Have you experienced applying for a home loan or real estate purchase and finding yourself puzzled with all the property/real estate jargons?

This helpful jargon-buster word list can help you.

Asking Price: This is the listed property price. This price can still be negotiable and is not yet considered as the selling price.

Auction: This is the procedure in which the property is sold to the highest bidder.

Bridging loan/bridging finance: This is known as the short-term loan used to cover up the financial gap between selling and buying.

Building Inspection: Is the detailed and systematic inspection of the property by a licensed builder. The licensed builder will examine the mechanical and structural condition of the property at the buyer’s expense.

Buyer’s Market: A situation wherein the property demand is less than the property supply. The scenario creates an advantage shift to the buyer.

Certificate of Title: This is a very important document and is included in the contract of sale made by the seller’s solicitor. It has the property description and includes the name of the real owner and any other impediments including easements and mortgages.

Commission: Is a portion of the sale, normally a percentage of the property being paid to the  real estate agent after closing the deal.

Contract of Sale: Is the agreement written in details including the terms and conditions concerning the purchase and sale of the property.

Conveyancing: Is the traditional term for the legal work included in the sale and purchase of the property.

Deeds: These are the legal title documents which prove ownership. The mortgage lender will hold these documents.

Deposit: The percentage of the purchase price which will then be given during the time of exchange or winning the bid at the auction for the purpose of binding the sale.

Easement: An individual’s right to use the property or land which belongs to the other. For instance, a water authority has a sewerage easement.

Exchange of contracts: The situation wherein the buyer and the seller physically exchanges their signed contracts legally upon the sale and purchase of the property with the settled price.

Fittings: These are objects which can be removed or detached from the property without causing any damage.

Fixtures: These are objects like stoves, built-in cupboards, dishwashers and others which cannot be detached from the property. These are objects somewhat permanently fixed to the real estate or property.

Gazumping: A situation wherein a seller accepts and agrees to the offer of the buyer and promises to sell the property to that particular buyer and in the long run sells the property to another potential buyer at a higher price.

Joint Tenants: Is a type of co-ownership which offers every tenant an equal share of the property.

Listing: Is a written agreement between a real estate agent and the owner. This states the authority of the real estate agent to perform the services to sell the property of the owner.

Local Authority Search: Is a process where a buyer’s solicitor enquires at the local council concerning any future developments or outstanding enforcement that can possibly affect the real estate.

Market Value: The price of the property which is agreed by both the seller and the buyer.

Off the Plan: Is a term described for selling a property which does not exist yet. It could be a proposal building soon to be developed, this is common in building units, subdivisions, and apartments.

Open Listing: Also considered as a non-exclusive real estate agreement, which means that there could be more than one real estate agent involved in selling the property.

Private Treaty: This is when the owner of the property sells the property with the assistance of a real estate agent who makes the direct deal to the potential buyer.

Reserve Price: Is the smallest amount which a seller will allow at the auction.

Settlement: Is the time where all the involved parties of the real estate sale meet and exchange important documents and payments to close the deal. The sale will be closed by the lawyer, the seller, and the buyer who is now the new owner of the property.

Stamp Duty: A charge from the government incurred by the buyer of the real estate. This is computed from the overall value of the property.

Strata title: This is a title of the property. This title includes the width, depth, and the height of the upper and lower boundaries of the land.

Valuation: is a written analysis of the estimated property value, most commonly done by an eligible valuer.

Zoning: Is a legal guideline followed by the local authorities to control the real estate.

Once you are dealing with real estates and mortgage, expect that you will encounter numerous legal terms when buying a property. Hence, it is very important that you seal a deal with a lawyer and ask any legal advice before making commitments.

If you have already decided on a new house but you’re still unsure about living at the suburbs, then chances are this might not be the appropriate place for you. You need to examine the top mistakes that most home buyers make when selecting a good location. Here are some things you need to know.

Do not only look for property aspects

When you are looking for your desired home, it is not only about checking the outdoor area and the rooms. You also need to consider some factors by checking the entire neighbourhood and investigating other possible issues such as:

• What kind of neighbours do you have?
• Is the house near the airport? Check if there are any noise disturbances.
• What kind of traffic levels does the place have?
• How do you find the parking space?
• Is the house near industries? Have you discovered any pollution that could harm your family’s health?
• Are there any developments planned near the area?
• How do the houses along the streets look like?
• Is the community clean and secured?

As you consider these essential attributes, you will now have a better perspective about the type of location

you’ll be moving into soon, and later on find yourself living in. Here are some helpful tips you’ll need to do:

1. Visit the area of your desired property at different times and see what can possibly take place. This would be a great way to know if the above listed factors can affect your quality of living once you have moved in. For example, a young couple from Sydney were planning to purchase a property near the airport and the home is too far from the flight path, but after visiting the place late at night they discovered the disturbing ground level noise and this can obviously affect their way of living.
2. Talk to the local council and try to ask what developments are happening or have been approved for the local area’s streets and properties.
3. Try your best to know what your neighbours are like. Do they have noisy and annoying dogs? Is their home tidy and clean? Are they friendly? If you follow tip number one, you can make the modest observations.
4. If you are too concerned about aircraft noise, try to ask some information at Air Services Australia with regards to the particular noise levels. But nothing can beat visiting the area at certain times and observing the area first hand.

Don’t look at the Local Area as a Whole

When you are in a situation where you’re moving away from your desired suburbs only to have those additional bedrooms and bathrooms, you have to stop and contemplate if the extra room is worth buying for. Are you going to be happy in a larger house but not in the ideal suburb? The place you will be moving into will be a part of your daily living. Therefore, it is very important that you make the appropriate decision with regards to finding a desirable area for your new house.

When you compile your list of desirable surrounding suburbs, try to ask yourself these questions:

• Are there any accessible transportation?
• Do you need to commute for work?
• How do you find the environment and facilities in the area? Are the amenities complete to suit your needs?
• Are the people in the area friendly?
• How do you find yourself settling into the area?
• In case you have a family or planning to have one, are there necessary services located nearby such as hospitals, childcare centre, parks, and schools?

Here are some more helpful tips:

1. Drive throughout the places you are truly interested in and imagine what it would be like living there. Take a look at the local establishments and see what services they provide.
2. Examine the statistics of the area. Look into the demographic trends, property values, crime rate, school facilities, and employment rate. Have a concrete imagination of the surroundings. See how the suburban rates on the ‘Your Home’s price mapping tool’.

Transportation and Commuting Issues

If you are going to work every day, you wouldn’t want to have a 2-hour travel from your house all the way to your office and vice versa. What you thought as an ideal location might later turn out into a nightmare if you spend long hours of travelling. You also need to consider the distance if you want to be near your family and friends.

Here’s a tip. Once you have decided on a particular area to settle in. It would be best if you perform test runs and determine how long it will take you to your workplace. Make sure that you drive or take the local transportation and see how you could normally travel. This will be a great eye opener for you to see what you would be dealing with daily.

Establishments and Facilities

Try to check the important services you need. Make a list and see how important it is for you and for your way of living. Find out if these facilities and services are accessible in your preferred area. Ask yourself these:

• Are there shopping areas or retail stores in the place?
• How do you find the medical services and hospital facilities?
• Do you find parks and other areas for recreation?
• How do you find the public transportations?
• Does the area have childcare facilities? Including day care, pre-school, and elementary schools?
• Are there any accessible community facilities like museums and libraries?
• What lifestyle facilities and leisure services are available? (e.g. restaurants, cafes, spas, gym)

You must weigh out the factors and determine what is important for you. Is it necessary for you to be near a cafe or would you prefer to be closer at schools and recreational areas instead? Put in mind that you will be living in a new area, with new people, new facilities, and establishments. Thus, it is very important for you to consider the above mentioned factors to find the most desirable community for you.

Putting your home up for sale can be a major problem. You will have to face dodgy brokers offering immediate deals, painstaking surveyors roaming across your basement and nosy potential buyers spying at your kitchen cabinets. To get the desirable value is your top priority, other issues will then be considered in the long run. You have the power on how your property is offered to the buyers. Take a look at some of the things which you can apply to increase your home market value in an affordable and easy approach.

Remove your Personal Things

Selling your house can often be as simple as doing a holiday general cleaning. Apart from a slightly wholesome kilo joule expenses and several garbage bags, this wonderful free strategy has possibly the greatest influence. A clean and organised environment is an excellent attraction to potential buyers.  Remember that sorting through your stuff isn’t your only job. You need to also get rid of many personalised things as much as possible. Make your home an empty slate in order for the buyers to walk around and check the area, or perhaps take a picture with it. Therefore, taking away photos, books, memorabilia, and whatever it is which has your personal touch.

Llyce Glink, the author of “50 Simple Steps You Can Take to Sell Your Home faster and for More Money in Any Market” points out that reorganising your artworks and neutralising your home decor is essential too. The CEO of StagedHomes.com, Barb Schwarz said that cleaning out your home for selling is important, she said “Clutter eats Equity”, meaning a slightly decorated home for sale will help potential homebuyers imagine moving in their own stuff. Furthermore, you will need to pack your things in the long run, which means that you might as well start doing it now.

Do the Painting

Paint is a blessing for home sellers. It is the best solution for modernising and renewing the look of the entire house. Property Woman, a woman’s real estate association recommends painting a yellowed toilet and bathroom tiles rather than replacing them, same also with worn out kitchen drawers, and exterior sidings. Finding all these alternatives can create a stylish and economical influence on potentials. Before you decide to put on some extra painting, always make sure to keep the palette warm and fairly neutral. Even if you find it good seeing the bedroom coloured in red, potential buyers might not agree. The best key factor in selling your property is to make it light, convenient, and wide open as possible. This could mean throwing away your favourite lime lighting to give out a sellable property. Glink added that, Buyers often have a hard time imagining their own things on your walls, by adding neutral decor to your home; you will allow the buyers to imagine the house as theirs.

Plant some Green

Plants are good to look at and it can increase some value on your property. All you need to do is make your garden look great. Clean the hedges and make sure there is no overflowing compost. Mow the lawn, uproot those weeds, and clean your borders. Don’t also forget to hide your trash bins, construction materials, barbecues, and most especially get rid of the dead plants. Clip the foliage so you can have a look at the windows.

You man also include a few inexpensive details such as a line of flowering plants along the paths. Choose plants that are easy to take care of. Your potential buyer will be delighted to buy your house especially if you have a place with a patio or balcony, or perhaps a small garden where they can see well-tended plants and flowers.

And lastly, check out the fences. Fences can add a little comfort and privacy for potential buyers, but you need to see if your fence is broken or the paint is washed out and you might need to do the repainting again.

Do the Cleaning

Cleaning your house for sale is not only about getting rid of your personal stuff. It can require a sparkling and spotless scrubbing on your bathroom tiles. This can be quite a heavy load but most of the time it pays off.

Schwarz’s listing of cleaning and sprucing up is actually lengthy and demanding, nevertheless the list points out the importance of having a “curb appeal”. Of course, buyers may not drill down your basement or perhaps your attic, but they will definitely notice the greasy oven and the dusty furnishings. So note that, and begin taking a look at your house as what potential buyers may see it.

Examine each and every room and start by cleaning the draperies and floors. If you have decided to do some repainting, make sure you get rid of the stray spots. Remove any kind of chalky rust or stain spots in the bathroom shower, and be sure that the sink and toilet is clean. Remove the grease at the stove top and do a complete scrub in the kitchen.

Lastly, fix the glass windows. Water-stained, filthy and smudgy windows blocks of light and gives the impression that your house has been taken for granted, frightening off potential buyers. It would be ideal to make use of the Windex.

Just Relax

If you are selling your home and you have already dealt with cutting the expenses of hiring brokers and lawyers, and all necessary things are done. It’s now your time to relax. By making the listed task part of your weekend routine, your house will definitely transform and have a great appeal to buyers. You can just sit back and relax in your clean house, got your boxes packed, relaxed. Obtaining your desired price is way easier than you have thought.

You have saved up some money for a couple of years and now you have finally decided on buying your own home for the first time. But the question is where do you start? Buying a home will definitely be the greatest investment that you will make and with the appropriate preparation you will surely be able to get the house you long dreamed of. This list of guidelines will help you in the planning process, guide you where to begin, and give you an idea of the necessary aspects you may need to enquire and verify.

Selecting your Home Loan

Choosing your home loan is as important as choosing a house. You can acquire your loan from any financial institution such as banks and other small loan providers. Loans can be quite confusing since it comes in various choices such as a variable rate, fixed rate, and no-deposit loans and so on. Most new homebuyers ask the assistance of a mortgage broker to avoid confusion and will help you assess the appropriate loan. But for those who want to do it alone, you would have to extend your patience for extensive research and enquiries.

Selecting the Appropriate Area to Buy In

It all depends on personal preferences, although there are numerous tips which can help. Consider the places you would like to live in and how much you will need to spend on it. In case you cannot afford to get the area you desired, think about the features of the place you prefer and list them down. Does the place have schools? Cafes? Or perhaps a beach? Just do a little research, who knows you might find some other location which offer you other favourable things and which may be available at a more affordable price.

Which Unit Is More Practical, An Apartment or A House?

Perhaps you already have thought about which type of unit you want to get as your homestead. But there are still lots of things that must be considered. If you are planning to buy an apartment better think first about buying a brand new home and you will be glad how the Federal Government will give you a First Home Owner’s Grant. One downfall of having an apartment is the fact that you have to pay continuously for the strata costs and you cannot make building extensions which you can easily do if you get a house instead. If you’re seriously interested on getting a new home try to consider relocating at a much less rural area so you will have the chance of discovering a new place outside the suburbs.

Plan your Budget

You will know how much you can afford to pay for monthly repayments. You need to contribute greater than 30% of your monthly recent tax income to your home loan, but you need to understand that there are other charges that you need to pay for. One important factor to consider here is that the financial institutions and banks will have to compute your capability to pay up to 2% higher than the existing rate just in case there is a sudden increase in the rates of interest. You must be aware and be familiar with the “buffer” as this can affect your capability to protect your finances. There are initial fees that you need to include in your budget such as mortgage insurance, loan application charges, building inspection fees, solicitor fees, stamp duty, etc.

Take some time

Do not immediately seal the deal once you see the first awesome place with a bright and sunny courtyard. Aside from the property itself you must also consider other factors such as your neighbours, accessibility to transportations including buses and trains, and traffic noise or plane disturbance. The most probable solution to get a good feeling about a new home is to go and visit the area at different days and different times. You might find that the area is relaxing the entire week but the downtown community starts to make some noise every Saturday morning. Take some time to visit the nearby potential home location and list down the issues which happens to arise every now and then. Compare your list to your other options and assess if it fits your preferences for a new home.

First time homebuyers often choose a home with a smaller space and then later on encounter some trouble in decorating. Most of the time first homebuyers will ask themselves: “How will I fit all these stuff in this area? Truth is, smaller spaces only require creativeness, clever ideas, and the sensible use of every available space. Here are some excellent ideas on how to make the most out of your small place.

Open Plan Layout

Getting an open-plan layout will give you more space to move around. If you are about to renovate your brand new flat, think about combining your dining room, kitchen area, and living room to create a breathable and wide space. An open-planned living is already the trend nowadays because it is modern, more compact, and there is more room to move around. Although an open-plan layout may involve repairs, it can commonly have a greater re-sale price, all in all making it a good choice for investment. Talk to an experienced interior designer to help you establish a plan that satisfies your preferences.

Built-In Storage

The secret to have a successful small space living is having a built-in storage. Along with being creative and sleek, having enough built-in storage will help you make your things more organised even with just a small space. Consider installing a full-wall shelves system inside your bedroom rather than having drawers, this will enable you to have an effective storage and at the same time have more room to move around. It is also ideal to keep your clothes with books and other important things, making it a one stop shop. For magazines, newspapers and other reading materials, you can put them inside a woven box or basket to avoid clutter. Most importantly, make sure your organisers are also hip and functional.

Kitchen Area

Think about renovating your kitchen cabinets to avoid blocking off kitchen appliances. This will be easier for you to locate your cooking equipments and tools. Maximising your kitchen area with a more spacious counter top where you can prepare, cook, eat, or even work is a good alternative. Consider having modern alternatives such as refrigerator-drawers and garbage compactors. But then again, the most important thing to put in mind is to have an excellent organisation solution with creativity and style. Regardless of how your kitchen cabinet is organised with apathetically arranged spices, there is still no point of having it since you will be only using the common ones.

Neutral Tones

It is a decorating rule to keep your home colours light and neutral as it can make your space look wider. Think about using texture rather that shades and colours to increase the depth of you home designs and style. Match woven rugs on wooden floors, choose a velvety sofa or couch and put in some fluffy pillows and add a tapestry on the wall. This can  make your room fresh and bright looking, you can also select an ivory-like warm shade, this will be ideal for making your home feel more calm and comforting.

Bathroom

You also need to consider making some changes in your bathroom. A rigid and confined bathroom is not at all enjoyable. There are lots of minor renovations which you can make to have a spacious area and make it appear even bigger and homey. Examine your fittings; even if you are soaking in your bath tub, a shower will be ideal to clear up half the space. A shower is perfect if you want to have an extra room to move around while taking a bath. Consider having a tiled bathroom so you won’t worry about water splashing everywhere, use a glass panel rather than a shower curtain, it will create a more wide open space.

Are you currently making your way down to the mortgage monsters? Stop it from happening, now is your chance to use and consider a few approaches to lighten up your financial burden. Beat up mortgage drain and apply these ten helpful tips.

1. Have more Re-payments

You might probably think that loan providers will give you the most credible deal when you get a home loan and set up your repayments. Setting your repayments weekly or fortnightly would be very ideal than setting it monthly. This repayment method will help you cut your mortgage burden. According to Nicole Pederson-McKinnon from her book “Halve Your Debt and Double Your Freedom – Without the Mumbo Jumbo”, you need to use the calendar. She pointed out that you can possibly make repayments 4 times a month, to be able to complete the payment in less than a year. So, why wait for a year to complete the pay if you can make it a few months earlier? The same also applies with lump sums. Maybe you acquired it from an inherited asset or a large tax return, set it to your mortgage and you will be able to see that the total amount due and the monthly interest rates will be reduced. The more frequent you pay for your mortgage, the more savings you will get from the interest rates. This is regardless of how much your home loan interest is from the monthly charges and daily balance in arrears.

2. Continue Paying your Old Interest Rates

Despite the fact that rates have stabilized lately,  most finance experts still recommend that property owners must continue to take care of their current home loan payments regardless of the low rates to be able to save a good amount of money over time. Pederson-McKinnon suggests that one must never cease to pay or even decrease the mortgage repayments. It is still helpful if you maintain you mortgage repayments at the same level even if the rates fall down or you get a much better remortgage deal.

3. Choose the best Home Loan and Refinance your Loan

Is your mortgage loan filled with unknown fees and many products which you don’t need? Perhaps it is time for you to think about re-financing it to a more sensible option, one which is suitable and within your financial capacity. Create a list of options which you would like to have and try to include a list of the things which you do not necessarily need. Consult it with your mortgage broker and determine which options are available for you.

4. Cut down Your Personal Expenses

Reducing a small amount on your personal expenses will help you compensate for your mortgage a lot easier. Cut down buying coffee during breaks, take your lunch at the office, make use of the local library and other similar resources, and take a local vacation during summer instead of flying to another country. Small sacrifices in spending can indeed help.

5. Choose a Fixed Rate

If you have a limited budget and you want to determine the specific amount of which you will be paying out every month, consider having a fixed interest rate on your mortgage loan. Find out your chances. Think about fixing a particular portion of your property loan. And before you make any decision with regards to this matter, it would be best if you seek some financial guidance concerning your financial situation.

6. Renegotiate Your Interest Rate

The home loan industry is changing constantly. Therefore if you’ve acquired your loan for a couple of years, it would be best if you consider renegotiating your existing interest rates. Confer with your mortgage broker and find out what options they can provide.

7. Ask Assistance

Ask your lender for considerations. For instance, you are currently unemployed because you need to look after your baby. Ask your loan provider to hold down your home loan repayment for the meantime. There are numerous loans which offer this service. However, you need to be aware because it can prolong the lifespan of your loan, and increase your amount of loan since the unpaid interest will be carried into the loan balance. Most of the time, this payment is due within 3 to 6 months. Your loan repayments can be possibly reduced if you are struggling with:

• Loan term extension
• Shifting to interest only re-payments
• Renegotiating interest rate

For more information regarding the options above, try to discuss it with your loan   provider. Many loan providers offer adversity provisions for their clients in case they are having difficulties. So don’t hesitate to ask help if you badly need it.

8. Always make the Preparations

If you are having plans on starting a family or perhaps needs to make some property renovation, always make sure that you have prepared the necessary requirements ahead of time because it can result to a loss of income or you just might find yourself spending on additional expenses on your mortgage dues. You can however make use of the mortgage for your benefit. Say for instance, when you have an offset account connected to your mortgage loan; use it up to its maximum capacity by having your income paid directly to the offset account which goes along with your home loan.

Employ a credit card for your monthly expenditures but spend wisely, make sure you don’t pass your limits. You can then transfer the money from your mortgage into the credit card once your monthly bill arrives. This can make your money in the offset account work by decreasing your monthly interest amount. This is so far one of the best approach to cut off those mortgage monsters.

9. Discipline is the KEY

Always think before you buy. Ask yourself it is necessary for you to buy that fashionable handbag or that new gadget. Before you decide, think of your home loan repayments first. You can use that money to pay your home loan repayments or any amount you need to repay from your loan provider. In case your home loan includes a redraw option, do not redraw unless of course it is incredibly important. If you are carrying this out for too long, then perhaps you can think of some other type of loan.

10. Get an Insurance

If you are concerned about the existing economic status and your employment, then it would be wise to avail a life insurance policy and income protection/security. This can protect you and your family in case of job loss and unemployment due to health problems or perhaps injuries.

For those who run their own enterprise, be sure that you possess the appropriate insurance and coverage to pay for any damages from robbery, fire and etc.

The true secret to avoid mortgage problems is to not disregard any concerning issues. It should be handled directly as soon as possible. You must also lay out the best financial planning so you will be able to experience a desirable financial situation.

So you’re planning on selling your source of joy and pride – your home. But there’s more to it than just putting on the price tag. Before opening the door to possible buyers, there are some things you need to be aware of. Bear in mind that first impressions indeed last, and can either make or break a sale.

Thoroughly clean your house

When it comes to selling your house, the most important thing to do is to clean up your house – clear out all the clutter, take away all the things that potential buyers might not need when they take over the house such as personal items. Here are some things to remember before placing that For Sale sign.

●      Keep away your family photos.

●      Pack away ornaments, or at least keep out only a few of them.

●      Remove large items such as furniture – desks, tables, etc. This will open up a large living room space.

●      Change into new bed linens to make the bedrooms attractive.

●      Obtain new towels for the bathroom.

●      Pack you children’s toys into boxes and store them in the garage.

●      Clear your kitchen tops. Pack away appliances and other items to produce a lot of space.

●      Purchase new blinds, curtains, light fittings or carpets.

●      Clean up the bathroom and kitchen, including the surfaces. Carpets should be steam cleaned; dust and cobwebs from hard- to-reach areas should also be removed. Ensure that cupboards are neat and tidy and remove all items from underneath tables and beds.

Groom the outdoor areas

The appearance of the exterior of your home, such as the patio or garden, will have the same impact on possible buyers as that of the interior. Clean out gutters, fix fences and gates, and consider adding new lighting. Remember that the general impression of your home will definitely help boost the value of your property.

Repair any noticeable problems

It is always a good idea to fix any issues around the property which are visible, such as cracks in walls and windows, broken blinds, leaking taps, squeaky doors or floorboards, unfastened doorknobs, etc. Painting your house can also do wonders when it comes to making your property tidy and elegant.

Do a renovation

Before listing their property for sale, some people think about renovating certain parts of their house such as the kitchen, bathroom, and bedrooms. But before doing that, you must conduct your own research. Check your area for similar properties and how much they are worth. You can also talk to real estate agents or mortgage brokers to help you do your calculations – determine if the renovation costs could be compensated by the sale price. There are instances where it’s best to leave key renovations to the new owners. But if you feel that doing a renovation is the right thing to do, just make sure everything is done professionally so that it attracts potential buyers.

Open house

When the big day comes, always make sure that the property is in its best form inside and out. To help you manage everything, consider hiring a gardener or cleaner who are experts in their field, to help ensure nothing could go wrong.

Pay attention on the following important points:

Lighting – Make sure the property is well lit. A dark home is more likely to depress buyers rather than impress, so light up dark areas such as hallways.

Garden – Mow the grass, trim the hedges and pick up any rubbish or debris.

Pets – Let your neighbour take care of the pets during the open house days. Make sure to keep away their toys, bowls and sleeping mat as well.

Rubbish – Make sure you get rid of all garbage, including bottles and piles of newspapers and magazines.

Renovating can be very demanding at times, causing you so much stress. But there are ways to handle the pressures brought about by renovating. Check out our 10 helpful tips towards a successful renovation.

1. Do your research

Before planning on any kind of renovation, you have to do your research. Look out for the latest trend and designs by reading magazines or browsing the internet. If your purpose is to resell, you will need to examine the demographics of your area, its housing styles and sale prices. Property specialists recommend that aside from research, you also need to look for an inspiration to help you get through the strenuous task of renovating.

Experts advise to look for attractive images as inspiration so you can tune up your mood to help you imagine what you want your home to look like. If you’re renovating your kitchen, look into details like the sink, tap, stove, etc. Most importantly, don’t forget to consider your family and yourself. Plan out how much stress you are ready to take in for the renovation to take place.

2. Allocate a budget

You should set out your funds for your renovation plans. This includes costs for materials, labour, and living arrangements in case you need to look for alternative housing during the renovation period. Ask an expert such as an architect to help you at this phase. You may need to seek out a loan or extend your current mortgage in order to cover the costs. It’s good to speak to your mortgage broker beforehand to ensure you have the needed funds.

3. Consult an architect

Hiring an architect can bring about a lot of benefits – it can save you time and money when it comes to renovation, and they cost less than you think. A concept, when drawn by an architect, is a cost-effective way to jump start a project. An architect can create an artistic, realistic design that best suits your budget and lifestyle requirements. The important thing is to plan according to affordability and individual lifestyle needs. An architect is the best person who can help you manage costs and achieve your home renovation in reasonably affordable steps.

4. Refrain from overcapitalising

There is one known golden rule when renovating: do not overcapitalise on the property. You need to do your own research first, and you also have to look into the demographics of your area including the sale prices of nearby similar homes.

Here are some useful tips for making money from your renovation project:

● Have a good quality concept for design

● Create accurate and detailed working drawings

● Make room sizes as efficient as possible

● Get hold of a minimum of 3 quotes for all work

● Refrain from using expensive fixtures and fittings

5. Get council approval before you start

Depending on the renovation type you are planning to do, you may need to get planning approval from certain departments like the local planning authority. Schedule an appointment with your local council ahead of time, and inform them about your renovation plans to grasp an idea of their suitability for the property, and to also increase your chances of getting an approval.

6. Utilise licensed and reputable builders

After finalising the plans, consult your friends and ask them for names of contractors they have worked with. Now that you have a list at hand, start interviewing each contractor. Make sure you have written down important items you have to ask them. If the specifications are ready, have your chosen provider present you with a quote. If not, you can ask them to give you a proposal and a budget for the project. Check their references just to be safe.

7. Put everything in writing

So you have chosen your builder, and you have made a deal on the time-frame, budget and general plans. So what’s next? Put them all in writing. Experts say that doing a renovation without including material and labour costs is like doing financial suicide. You contract need to contain the design plans from the main works down to the minute details and finishing touches.

8. Observe as the work progresses

It takes a fine eye to know that everything is accurately done. It may be of great help if you hire an inspector who can officially confirm and certify that the work is done with the proper standards.

9. Follow your original plans

If the time-frame and budget has been set, and the work has been started, try to keep changes to a minimum. Constant changes will definitely affect both the schedule and budget of the project.

10. Be flexible

As the renovation progresses, changes may happen and some things can go wrong. It’s best to keep an open mind and be flexible at all times.

With flashing and catchy advertising campaigns up their sleeves, a number of lenders are reaching out to their customers to show them how they truly care. But all the glitters started to shed off their ad campaigns when they decided to lift their home loan interest rates beyond the current Reserve Bank cash rate increases.

If moving into the market is what you have in mind, it is important to look for a home loan that suits your needs. You can start out by surfing the web for the right home loans and make relevant comparisons of the different institutions that offer home loans.

If you’ve already acquired a home loan, remember that you can always go back to your lender and negotiate a better deal. It’s better to ask than shrug it all off – and by switching to a much better package, the benefits are all yours. There may be fees and costs related to changing lenders or package, so you have to ensure that you have a comprehensive knowledge of what those might be and what your next game plan would be.

When you’re looking for a home loan that fits your condition, a local mortgage broker could be of assistance. He can give not just the most suitable rate, but as well as the important features, fees and charges, redraw facilities, offset accounts, etc.

Have you talked to your mortgage broker lately to renegotiate your home loan?

Is your summer getaway already in plan? But before you go on your dream vacation, there’s one crucial thing you need to know. According to insurance statistics, an average of one house is burglarized every minute of the day. So it is essential to thoroughly protect and safeguard your homes as best as you can, before it’s too late. Now, follow these fail-proof ways which can help you secure your home and properties, and enjoy your summer escapade at the same time.

Lighting

Set up lights at key parts of your property, like the front lawn, the backyard or the garage area. This may look and sound simple, but doing these important steps can truly make a big difference when considering the security of your home. It’s best if you can install movement-activated sensor lights, which could detect any potential movement outside your house. You can also make use of timer lights while away, to give your house a lived-in look, or leave the lights on in some areas.

Insurance
Be on the safe side of the road by keeping all your home contents insurance updated. Make sure all valuable items are insured and keep a record of their model and serial numbers. Also keep a list and photos of other expensive belongings like jewelries.

Alarms and locks
Set up an alarm system – this is one of the best ways to prevent burglars. Make sure it is properly installed and always leave it on while away.

NRMA Insurance gives the following pointers when choosing and setting up alarm systems:

• Intruder detection apparatus should be placed on the main entry points.
• It should include an internal and external siren.
• It should also consist of a strobe light.
• It’s best to have at least three intruder detection devices and at least two motion detectors.

To keep burglars out, install locks on all doors, gates and windows throughout the house.

Lock up
You would think this suggestion is quite obvious. Think again – according to an NRMA statistics, more than 35% of home owners still leave doors and windows unlocked while away from home.  Remember to always lock up potential entry points like doors, windows, and gates before heading out.  Also lock away all other equipments which can be stolen from outside areas like the garage or garden.

Additional tips

●      Do your best to make your house look as lived-in as possible. Ask someone to take care of the mail or the bins for you.

●      Ask the paperboy to discontinue delivery of newspapers while you are away.

●      If you’re new to the property, install new locks on all doors and windows.

●      Never ever leave your spare keys outside the property.

●      Trim or cut down trees or shrubs that may provide cover for burglars.

●      Ask a friend or a neighbour to keep an eye on your property on a regular basis while you’re away.

●      Turn off the volume of your home phone, and don’t leave a message on your answering machine telling you are away.

●      If possible, leave a car parked in the driveway.

●      Don’t leave traces of your new purchases outside the property, like your new television or computer box.