SkyFive Properties Blog

Although buying your first home is an important milestone for all young people, it is undoubtedly a major financial decision that also holds a lot of often unexpected costs and paperwork.

The best that you can hope to do is equip yourself with the most essential information so that you can build a foundation of knowledge that can support you throughout the process of buying your first home. You can find these helpful essentials outlined below.

1. Navigating depreciation and future tax returns

First and foremost, it’s imperative that you create a detailed depreciation schedule for your new home, as it’s a major fixed asset that will be added to your next tax return, as well as all your tax returns for the foreseeable future. Consult with your accountant to ensure that your home’s depreciation schedule is clearly defined and outlined so that you’re equipped with a solid timeline of your home’s depreciation.

This is doubly important if you’re considering buying a secondary property or investment property in the future, as you can fund this investment using the capital allowance deductions from your first property. Naturally, it’s best to know exactly how much you can invest and when. In essence, a detailed depreciation schedule can support you in your development of a long-term investment schedule.

2. Understanding first home owner grants

Whilst taxation should be considered to be of the utmost importance, chances are that your first foray into real estate will involve reading up on the federal government’s first home owner grants. It’s important to note that these grants are changeable depending on which state you reside in, as well as the nature of your property. You may receive a larger grant for building in a new or developing suburb, as state governments seek to provide first home buyers with added incentives to invest in new neighborhoods.

First home buyers are also eligible for concessions or exemptions surrounding stamp duty, this again is dependent on other factors, like the value of your new property.

3. To build or not to build

It’s worth noting that not all first homeowners want to build a brand new property. For some families, buying an established property is simply more feasible, whether that be because they’re looking to purchase in an area with little new development, or that they’re simply looking to move in promptly. On occasion, first home buyers can stumble across an established house that happens to be on the market, and realize within a quick inspection that the property is their dream home.

Nevertheless, there are benefits to buying brand new, as there are to buying an established property, and it’s imperative that you and your family weigh up these benefits before making any final decisions regarding the pathway you’ll be taking.

4. The value of a mortgage broker

Mortgage brokers are essentially the middle man between lenders and buyers. They make their living by finding the home loan that works best for you and your family, and this makes mortgage brokers a genuine asset to any serious first home buyers.

As your mortgage broker can support you through both your approval as well as your pre-approval, it’s highly recommended that you stay with the same broker throughout this process, to ensure an easy transition from these two different stages.

If you’re concerned about the accreditation of your broker, be aware that mortgage brokers in Australia are required by law to carry an Australian Credit License (or ACL) if they offer credit assistance services. They are also expected to comply with the Australian Securities & Investments Commission’s (ASIC’s) regulatory guide for mortgage brokers, which specifically outlines that brokers must always act in the best interests of their clients.

5. The hidden costs of loans

On top of communicating with your broker, there are other aspects of applying for or even choosing a home loan that you’ll need to be familiar with prior to signing any paperwork.

Contrary to popular belief, the lowest interest rates don’t always equate to the best value home loans. You’ll want to consider the fees associated with that home loan alongside its interest rate, as higher fees may infringe on the potential savings of your selected loan. You want to ensure that you have a thorough understanding of your home loan fees so that you can adequately develop a realistic budget following the purchase of your first property.

6. The costs of living post-purchase

Finally, speaking of budgeting, it can be tricky knowing just what your finances will look like post-purchase, especially with your first home. Even so, it’s imperative that first home buyers have a firm understanding of what their finances will look like following the purchase of their first home. You’ll want to factor mortgage repayments alongside council rates, utility bills, and finally also your estimated costs of living, to ensure that your new home is not above your means.

If you have any queries regarding the budget that will be needed to make your mortgage repayments, consider consulting with your broker prior to signing any paperwork, or with another financial consultant.

As you can see, there are a plethora of factors that need to be considered prior to buy your first home. So long as you do your homework, use the resources available to you, keep records of your finances, and ask plenty of questions along the way, chances are you’ll have a highly positive experience with the purchase of your first home.

When a student decides it’s time to explore off-campus housing options, the vast number of factors and options can become overwhelming instantly. It can be hard to figure out what to actually look for when searching for USC off campus housing, but here is a handy guide with a few things to keep in mind during your journey.

1. Affordability, Taking Utilities into Account

For students, affordability often comes to mind first when considering their housing options. One’s college days are full of financial uncertainties, and most students have to take out sizable loans to pay for their education. As a result, it’s typically helpful to take a look at your finances and create a budget that includes how much you can actually afford for rent.

Don’t forget to factor in the cost of utilities if the apartments you are looking at don’t include them already. Some off campus housing near USC builds utilities into the cost of rent, so you only have to worry about paying one living fee each month, but it’s always important to ask what is included in rent.

Although affordability is important, so is the quality of life. Finding a cheap apartment may feel good for your finances, but the place may be so cheap for a reason. If anything seems too good to be true price-wise, take a step back consider your options carefully.

2. Proximity to Campus

Proximity to campus is more important for some than others, and many students opt to pay a premium to have convenient access to campus. If you want to be within walking distance of your classes, you can expect to pay a bit more due to the high demand for these locations.

Fortunately in Los Angeles, the walk to class will rarely be too unpleasant weather-wise, as chances are good you will never have to trudge through feet of snow to get to campus.

Even still, many students opt to live a bit further away to save on rent. You can usually find great and affordable apartments in Koreatown, Silver Lake, Culver City, and other neighborhoods that are about a 20-minute drive to campus. Each neighborhood is also connected to the city metro, so you can rely on public transit if you don’t have a car or want to worry about parking all the time.

3. Furnished or Unfurnished

This comes down to preference, but many students find that renting a furnished apartment is a much more convenient option that is worth any potential extra costs. Not having to purchase or move in large items of furniture prevents a ton of headaches, and roommates don’t have to think about divvying up who gets what when they move out.

Others might prefer unfurnished apartments because they already own their own furniture, or they want to completely customize a space and make it their own.

There is a lot to consider when looking for an off-campus dwelling, but mulling over these three factors can help you decide on a place without overthinking it too much.

These days, there are many ways to make a living, including working for yourself. No longer is everyone required to work for a company that provides a traditional paycheck every two weeks. Unfortunately, being self-employed can make getting a mortgage more difficult. By seeking advice from a mortgage broker Burlington residents who are self-employed can find out how to get a mortgage even if they don’t have the traditional proof of income.

There Are Mortgage Options for Self-Employed Individuals

If you’re ready to buy a house instead of paying someone else’s mortgage, then you are already aware of the benefits of homeownership. However, when you visit your bank and try to get pre-approved for a mortgage, you may discover that despite your eagerness to own a house, the lender isn’t all that eager to lend you the money. Lenders view people with a steady, verifiable income as less of a risk than those who are self-employed, but this doesn’t mean you can’t get a loan. If you can’t get one from a traditional lender, a private mortgage lender, who can be more flexible in their qualification requirements may be able to help.

Have a Self-Employed Track Record

Lenders look more favorably upon self-employed individuals who have succeeded at being in business for themselves for at least two years. They want to know that you’re not going to go out of business anytime soon, particularly after they’ve lent you the money. The longer you’ve been working for yourself and can show a track record of success, the better your odds are at getting a loan. So, if you’ve only just started working for yourself, you may want to wait a couple of years before applying for a mortgage.

Improve Your Credit Score

As in any lending situation, the higher your credit score is, the better your chances are at getting approved for a loan. This is doubly true for self-employed people, who need to show their trustworthiness in a different way than through verifiable regular income. The credit score becomes magnified in importance when you’re not able to produce pay stubs and tax documents that show a steady income, so take steps to improve your credit score prior to seeking a loan.

Have a Larger Down Payment

The more money you can put down toward the purchase of a house, the lower the amount of money a lender will need to provide you, which lowers the risk they are taking on you. History has shown that the more equity someone has in a house, the less likely they are to walk away from the mortgage. As such, lenders will look more favorably upon self-employed individuals if they can put more than 20% down.

Have Money in Reserves

Having significant emergency funds in savings can negate the need to prove a steady income when you’re self-employed. If the lender can see that you have several month’s worth of mortgage payments available in case your self-employment goes south, they are more likely to take a chance on you with a mortgage. Cash reserves plus a large down payment are irresistible to most lenders, who can then overlook your lack of a regular paycheck. Of course, not all lenders will be this flexible, but they are out there. Take the time to research the various lenders in your area before committing to one to make sure you get the best deal.

Conclusion

Being your own boss is incredibly freeing, especially if you’re successful at what you do. However, self-employment can hinder your ability to get a mortgage loan unless you have other ways to prove that you’re not going to default on the loan. Getting help from a mortgage broker can help you navigate this tricky process.

Increasing the value of your real estate is usually much simpler than you think. You don’t have to embark on any fancy projects. Instead, it’s often the little things that make the biggest difference.

In this post, therefore, we take a look at some value-adding real estate improvements. You’ll kick yourself for not implementing them earlier.

Restore Period Features

Unsplash – CC0 License

Today’s property buyers want period features. By and large, they are looking for homes with character – a link to the past.

But finding such properties is notoriously challenging. With so many new builds around, coming across something with genuine history is hard.

That’s why many property owners are now simply restoring original period features. They are then using these as advertising to sell their properties online to people who want them.

Improve The Exterior

The next thing to do is to improve your home’s exterior. Again, this is usually a short, simple and easy job. Many times, all you need to do is clean and add new cladding.

Start by looking for signs of rotten wood, especially around the windows. Next, use a sanding machine and grind away any chipped pain. Restore and untidy masonry and make sure that your front yard doesn’t look too personal.

Clear The Garden

Next, if you have junk or brush in your garden, be sure to clear it away using land beautification services. The way these work is simple. Professionals come to your property with tools and waste disposal equipment. They then dump all your unwanted plant matter into a large skip and take it away. The result? A much cleaner, better-presented plot of land.

Refresh Your Flooring

Another great way to improve your home’s appeal is to sort out the flooring. Nobody wants to buy a property with a ripped carpet or scuffed hardwood floors. They want something that looks attractive underfoot.

How you refresh your flooring is very much a personal choice. Some people like to go for high-quality carpets, while others keep things simple by tiling throughout.

Add A Heat Pump

Going green used to be expensive – something that only the elite could afford. But now these technologies are getting so cheap that they may actually be able to save you money.

Heat pumps, solar panels, and wind turbines all allow you to reduce your bills quite significantly. And they’re attractive additions for people looking to move into your home since they signify that their utilities bills will be low too.

Get Quality Glazing

Buyers are also on the lookout for homes offering quality glazing. And it’s not just because they are worried about the environment. Many, for instance, want sliding bifold doors to improve their indoor-outdoor spaces.

Add Garage Parking
If you don’t have space to add a garage, don’t worry. On-street parking is fine. However, if you do have room for one, then it can help to add to your home’s appeal tremendously. That’s because many of today’s buyers prefer to keep their car off the street. It is safer in the garage.

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All of the buildups towards buying a property can be as stressful as they are rewarding. But, once you become legally responsible for the home, you can start looking forward to life in your new house. However, there might still be some things to consider. If no one has lived in your home for a long time, there could be issues to look out for. Here are four things you need to do to make sure your new home is perfect.

Open All The Windows

One of the first things you’ll want to do is ventilate the home. As a rule, the previous homeowners will close and lock the doors to deter thieves. This means that any aromas will stagnate, whereas moisture can become trapped, leading to mould buildup. There is more to this than merely causing an unpleasant funk, though. Poor air quality and respiratory problems can come from a mouldy home. So, open the windows and air the home out as soon as possible. Maybe light a scented candle, too.

Check For Infestations

Hopefully, your home won’t be the victim of an infestation. But, houses that have remained empty for months, and even years, become more susceptible to critters. These critters could already be there before moving out. Others can find their way in after the family moves out. If the home was not tidied thoroughly. If you notice signs of infestations and critters, you should hire a professional to deal with them in the right way. Whether you need to remove ants, mice or use services like www.moth-prevention.com, you can make your home perfect.

Relieve The System Pressure

The previous owners, or at least the estate agent, should have switched the utilities off. You will need to check the system pressure when you move in to make sure everything still works. Locate the Stop Cock, turn the gas on, run the taps to flush out any stagnant water. If you have radiators, it’s also worth bleeding them. Relieving the pressure in the system can reduce faults and accidents, especially if you’re moving into an old property.

Inspect For Damage

Ideally, you have already checked for damage around the home. Furthermore, Home Inspectors would have done the same before they allowed you to move in. Still, there’s a chance that they did not identify all issues, or even some problems have occurred since the previous inspection took place. It’s vital to look out for the most common types of home damage. This includes water damage, weather damage, and structural damage, as the sooner you know, the sooner you can fix any issues. The last thing you want from your home is an expensive repair job, so don’t hesitate to check and get a quote.

Clearing Out
An empty house risks welcoming damage, critters, and more. As much as you want your home to be perfect when you move it, you should always check for issues. Usually, you can solve these easily. But if the house has been empty for over six months, there could be significant problems to look out for.

There are many factors to consider when buying or renting a new home, but the price might be the most critical one.

Canada’s real estate industry is one of the most sought-after markets in the world, and therefore, having an idea of how much you have to pay for a home in Canada is important for both residents and immigrants. Knowing the most recent trends can help customers decide better before collaborating with real estate companies, especially assignment deals in Canada.

Therefore, we have gathered the average prices of homes in different regions of Canada to help you decide better when buying/renting a new home.

First, you have to know that there have been a total of 59.159 transactions in October 2020. This shows a 32% increase compared to the same month in 2019. However, transactions in October have decreased by 4% compared to September.

More importantly, average home prices in Canada are currently around $607,250 CAD, which shows a 16% rise compared to the previous year.

Now it’s good to look into the details in the most important regions and cities.

Greater Vancouver Area

As the only city with 7-digit home prices, Vancouver sits on the top of the list of the most expensive areas in Canada. The prices in Vancouver have even hit new highs in 2020 as the average prices of both townhouses and condo apartments have grown by 5% compared to 2019. Transactions in Vancouver have also increased by 29% YoY.

Greater Toronto Area

Toronto ranks number two in the list of most expensive areas in Canada. Average sold prices and transactions in Toronto have respectively increased by 13% and 24% compared to 2019. The average price in Toronto in October 2020 is $897,700.

Montreal Metropolitan Area

Average sold prices and transaction volume in the Montreal Metropolitan Area in 2020 have respectively risen by 15% and 41% compared to the previous year. The average price in this area is $418,000, which is still more affordable compared to the prices in Vancouver and Toronto.

Ottawa

With $550,734 sold prices, Ottawa has had a 24% increase in prices from 2019. It’s good to know that this price has decreased by 2% from October. Also, 2,146 transactions were recorded, which shows a 24% increase since October 2019.

Now, you’d better look at the infographic to know other details about Canada’s real estate market.

The following infographic has been designed by the Condoly team to let sellers, buyers, and realtors learn more about the condo industry in Canada.

Home prices have skyrocketed over the last few years, but the annual income doesn’t change much. In Malaysia, the average home price is nearing sky-high levels of Singapore and Hong Kong markets. Therefore, saving up to buy your dream home can seem like an impossible venture. On the other hand, paying off a mortgage for an expensive home can be a struggle.

Under the government’s watch, more and more private developers are building affordable housing to help meet the high demand. However, before you can commit yourself to make a purchase, you may want first to look up the developer and their track record. You can check their units on PropertyGuru Largest Property Portal in Malaysia.

If you’re a first-time home buyer, one of the best ways to ease the burden and achieve your homeownership goals is through one of the available housing schemes. There’s My First Home Scheme, whereby many banks have agreed to offer first-time home-buyers home loans with 100 percent financing. However, for you to qualify for this home loan, your total gross monthly income should not be more than RM10,000.

As a first-time homebuyer, you can also get affordable housing through PRIMA. This scheme aims to provide affordable and high-quality homes for middle-income earners. If you’re eligible, you can get up to 110 percent financing.

If you’re interested to learn more about affordable government housing schemes, look at the infographic below. The infographic includes detailed information about the qualifying criteria, the necessary documents, and other important information.

Infographic designed by PropertyGuru Largest Property Portal in Malaysia

Moving is supposed to be a thrilling experience. You and your family will have the opportunity to start a new chapter in your lives somewhere else, and you will be able to make beautiful memories in your new home as soon as you arrive. While it is meant to be exciting, anyone who has ever moved can attest to how stressful it can be. There seems to be too much to do and not enough time to do it. This may cause some friction, so here are three suggestions to help you cope with the stress of moving.

Be Ruthless

Being ruthless is necessary when moving, and while it may be difficult for some, it will always reduce the stress of the process. This is especially true when downsizing, but it can be applied to any move, such as moving into a new construction building or a bungalow rather than a house.

Donating items you no longer use eliminates the need to find a new home for them at your new residence. It will reduce clutter and mess so that when you walk through your front door for the first time, you will feel as if you are starting over.

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Plan ahead

Planning ahead will take a lot of the stress out of moving home, from arranging cheap van hire to getting everything packed in the right box and ready at the door. It will be even easier if you organize which boxes go where and when they leave, as this will help you keep track of everything and ensure that nothing is forgotten.

Aside from packing your belongings and arranging transportation, you can also consider what day you want to move and when you want to leave. If you’re traveling a long distance, there’s a good chance you’ll encounter traffic, and the longer you’re stuck in traffic, the more stressed you’ll become. You don’t want this to happen on the day of the move, so plan ahead of time to get there and avoid rush hour.

Rally the troops

Nobody has ever moved on their own, and the more reinforcements you bring in, the less stressful the situation will be. Give everyone a job, whether it’s friends, family, or a combination of both, and make sure they stick to it.

There’s still a chance you’ll become overly stressed with so many hands on deck, but if you make sure everyone knows what they’re doing before getting started, you can (hopefully) trust them to do everything you ask. It will also save you time by reducing the amount of time you spend moving and going back and forth.

Naturally, you’ll want to reward them for their efforts, so a pizza or a few beers the next time you see each other won’t go unrecognized.

What comes next

Let’s be honest: moving is still a stressful experience. However, if you plan ahead of time and gather all of the necessary resources, you can make it a little more manageable. This will allow you to unwind in your new home on the first night, open a bottle of wine, and anticipate the next chapter of the book.

Are you looking for a property to purchase? If the answer is yes, then you need to take some things into consideration. The last thing that you need is to make a purchase, only to find it isn’t what you wanted. But, how can you make sure that the property you are purchasing is the right one? Well, you need to think carefully and look at all the details. Down below, we’re going to be looking at some of the things you will need to consider. Keep reading if you would like to find out more.

What Is Your Budget?

Image Location – CC0 Licence

The first thing that you’re going to need to think about is your budget. You want to know how much you have available to spend so that you don’t go over the amount you have. You set your budget for a reason, so you can’t afford to blow it to shreds. Let your real estate agent know what your budget is. This way, they can look for properties that are within your price range, rather than those out of it.

It might be the case that you can stretch your budget a little bit further. As such, we recommend that you have the amount you would like to spend ideally. But, also have a separate budget that you can extend to for the right property. This way, you won’t be disappointed as you won’t see properties that you can’t afford.

What Are Your Intentions With The Property?

You should also think about what your intentions are with the property. The reason that we ask this is that if you are buying to live, the biggest expense will be the purchase. However, if you are, for example, buying a block of apartments, then you’re going to be buying to let. This means that you’re going to have to hire people to work there including property managers. It can cost you more than you might think, especially if there are any repairs that need completing in any of the apartments.

Think about this before you purchase a property. If you are going to be buying to let, make sure you have some money for repairs.

Get A Professional To Look At It

The final thing that you should do is to get a professional to look at the property. There is no reason for you to buy without having a surveyor look first. They will be able to find things that regular people wouldn’t even know to look for. This should be the final element to you making a decision on a particular property.

We hope that you have found this article helpful, and now see some of the things that you are going to need to consider if you are looking for a property to purchase. It’s important to get everything sorted in your mind before you start making purchases that aren’t actually right for you. We wish you the very best of luck and hope that you get the property that you desire.

One of the worst things that can possibly befall you as a property owner is a fire. Fire is so destructive and so devastating that not only could it potentially leave you without a home or income, but it could also injure and potentially even kill you, your family, or your tenants, so it’s important you do everything you can to protect yourself and your real estate from the threat of fire.

One of the best ways to do that is by having your electrical wiring and any gas appliances regularly inspected, and where necessary, prepared. You should also have working fire alarms installed in all of your properties at all times, so should a fire happen, it can be very quickly dealt with, which should hopefully minimize its impact overall.

Of course, insurance is another important thing to consider. Many standards home insurance policies are simply not good enough when it comes to fire damage, especially if you live in an apartment, with some policies like the HDB fore insurance, covering you only for the structural damage caused to your apartment, whereas other policies will cover you for everything from the contents of your property to renovating your home after fire damage has been done, which is why most HDB owners should think about taking out a full home insurance policy rather than relying on the HDB alone.

If this is an issue that may affect you, this infographic explains the differences between HDB fire insurance and other home insurance policies pretty well:

Infographic designed by: PropertyGuru Group