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1. Do careful pre-purchase due diligence Don’t believe the selling agent when he tells you the property will make a great development site. You need to undertake careful areas due diligence including checking the council zoning, as well specific property due diligence. 2. Get your budget right Do a detailed feasibility study – be realistic rather than optimistic and include all the little costs beginners tend to forget. Then allow a contingency in case unforeseen costs crop up, because they always will! 3. Don’t overpay It’s important to buy your development site at a price that allows you to make a fair profit; otherwise you’re immediately at a disadvantage. 4. Get a good team around you Your team is likely to involve a property lawyer, accountant, finance broker, architect, real estate agent and a project manager to oversee the whole process. And remember…if you’re the smartest person in your team, you’re in trouble. 5. Be realistic about your schedule It’s not unusual for developers to be overly optimistic with their scheduling. Setting realistic time frames will help you budget more accurately and remember to set aside some contingency money in case unforeseen problems stretch your schedule. Source: x 10 Golden Rules of Property Development With our property markets bubbling along nicely many investors are looking at taking the next step and getting involved in property development.While the
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Adrian Wilson, principal and director of AYRE Real Estate, has shed light on what he and his team have experienced during the pandemic – and how they’ve had to adapt their selling strategies as a result. Mr Wilson and his team scooped up the New Office of the Year Award at this year's REB Awards, produced by Smart Property Investment’s sister brand REB.  Mr Wilson’s top three things to expect when selling in a pandemic: 1. Longer days on market for private treaty and shorter days on market for auction “Many sellers are accepting pre-auction offers, which is reducing the days on market,” Mr Wilson said. “Whether you’re selling via auction or private treaty, often the best offers come in within the first week or so, so be prepared to jump on a genuine offer at the right level. 2. Increased advertising “Now is not the time to skimp on the advertising budget,” Mr Wilson told home owners. “Your agent should be proposing a well-rounded, wide-net approach or its likely you will be missing crucial buyer opportunities. It’s more important than ever to invest in a quality campaign.” 3. Less buyers through the door “But don’t panic, even though we are experiencing lower numbers, those who are coming through are generally more qualified. This isn’t a bad thing, as it means that serious buyers have a better opportunity to engage with the agent and inspect the property in detail,” Mr Wilson flagged. Continue reading at:x 5 tips for selling property in a pandemic There are five things home owners should be wary of when selling in a pandemic, according to an award-winning agent.
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Strategic property investment has the ability to transform your life, as you can achieve financial freedom and have more time to enjoy the things you love to do most. But this isn’t the case for every Australian,” Mr Edge said. “You already know that investing and making your savings work for you is the key to achieving your financial goals. However, you may have made a few mistakes along the way due to poor advice or lack of experience, so you may be left feeling disheartened. “With a comprehensive property investment strategy under your belt, you can turn this around, even if it feels impossible right now.” The top three mistakes property investors make (and how to combat them), according to Mr Edge, are: 1. Having the wrong financial structure “Investors might find themselves in a situation where their loans are cross-collateralised (collateral for one loan is used as collateral for another loan) which gives the bank too much control. It’s imperative that all loans should be standalone – via using equity from the property or securing an equity loan,” Mr Edge said. “If the loans are crossed-collateralised and one property falls in value, the bank may make you take equity from another property, which might be your highest performer, to pay back another loan.  2. Buying in the wrong locations “Fewer than 5 per cent of properties available for sale are investment grade. So, how do you find an investment-grade property in a region that is ripe for growth? My recommendation is to shortlist suitable property locations based on some of the following factors: good regional growth drivers, the presence of several different industries in the area, approved development plans, low vacancy rates, population increase, approved increased government spending in the area and increasing job prospects,” Mr Edge advised. 3. Buying overpriced house and land packages “Firstly, buying in the wrong location could mean your house is worth less in years to come, once your house is finally completed,” Mr Edge said. “House and land packages are also typically available on the ‘outskirts’, meaning there will be less employment opportunities and access to public transport, compared with metropolitan areas. However, this is not always the case. Secondly, investors also underestimate the costs involved – the package might not include things like driveways, fences, etc.  Source: x Top 3 mistakes property investors make There are three common mistakes made by property investors. Here’s how to conquer them.
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As housing prices across Australia remain unsteady in the wake of COVID-19, potential homeowners are calculating whether it’s the right decision to break into the property market. To help make an informed decision, we recruited home loan specialist at CUA, Joel Dooner, to provide some insight into considerations that should be made before you decide to take the leap. As Australians enter our first recession in 29 years, the decision to invest in a property now might seem at odds with the current economical climate, which appears to be reflected in Dooner’s line of work. “The main concern we are seeing from borrowers is uncertainty about their jobs or the economy, and what the coming 12 months might bring,” he says. However, as Dooner explains, those who are able to buy their first home might just benefit from doing it during these uncertain times. “First homebuyers and those wanting to build a new home (or renovate an existing one) have been among the winners in recent months, benefitting from additional Government support,” Dooner states. “Meanwhile, essential workers with stable employment and property investors are seeing opportunities to buy at a time when the market is quiet and there is less competition. Get more details at: x A home lender's tips on how to approach the market... As housing prices across Australia remain unsteady in the wake of COVID-19, potential homeowners are calculating whether it’s the right decision to break into the property market.
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Australia Property can often be bought for a lower price – if you include an extra sentence in your offer. Including an extra sentence that compares your offer to the seller’s minimum price in a negotiation increases the likelihood of you getting what you want, finds research from ESMT Berlin. Most people assume that you can either be friendly in a negotiation and satisfy your counterpart or get exactly what you want, but these two outcomes do not have to be mutually exclusive. Martin Schweinsberg, Assistant Professor of Organisational Behaviour, alongside Michael Schaerer of Singapore Management University and Roderick Swaab from INSEAD, studied how negotiators can achieve both economic benefits and maintain a friendly relationship with those you’re negotiating with. “Imagine trying to buy a house where the seller’s target price is $580,000 and their minimum price is $320,000,” says Professor Martin Schweinsberg. “Instead of just saying “my offer for the house is $450,000”, adding the sentence of “how does this compare with the minimum price you are willing to accept?” increased the chances of the buyer’s offer being accepted, and made the counterpart happier. “This demonstrates that how an offer is perceived is subjective depending on how the offer is framed and that it is possible for a negotiation to be nudged to have a ‘win-win’ outcome.” Continue reading at: x Australia Property: how to get what you want • A... Australia Property can often be bought for a lower price – if you include an extra sentence in your offer. Including an extra sentence that compares your
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