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Home buyers protection: which one is right for you?

jacqueline · Mar 9, 2021 ·

2020 has been quite an eventful year so far… and unfortunately not for the right reasons. From the bushfires, the COVID-19 pandemic, and now the economic challenges, it’s been mentally and emotionally exhausting for many Australians.

During challenging times, we all desire for the peace of mind that comes from knowing you, your family and your home are protected against unforeseen events. Insurance provides protection against short term financial hardship and set-backs that could have a serious long term effect on your future financial security. In this article, we explain the types of insurance you should think about when buying a property. If you’d like to know more, talk to your me about your requirements.

Income Protection

This type of insurance provides an income safety net should you become sick or injured, and unable to work and make your home loan repayments. You may also like to consider trauma/critical illness cover, total and permanent disability insurance and life insurance — that way if you are unable to go back to work, you won’t lose your home.

Mortgage Protection

Mortgage Protection insurance covers the cost of your mortgage repayments if you become seriously ill or die. It should be noted that it is only meant to cover your mortgage repayments and not any other expenses for you or your family. It may be a wise choice if you already have some other kind of life insurance — for example, with your super plan.

Building and Contents

Building or home insurance protects against the cost of rebuilding or repairing your home from things that are outside your control, like fire or natural disasters. You can opt for total replacement cover (to rebuild your home as it was prior to the event), or sum-insured cover (coverage up to a certain amount). When you buy a home, your mortgage broker will most likely recommend that you insure the property before settlement day.

When choosing your policy, make sure you have the right amount of coverage, as well as the right type of insurance for your actual needs. Your mortgage broker is an invaluable source of information in helping you to determine this.

Contents insurance protects your belongings, including carpets, rugs and curtains, in events such as fires, storms or theft. Often it will be bundled together with home insurance. Many people consider it a must-have to protect from those smaller disasters — even a contained kitchen fire could render your home unliveable until you can repair the damage!

How can I help?

I’m available to discuss your insurance needs — so please contact me to discuss your finance and insurance requirements. What’s great is that we can do it all — from setting you up with a home loan that meets your financial circumstances, and also help you to arrange the right insurance to protect you and your family. You’ll find they might offer a range of options and make it easy. You may also be able to save by bundling insurances together, so please reach out.

We’re here to help and would be happy to answer any questions.

Renovation tricks to add value to your home

jacqueline · Mar 1, 2021 ·

Experienced property renovators know the key to a successful renovation is to use the space you have wisely. Renovating areas like the kitchen, living room and dining area to create more space and storage can not only make your home more liveable, it may also add value to your property.

Here are some renovation and design ideas to help create more space and hopefully boost your property’s price tag at the same time.

Kitchen and dining room

  • If your kitchen and dining rooms feel pokey, consider knocking out non-structural walls to open up both spaces.
  • Is your island taking up too much room? You could opt for a “rolling island” (with wheels) or an island with a dining table integrated into the design.
  • Choose white and lighter colours, which generally make a space look bigger than darker shades.
  • Install sliding drawers inside your cabinets to maximise your space inside.

Bathrooms and toilets

  • Free up room by recessing cabinets into the wall.
  • Ditch the shower doors — go for a transparent glass panel rather than a step-in shower with a door.
  • Use the same colour tiles throughout the bathroom so that the floor and walls blend together. Again, lighter shades are best to give the sense of space.
  • Open up floor space with a floating vanity or pedestal basin.
  • Use neutral colours and larger mirrors to create the illusion of space.
  • Replace clunky toilets with a wall-hung throne. By concealing the tank in the wall, you’ll save space and achieve a more modern look.

Living rooms and bedrooms

  • Use space vertically, not horizontally. For example, opt for floating wall shelves, or floor to ceiling shelves that are recessed into the wall.
  • Try wall lights rather than floor lamps or bedside table lamps.
  • Choose multifunctional furniture — coffee tables with a shelf underneath for books, beds and sofas with hidden storage underneath. Furniture with delicate detailing such as narrow arms and raised legs will help create the illusion of space.
  • If space is tight in bedrooms, get creative with furniture. How about a wall bed that transforms into a studio desk? Or a wall bed that folds into a cabinet? Nifty, right?
  • Paint the walls, trims and ceiling in the same light shade to make ceilings appear higher. Hanging curtains closer to the ceiling will do the same.
  • Incorporate mirrors into your interiors to bounce light around.
  • Consider building a loft if you have high ceilings. Not only does a loft add valuable storage to save space in the main living areas, it’s also a memorable feature for resale.
  • Skylights are a great way to add more natural light to a property and create an airy, spacious atmosphere.

Laundry

  • Combine your bathroom and laundry into one, so that you can optimise the use of the plumbing.
  • Tuck your washer and dryer away inside a kitchen cupboard and reclaim the laundry for a different use.

Outdoors

  • No reason why you can’t have a beautiful garden in your small home or investment property — just think vertical! There are plenty of fun ideas on Pinterest for small spaces and balconies.
  • Ensure any outdoor furniture is functional and appropriate to the size of the household. Also, consider whether any outdoor furniture could double as storage (for example, benches with storage underneath).

Ready to renovate?

Irrespective of the size of your property, there are plenty of clever renovation tricks to maximise the floorplan and potentially drive up its value.

If you’re ready to get started, please reach out for advice about finance. As your mortgage broker, I’ll explain your renovation finance options and help you choose the right loan for your specific needs.

Remember, now is a great time to consider renovating, with the government’s $25,000 HomeBuilder Grant on offer. Get in touch and I’ll explain the eligibility requirements.

Happy renovating!

6 negotiation tactics for spring property buyers

jacqueline · Feb 23, 2021 ·

Interest rates remain at a record low currently, and the property market is expected to heat up as we enter spring despite the economic challenges due to the pandemic. Listings are currently lower compared to last year, which means as a buyer there may be more competition for properties this spring. So, if you are in a good financial position and considering buying this spring, it’s a good idea to arm yourself with some sharp bargaining tactics before diving in.

Nobody wants to pay more than the current market value for a home. Here are six negotiation tactics to help you get the right price on your property purchase.

1. Research the market value in advance

When it comes to the sale price, it pays to do your research. Knowing the correct market value of a property will allow you to negotiate the price with confidence. Speak to your broker to access a property and suburb profile report which will provide valuable insights so you can make a fair and educated offer that reels the vendor in, whilst avoiding overspending.

2. Know your ceiling price

Before you begin negotiating, it’s important to know your spending limit. The easiest way to find out is to speak to your mortgage broker who can research your borrowing power. This is the amount a lender may be willing to let you borrow, given your personal financial circumstances.

Knowing your ceiling price is particularly important when bidding at auction. With private treaty sales, you can insert a ‘subject to finance’ clause in the contract that will allow you to back out if a lender won’t come to the party. But once the hammer goes down at an auction, you cannot pull out without being in breach of the contract and out of pocket for the deposit.

3. Be confident of your finances

When negotiating, you’ll be more confident if you know your finances are good to go. Pre-approval gives you that peace of mind and it gives you an advantage over buyers who don’t have their finance in order (If you are new to buying property, pre-approval is an indication from a lender that you qualify for a home loan up to a certain limit).

4. Understand the seller’s motivations

Find out why the vendor is selling. If the sale is time-sensitive, you may be able to offer a shorter settlement period for a discounted price. This is often the case if the vendor is in a hurry to relocate for work or family reasons. Try to close the deal by changing the settlement terms or conditions to suit their needs, or perhaps the deposit arrangement (for example, you could offer a larger cash deposit).

5. Use your building and pest inspection report as a negotiation tool

If your building and pest inspection reports come back with a few surprises, it may give you leverage to get the vendor to lower the price. Of course, you may not want to buy a property that’s infested with termites, but if the issues are minor, you may consider buying anyway.

6. Know when to walk away

The number one rule when buying property is not to get emotional. When you determine the fair price for a property, be firm. If the vendor isn’t budging on price and is unwilling to meet the market, you may have to walk away. Once you do, you may find they turn around and agree to accept your offer.

There’s an art to successfully negotiating the purchase of a property. However, with careful research and preparation, you can come out on top. Before you begin shopping for a home or investment property, remember to talk to me about getting your finance pre-approved so that you’ll be ready to negotiate with confidence.

Happy property hunting!

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Presidio Finance Consulting Pty Ltd
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The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only. Although every effort has been made to verify the accuracy of the information contained on this website, Infocus, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.
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