Real Estate

Want To Know The Value Of Your Home?

September 11, 2020 By editor

Our local property market is certainly very interesting at the moment. We are experiencing low stock levels and good demand from buyers, especially first home buyers and investors.

With spring in the air, now is traditionally the time people think about selling, whether it is your own home or investment, it is easier to move around and get things done when we have pleasant weather conditions.

Recently my phone has been ringing, with out of town investors looking at our region, as our home prices are low and rental returns high. I have also had more mature people considering a quieter life and looking to move west to get away from the hustle and bustle of the city.

Obtaining a current market appraisal on your home may help you make important decisions about whether to stay or go, or should you borrow money to renovate, or find out how much equity you have for investing purposes.

At the appraisal appointment, I do a walk- through of your home, have a chat to you about the property, and can usually give you a price estimate on the spot, followed by a written report if needed. The process takes around 20 minutes with the aim to give you a price range of your current market value and offer any advice that may help with your decision making.

To book your property appraisal please contact Tara Kelly at Century 21 Central West 0418 465 407. Servicing Forbes, Parkes and Eugowra.

Are You A Good Tenant?

September 4, 2020 By editor

If you are searching for a rental property to move into, the question ‘Am I a desirable renter?’ might not have even crossed your mind, but it should. A good landlord will go out of their way to find desirable tenants.

A desirable tenant is someone who has a proven record that they are financially responsible and can take care of the property and follow the rules of the lease agreement.

Remember, if you are a tenant and are searching for a rental property and it sparks your interest, then it is likely that other people will feel the same about it. Make yourself stand out from the competition by going through this checklist below:

• Consistently paying your rent on time and having a good rental payment history.
• Adhering to the terms and conditions of your lease agreement.
• Treat the home as your own, with respect and care for the property.
• Maintaining the property, keeping it clean and tidy.
• Communicate with your landlord and report any issues promptly.
• Have good quality references – previous rental history is best.

A glowing rental history will make you stand out against other applicants and will have landlords keen to have you as a tenant. Quite often, great tenants are rewarded in small ways by their landlords as they are keen to keep you in their property.

For more information regarding becoming a tenant, or completing rental applications, please contact the Property Management team at Century 21 Central West. Servicing Forbes, Parkes and Eugowra.

Great Presentation Pays Off

August 28, 2020 By editor

Spring is only a few days away and it is a popular time of year for many people to sell their home.

First impressions are lasting impressions. If they drive by and get the feeling that the property is appealing, they are more likely to want to book an inspection.

Great presentation can add thousands as it helps people imagine their new lifestyle and brings out strong feelings and emotions, which leads people to be inclined to pay more.

If buyers see the property needs repairs and maintenance or a massive clean-up, they are naturally going to offer much less.

The main thing is to have a clean and tidy property, regardless of the age of the house.

The next step is to declutter. You want people to be able to envision themselves and their furniture in the home.

It is also a good idea to fix any small things that need attention such as torn window screens, doors that don’t open and close properly and leaking taps.

Many people are paying professionals to style their home. This is becoming more popular. It depends on the circumstances – if the property is vacant, the property sale price and client’s budget and the target market!

Remember your home is going to be all over the internet, so you want it to look fabulous! We work with you to make your home look its absolute best so we can get the best price for you!

If you would like find out more, contact the team at Century 21 Central West.

Land Acquisition On Just Terms

August 21, 2020 By editor

With the State Government seeking to acquire land either by negotiation or resumption in our area, it is worth considering the law relating to this.

The NSW Land Acquisition (Just Terms Compensation) Act, 1991 was introduced to prevent land resumptions without compensation. Section 55 of the Act provides the heads of compensation:

a. the market value of the land on the date of its acquisition,
b. any special value of the land to the person on the date of its acquisition,
c. any loss attributable to severance,
d. any loss attributable to disturbance,
e. the disadvantage resulting from relocation,
f. any increase or decrease in the value of any other land of the person at the date of acquisition which adjoins or is severed from the acquired land by reason of the carrying out of, or the proposal to carry out, the public purpose for which the land was acquired.

Some of these heads of compensation might not apply in each case, but the first step would be to get a registered land valuer, who is familiar with the Act, to provide a comprehensive valuation report on these heads of compensation. It is important to remember valuations are opinions and valuers often differ in how they arrive at their valuation.

You will also need a lawyer to advise you and undertake the legal work involved. It is worth noting that loss attributable to disturbance includes legal costs, valuation costs, financial costs, stamp duty, mortgage costs and more.

Compulsory acquisitions are a very complex area and you may need our help. For further information contact us.

Rental Bonds

August 21, 2020 By editor

Today I would like to share some information with you regarding rental bonds. At the beginning of a tenancy, we ask the tenant to pay a bond for the rental property which is equivalent to four weeks rent.

The bond is only four weeks rent regardless of how many tenants occupy the property, and it is used as security for the property in case the tenant does not follow the terms of the agreement and they need to compensate the landlord.

Rental bonds are required to be lodged with the Rental Bond Board. These days we lodge bonds using rental bonds online. The bond lodgement details include the rental property address, the landlord and landlord’s agent, and the primary tenant.

To ensure they get the bond back, tenants need to make sure the property is left in the same condition as when they first rented the property, except for fair wear and tear. If the tenant has damaged the property, or not left it in a clean and tidy condition, or if they owe rent or other money to the landlord, they may forfeit some or all of their bond.

If there is a dispute over the bond at the end of the tenancy, then the matter is taken to the NSW Civil and Administrative Tribunal.

We hope that helps you understand rental bonds a little more, and if you have any questions regarding this topic or would like assistance with managing your rental property, we are more than happy to assist at Century 21 Central West for all your property management needs.

What To Look For In An Investment Property

August 14, 2020 By editor

Today I am discussing all the things you should be looking for when purchasing an investment property.

It is important to look for a property with desirable qualities, as this is going to assist you in the long run with aspects such as how long it takes to fill the home, how much rent you can get per week, and the quality of tenant you attract.

The location of the property is important, properties within close proximity to town and main areas such as schools and facilities are desirable.

It is also helpful to consider the condition and quality of the property, purchasing a property that will continuously require work and problems is not ideal for any investor.

Tenants often desire a more modern and comfortable home, sometimes this may be a minor face lift to the home.

Another area to focus on is the neighbourhood, as this will sometimes affect the type of tenants that you do attract.

It is crucial to do your sums beforehand, as cash flow is always king when aiming to ensure an adequate return on investment.

Once you have selected the perfect investment home, it is time to choose a property management team that will provide you peace of mind and security. After all, you want your property to be in the best managing hands.

For more information regarding our property management services, feel free to contact us at Century 21 Central West.

Are you in need of a great property manager?

August 7, 2020 By editor

A good property manager can help increase the value of your investment property and make sure you are achieving a consistently good rental yield or return. Here are some important qualities you should look for:

2. Strict leasing procedures, including stringent tenant selection, consistently achieving the best rental rate, and planning annual rent reviews in advance.

2. Proactive habits around repairs and maintenance, like performing regular routine inspections to address necessary repairs/maintenance.

3. Thorough knowledge of current legislation is essential. It is important to ensure your property manager is always up to date! As part of the Century 21 franchise, we are exposed to a multitude of property management training. We are also members of the REI, and attend the annual REI roadshow.

4. Clear and concise communication is also key. How easy is it to speak to your property manager? Can you reach them after hours? Do they return your calls promptly? Are their routine inspection reports thorough enough and do you receive photos with your report? Are your statements delivered promptly? Do you have an efficient landlord portal that you can login to and have all your important info when required?

Here at Century 21 Central West we strongly believe that we deliver on all of these points and provide the most reliable and honest service. If you are unhappy with your current service, please do not hesitate to contact us today to discuss how we can help you.

Under Offer/Contract What Does It Mean?

July 31, 2020 By editor

When an offer to purchase a property is accepted by the seller, it is generally referred to as ‘under offer’. This means that the agreement on price, terms and conditions has been reached, however the seller and buyer still need to sign the contracts and exchange.

Depending on various terms and conditions agreed upon during the negotiation phase, it can take several days to progress from the offer being accepted to the contracts being exchanged.

During this time the buyer or the seller may withdraw from the agreement.

In NSW two identical contracts are prepared – one is signed by the seller, the other by the buyer. Solicitors or conveyancers will exchange the contracts, however if the property is sold on auction the real estate agent usually exchanges contracts.

After the contracts have been exchanged, it is referred to as ‘under contract’. With a private treaty sale, the buyer has a five-day cooling off period. However, the buyer would be required to pay the seller 0.25% of the purchase price as a penalty for withdrawing from the sale.

Auction properties do not have cooling off periods. If a property is sold prior to auction, or on auction day, the buyer must complete the purchase or risk losing their 10% deposit.

Most agents put the Sold sticker on after contracts have exchanged and the cooling off period has expired.

When the property transaction is completed, which is commonly 42 days after exchange, it is referred to as settlement and the new owner takes possession of the property!

The Benefits Of Allowing Pets At Your Rental Property

July 24, 2020 By editor

Today I am discussing whether to allow pets at rental properties.

Although landlords may feel apprehensive, there are some benefits in allowing pets at your investment property.

Most Australian households have pets, with approximately 62% of people owning an animal. So, allowing your rental property to have pets may attract a longer-term tenant or family, which is what landlords desire, as it provides stable rental income.

In addition, allowing pets may enable landlords to aim for a higher return of rent and can assist with renting the property a lot quicker with a larger number of tenant applications to choose from.

At Century 21 Central West we require tenants to complete a Pet Application Form at the beginning of the tenancy, so we can find out what type of pets they have, and the age of the pet, which helps us to ascertain if the property they are applying for will accommodate that type of pet.

During inspections, we will monitor the pets’ living conditions and report back to you, so any issues can be addressed to ensure the property is being looked after.

When a tenant with pets vacates the property, we can enforce a pest spray in the yard and carpet cleaning inside the home.

There are benefits to letting tenants have pets at rental properties, and we recommend assessing this on a case by case basis. For more information on this topic please get in touch with the Century 21 Central West team today.

New Break Fees For Fixed Term Agreements

July 17, 2020 By editor

Changes to the Residential Tenancies Act came into effect on 23rd March this year. Today I thought we should discuss the new break fees for fixed term agreements.

When a tenant signs a lease, they should be committed to staying for the entire fixed term, otherwise the tenant may need to break their fixed term lease which will incur a penalty. This is called a break lease fee.

For tenants that have signed a lease from 23rd March onward, and the lease is for a term of three years or less, their break lease fee will be calculated based on what stage of the agreement they are in.

• Four weeks rent if less than 25% of the agreement has expired.
• Three weeks rent if 25% to 50% of the agreement has expired.
• Two weeks rent if 50% to 75% of the agreement has expired.
• One weeks rent if 75% or more of the agreement has expired.

For example, if two months of a six-month tenancy agreement has expired, that would be 33% of the lease term. Therefore, the tenant would need to pay a fee equal to three weeks rent to the landlord to end their agreement early.

However, if the tenant signed the lease before 23rd March, before the new legislation came in, these fees are not applicable to them. These tenants would still be bound by the former agreement rules.

For more information go to the Fair-Trading website or alternatively, contact us at Century 21 Central West.