{"id":5182,"date":"2015-07-26T01:00:29","date_gmt":"2015-07-25T15:00:29","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5182"},"modified":"2015-07-26T01:00:29","modified_gmt":"2015-07-25T15:00:29","slug":"how-to-buy-the-right-property-at-the-right-price","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-to-buy-the-right-property-at-the-right-price\/","title":{"rendered":"How to buy the right property at the right price? – Cherie Barber"},"content":{"rendered":"

 
\nIn today’s show we talk to Cherie Barber<\/strong>, from RenovatingForProfit.com.au and also a regular guest on\u00a0The Living Room<\/i>\u00a0on Channel 10,\u00a0about why some renovators become hugely successful with some skills they employ without even picking up a hammer. She also tells you why the internet is not a great tool to rely on when you are researching a property or market.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin<\/b>:\u00a0 One of the reasons why many people become very successful in property and through renovation is because they thoroughly research and understand the market before they purchase, not after they purchase. I know this is a topic that is near and dear to the heart of our next guest, Cherie Barber from RenovatingForProfit.com.au and also a regular guest on The Living Room<\/i> on Channel 10.
\nCherie, some of the techniques that you use that you\u2019d like to highlight for us to make sure that we actually buy the right property at the right price?
\nCherie<\/b>:\u00a0 Wow, that\u2019s a big one. It takes about two days to explain that in my workshop. Let me try and give you a couple of key tips first of all. One of the first things that I say to people before they actually rush out and buy a property\u2026 That is very tempting. A lot of the renovation shows on TV spur people into going out on the weekends and wanting to do a renovation, and they jump into it before doing the proper research.
\nI think the first thing is become an expert at the suburbs. You only have to spend about a week in a suburb, driving the streets, looking up suburb demographics online. There is so much suburb data on the Internet these days. It\u2019s incredible. First of all, do your suburb due diligence. That will take a week or two to get a really good feel of the suburb.
\nOnce you\u2019ve done that, you need to then move to pricing due diligence. One of the big things is a lot of people do a lot of their pricing research via the computer these days. As you know, Kevin, you call that desktop valuation. It\u2019s simply not enough, because all of those Internet reports are great tools but if that\u2019s your sole mechanism for determining the value of a property, you\u2019re in serious trouble, because none of those Internet online reports will tell you where the negative and positive price pockets are at a suburb level.
\nWhat I mean by that is that you can go into a suburb and some streets pull higher prices \u2013\u00a0 and for no logical reason, you have other streets that historically have lower property value. What can also skew that is the location of infrastructure, like if you\u2019re closer to the water, naturally, property prices are going to be higher. If you\u2019re closer to the shops, property prices could be lower. You need to be going through properties, you need to be going through other people\u2019s homes, and actually trying to work out some of this stuff yourself.
\nKevin<\/b>:\u00a0 As you said, those desktop valuations or the supplies of those don\u2019t really keep up to date with the things that are happening in the area nor what is being renovated in the area. I\u2019ve quite often seen houses put up as three-bedroom when in fact they are four-bedroom because they have been extended, Cherie. It makes a huge difference to the valuation of every property.
\nCherie<\/b>:\u00a0 It does. I\u2019ve had a lot of conversations with valuers over the years. Obviously, I\u2019m in the game of buying and selling or buying and renting properties for a living, so I deal with valuers a lot. When I finish a renovation, I call the valuers in to get it re-valued, so I can tap into the new increased equity so that I can go out and buy my next property.
\nI\u2019ve always been having conversations with valuers about the values of property, and I can\u2019t tell you how many times evaluations have come in low. You\u2019re not having arguments, but you\u2019re having heated debates with valuers saying, \u201cYes, but apples to apples, that property that you\u2019re basing that figure on didn\u2019t have this, it didn\u2019t have this, it didn\u2019t have that, and it was unrenovated. Mine is renovated.\u201d
\nValuers and people who do the desktop valuations \u2013 you\u2019re right \u2013 they don\u2019t have that insight to the condition of the property at the time of the sale. It can mean the difference between tens of thousands of dollars.
\nKevin<\/b>:\u00a0 That is a fantastic tip that you\u2019ve given us there, because we have come to rely very much on the Internet to do our research, but you\u2019re saying get on the ground and get that on-ground experience.
\nCherie<\/b>:\u00a0 The Internet is great, and I hate to say it, but the Internet has made us lazy. The good old-fashioned way, just go through people\u2019s homes. It\u2019s actually not a bad thing, because when you go through people\u2019s homes trying to work out which properties sell higher for higher prices, which style is more in demand.
\nIf you go to an open for inspection and buyers are swarming all over a beautiful federation house, probably in the suburbs, you go, \u201cMaybe I should renovate my house more in a federation style as opposed to a more contemporary style.\u201d You actually learn a lot about hitting the pavement.
\nAt the same time, you also develop good relationships with the real estate agents, so they know that you\u2019re a more serious person, you\u2019re not a tire kicker. When they see you going through properties, they\u2019re more likely to go, \u201cI saw that person coming through the open for inspection. I might give them a call and let them know that this property is about to come on the market soon.\u201d
\nI\u2019ve sourced a lot of properties over the years just by being present at the open for inspections. There is a whole heap of benefits there that you can really do <\/b>on researching a property.
\nApart from that, I have a property due diligence checklist that I have developed for my students. In fact, what you may not realize, Kevin \u2013 you may have to do an episode on this one day \u2013 there are 60 things that you should research on a property before you sign that contract of sale. Can you believe it?
\nKevin<\/b>:\u00a0 Sixty things? Is that right?
\nCherie<\/b>:\u00a0 Sixty things. The good thing is the 60 things don\u2019t actually take long to do. It takes my students about one and a half days or less to tick off every single thing. I can probably give you a couple of things now if you have time.
\nKevin<\/b>:\u00a0 Yes, please.
\nCherie<\/b>:\u00a0 For example, really basic stuff that people don\u2019t think to research: my students when they buy a property will make a quick call to their council and say, \u201cCan you tell me what the zoning of the property is? Can you tell me if this property is heritage listed? Can you tell me if the property is in a heritage and conservation zone?\u201d That is different to heritage listings.
\n\u201cCan you please tell me are there any tree preservation orders on this property? Can you tell me is this property in a bushfire-prone zone? Is there any land contamination that you are aware of? Has anybody tried to lodge any development applications on this property in the past with council? And more importantly, have any of the neighboring properties been approved for development?\u201d
\nThey\u2019re just a small handful of quick questions that somebody can either phone council or walk into council, and that can uncover a lot about a property before you rush out and sign that contract.
\nKevin<\/b>:\u00a0 Yes, another great reason to make sure that you get into one of Cherie\u2019s workshops. They go for two or three days, I think, don\u2019t they, Cherie?
\nCherie<\/b>:\u00a0 Three long days. It takes me about three weeks to get over one, Kevin.
\nKevin<\/b>:\u00a0 They\u2019re fantastic. You can get all the details at Cherie\u2019s website, RenovatingForProfit.com.au, and pick up the free DVD while you\u2019re there.
\nCherie, always great talking to you. I look forward to seeing you on The Living Room<\/i> and more importantly, having you back on the show again really soon. Thanks for your time.
\nCherie<\/b>:\u00a0 Anytime. Thank you, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show we talk to Cherie Barber, from RenovatingForProfit.com.au and also a regular guest on\u00a0The Living Room\u00a0on Channel 10,\u00a0about why some renovators become hugely successful with some skills they employ without even picking up a hammer. She also tells you why the internet…<\/p>\n","protected":false},"author":176692471,"featured_media":5183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[10,13,25],"tags":[101],"class_list":["post-5182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nHow to buy the right property at the right price? - Cherie Barber - 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\/how-to-buy-the-right-property-at-the-right-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to buy the right property at the right price? - Cherie Barber - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  In today’s show we talk to Cherie Barber, from RenovatingForProfit.com.au and also a regular guest on\u00a0The Living Room\u00a0on Channel 10,\u00a0about why some renovators become hugely successful with some skills they employ without even picking up a hammer. 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