Body (Corporate) Image Issues: What To Look Out For in a Section 108 Report
When buying a unit, flat or apartment, you’re not just buying a new home – you are also buying yourself membership of the ‘owners corporation’ that manages the strata scheme covering your property. An owners corporation, also known as a body corporate, is responsible for maintaining common property, taking out insurance and managing strata scheme finances, so it makes sense to understand what you are buying into before signing on the dotted line.
A strata report is a collection of documents provided by the owners corporation that outlines the details of the strata scheme. The reports are also known as ‘Section 108 reports‘ in New South Wales, named for the section of the NSW Strata Schemes Management Act 1996 that requires the reports’ disclosure to potential purchasers. Ordering a strata report is an excellent way to understand more about the scheme you are buying into. However, Section 108 reports are …
Read MoreSelling a Property in a Deflated Market
After many years of property growth, some investors are now faced with the reality of a property that is worth much less than the price that they paid for it. It can be hard to sell a property in a depressed market, which is why it is important to have the right real estate agent working for you to get your house sold.
Here are some tips to help you sell in any market.
Be open to price changes
In a depressed market, the price you will achieve is likely to be lower. Be open to accepting any offers rather than relying on past sales information, as you may find that prices are continuing to fall whilst your house is on the market. Accepting a lower than ideal price quickly may help prevent your property from staying on the market for even longer and having to end up accepting a …
Read MoreSpider Bites While Sleeping? Three Ways To Take Back Control Of Your Bedroom
There is a general joke about Australia that every insect in this country wants to kill you! While this is a little stretched, Australia certainly does have its fair share of things that bite, and this includes spiders. Spring is hatching time for baby spiders, so now the temperatures are warming up, it’s time to do a little spring cleaning so you can keep them at bay. The bedroom is the first place to get rid of your eight-legged friends. There are three easy ways you can try to banish spiders from your bedroom.
Full Spring Clean
To get rid of any spiders who have taken over your bedroom for their home, you first need to roll up your sleeves and give your bedroom a full going-over. In particular, clean out any items you have stored under your bed as spiders love to hide among stored items. This is …
Read MoreA Few Signs That Your Home May Need a Mold Inspection
Mold is not something to overlook in a home, as mold can damage the building materials and make a home’s wood frame soft and weak, leading to cracking and shifting. Breathing in mold spores is also damaging to your lungs and can cause a number of health problems. In some cases, you may be able to see mold growing in your home; if you renovate and tear down a wall and notice black or green mold, you want to stop your work and have the area inspected. However, there are some other signs that your home might have mold and should be inspected; note a few of those signs here so you can determine if your home needs a mold inspection.
Standing water
If your basement floods due to inclement weather, but you clean up the mess and never experience flooding again, this may not be an issue. However, …
Read MoreUpgrading your lifestyle when you retire
Once you finally get to throw off the shackles of working life you want to be able to relax and enjoy life. This isn’t the time to be worrying about the small details. Here are some ways to upgrade your lifestyle once you aren’t working.
Move into that retirement villa you’ve been eyeing
Retirement villas are a great option to live in a convenient location, such as a beachside location or as part of a sports complex with tennis courts and swimming pools. This can be a great way to have the lifestyle that you’ve dreamt on even if you can’t afford a beachside manor or built-in tennis court by yourself. It can be an affordable way to trade into a lifestyle that you finally have wanted.
Organise some home services
If you have been spending hours maintaining the garden or cleaning the house it can be worth outsourcing …
Read MoreShould You Manage Your Own Investment Properties?
If you buy an investment property to rent out, you have two main options in terms of taking care of it: you can manage the property yourself or outsource the work to a property management company. Wondering which option is best for you? Here are a few signs you should contact a property management company:
1. You live out of town.
If you don’t live in the same town as the investment property you own, you cannot drive by and check on it. Similarly, you cannot easily show the property to tenants or respond to their calls for help with maintenance issues. In that case, you may be better off hiring a property management company. The company can oversee your property and let you know what’s happening with it.
2. You don’t have time to manage it.
Do you have time or interest in fielding calls about clogged toilets in …
Read MoreAbout Me
I couldn't seem to get my son and his wife to move out of our house so we bought them a unit to give them somewhere to go. I wanted to find a unit they could stay in for a little time and hopefully even start having their own kids. My husband and I were pretty eager to get them in an independent home so that we could move onto this next step of my life. It went pretty well and I thought I would start a blog to help other parents in our situation, trying to set their kids or family up with real estate.