area with floating floors, all lit by effective down lights. The main brm has wir & ens, 2 brms have birs, and there is a ducted reverse cycle air conditioner and gas HWS. The double garage has two auto roller doors and drive through access to the backyard, the pitched pergola and rear verandah that make an ideal outdoor entertaining area. Easy care gardens and tool shed.
For Sale $319,000
PARA HILLS 12 Duchess Walk
Fit for Duchesses and Dukes
For Sale $$329,000 - $349,000
This delightful modern home is situated in a house-proud no-through street. The stunning large floor tiles in the formal living, dining and kitchen are the first indication of the superb quality displayed throughout this home. The large living area is divided from the formal dining area by an archway wall, and the family room overlooks the kitchen featuring gas hotplates, electric oven and dishwasher. The large main brm has walk-in-robe and ensuite, brms two and three have birs and there is an efficient ducted cooling system. The garage has inside access, and roller doors and drive through access to the natural easycare gardens.
Published on Apr 2, 2015