by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
The Mercury Real Estate Guide : May 1st 2009
MERCURY Friday, May 1, 2009—59 FINANCE AND CONVEYANCING EVERYBODY enjoys a bargain, whether on everyday goods such as food and clothing or more expensive items such as cars and real estate. It is fairly easy to spot one with food, clothing or even cars: all you need do is compare prices and brands. It is not so easy with real estate, but the rewards can be great if you do recognise a good deal. Here are tips to consider when looking for real estate bargains: ?Search the public trustee, deceased estates and mortgagee sale websites ?Recognise renovation potential ?Understand development potential ?Ask the right questions ?Keep an eye on properties for sale in your area You need to keep an eye on the properties for sale in your area, particularly on how long they are on the market.Thelongeraproperty has been for sale, the more chance you have of picking up a bargain. However, this is not always the case. When the asking price does not change, it suggests the vendor is not willing to budge. However, if you see that the asking price has been drop- ping, it is a sign the vendor could be under pressure to sell. Thepublic trustee, deceased estates That bargain may be staring you in the face Property observer Peter Koulizos offers tips that could bag you the deal of the year. and mortgagee sale websites are used by people forced to sell due to a death or mortgage problem. These properties often sell for less than under normal circumstances. A deceased estate can be a turn-off for many property seekers. The prop- erty is often not presented in its best state. Because it has been vacant for a time, the house may have a musty smell and the garden overgrown.And faults will be very evident. In the end, the sale price will be determined by how quickly the beneficiaries are keen to get their money. In a mortgagee sale, the bank has a duty to try to achieve the best price it can so that it can recoup its money and the vendor can keep anything left after all debts are paid. However, in the present market, buyers are determining sale prices, not sellers. Forced sales often result in proper- ties selling at lower than expected prices. However, low prices do not always mean a property is a good buy. For example, buying bruised fruit at half the normal cost does not represent a bargain. Nor does buying imitation top brand names at a fraction of the real cost. Buying something cheaply does not always represent good value. Bargains are often to be had because other people do not see the potential of a property. Most people walking through an old house only see the peeling wall- paper, ugly carpet and old-fashioned kitchen, whereas renovators will see an opportunity to paint the walls, rip up carpets and polish the floorboards, expose original fireplaces and put in a modern kitchen. And those who do sense the poten- tial do not always know how to renovate or they think the cost of a makeover will be too prohibitive. Consider a property’s development potential with care. Most people will drive by and see only a rundown house on a large block of land, whereas those familiar with property development and the rules and regulations of the local council will see a unit site. To the novice, it may seem daunt- ing to contemplate building units. It is all a matter of confidence. Knowl- edge will build your confidence. You only need to know a little more than the rest to be able to pick up a bargain. Work out the right questions to ask. Ask why the property is selling. This is the best question you can ask. Andif they do not give you ananswer continue to ask open-ended ques- tions. These will force the sales person to give you more than just yes or no answers. For example, you will gain a better insight into the vendor’s position by asking, ‘‘If Imakeacash uncondition- al offer with a short settlement, what figure do you think they will accept?’’ Don’t ask, ‘‘Will they accept $350,000?’’ The answer to the first may reveal the lowest offer they are willing to take, whereas the second question will only get a yes or no reply. Peter Koulizos is a university lecturer and author of The Property Profes- sor’s Top Australian Suburbs. The name you’d recommend in Conveyancing LOOKING FOR PROPERTY? Feel like property hunting is all too hard? Not sure about price? Dread negotiating? Don’t have time to research and inspect? Want to save MONEY? Then you need the services of My Property Hunter. We work exclusively for the buyer to save you time, MONEY and stress. CALL NOW OR VISIT US ONLINE! 1642360 168 Collins Street Hobart 7000 Facsimile: 6224 4166 Email: firstname.lastname@example.org Website: www.simwolf.com.au 0400 201 556 6224 4133 6224 4133 Call Chris Perriman and his experienced team, Sarah Carless and Angela Harriss for all your conveyancing needs Whether you’re looking for a home with three big Make your dreams a reality banking Whether you’re looking for a home with three big bedrooms, a gourmet kitchen or just great potential, at the Bendigo we’re here to help you own your own home sooner. With a home loan from the Bendigo you’ll get fantastic service, a competitive interest rate, the fl exibility to make additional repayments – and to withdraw them when you need to. But best of all, a home loan from the Bendigo can help make your whole community a better place to live. So call in and see us or call your local branch – and U can own your own home sooner. Bendigo Bank branches: Burnie – phone 6434 4234 Ask at your nearest Bendigo Bank branch for your free copy of can own your own home sooner ‘Your House: The First Home Buyers Guide’. Terms, conditions, fees, charges and lending criteria apply. Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879. (S23168-a) (04/09) At the Bendigo it starts with U www.bendigobank.com.au Ulverstone – phone 6490 8302 Devonport – phone 6498 7705 Launceston – phone 6336 6723 Kings Meadows – phone 6336 1604 Rosny – phone 6233 1544 Glenorchy – phone 6214 7822 Hobart – phone 6211 3719 Kingston – phone 6211 8762 Community Bank®branches: Queenstown – phone 6471 2657 Deloraine – phone 6362 480 Geeveston – phone 6297 0133 ver – phone 6298 1959 Deloraine – phone 6362 4801 Geeveston – phone 6297 013 Dover – phone 6298 195 Swansea – phone 6257 882 Bicheno – phone 6375 177 Swansea – phone 6257 8825 Bicheno – phone 6375 1772 2057724-LS
April 24th 2009
May 8th 2009