What type of property you should buy as your first purchase

What type of property you should buy as your first purchase

Transcript
“Hello and welcome back to daily buying tips, I’m Dean Berman from Berman Buys.

Today we’re going to talk about what type of property you should buy as your first purchase.

In residential terms, there are a few main options.

The unit/apartment. The villa. The townhouse. The duplex. The land. The house.

Which one is right for your first property?

Something closer to the city such as a unit?

Or something further out with good land size?

It really comes down to your budget and personal choice.

Some decide to buy close to the city due to convenience and lifestyle benefits.

Some rather rent near the city and buy an investment further out or even interstate.

With the view for potentially enhanced growth.

The two most important questions to ask yourself.

Are you wanting to occupy the property?
How much can you afford?

These questions will determine were you can afford and what you will be able to purchase.

Your household size will usually determine the type of property you will require.

From a studio apartment to a large house with a big garden and everything in between.

Most of society would usually love to buy a waterfront Point Piper mansion.

In reality this isn’t realistic for most of society.

Which is totally cool, as you can make your own place great, no matter where it is.

Maybe one day you can afford that waterfront home.

But in the meantime if your just looking to invest, in my opinion, pick the best growth location you can find.

If your living in the property, try not to overcapitalise on the purchase price and renovations.

Which basically means, ideally don’t spend more than what the property will be worth at the end.

The beautiful thing is you can if you want.

It’s your first property!”

Some ways to determine if a property makes sense or not as an investment

Some ways to determine if a property makes sense or not as an investment

Transcript
“Hello and welcome back to daily buying tips, I’m Dean Berman from Berman Buys.


Today we’re going to discuss some ways to determine if a property makes sense or not as an investment.

Sometimes a good quality property investment isn’t fancy.

It’s not glitzy or shiny or particularly pretty.

In fact it might be slightly ugly.

However, there’s nothing wrong with that in my opinion.

All too often I see investors lured by the glitz and the glam of shiny renders and brochures.

Often looking past logic and becoming emotional about the various claims made about the property.

When you feel like your being lured to something new and shiny.

Remember there are median prices in an area, which are a good initial gauge of how the value stacks up.

If the rental estimate seems high.

Maybe check what’s available in the market, it could be over hyped.

If you are trying to buy something for tax relief, remember that point.

Something off the plan in many instances will take over 2 years to finish.

Also don’t base your decisions on best case scenario.

A medium case is a much better choice.

The good thing about facts and figures is they are black and white.

It’s hard to become emotional about them.

Often times it’s the price you pay where the investment becomes good or average.

Remember this point as the glitz can sometimes cloud your judgement.”

The pros and cons of houses versus villas/townhouses/units

The pros and cons of houses versus villas/townhouses/units

Transcript
“Hello and welcome back to daily buying tips, I’m Dean Berman from Berman Buys.

Today were going to talk about the pros and cons of houses versus villas/townhouses/units.

A Torrens Title freestanding house means you own the land and property.

Strata Title means you own a part of the combined strata.

There are some differences between both ownership methods.

Having a freestanding house means you can virtually do what you want with the look of your exterior.

In a strata complex this wouldn’t be possible, as you would need approval as this would be common property.

You can generally extend and knockdown rebuild with a house.

With a strata property you are typically confined to renovating the internal spaces.

Houses tend to be slightly more secluded.

Strata complex’s tend to be more dense and closer to your neighbours.

Houses tend to be more expensive than a strata property.

This means you will usually be able to purchase a strata property closer to the city.

The house would usually be further out.

Historically houses have appreciated more.

Strata properties, typically units have historically tended to yield slightly better.

There is a trend however towards more dense/built up living.

Some people don’t like houses due to maintenance and upkeep.

Some like strata properties because this is usually looked after by the strata.

You tend to pay strata rates which many don’t like.

With a house you don’t have any strata rates.

Strata properties can be in more prime locations particularly units.

Meaning nearer to shops and transport in many instances.

Houses seem to be more commonly associated with families.

However, in my opinion society is becoming more open to strata living.

At the end of the day it comes down to affordability.

If you really need to live in a certain area.

But can’t afford the houses, there’s nothing wrong with villas, townhouses or units.”

Simple ways to add value to your next purchase on a budget

Simple ways to add value to your next purchase on a budget

Transcript
“Hello and welcome back to daily buying tips, I’m Dean Berman from Berman Buys.

Today we’re going to talk about simple ways to add value to your next purchase on a budget.

A desirable property and not so desirable.

Can be changed with a few key upgrades.

Assuming the structure is sound.

The flooring can make a massive difference.

How about some floating floorboards over the current surface.

The wood look is really in and it’s hard to go wrong with this look from light wood, dark wood or that cool white wood faded look.

Paint is probably one of the cheapest ways to enhance a property.

Without spending a fortune.

Painting is truly a do-it-yourself project, provided you don’t need ladders etc…

Hiring a professional is another option, though more costly, usually justified as results are usually better.

Painting can relate to both the facade or outside of the house or inside.

Generally neutral colours are the easiest to work with.

It can always help to draw your room’s finished look before you start.

So you have basic template or floor plan on where everything will go.

A few key furniture pieces can make your place shine.

From a nice couch, some storage options and even artwork.

There are many stores both offline and online which have modern looks at somewhat reasonable prices.

Light can add tremendous value.

Increasing windows were possible or skylights can change a room and house.

Obviously much easier to do in a Torrens Title home vs Strata Titled unit.

Always consult a licensed professional who knows what there doing when dealing with the structure, roofing or walls etc…

Don’t just start doing stuff yourself, if you don’t know what your doing.

A carport is a good way to add value when no car parking is available, though a lock up garage is more valuable in my opinion.

Decking or a concreted outside entertaining area would usually add value.

A pool is a good value add.

The kitchen and bathrooms are two places where big value can be added.

From tile paint to retiling the options are endless in the bathroom.

Even the bath can be a choice from the in-built bath tub to freestanding bathtub which is becoming more popular.

In the kitchen the countertop, handles and cupboards will change the feel.

Affordable ways to change the cabinets are through re-painting or re-purposing older cabinets.

Gumtree or an online exchange website or second hand store can sometimes have suitable options.

There are also the modern ones which will cost more, but will probably be the easiest to work with.

Even new appliances can freshen up a space.

The back splash can also make a big change.

An interior designer could be well worth the investment to give you the direction you need.

Or simply sourcing through online websites like Pinterest or Houzz to get inspiration.

Then create the look you want.

My last point is to have fun when adding value.


Think outside the square.

You may well create something superb.”

The emotions you can go through when buying property

The emotions you can go through when buying property

Transcript
“Hello and welcome back to daily buying tips, I’m Dean Berman from Berman Buys.

Today we’re going to talk about the emotions you can go through when buying property.

Many buyers face the emotional roller coaster.

I would define this as the ups and downs in the buying process.

One second your so excited, you can’t stop smiling.

The next your upset, nervous and generally unsure of anything.

This generally happens at key moments during the search.

Great highs can be felt during inspection and having a positive feeling.

Then even higher highs when you feel the property is within budget.

An offer is put forward and your entire demeanour can change.

From nervously putting the offer forward.

To becoming quit unsure as you wait for a response.

Unsure if it will get accepted or not.

You must realise all these emotions are totally normal.

I mean it’s a decent amount of money you’ll be investing.

It’s important to realise that logic is another vital component.

When you go through this roller coaster.

Remember, in many instances there are many properties out there.

If it’s meant to be with this property, it will happen.”