Buying a home is one of the biggest financial decisions you will make. Here are our top ten tips from the MMG Realty team for buying property in North Shore Sydney.
- Create a wish list
What are the non-negotiables for your new property? Define what your priorities are and consider what fits within your budget. You may want some features, such as a pool, that aren’t realistic in your price range. Decide what you can’t live without, weigh it up with your finances and create a realistic wish list to guide your property choices.
- Will it meet your future needs?
Decide how long you plan to stay in your next home. Is it part of your 5 year plan? 10 years? 20?
The cost of selling and stamp duty to change locations can be expensive, not to mention the hassle of moving every time.
Is it going to suit your future needs for proximity to transport, schools, shops, friends and recreational activities?
- Are there opportunities to add value? Are you willing to renovate?
The last thing you want to do is over capitalise on a renovation. If you want to add value, get the right advice to make sure your location can absorb the price increase you are aiming for.
Understand what you can do with your house and block of land in the future – you could extend, renovate, add a pool, remove trees and improve landscaping. Buying an original 3 bedroom brick house on a good size block in a middle ring suburb can be a stepping stone to a larger home down the track.
- How’s the commute?
What length of commute can you live with? Think about your daily routine once the shine of a new property wears off.
What about if your family or circumstances change in the future? Will you let your home location decide on job opportunities or vice versa?
- Know the value
Do your homework and understand how to buy at the right price. Research what homes are worth in the area you want to buy, and how many properties change hands. Is it a suburb with lots of buying opportunities or do owners tend to keep their properties for a long time?
Don’t rely on median house prices – they don’t tell the whole story of an area. Look for sales in the last 3 months directly comparable to the type of property you want to purchase. You will see a pattern of the most popular streets in a suburb.
- Get to know the neighborhood
You can get to know the neighborhood and the locals by walking around the area, checking out the shopping, facilities and community feel. Try to visit at different times of day, and take a look at whether the other houses on your preferred street are well maintained or in need of some care.
A great way to get a sense of an area is to chat to the local shopkeepers!
- Know what’s around the corner
Is there new development coming to the area? Is there rezoning planned? A block of apartments or a child care centre being built next to your new home will increase noise and traffic.
Research the local council’s future plans to identify any projects which could impact property values.
- Choose a floor plan to suit your lifestyle
Is the floor plan functional? Is it user friendly? Could it be easily changed? When you inspect properties think carefully about how your own possessions will fit in, and if it will work for you and your family or housemates. Is there enough living space, storage space? Do you need a study nook, a rumpus room for teenagers? What about natural light and warmth?
Trust your instinct on whether the house has the right feel for you. This is your haven, your own piece of the property dream. Take the time to get it right and don’t compromise too much. You don’t want to have regrets.
- Transactional tips
Have your finance and deposit ready so you can move quickly once you make a decision. Line up your solicitor or conveyancer to review the contract once you have negotiated the price.
Try for a balance of interest without being emotional – good selling agents will pick up on your emotion early and use it to up the price!
- Ask an expert buyer’s agent
It will save you money and heartache to consult an expert to help you find your ideal property and guide you through the buying process.
A buyer’s agent from MMG Realty will help you to liaise with other selling agents, research and identify suitable properties that meet your wish list, accurately appraise value, and provide support on decision making.
Contact MMG today to talk about your property needs for the North Shore.
Selling your home can be stressful. MMG Realty will help you get it right with top tips for preparing your home for sale.
Preparing your home for sale
How your home is prepared for sale can be the difference between a standard price or a great sale above your expectations! Preparation doesn’t need to be difficult, time consuming or expensive. We have mastered the art of sale preparation. Here’s our top tips:
- Think of the preparation like detailing a car before you sell it – create a clean, warm feel to show the house has been well maintained
- Declutter all spaces and remove any excess furniture
- Keep the styling simple and classic – allow the buyers to see how they can put their own stamp on the property
- If the property is empty, consider using a property staging service – buyers like to see a real, liveable space
- Get the carpets cleaned before the open house
- Remove signs of damp or moisture in the walls
- Repair any shower leakages or cracked walls
- Remove any cigarette, food or animal odours
- Think about curb appeal – make sure any gardens are well maintained and consider how landscaping could add to the first impression
- Invest in some professional cleaning – houses looking less than their best send ‘warning signals’ to prospective buyers that there might be issues lurking you haven’t disclosed
- Get advice from a real estate professional on the most cost-effective ways to prepare your home for your target market.
Get in touch with MMG Realty for practical advice and affordable solutions on preparing your property for sale.
MMG Realty can help with all your rental property management needs – from finding an investment property to ongoing management.
- Get help to identify an investment property suitable for your budget. Consider how long it takes to rent it out, resale values and level of maintenance required.
- If you intend to live in the property one day, make sure you consider its long term potential – not just what you need to rent it out now.
- Understand the rental demand in the area you want to buy. Will you buy in an area known for investment opportunity and low vacancy rates, or buy where you want to and then find a tenant to fit – even if it means lower returns?
- Don’t trust your gut instinct when looking for a tenant. Get professional reference checks and financial assessments done. Don’t assume because someone has the money for bond and a month’s rent, they will be great tenants.
- Be cautious about renting to family and friends. It might seem like an ideal solution, but it can become difficult to manage if there are any issues.
- Be aware of your rights and responsibilities as a landlord. You need to be across residential tenancy agreements (leases), rental bonds (held by Fair Trading) and how to manage any issues.
- Be responsive to requests from tenants about issues or maintenance. If you have an agent managing the property, make sure they are responsible and trustworthy and manage issues quickly. Return the favour by responding quickly if your agent gets in touch for approvals.
- Be realistic about the type of wear and tear the property will experience during the tenancy period. Make sure inspection reports are completed thoroughly by landlords/ agents and tenants.
- If you have serious issues with a tenant, try to resolve the issue with them first. If not, you can make a claim through the NSW Civil and Administrative Tribunal (NCAT).
- Understand negative gearing and its implications. If you aren’t sure what it means for you and your finances, get advice from a financial advisor or talk to your property specialist.
Get in touch with MMG Realty for more information on North Shore investment properties and rental property management.
Rental properties in Sydney’s North Shore give you the chance to experience the amazing North Shore lifestyle and community without committing to purchasing a property.
Here’s some top tips for renting from MMG Realty.
- Financial commitment: Understand the commitment you are making when you sign a residential tenancy agreement (lease).
- Occupancy: Only the people originally included on your approved application are permitted to live at the property permanently. If you want to replace a tenant, contact your MMG Realty agent for assistance. We can help you with application forms and approval for the new tenant.
- Insurance: We recommend contents insurance to protect your furnishings and personal items against loss, damage or theft. The landlord has no obligation to insure your personal belongings.
- Requests for maintenance or repairs: Put all requests in writing. Report any issues immediately to avoid the risk of injury to visitors or damage to the property.
- Urgent or emergency repairs: Your lease agreement (clause 17) lists which issues are deemed to be urgent repairs. Your lease should list emergency repair contacts. If you arrange repairs or maintenance for an issue not classed as an urgent repair, you may be liable for the costs.
- Gardens and lawns: If you are renting a house or townhouse the upkeep of the gardens and grounds are your responsibility. Before you sign a lease, make sure you are willing to keep up with this task.
- Property care: Take good care of the property to make sure your rental bond is returned. Some wear and tear is expected, but use your common sense and if you aren’t sure, ask your MMG realty agent.
- General housekeeping issues: Don’t use pins, blue tac or sticky tape on the walls. The paint will be damaged and you may be responsible for repair.
- Mould alert: Mould is a common issue that causes a dispute when tenants leave a property. Try cleaning regularly with a mould removal product to prevent damage to walls, ceilings and tiled surfaces.
- Be house proud: Keep the house and outside area clean and free from papers, rubbish, bottles or cans.
Get in touch with MMG Realty for more information on North Shore rental properties.