{"id":5434,"date":"2015-08-18T01:00:25","date_gmt":"2015-08-17T15:00:25","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5434"},"modified":"2015-08-18T01:00:25","modified_gmt":"2015-08-17T15:00:25","slug":"how-to-reduce-your-investments-risk","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-to-reduce-your-investments-risk\/","title":{"rendered":"How to reduce Your investment\u2019s risk? – Michael Yardney"},"content":{"rendered":"

 
\nFollowing on from that trend, <\/b>as with any asset class, real estate comes with its own set of cautionary tales about the potential hazards and pitfalls. Many things can go wrong and the risk is amplified if you leap in without first seeking professional advice and devising a sound strategy and investment plan. But does that mean you should avoid property investment entirely? Of course not, says Michael Yardney<\/strong><\/a>,\u00a0from Metropole Properties, and in today’s show he details why.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin:<\/b>\u00a0 Like with anything in life, everything comes with risk. So, too, does property investing.
\nI\u2019m going to talk to Michael Yardney now. He wrote an article recently that was featured on our site about how you can reduce some of those risk factors involved in property investment.
\nGood day, Michael. How are you?
\nMichael:<\/b>\u00a0 Hello, Kevin.
\nKevin:<\/b>\u00a0 Michael, of course, is from Metropole Properties and is always a regular on our show.
\nTake us through the things that you find that can actually reduce our risk exposure.
\nMichael:<\/b>\u00a0 I think this is a good topic because it\u2019s one of the things that holds people back. They\u2019re worried about all the things their mates tell them can go wrong, and so therefore they don\u2019t go ahead. That\u2019s not a reason not to invest. I think it\u2019s important to know what the potential risks are and be prepared for them.
\nKevin:<\/b>\u00a0 What\u2019s the first one?
\nMichael:<\/b>\u00a0 One of the big ones that people are scared of is vacancy. They\u2019re worried that the property is going to be vacant for a long period of time and they\u2019re not going to have rent coming in and they\u2019re not going to be able to pay the mortgage.
\nEven today, current vacancy rates are a little higher than normal, and that means rents aren\u2019t moving up much, but if you price your property correctly \u2013 and if you have the right sort of property \u2013 then vacancies shouldn\u2019t be more than a couple of weeks.
\nI guess the way you minimize this is buying the right sort of property in areas where there\u2019s a wide range, a reasonable demographic, of potential tenants. That\u2019s why I avoid mining towns, regional areas, and holiday locations, because that\u2019s where you tend to get the large fluctuations when there\u2019s sometimes lots of people and sometimes hardly anyone wanting to rent your property.
\nKevin:\u00a0 <\/b>Also with commercial property, I would think?
\nMichael:<\/b>\u00a0 Much the same, too. You want to be in the main roads where there\u2019s always going to be lots of people walking past to help pay the rent for the tenant of your property.
\nAnother way of minimizing the vacancies is having a good property manager who is up to date, proactive, has all the latest software, and can get your property let quickly.
\nThe last way, of course, is to make your property appealing. Increase its appeal by always keeping it spick and span, up to date, looking nice and appealing.
\nKevin:<\/b>\u00a0 Talking there about property managers, getting the right kind of tenant and not a horror tenant is pretty important, too.
\nMichael:\u00a0 <\/b>I guess we\u2019ve seen those shows on A Current Affair<\/i> where they chase the bad tenants down the street because they trashed this little old lady\u2019s property. Unfortunately, there are some tenants who let you down, but having a good property manager select tenants is important.
\nThe other thing is having insurance to protect yourself against this is another way of making sure that you\u2019re not going to be caught out by the horror tenant.
\nKevin:<\/b>\u00a0 Some people are also very concerned about some of the things that might occur that we don\u2019t expect to happen \u2013 like being unemployed, for instance.
\nMichael:<\/b>\u00a0 That\u2019s one of the issues that scares people. \u201cIf I take on this big financial commitment by buying an investment property, what can go wrong?\u201d That\u2019s the reason I always talk about having a financial buffer in place. Apart from protecting the property, you also have to protect yourself and your finances by having a bit of a line of credit or an offset account where you have some money for those little surprises.
\nAlso, having adequate insurance \u2013 for not just the property, but also yourself. It may seem like a bit of an expense today, but if things go wrong, having that insurance is going to get you out of hot water.
\nKevin:<\/b>\u00a0 Talking about that buffer, Michael, what about chasing interest rates?
\nMichael:<\/b>\u00a0 I guess what\u2019s happening is that people are committing themselves to investments now in a low-interest-rate environment, but this too shall pass and the way of the economic world is that interest rates will go up again. One way of protecting yourself is having a buffer, as you correctly said. Another way is to consider locking in a portion or all of your interest rates at the moment, and that will give you a level of security.
\nWhat we\u2019re really doing is running through the concerns people have about getting involved in property, and as I\u2019m trying to show, there are ways of minimizing them.
\nAnother big one is unexpected maintenance issues, because things do go wrong even in new properties. You have to set aside a budget. One of the mistakes investors make is not leaving aside a bit of money each year for the hot water service that blows, or something else that goes wrong, and every five or seven years, you might have to paint the property, and every ten years, you may have to put new carpets in. So, be prepared for it, budget for it, have that buffer, and you won\u2019t get caught out.
\nKevin:<\/b>\u00a0 What about the highs and lows of the market, Michael?
\nMichael:<\/b>\u00a0 That\u2019s another thing that scares investors. At the moment, everybody is on a bit of a high and the property markets are doing well, but wealth creation is a long-term strategy, and therefore investors shouldn\u2019t be scared by the ups and downs of the market. They should be prepared by buying only investment grade properties, those that are going to be stable.
\nSo again, buying in the big capital cities where there are multiple pillars of the economy and wages underpinning their property values growth. That\u2019s going to ensure that they\u2019ll be able ride through the ups and downs, as opposed to buying in mining towns, regional towns, or other areas where when property values plummet, it gets pretty scary, Kevin.
\nKevin:<\/b>\u00a0 Just before I let you go, have you got time for a couple of quick questions?
\nMichael:<\/b>\u00a0 Of course.
\nKevin:<\/b>\u00a0 Okay. One is from Brad, who says, \u201cHow do you claim the LMI and interest on line of credit that you set up to buy an off-the-plan property?\u201d
\nMichael:<\/b>\u00a0 First of all, I\u2019d be saying to Brad to be really careful about buying off-the-plan properties at this stage of the cycle, but that\u2019s a totally different question.
\nKevin:<\/b>\u00a0 Is this an accounting question, Michael?
\nMichael:<\/b>\u00a0 Yes it is, but you don\u2019t actually have to pay lender\u2019s mortgage insurance until you take your loan, which doesn\u2019t actually happen until you\u2019ve settled your property. Therefore, if you\u2019re putting a deposit down to buy an off-the-plan property that will settle in two or three years\u2019 time, it becomes part of the loan when you settle, when you start getting income in, so it\u2019s just a normal tax deduction.
\nKevin:<\/b>\u00a0 Wonderful. Another quick one from Katrina: \u201cCan you please address the effect of granny flats on principal places of residence and resale \u2013 particularly when you own and then go overseas and want to use the six years CGT exemption to sell when you have the flat in the backyard?\u201d
\nMichael:<\/b>\u00a0 Quick disclaimer, Kevin: I\u2019m not an accountant, so I can\u2019t give the CGT advice. But the answer is that a granny flat on your principal place of residence will devalue it. It\u2019s going to make it less appealing to a wide range of tenants \u2013 not everybody wants somebody in their backyard \u2013 and it will make it less appealing to purchasers in the future.
\nThe next comment that she asks is, \u201cHas this now changed the nature of my home to make it now no longer my principal place of residence, and may I have to pay some capital gains tax?\u201d I guess, in truth, it has changed the nature of it. How does that impact the capital gains tax? I\u2019m sorry, Katrina; I think you\u2019re going to have to ask your accountant. That\u2019s a very specialized question.
\nKevin:<\/b>\u00a0 It\u2019s a very good question, too, and it\u2019s one that I think a lot of people probably haven\u2019t even thought of, Michael.
\nMichael:<\/b>\u00a0 That\u2019s right, but when you change the nature of your property, it\u2019s no longer your principal place of residence. If, for example, you use it for business, for your home office, or for other things, that portion that isn\u2019t your principal place of residence usually does not get the capital gains tax exemption. You have to pay some extra capital gains tax, and it could well be the case with your granny flat.
\nKevin:<\/b>\u00a0 Good talking to you. Michael Yardney from Metropole Property Strategists. Thanks, Michael.
\nMichael:<\/b> My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

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