How to Prepare for the Spring Property Season

The busy Spring property season is just around the corner and you know what that means? Whether you’re planning to buy or sell, NOW is the time to start getting organised.

Here’s how:

Tips if you’re planning to BUY this Spring:

Get your finance sorted pronto!

There’s no point starting the property hunt until you know how much you can borrow. Talk to us and we’ll explain your borrowing power.

If you haven’t already done so, it’s also a good idea to get pre-approved for finance now, so that you don’t miss out on your dream home once you find it. For most lenders, pre-approvals last 3-6 months.

Do your research

Whether you’re a first home buyer or you’ve been around the block, it’s important to do your homework.

  • Narrow down the suburbs you’re interested in and research the market value of your desired property type
  • Check government websites for projects that may influence the capital growth potential
  • Consider the zoning and whether upcoming developments could affect supply and demand
  • Check out recent comparable sales on websites like realestate.com.au
  • Get to know local real estate agents now, so that they keep you in the loop about new listings during Spring
  • Ask us for a free suburb report with all the key info you’ll need.

Attend several auctions before you actually bid

Bidding at auction can be extremely daunting, particularly with the knowledge that there’s no cooling off period. You’ll want to feel confident about the process before going in guns blazing.

Over the coming weeks, make time to attend several auctions to get a feel for how they unfold. Even if you’ve bought at auction before, it’s a good idea to suss out the market in advance.

Tips if you’re planning to SELL this Spring:

Declutter

That’s right, it’s time to channel your inner Marie Kondo. You may be thinking, ‘it’s only August, I’ll have time for that later,’ but it’s important not to underestimate how long the decluttering process can take!

Decluttering can make a world of difference to prospective buyers. It allows them to see the space more clearly and imagine themselves living in your home. In simple terms, space sells.

With that in mind, ditch what you don’t need and consider putting the majority of your belongings into storage.

Clean meticulously

Time to give your home a thorough clean. You’ll want your property looking its absolute best for when the inspections begin.

If there are any repairs or maintenance jobs you’ve been putting off over the Winter, now is the time to address them.

 

Consider renovating

Want to drive up the sales price? Why not renovate this month and add value to your property?

Most experts recommend the top priorities when renovating for profit should be the kitchen and bathroom(s). If you need finance for these kinds of big-ticket renovations, we can help.

However, even making small cosmetic enhancements, like applying a fresh coat of paint or putting up new blinds, could result in a heftier price tag.

 

Sort out your finance for your next property purchase

Already found your next home? You may need bridging finance to tide you over until settlement is finalised on your old property.

So, what’s on your to-do list this month? Remember, whether you’re buying or selling this Spring, now is the time to start planning and preparing. Speak to us for all your finance needs today!

Chris Connolly
Connolly Wealth Management
Level 1, 441 South Road
Bentleigh  VIC  3204
(P) 03 9591 8000
(F) 03 9530 8375
(E) chris@connollywealth.com.au
(W) www.connollywealth.com.au

Disclosure: Christopher Connolly (280099) and Connolly Wealth Management Pty Ltd (333350) are Authorised Representatives of Wealthsure Financial Services Pty Ltd AFSL 326450.

 

Disclaimer
The information contained in this email and its links/attachments are general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek the appropriate financial advice and read the relevant Product Disclosure Statement or other offer document prior to acquiring any financial products.

Tips to Build Your Home

Here’s an overview of what’s involved if you’re considering building a new home for the first time.

What’s your budget?

The first step to building a home is deciding what you can afford to spend. When buying a home that’s already built, determining how much money you need is quite straightforward. However, it’s not so simple when building. Once you’ve finalised your budget you’ll know if you need finance. We can help determine your borrowing capacity to get your build underway.

Select a home building option

When it comes to building your own home, there are several ways to go about it. You can select a house and land package, or you can work with a designer and custom-build your property on your own land. Some people choose kit homes or modular homes as they are faster to construct – most of the components are prefabricated and delivered to the site to be assembled – but talk to us before you choose this option as not all lenders are enthusiastic about this type of building project.

There are plenty of useful websites where you can find estimates of how much it costs to build the kind of home you want. Remember – you can explore these options more effectively once you know exactly how much you can spend.

Find the right block of land

Some people buy their land before choosing the home they want to build. Others choose the home design first. Either way, make sure the home design will work on the block of land you choose. A site that has a steep slope or an unusual shape, for example, may be difficult to build on. It’s a good idea to seek professional advice from a reliable builder to make sure your land and home design are compatible.

Choosing a builder

It’s important to do plenty of research when selecting your builder. You could ask friends and family for recommendations or go online to research builders. Be sure to check out other homes the builder has constructed. Also, check in with the Master Builders’ Association to make sure your preferred choices are legitimate and have received no major complaints.

It’s a good idea to get quotes from several different builders, complete with detailed plans, price breakdowns and a timeline for completion. You should also have your solicitor or conveyancer check the documentation before you commit.

Secure finance

A construction loan is the most popular option if you are building your own home. Construction loans are different from regular home loans. The lender releases portions of the loan, or progress draws, throughout the construction process. These are only paid once an inspection of the build has been completed at certain stages. This helps to keep your project on schedule and protect both you and the lender from less than honest builders.

Usually you pay interest-only during the construction, then repayments convert to principal and interest upon completion.

There’s nothing more exciting than watching your home grow from the ground up. We’d love to help you build your dream home, so please get in touch.

Chris Connolly
Connolly Wealth Management
Level 1, 441 South Road
Bentleigh  VIC  3204
(P) 03 9591 8000
(F) 03 9530 8375
(E) chris@connollywealth.com.au
(W) www.connollywealth.com.au

Disclosure: Christopher Connolly (280099) and Connolly Wealth Management Pty Ltd (333350) are Authorised Representatives of Wealthsure Financial Services Pty Ltd AFSL 326450.

Disclaimer
The information contained in this email and its links/attachments are general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek the appropriate financial advice and read the relevant Product Disclosure Statement or other offer document prior to acquiring any financial products.