{"id":4615,"date":"2015-05-29T12:00:19","date_gmt":"2015-05-29T02:00:19","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=4615"},"modified":"2015-05-29T12:00:19","modified_gmt":"2015-05-29T02:00:19","slug":"refinancing-pitfalls-important-money-lessons-to-teach-your-children-new-vs-established-property-reno-tips-plus-more","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/refinancing-pitfalls-important-money-lessons-to-teach-your-children-new-vs-established-property-reno-tips-plus-more\/","title":{"rendered":"Refinancing Pitfalls | Important money lessons to teach your children | New vs established property | Reno tips plus more"},"content":{"rendered":"

 
\nWe\u2019ve all made financial decisions we would \u2018undo\u2019 given half a chance. It might be the under-performing property we wished we\u2019d passed on or that great property we wish we had really chased.\u00a0Given how important financial skills are to navigating life, and the fact that schools don\u2019t teach children about money, as a parent, in this week\u2019s show Michael Yardney<\/b><\/a> shares a few important financial lessons you can teach your children.
\nAlso this week Andrew Mirams<\/b><\/a> answers some questions about re-financing pitfalls.
\nMargaret Lomas<\/b><\/a> answers our questions about buying an established property or a brand new one, Mark Armstrong<\/b> has some great tips for new investors and Miriam Sandkhuler<\/b> details some ways you can improve the income you are getting from your investment property.
\nAnd our reno expert, Cherie Barber<\/b>, tells us why not all renovations are the same especially when it comes to renovating an apartment. Cherie tells us about the experience she has had with doing up units and the some of the problems she has encountered.
\n <\/p>\n

Transcripts:<\/h4>\n

Margaret Lomas<\/h3>\n

Kevin:<\/b>\u00a0 My good friend Margaret Lomas is back with us from Destiny Financial Solutions and star of that great show on Sky TV, Property Success with Margaret Lomas.
\nHi, Margaret.
\nMargaret:<\/b>\u00a0 Hello.
\nKevin:<\/b>\u00a0 Good to be talking again. Margaret, the specific question for you today is a question I get asked quite often: is it better to build with a buyer-established property? I guess here, you have to take into consideration depreciation, as well.
\nMargaret:<\/b>\u00a0 Yes. Look, I guess one of the things that the spruikers <\/b>always try to do is convince everybody that they need to buy new so that they get the maximum depreciation. But in reality, a property that\u2019s a couple of years old doesn\u2019t have a big difference in its depreciation than a brand new one, which a lot of people don\u2019t realize.
\nThe construction depreciation is, of course, exactly the same every year for 40 years, which is 2.5%. The fixtures and fittings in that first year or two, they don\u2019t really age that much, and there\u2019s not a big difference in the depreciation that you can claim.
\nThe reason why the spruikers <\/b>like you to buy the brand new one or to build the brand new one is because generally there\u2019s a fair amount of builder profit in there and they can get a good cut of that in the form of a commission.
\nI always feel, as well, that from an investor\u2019s point of view, if they\u2019re buying that brand new property, they\u2019re more than likely paying a little bit more than it\u2019s probably worth or than they could pay for that property that\u2019s two or three years old, but they\u2019ll get the same rental yield as the older property.
\nKevin:<\/b>\u00a0 It always strikes me, too, that new properties purely by definition are going to be built in areas where you\u2019re developing a lot of new stock, and it does actually take a while for them to actually start to gain any increase in value, Margaret?
\nMargaret:<\/b>\u00a0 Exactly. The reason that is, is because most often when they\u2019re being built in a new area, even if it\u2019s in a suburb that\u2019s already established, it\u2019s very, very difficult to really work out what the true market value of those properties are.
\nMarket value is never really established until a secondary sale takes place. Whenever properties are being sold and resold and resold, then we know what the market value is, because it\u2019s whatever the market pays.
\nWhen people buy a brand new property, which could be either off the plan or just newly built, really the buyers pay what the developers are asking them to pay. Very often, they do that because most people when they buy a new home, they\u2019re buying it with a view to living in it, and when we live in a property, we are often happy to pay that bit of a premium to get the kind of things we want in a home or to get the lifestyle that we\u2019re after.
\nWhen it comes to being an investor, though, the extra premium that you pay to get that brand spanking new property is very often not seen returned to you in increased yield, and it ends up being, as you say, that you have to wait that period of time for the market to work out what it\u2019s really worth, and very often, it will stay quite flat for quite a few years.
\nKevin:<\/b>\u00a0 Another reason why I tend to like more established properties is because they\u2019re going to be built in established areas where you do have all that infrastructure. If you\u2019re going to be attracting tenants, they like to be in areas where there are good schools and where there are lots of shops. But in some of those new areas, those things don\u2019t happen until you get a fair number of houses in there.
\nMargaret:<\/b>\u00a0 That\u2019s very true. The other thing about a property that\u2019s a couple of years old, maybe up to five years old, is it\u2019s a little bit less that brand new car, which by the way, also loses value when it drives out of the driveway. When you get a new car and it takes you that little while to work out the bumps and sometimes when you buy that new car, there can be things that go wrong with it.
\nWhen you buy a property that\u2019s a couple of years old, it\u2019s already settled, you know how it\u2019s sitting, you know whether it\u2019s going to have cracks. There\u2019s many things you can already know about a property.
\nMost houses last 50, 60, up to 100 years, certainly in the olden days, then there\u2019s not that big of difference in the big scheme of things between the brand new one and the five-year-old home. I can tell you in ten years\u2019 time, a five- and a ten-year-old property don\u2019t look much different at all.
\nKevin:<\/b>\u00a0 Very good. Very practical advice from Margaret Lomas at Destiny Financial Solutions. Margaret, we\u2019ll get you back in a few weeks\u2019 time. I want talk to you because I know you\u2019re across all of the Australian suburbs, but I\u2019d love to have a talk to you about what you see are the up-and-coming suburbs if you\u2019d join us again in a few weeks\u2019 time?
\nMargaret:<\/b>\u00a0 I would love to do that.
\nKevin:<\/b>\u00a0 Good on you. Margaret Lomas from Destiny Financial Solutions.
\n <\/p>\n

Michael Yardney<\/h3>\n

Kevin:\u00a0 <\/b>As parents, we\u2019re always looking for ways that we should be educating our children. I recorded an interview some months ago with Michael Yardney, and he talked then about the lessons we should be teaching our children. That was very, very popular and had a lot of listeners, so we\u2019re going to do another, another seven crucial money lessons that every parent should teach their child.
\nMichael, welcome to the show once again.
\nMichael:\u00a0 <\/b>Thanks, Kevin.
\nKevin:\u00a0 <\/b>What is lesson number one?
\nMichael:\u00a0 <\/b>What we\u2019re trying to do is save our kids from some of the hardships, some of the errors, and some of the mistakes we\u2019ve made, because, remember, we learned a lot of what we know about how to handle money from our parents.
\nI think a really good lesson to start with is the sooner you save, the faster your money can grow \u2013 using compounding \u2013 and you can actually do something with it. Most adults \u2013 in fact, most kids, also \u2013 spend at least everything they have got, if not more than what they\u2019ve got.
\nThe trick is to teach your kids the importance of spending less than you earn, saving it, and keep investing it. For kids, they can then do something useful with it \u2013 they can buy that toy, they can buy that big-ticket item. For you and me, Kevin, it would be maybe to get the deposit for another property.
\nKevin:\u00a0 <\/b>Actually, I love the line that I\u2019ve heard you use: it takes money to make money. So you have to start somewhere.
\nMichael:\u00a0 <\/b>It does. You have actually got to teach your kids a level of financial fluency. A good way of doing that is being that way yourself.
\nKevin:\u00a0 <\/b>What about the criticism of this generation just wanting everything right now?
\nMichael:\u00a0 <\/b>It\u2019s so easy with the credit cards, the zero-interest payments for 48 months, and things like that. It\u2019s a hard concept for people of all ages to learn; however, the ability to delay gratification in many ways predicts the success one has as a grown-up in all areas of life. Children really need to learn that if they really, really want something, they should wait, they should save up, and then buy it.
\nThe problem is we all seem to want the best for our children. I know I was a bit that way myself. It\u2019s a common trap. You don\u2019t want your kids to go through some of the hardships you\u2019ve had, so you give them the trampoline in the backyard, the new clothes, the new toys, and things like that. I think it\u2019s probably best to teach kids to save a little bit of their pocket money and then get that nice prize at the end.
\nKevin:\u00a0 <\/b>Lesson number three, Michael?
\nMichael:\u00a0 <\/b>You need to make choices how you spend money, because money is finite \u2013 no one has enough. You have to actually decide, if you spend it now, you\u2019re not going to have it later. So teach them choices.
\nKevin:\u00a0 <\/b>What about good debt and bad debt?
\nMichael:\u00a0 <\/b>That\u2019s a little bit hard to teach younger kids, but it is important to teach them that necessary debt is [2:29 inaudible]<\/b> by your home, and good debt is to borrow against appreciating assets. But to use debt \u2013 in other words, borrow \u2013 to buy depreciating assets, things that decrease in value, is a downward spiral.
\nKevin:\u00a0 <\/b>Like a car?
\nMichael:\u00a0 <\/b>A car, the next plasma TV, the other big toys. If you can\u2019t afford it \u2013 going back to one of the earlier lessons \u2013 save, wait, and be patient until you can afford.
\nKevin:\u00a0 <\/b>Lesson number five is one that we teach all the time, too, about building smart people around you.
\nMichael:\u00a0 <\/b>If you\u2019re the smartest person on your team, you\u2019re in trouble, Kevin. You\u2019re right. The most successful people in the world know that. It\u2019s an important lesson to share with our kids. Surrounding yourself with good people is essential to get ahead in all areas. They inspire you, they motivate you, they lead by example.
\nOf course, your child\u2019s first experience, somebody they\u2019re going to look up to is you, so the best way to educate your kids in all things money is to ensure that you do a good job of educating yourself.
\nKevin:\u00a0 <\/b>Wow, that is a powerful lesson. What about a mentor, Michael?
\nMichael:\u00a0 <\/b>You know that I always have mentors. I have business coaches. I know you have, Kevin, as well. In so many areas of life we teach children to look towards more accomplished, more experienced people for guidance. Why shouldn\u2019t it happen with money, as well? Mentors have been helping everyday people become more successful. Teach them the value of having good mentors.
\nKevin:\u00a0 <\/b>There are a lot of temptations around, Michael. You mentioned earlier about credit cards. We see \u201cinterest-free\u201d and \u201cno repayment for 24 months.\u201d That has to be a lesson in itself.
\nMichael:\u00a0 <\/b>There are plenty of money messages in not getting a credit card \u2013 in other words, waiting, delaying gratification, saving up. I\u2019ve seen so many young people \u2013 teenagers and people in their twenties \u2013 get caught up with not making the minimum repayments, and so when the interest-free period finishes up, they\u2019re paying massive interest rates, and they get caught where they\u2019re paying the debt for a long, long time. That\u2019s a really good lesson, Kevin.
\nKevin:\u00a0 <\/b>It is indeed, Michael. On that note, we have to say farewell. But I just want to remind you that Michael is the director of Metropole Property Strategists. They create wealth for their clients through independent, unbiased property advice and advocacy. He\u2019s also a best-selling author, one of Australia\u2019s leading experts in wealth creation through property, and he writes his property blog \u2013 which you must have a look at; it\u2019s a great read \u2013 PropertyUpdate.com.au.
\nMichael, thanks again for your time.
\nMichael:\u00a0 <\/b>Thanks, Kevin. A final message is it\u2019s never too early to start teaching kids how money works. Of course, showing<\/i> them how it\u2019s done is always more powerful than telling<\/i> them how it\u2019s done.
\n <\/p>\n

Andrew Mirams<\/h3>\n

Kevin:<\/b>\u00a0 It might be fair to say that many borrowers will probably prefer to stay with their deal because they don\u2019t quite know what\u2019s involved in refinancing. There are some pitfalls that you need to be aware of, but if we can bring them to your attention, you might be able to go into a refinancing deal with a lot more confidence.
\nThat\u2019s what we intend to do over the next few minutes as I talk to Andrew Mirams from Intuitive Finance. Andrew, thank you for your time. I wonder if you can just help us with just outlining a few of those pitfalls when it comes to refinancing.
\nAndrew:<\/b>\u00a0 Good day, Kevin. Look, there are a few pitfalls, and it always comes back to the purpose, I guess, of why clients are actually looking to refinance \u2013 whether they\u2019re looking to get a better deal or more money or do a renovation or buy that investment property, etc., what that actually is.
\nI think one of the very first pitfalls that we see all the time is clients just going back into their current lender, asking them what they think they want, the lender says yes, and they get it and they think, \u201cOh good. I\u2019ve managed that myself,\u201d without actually doing the shopping around and the legwork to just check they\u2019ve got the best deal, they\u2019re getting the maximum amount of equity out if that\u2019s what they want to do. If they\u2019re being told why one lender that they can access $400,000 to buy an investment property, there might be another one that can give them $500,000 that gives them a better opportunity to buy a better property.
\nThe first thing is just accepting what your current lender offers you is the best deal. Do some legwork and absolutely, you should consult a mortgage broker in my opinion, and allow us to do the legwork for you. That\u2019s the first point. Don\u2019t accept what they just give you as a given.
\nKevin:\u00a0 <\/b>Okay. Check it out for yourself. And the next one?
\nAndrew:<\/b>\u00a0 I think the other thing in the current market, especially with low interest rates, people tend to shop on rate and they don\u2019t look at all the other options. A lot of the really cheap rates often have some fees \u2013 higher application fees, higher ongoing fees, and there might be other legal fees that they have to pay. Sometimes when you analyze it over a longer term, it\u2019s not actually cheaper when you take the whole package into consideration.
\nDon\u2019t just shop on rate; look at the whole package.
\nKevin:<\/b>\u00a0 Okay. The next one?
\nAndrew:<\/b>\u00a0 The next one is really interesting because I had a client only a week or so ago saying, \u201cLook, I\u2019m just going to wait to the next interest rate decrease, and then I\u2019m actually going to look.\u201d I said to him, \u201cWhy are you procrastinating? What are you expecting that you\u2019ll get by waiting that you won\u2019t get today?\u201d
\nHe said to me, \u201cWell, they\u2019ll be cheaper.\u201d I said, \u201cYes, but they\u2019re cheap today, and assuming that all the rates go down by 0.25, they\u2019ll be cheap everywhere in a couple of weeks\u2019 times or whenever if they do go down. How do you know they are going to go down?\u201d
\nDon\u2019t wait. Take action now is the most important thing. Whatever it is, if there\u2019s a saving, take it now. If rates go up or down, all the lenders are in a competitive market, so it\u2019ll go up or down accordingly.
\nDon\u2019t procrastinate. Don\u2019t wait for rates to drop or to see what the next best deal would be out there.
\nKevin:<\/b>\u00a0 That\u2019s a really great piece of advice. The thing that I found, too, is those who wait for things to become absolutely perfect generally end up doing nothing because it never, ever meets their expectation.
\nAndrew:<\/b>\u00a0 Absolutely. It\u2019s the old thing of waiting for the property market to drop, too, because they\u2019re going to buy cheap, and then they realized they missed the boat. It\u2019s the same thing with trying to shop, and the perfect storm very rarely arrives.
\nKevin:<\/b>\u00a0 Andrew, just before I let you go, what about those honeymoon rates? Something we should be aware of?
\nAndrew:<\/b>\u00a0 Absolutely, Kevin. Whilst they look good in the banks\u2019 and everyone\u2019s marketing and advertising material, they very rarely end up on your end deal coming out as a better deal. Generally, they come to a higher rate when they expire, and most people think, \u201cOh, I can refinance or do something about that,\u201d and then you can\u2019t \u2013 you\u2019re generally locked in for certain period or those fees.
\nThe banks are smart. They know that they want to claw back that cheap rate to get the client in the door. The honeymoon rates very rarely come out ahead of just a long-term discount we can apply.
\nKevin:<\/b>\u00a0 That in itself is another great reason to use a broker, because brokers know what these honeymoon rates are like. They can take the long term in terms of your lending, as well, Andrew.
\nAndrew:<\/b>\u00a0 Absolutely, Kevin. Yes.
\nKevin:<\/b>\u00a0 Very good. Great advice there from Andrew Mirams at Intuitive Finance on some of the refinancing pitfalls for you. Andrew, once again, thanks for your time, mate.
\nAndrew:<\/b>\u00a0 My pleasure, Kevin. Thanks.
\n <\/p>\n

Cherie Barber<\/h3>\n

Kevin:<\/b>\u00a0 Not all renovations are the same, as you\u2019re going to learn in my chat now with Cherie Barber from RenovatingForProfit.com.au.
\nGood day, Cherie. How are you doing?
\nCherie:<\/b>\u00a0 I\u2019m really good. Thank you, Kevin.
\nKevin:<\/b>\u00a0 Good to be talking to you again. You\u2019ve just come back from the States, again, too?
\nCherie:<\/b>\u00a0 I have, yes. I have my own show over there now, so it\u2019s very exciting. I went over there for the launch show.
\nKevin:<\/b>\u00a0 We\u2019re used to seeing you, of course, on The Living Room <\/i>on Channel 10. I look forward to catching up with you there.
\nI wanted to talk to you specifically about the renovation you\u2019re doing right now, which is on a unit. It\u2019s interesting that there are some complexities in renovating units, and I wonder whether you\u2019d like to take us through a few of those.
\nCherie:<\/b>\u00a0 Sure. First of all, I guess living in an apartment and renovating an apartment, the first thing is the neighbors. Unfortunately, a lot of people don\u2019t like change, and normally when you come in and do an apartment renovation, one of the first things people typically do is change the floors, so you have saws going on and all sorts of stuff. In my experience in the apartments that I\u2019ve renovated, you always without fail get one or two or three neighbors offside depending on how big the block is.
\nI think the first thing is to be very courteous to neighbors and actually give a proper letter under their door just saying, \u201cLook, we\u2019re going to be starting a renovation in approximately two weeks\u2019 time,\u201d and give them the dates that you\u2019ll start and dates that you\u2019ll finish. In my experience, when you do that, you actually have less chance of neighbors actually getting offside.
\nI know in my one of my earlier renovations where I didn\u2019t give the neighbors any notice, it became this messy war. They got really offside because you were disturbing their peace and quiet. That\u2019s definitely one issue with apartment renovations, because everybody is so condensely packed on top of each other, so they hear the slightest ounce of noise.
\nKevin:\u00a0 <\/b>I think, too, the other thing to bear in mind is that other owners could quite easily be on the body corporate, and body corporate do actually wield a lot of power and can actually hinder the renovation process, Cherie.
\nCherie:<\/b>\u00a0 Definitely. Another issue is the strata <\/b>body. Look, I think when you buy an apartment, one of the things that people need to research is how proactive the strata body are. In some units that you go into, the strata body are all over you like a bad rash \u2013 they won\u2019t let you scratch yourself unless you get approval \u2013 and then in other blocks, they don\u2019t care what you do.
\nA lot of renovators go buy an apartment, particularly a lot of younger renovators, who don\u2019t have the money to actually go buy a freestanding house. They say, \u201cOkay, we\u2019ll do our first renovation.\u201d It might be on an apartment, maybe something $300,000, $400,000, $500,000, and they go into these blocks and they either don\u2019t get strata body approval because they don\u2019t know to, or if do approach them, the strata body are notoriously slow.
\nI\u2019m doing a renovation at the moment to the living room, actually, for an apartment that\u2019s about $560,000. I said to the couple that I\u2019m renovating to me, \u201cLook, send an e-mail to the strata body manager. Say to them you\u2019re doing these works, these cosmetic works \u2013 you\u2019re changing the floor, you\u2019re painting \u2013 and put a deadline on a response from them.\u201d
\nWhat advise them to do is to say, \u201cWe\u2019re doing these works, and if we don\u2019t hear from you by Friday such-and-such a date, we\u2019ll assume all is okay if we don\u2019t hear from you.\u201d As it turned out, they never heard from that person but at least they have it documented on e-mail that they approached it and it wasn\u2019t their problem that the strata body was slow to get back to them.
\nStrata bodies, as I said, are notorious for being slow, and in the meantime, for renovators, you\u2019re waiting, waiting, and waiting, and you\u2019re racking up holding costs.
\nKevin:<\/b>\u00a0 The unit that you\u2019re renovating now, is this any structural renovation or is it purely cosmetic?
\nCherie:<\/b>\u00a0 No. Purely cosmetic, and that\u2019s the thing. I guess that\u2019s another limitation of apartment renovations. You are limited with the works that you can do. Certainly in apartment renovations, you can\u2019t do any external works, even doing things like painting the inside of your balcony that other people can\u2019t see, you could have limitations on what you do in that regard, as well.
\nTypically, with apartment renovations, they tend to be 95% or 98% cosmetic works because you have to imagine, if you have two or three apartments living on top of you, it\u2019s not as easy just knocking out walls because that can affect the structural integrity of all the apartments above you. The most you can do is really change the flooring, and even then, a lot of strata bodies won\u2019t let you do that because of acoustic issues in apartments.
\nKevin:<\/b>\u00a0 Yes, you have to be careful of things like floating floors and so on. Some really good words of advice there, making sure that you get everyone onside and do your homework before you do one of those renovations. Cherie Barber, of course. RenovatingForProfit.com.au is the website to go to, and there is a free DVD there, as well, and also the upcoming seminars for Cherie.
\nCherie, thanks for your time. Look forward to catching up again soon.
\nCherie:<\/b>\u00a0 You\u2019re welcome. Thank you, Kevin.
\n <\/p>\n

Mark\u00a0Armstrong<\/h3>\n

Kevin:\u00a0 <\/b>More and more, we\u2019re becoming reliant on the Internet to help us shop around for property, but a very important part of this is the inspection process, as well. Most people prefer to look at properties during an open home, which is where you get the opportunity to look at it without being taken there by an agent and \u2013 supposedly \u2013 not harassed by an agent as you look, relaxed, around the property.
\nMark Armstrong is from Rate My Agent, which is a great new website you should be checking out if you want to find an agent to sell a property for you. Mark joins me. Hi, Mark.
\nMark:\u00a0 <\/b>Hi, Kevin.
\nKevin:\u00a0 <\/b>You\u2019re experienced. What should we be looking at when we do go to an open home so we don\u2019t have to rely so much on the advice from the agent?
\nMark:\u00a0 <\/b>I always talk to people about looking for the things that you can\u2019t change about a property and getting those things fundamentally right. What I mean by that is you can\u2019t change the location of the property, so you have to get that right, because it\u2019s not something that you can fix up down the track. You can\u2019t change the size of the block of land, so you need to get that right. You can\u2019t change what\u2019s around you \u2013you can\u2019t change the fact that there\u2019s a factory next door, or there\u2019s an apartment block next door, or a petrol station.
\nThe first step for me when I\u2019m looking at any property is I\u2019m focusing on the things that I can\u2019t change about the property, and I need to make sure I get those fundamentally right. That\u2019s a really good first step.
\nKevin:\u00a0 <\/b>It\u2019s a great first step, actually. You\u2019re right. There are so many things that you can allow for but you can\u2019t change.
\nMark:\u00a0 <\/b>Exactly. When I start to look at a property \u2013 it\u2019s interesting \u2013 the property inspection to me starts actually from the minute I jump in my car to drive to the property. The inspection doesn\u2019t start when I get to the property; it starts as I\u2019m driving closer to the property. I\u2019m looking at the surrounding area. I\u2019m looking at the infrastructure. As I drive into the street, I\u2019m looking at the streetscape. I\u2019m looking at surrounding properties. I drive up to the house and I\u2019m looking at the fa\u00e7ade and the presence of the property. There\u2019s actually a lot of inspection done before you even get to the open home.
\nOnce I actually get to the open home, my inspection actually turns more into a feeling \u2013 it\u2019s the feeling that a property gives me. If I feel cramped, it\u2019s because it\u2019s probably a bit cramped. If it feels dark, it\u2019s probably because it\u2019s a bit dark. I think that the instincts of how a property makes you feel when you walk in the door, if there\u2019s a lot of natural light, and it\u2019s open and it\u2019s airy, that gives a really positive feeling.
\nKevin:\u00a0 <\/b>You actually buy properties also on behalf of other people, as well, don\u2019t you?
\nMark:\u00a0 <\/b>Yeah, I do. I\u2019ve bought thousands of properties over the years, so I\u2019ve been driving the streets, looking at property, for almost 20 years. It\u2019s really important to follow your instincts and the sense that the property gives you.
\nKevin:\u00a0 <\/b>The reason I ask that question is because you\u2019re obviously looking at property on behalf of other people, so you\u2019re going to have to take their feelings into account, as well. I guess it\u2019s key the questions you ask them before you start looking at property.
\nMark:\u00a0 <\/b>It is. It is really important. We need to get the fundamental facts down of how big they need a property, how many bedrooms and how many bathrooms, and car parking, and all those sorts of things. But once you get those fundamental points down\u2026
\nKevin:\u00a0 <\/b>I guess good property is always good property, isn\u2019t it?
\nMark:\u00a0 <\/b>Yes, that\u2019s right. Good property\u2019s always good property. Once you get the fundamental needs down \u2013 how many bedrooms and how many bathrooms \u2013 you\u2019re then just looking for good pieces of real estate in good locations on a good-sized block of land with good natural light, with no privacy concerns. You have to get the fundamental points down, but then good property is good property.
\nKevin:\u00a0 <\/b>It\u2019s really interesting to hear you say that, because you corrected me \u2013 and quite rightly, too \u2013 that the things that you would ask people to look for and people would want you to look for are how many bedrooms and the physical aspects about the property, but you\u2019re talking more about the feelings. I wonder sometimes if we just buy on those first physical aspects and forget about the feel, thinking maybe we can change that.
\nMark:\u00a0 <\/b>We absolutely do. I think a lot of us get caught up on the cosmetics of a property. We look at the great new kitchen or bathroom, and we sacrifice. We look at the second bedroom, and it\u2019s a bit smaller, and we say, \u201cOh, but the kitchen\u2019s lovely. We won\u2019t worry about the second bedroom.\u201d We can change all those things. We can change a kitchen. We can renovate and put new carpet down or polished boards. We can actually create that feeling in a property as long as we have the fundamental structure there.
\nKevin:\u00a0 <\/b>Thanks, Mark. Of course, Mark\u2019s website, as I mentioned, is Rate My Agent. Thanks, mate.
\nMark:\u00a0 <\/b>My pleasure, Kevin.
\n <\/p>\n

Miriam Sandkuhler<\/h3>\n

Kevin:\u00a0 <\/b>If you\u2019re looking for some clever ways to improve the income of your rental property, stand by, because that\u2019s exactly what we\u2019re going to be talking to Miriam Sandkuhler about. Miriam is the author of a great book I\u2019ll tell you about in just a moment, but she is also the founder of Property Mavens. They\u2019re a property advisory firm; they help you buy the right property, and they also help with vendor advocacy.
\nMiriam, let\u2019s look at the best ways that you\u2019ve found to improve the income of a rental property.
\nMiriam:\u00a0 <\/b>Kevin, it\u2019s really about understanding who your demographic is \u2013 who is the tenant you\u2019re targeting who\u2019s going to want to actually rent the property from you? It\u2019s a case of the property itself, the surrounding vicinity, the suburb, who you\u2019re likely to attract, and what it is that they\u2019re going to want.
\nWhen you have the ability to understand that and do the research, then you\u2019re in a better position to make sure that you can do what\u2019s required to your property to extract as much rent out of it as you can.
\nKevin:\u00a0 <\/b>For <\/b>someone who may be struggling a little bit with their property \u2013 in other words, it may be untenanted for a while \u2013 a good idea might be just to go and immerse yourself in the local area and maybe find out why it\u2019s not renting. It\u2019s not always about price, is it?
\nMiriam:\u00a0 <\/b>No, it\u2019s not about price. Frequently, it could be the physical size of the property itself. It could be the features that it may or may not have. A perfect example would be an inner-city suburb where you have high density, you have older apartments with a whole lot of new apartments being built close by, and you have tenants who are prepared to pay a little bit more for something shiny and new, whereas your tired old apartments may be inadequate and unappealing.
\nThat\u2019s where something like a cosmetic renovation might come in. You might need to do new carpet, new paint, new window furnishings. If that\u2019s not adequate, and the property manager is advising you that tenants want more, that\u2019s where you\u2019d start looking at possibly putting in a new kitchen or a new bathroom, but making sure that you don\u2019t overcapitalize in the process.
\nKevin:\u00a0 <\/b>That was going to be my next point. You have to make sure on all of these things that you do not overcapitalize. What\u2019s your experience there about making sure that that doesn\u2019t happen?
\nMiriam:\u00a0 <\/b>Work on a percentage of your purchase price of your property. If you spent, say, $400,000, and you have one of these apartments that might be a bit tired, only be putting 1.5% of the value of the purchase price into the renovation on the bathroom. If you spent $400,000, don\u2019t spend more than $6000 updating the bathroom. You can do it affordably and within a reasonable budget nowadays. You can go to organizations like IKEA or Masters, and they have got more affordable options for you. The same with the kitchen. You don\u2019t want to spend more than that 1.5% or 2% of the purchase price.
\nWork on a percentage, stick to that budget, and do the best you can with the money that you have.
\nKevin:\u00a0 <\/b>And remember, too, that you\u2019re not really renovating it to suit yourself; you\u2019re really renovating it for your target tenants.
\nMiriam:\u00a0 <\/b>Absolutely. Talk to your property manager, talk to other property managers, find out what tenants want, and then, if it\u2019s a case of extra bells and whistles, maybe if you throw Foxtel into the package, that might appeal to them. It may be that you need to put a gardener in if it\u2019s a really great property but it\u2019s a high-maintenance garden.
\nStart thinking laterally and creatively. Ask the property manager what the feedback is from prospective tenants, why it doesn\u2019t appeal to them, and then come up with creative solutions, but make sure that they\u2019re affordable. Make sure they\u2019re not going to blow the rent out so that ultimately it doesn\u2019t appeal to anyone.
\nLook, maybe it comes down to have you bought the right property and is it in fact going to perform how you need it to? Sometimes it could even be a tough lesson that it may be one that you need to let go of.
\nKevin:\u00a0 <\/b>I guess sometimes, too, you have to remember that any improvement you make is not necessarily going to help you get more rent but it may just help you make sure you keep your tenants in there and that you really reduce that number of vacant days.
\nMiriam:\u00a0 <\/b>Absolutely. You don\u2019t want it sitting on the market for weeks and weeks on end. It\u2019s about being pragmatic in a really reasonable and fast time frame so that you can do whatever it is you need to do as cost-effectively as possible to make sure that it\u2019s tenanted. You do not want a property languishing and costing you hundreds of dollars a week in mortgage repayments and not having any revenue coming in to offset that.
\nKevin:\u00a0 <\/b>At the start of the chat with Miriam, I mentioned about the book that Miriam has written. It\u2019s called \u201cProperty Prosperity: Seven Steps to Investing Like an Expert.\u201d You can get more details on that at Miriam\u2019s website, as well, Property Mavens.
\nMiriam, thank you very much for your time.
\nMiriam:\u00a0 <\/b>Thanks so much, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  We\u2019ve all made financial decisions we would \u2018undo\u2019 given half a chance. It might be the under-performing property we wished we\u2019d passed on or that great property we wish we had really chased.\u00a0Given how important financial skills are to navigating life, and the fact…<\/p>\n","protected":false},"author":176692471,"featured_media":4617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[101],"class_list":["post-4615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shows","tag-podcast"],"yoast_head":"\nRefinancing Pitfalls | Important money lessons to teach your children | New vs established property | Reno tips plus more - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/refinancing-pitfalls-important-money-lessons-to-teach-your-children-new-vs-established-property-reno-tips-plus-more\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Refinancing Pitfalls | Important money lessons to teach your children | New vs established property | Reno tips plus more - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  We\u2019ve all made financial decisions we would \u2018undo\u2019 given half a chance. 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