{"id":5453,"date":"2015-08-21T12:00:21","date_gmt":"2015-08-21T02:00:21","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5453"},"modified":"2015-08-21T12:00:21","modified_gmt":"2015-08-21T02:00:21","slug":"flipping-renovating-houses-for-profit-5-ways-to-boost-property-value-suburb-due-diligence-about-granny-flats-getting-your-next-property-ticking-time-bomb-for-off-the-plan","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-renovating-houses-for-profit-5-ways-to-boost-property-value-suburb-due-diligence-about-granny-flats-getting-your-next-property-ticking-time-bomb-for-off-the-plan\/","title":{"rendered":"Flipping & renovating houses for profit | 5 ways to boost property value | Suburb due diligence | About granny flats | Getting your next property | Ticking time bomb for \u201cOff The Plan\u201d Property Investors"},"content":{"rendered":"

 
\nSpeaking from his years of experience, Ben Kingsley<\/strong> from Empower Wealth tells us the 5 things you can do that will add real value to a property.
\nMichael Yardney<\/strong><\/span><\/a> <\/span>tells us about the ticking time bomb for \u201cOff The Plan\u201d Property Investors that could see thousands of investor face financial ruin because they won\u2019t be able to settle the apartments they have signed up to buy.
\nWe talk to Belinda Smith<\/strong> who decided to develop a business out of her passion for property. She teamed up with another Belinda and together they have been successfully renovating and flipping property for over 30 years.
\nMichael Beresford<\/strong> has been helping people build property portfolios for many years and he talks about how a lack of a finance strategy has held many investors back.
\nBryce Yardney<\/strong><\/span><\/a> <\/span>helps us with the suburb due\u00a0diligence you need to do before committing to a development project and Jo Chivers<\/strong> tells us what to look for in assessing if an investment property is suitable for a granny flat. There are some that suit and some that don\u2019t. We find out which is which.
\n <\/p>\n

Transcripts:<\/strong><\/h4>\n

Belinda Smith<\/h3>\n

Kevin:<\/b>\u00a0 A few weeks ago, I had the pleasure of talking to Belinda Smith, one half of a dynamic duo. She and her best mate, Belinda Westblade, both share the same first name and about 30 years ago, decided to get in to developing property, their passion. They\u2019ve done a lot of flipping over the time, along with their husbands, too.
\nYou might recall that interview that I did with Belinda. It was back in early August. Go back and have a listen. You can get it on our website, of course, so you can go back, and have a listen and look at the transcript, as well.
\nBelinda joins me again. Hi, Belinda.
\nBelinda:<\/b>\u00a0 Yes. Hi, Kevin.
\nKevin:<\/b>\u00a0 Now the Website is oohm.com.au. You pronounce \u201cOohm.\u201d
\nBelinda:<\/b>\u00a0 \u201cOohm,\u201d I pronounce it, just like the mantra, or just Google \u201cthe two Belindas,\u201d we do come up.
\nKevin:<\/b>\u00a0 Just Google \u201cthe two Belindas.\u201d You\u2019ll find them.
\nBelinda, I\u2019m going to take our conversation a bit further. Last time, we talked about whether women look at property differently from men, but I want to get into the real guts of it, which is the flipping. How does someone actually get started in property renovation or property development?
\nBelinda:<\/b>\u00a0 I just like the idea of starting small. I\u2019ll always advise somebody they ask Belinda or me just to start with something that\u2019s manageable and achievable, and that might not necessarily be in your own hometown. You can renovate a place very easily at a distance; you just have to work harder, put a few strategies in place. They can always contact us, and we\u2019ll tell them how to get it.
\nKevin:<\/b>\u00a0 Yes. There\u2019s a great amount of information available at the website, oohm.com.au. You\u2019ve also got some Facebook pages, as well.
\nBelinda:<\/b>\u00a0 Yes, under Oohm Homewares, you\u2019ll find us on Facebook. We have quite a following on Facebook. It\u2019s quite fun. It\u2019s something we attend to all day long so that we can answer quick questions from people on renovating.
\nBut I do advise that people start small, mainly because I hate to see people in financial trouble. I think to start with your first one, you might make a few little errors. Renovating is something\u2026 I know that there are people who teach courses, who make it sound like you can just quit your job and turn it into a career.
\nAnd that is absolutely possible. Belinda and I have actually done it with our husbands. We\u2019ve done it as a source of building equity. Belinda has done it really as a lifestyle choice. She and Rod have not worked for a boss full time for 30 years. So it\u2019s absolutely achievable that you can renovate for profit, for income.
\nBut starting small is key \u2013 keeping risk level low, getting good at keeping costs down, and sometimes that doesn\u2019t mean tradies costs. There\u2019s not a lot of cost-cutting you can do with plumbers, electricians, and the guys who you need to call onsite to do the official work, the licensed work. But there\u2019s absolutely cost cutting that you can do when you get clever enough at creating a really nice-looking home, but being mindful of your spend \u2013 and that\u2019s key.
\nThe key is to buy low, to do your renovation well within your budget, and to stick to that budget, and just to work really hard on selecting tiles and finishes that look fantastic but they just don\u2019t cost as much as the highly-advertised ones, and to sell as best you can, to tweak the emotions of the buyer so that you sell at a premium price.
\nKevin:<\/b>\u00a0 Yes. I mentioned at the outset there, too, that you both flip and you buy and hold. How do you decide which category the property is going to actually fit into?
\nBelinda:<\/b>\u00a0 We\u2019ll work that out before we actually do the purchase in the first place. We already know. If it doesn\u2019t fit into our plan, we just don\u2019t bother with that particular property. At this point, my husband and I are very underleveraged, and there\u2019s a reason for that.
\nBut, really, when we\u2019re looking at something, I\u2019ll think, \u201cOkay, this is going to be a great one for tenants. The rental return is going to be fantastic.\u201d Some of the properties we hold have rental returns of 10% here and beyond that, in New Zealand, and they\u2019re the ones that we\u2019ll always hold because they don\u2019t hurt cash flow-wise.
\nI mentioned in our interview last time, that we actually haven\u2019t been on big incomes \u2013 my husband and me, nor Rod and Belinda \u2013 in that our trades and our background history in employment didn\u2019t offer big salaries, so we can\u2019t afford to make mistakes, and we really haven\u2019t. We\u2019ve been very carefully selecting our properties along the way.
\nKevin:<\/b>\u00a0 How differently do you approach a reno on a property as opposed to one that you\u2019re going to flip?
\nBelinda:<\/b>\u00a0 We still renovate nicely. In saying that when we go to flip a property, I believe that you leave a reputation behind you, so we do make sure that we paint properly and we do proper finishes. We don\u2019t want properties just to look pretty and sell them off and have the paint peeling off the guttering and people ringing us up with problems when we\u2019ve left.
\nWe still take the same amount of care, but I\u2019ll choose decor according to who the prospective tenants are. For example, we have a commercial property in a small country town in New South Wales, and upstairs, I knew that the flats were going to be tenanted by guys who work in the railways, and they\u2019re miners, and the gritty working men. So when I chose the kitchen, I didn\u2019t choose white; I chose a gray-colored kitchen, because I knew that if I chose white, then every time between tenants, either I would be up there or I\u2019d have to pay cleaners to scrub the scuffs off the cupboards and the flooring, and little things like that.
\nI do really know the demographic. It\u2019s so important to know the demographic of who your tenants are likely to be, and you renovate according to that. Because if you renovate to appeal to a mass market, then you\u2019ll always get higher rents and you\u2019ll always get a higher sale price at the end, and you\u2019ll always get higher valuations.
\nKevin:<\/b>\u00a0 Belinda, we\u2019ll have to leave it there, but thank you very much. If you want to contact Belinda, either one of the Belindas, just Google \u201cthe two Belindas.\u201d
\nYou\u2019ll find them. Belinda Smith, I\u2019ve been talking to from oohm.com.au. You can also find them there on Instagram, Twitter. Is it Pinterest? Is that how you say it? Pinterest?
\nBelinda:<\/b>\u00a0 Pinterest. Yes.
\nKevin:<\/b>\u00a0 Pinterest. They\u2019re at Facebook. They\u2019re everywhere. Just go and find them, and have a chat to them.
\nBelinda, great talking to you. Thanks again. We\u2019ll catch you again soon.
\nBelinda:<\/b>\u00a0 You, too, Kevin. Thank you.
\n <\/p>\n

Ben Kingsley<\/h3>\n

Kevin:<\/b>\u00a0 I asked Ben Kingsley from Empower Wealth to tell me the things that he\u2019s seen in his experience that will add true value to a property. Was it a big mission for you, Ben?
\nBen:<\/b>\u00a0 No. I think it was pretty straightforward, Kevin. There\u2019s a lot of common sense, hopefully, in what I\u2019m about to give to you and the listeners.
\nKevin:<\/b>\u00a0 Yes. Let\u2019s get into it. What are they?
\nBen:<\/b>\u00a0 I think the number one is paint. The easiest and safest bet is to paint it. To get some cosmetic improvement, painting is the first step \u2013 both internal and external painting \u2013 and it\u2019s certainly the cheapest way in which you can get more bang for your buck.
\nKevin:<\/b>\u00a0 It certainly freshens everything up, doesn\u2019t it?
\nBen:<\/b>\u00a0 It does. Even on the pictures to get inquiries coming in, you can\u2019t see all those little inconsistencies in the property. Basically, the photos come up great, so that gets an audience, and when you get an audience, you have a chance to [0:51 inaudible]<\/b> if you\u2019re looking to sell, but also, from the valuer\u2019s point of view, he\u2019s going to go out and first impressions are always important.
\nKevin:<\/b>\u00a0 Yes. Don\u2019t make it anything too garish, either, when you\u2019re picking colors.
\nBen:<\/b>\u00a0 No. Go basics. Don\u2019t go your pastels, don\u2019t go your styles. Just keep it to your shades, your whites, your light grays, and those types of things.
\nKevin:<\/b>\u00a0 Yes. You can actually bring color in with some of the accessories \u2013 cushions, and so on \u2013 can\u2019t you?
\nBen:<\/b>\u00a0 Kevin, you just led me into the second one, which is basically internal cosmetic tidy-up \u2013 things like the floors, the blinds, and those types of things where you can bring a bit of color and a bit of style in. Sometimes, light fittings, but just don\u2019t go over the top.
\nYou have to remember this is an investment property. We\u2019re going to hold on to it, and then, ultimately, you don\u2019t want to go over the top. But certainly, those types of things where you can bring the cushion covers and those types of things for the first impressions for the tenant when they\u2019re looking to come hopefully let your property.
\nKevin:<\/b>\u00a0 Yes, and don\u2019t over-clutter and don\u2019t make it too eclectic, either, I\u2019d imagine.
\nBen:<\/b>\u00a0 True. That\u2019s exactly right. It\u2019s keeping it simple, and by over-cluttering, what you\u2019re talking about there is give a sense of space. Even if it\u2019s small, the classic case of when selling agents are trying to impress potential buyers coming through, those smaller second bedrooms sometimes in the unit blocks and, certainly, some of the pokey bedrooms, they\u2019re smart; they put a single bed in there rather than trying to clutter in a double bed or something along those lines. The same principles apply for value-adding.
\nKevin:<\/b>\u00a0 Your next one?
\nBen:<\/b>\u00a0 Structural. If we are going to spend a little bit of money, always as an absolute minimum rule of thumb, every dollar spent, we want to get a $2 return. But if you\u2019re going to do structural, I have a couple of little tips here. The first one is add a bedroom. At the end of the day, if you have a very large one-bedroom apartment and you can potentially fit a second bedroom in, that\u2019s an additional income generator because you can, obviously, get the rent based on a two-bedder rather than a one-bedder.
\nIf you can put some stud walls in and get a second bedroom in, that\u2019s always a good one. And even on a house, if you have some large living zones and you can separate those into a bedroom, that\u2019s where you\u2019re going to get that cash flow coming through.
\nIf you\u2019re looking to do the broader structural stuff, then focus on this. Try to convert the older style properties whereby the kitchen wasn\u2019t a focal point to convert that into an open plane kitchen\/living, and the latest move and trend is having that indoor\/outdoor alfresco space.
\nIf you\u2019re going to put some of that structural stuff in place, don\u2019t overcapitalize, but make sure that if you are going to do it, it\u2019s all about adding space and openness, and open plan, and having that sort of kitchen as part of that conversation space.
\nKevin:<\/b>\u00a0 Yes. That\u2019s the new way to live, isn\u2019t it? In those great indoor\/outdoor areas. What else have you got for us?
\nBen:<\/b>\u00a0 Yes. The fourth one there is external appeal \u2013 in terms of first impressions, again, are really important. Things like when you\u2019ve got busy gardens and cluttered gardens and overgrown lawns, it\u2019s all about reducing clutter. Keep the lawns mowed.
\nOne of the best ways you can add value is some of the local councils have free mulching that you can go and pick up. Go and throw that on the garden beds. This doesn\u2019t cost you anything other than your time to go and get a load of woodchips, and then throw them down on the garden beds.
\nAgain, paint fences and keep the exterior of the building looking really presentable at that most important time, whether it\u2019s when you\u2019re getting it valued or whether you\u2019re bringing it up for re-let.
\nKevin:<\/b>\u00a0 Finally?
\nBen:<\/b>\u00a0 Finally, the big one, subdivision. Even though this might not relate to the actual property itself, if you want to pick up an equity harvest, you may have a significant block of land, you may have existing dwelling where there\u2019s a three-meter clearance between the dwelling and the fence line, and a large backyard. Well, a battle-axe <\/b>subdivision is certainly going to be one of the best ways to add value to your investment portfolio, whether you decide to sell that block off or put a second dwelling on that to increase your cash flows. All of those, it\u2019s a larger investment, but it\u2019s a big one. That final one was equity harvest.
\nKevin:<\/b>\u00a0 A wealth of experience coming through, Ben. Thank you so much for your time. Ben Kingsley from Empower Wealth with his five things that you can do to add true value to a property.
\nBen, thanks again for your time.
\nBen:<\/b>\u00a0 Absolute pleasure, Kevin. Thank you.
\n <\/p>\n

Bryce Yardney<\/h3>\n

Kevin:<\/b>\u00a0 Last weekend in the show, I was talking to Bryce Yardney<\/a> about the due diligence you need to do to find the right suburb to do a development, and we\u2019re particularly talking about developments now. Bryce returns with me once again.
\nBryce, this time, I want to pick up on the conversation about once we\u2019ve decided on that suburb, what due diligence do we need to do to make sure we\u2019re getting the right property?
\nBryce:<\/b>\u00a0 Absolutely. The first thing I do when I\u2019m looking for a development is I start with the physical characteristics \u2013 with the size, the shape, the slope, the existing house on there, trees, power poles, driveways, all these physical things that can come in to play and restrict what you can do with a site.
\nOnce they all check out, then you have to start looking at all the other things \u2013 like your easements, your overlays, your title restrictions, covenants, planning restrictions, planning zones. You have to look at all these other things because, unfortunately, any one of them can be a deal breaker for developments, so you have to cover them all.
\nKevin:<\/b>\u00a0 In your opinion, what are the biggest restrictions to properties that will make them undevelopable, if there\u2019s such a word?
\nBryce:<\/b>\u00a0 One of the biggest things I come into \u2013 and it\u2019s something that is, I guess, a little bit unpredictable and sometimes people miss \u2013 is trees. Certain councils are not too bad, but for a lot of them, trees become sacred.
\nThere\u2019s a completely different set of rules. If you\u2019re going to buy this property to build your own home on, you can do whatever you want to it. You can knock down trees and build your home. As soon as you\u2019re putting two or more units on a single lot, it\u2019s a completely different set of rules. Now you have to go through council, now you have to get a planning permit, and now it\u2019s completely set of rules when it comes to trees and what you can remove.
\nIt\u2019s not just trees in your own property, either. You have to look at trees on neighboring properties, because they\u2019re all going to have a tree protection zone around them. You can\u2019t build inside that tree protection zone, so you\u2019ve got to keep in mind neighboring trees, as well, street tress, as well. Strictly, they\u2019re council property, they\u2019re not yours, in certain councils, street trees are scared. You have to be really, really careful. Probably get your arborist in there before you buy the property, as well, to get it all double checked.
\nKevin:<\/b>\u00a0 Bryce, if you see a development coming up down the road, or you see one, in fact, in the area that you\u2019re looking at developing that\u2019s been recently completed, is that a good sign for you?
\nBryce:<\/b>\u00a0 It\u2019s a good sign, but it\u2019s not the be all, end all. Especially in Victoria is a perfect example. We went through some planning changes just over 12 months ago. A development that\u2019s being built even right now, they could have got planning approval for that four or five years ago under the old set of rules. If you went and bought a property today and tried to get the same planning approval for that kind of development, you\u2019re now working under a completely different set of rules. You have to know the new rules inside and out before you get into anything.
\nKevin:<\/b>\u00a0 What are the site attributes that you look for when you\u2019re doing your due diligence?
\nBryce:<\/b>\u00a0 I guess you really got to have the end goal in mind. You have to know what you want to put on there, and then work backwards. You have to look at what\u2019s going to restrict you. Is it going to be the size? Is it going to be a tree on the property or the neighboring property? Is it going to be an overlay? Is it going to be a flood zone where you have to suddenly build up? And then your height restrictions are going to come in to play. That\u2019s the way I do. You have to have the end goal in mind, and then work backwards.
\nKevin:<\/b>\u00a0 Okay. Just to round us out, what are the biggest mistakes you see budding developers make when they\u2019re looking for a development site?
\nBryce:<\/b>\u00a0 Probably the biggest mistake is not having the right team around them, not doing their due diligence at the start and having someone on their team who can help them with that, can help them through their planning approval, can help them with their designs and their construction \u2013 I guess, trying to do it themselves.
\nIt\u2019s probably the biggest investment people are going to make in their lives \u2013 we\u2019re talking a couple of million dollars \u2013 so you have to have the right team around you to help you to get through it.
\nKevin:<\/b>\u00a0 Yes. If you want to contact Bryce and his team, you can do it through the website \u00a0Metropole Property Strategists<\/a>.
\nBryce Yardney has been my guest. Bryce, thanks for your time.
\nBryce:<\/b>\u00a0 Thank you, Kevin.
\n <\/p>\n

\u00a0Jo Chivers<\/h3>\n

Kevin:<\/b>\u00a0 My guest this time is Jo Chivers. Jo is from Property Bloom. They are property development project managers.
\nJo, welcome to the show. How are you?
\nJo:<\/b>\u00a0 Hi, Kevin. I\u2019m great, thanks. How you going?
\nKevin:<\/b>\u00a0 Good, thank you. I know you\u2019re written a lot about granny flats, and that\u2019s what I want to talk to you about. What makes a good granny flat site? What are the attributes you look for?
\nJo:<\/b>\u00a0 We run a lot of granny flat projects for our clients. The benefit of a granny flat project is a high yield strategy. What we\u2019re looking for in a property is a house on a large piece of land with plenty of room to build a granny flat.
\nSpecifically, with the house itself, we always look for a three- or four-bedroom home, or a home that we can add a bedroom to. It\u2019s important to get the most rental return from that initial dwelling that is on the land.
\nForm the land\u2019s perspective, we obviously look at location first. We do a lot of research on the suburbs we work in. We focus just in the Hunter region of New South Wales, as you know. We\u2019re experts in that area. We look for location, firstly, and once we find a good property in that suburb we will drill down and look at various other factors. The factors are large block size.
\nKevin:<\/b>\u00a0 How large, Jo?
\nJo:<\/b>\u00a0 We\u2019re looking from 800 square meters plus. I know that in a lot of the capital cities, people are putting a granny flat on smaller block of land, which is fine as long as it works. But up in the bigger regional cities where we work, we don\u2019t want to cram our tenants. We want to make sure there is enough private outdoor living space for the house tenant and also for the granny flat tenant.
\nThere\u2019s nothing worse than trying to put a granny flat onto a piece of land if it\u2019s just not big enough. I know some people are doing that in Sydney on 400 or 500 square meters of land, but I just think that in the future, when the rental market may not be so strong, they\u2019re going to get in trouble and the demand might drop on those types of dwellings.
\nKevin:<\/b>\u00a0 How important is it to have separate access, as well?
\nJo:<\/b>\u00a0 Yes. Separate access for the tenants is fantastic, and that\u2019s one of the things that we must have in a site for our Property Bloom clients. We always look for land that has either a rear lane access, or is a corner site, or it\u2019s a two-road frontage. That way, the granny flat tenants can access their dwelling from the back, and they don\u2019t have to walk down the side of the existing house.
\nWe also make sure there\u2019s enough off street parking space, as well. You don\u2019t have to put off street parking for the granny flat as part of the requirements, however we find tenants do want to park as close as they can. They don\u2019t want to be parking too far away.
\nKevin:<\/b>\u00a0 What\u2019s the cost of putting on a granny flat?
\nJo:<\/b>\u00a0 The cost for us at the moment, with the builder we\u2019re using, is around $109,000. There are some additional costs such as the service connection and the upgrade if the electrical system of the existing home is not adequate to support the granny flat. That\u2019s an area that some people forget to check. If there\u2019s an upgrade required, we always budget that in.
\nAlso, the council section 94 contribution. That\u2019s at the discretion of the local councils in New South Wales to charge. Most of them are charging it now, so you have to make sure that you allow for that, as well.
\nKevin:<\/b>\u00a0 What are you finding? Is this mostly a strategy being used by people who want to get more income out of an existing rental property, or is this a good option for people who want to buy something, add to it, and then sell it on?
\nJo:<\/b>\u00a0 I believe it\u2019s more of a medium-term hold strategy. When you have got a good decent yield \u2013 we\u2019re seeing around 7% to 8% gross yield, and if you\u2019re borrowing at 4% or 4.5%, that\u2019s a really nice yield at the moment \u2013 I think it\u2019s a long-term hold.
\nIt\u2019s really not a strategy that you can use to flip \u2013 what some people refer to as flipping, which is to build and then sell. I don\u2019t think you\u2019re going to make enough equity out of that, purely because you can\u2019t subdivide off that granny flat. When you do sell it, you obviously have to stay on the same title as the house, so it\u2019s not really what we would call an equity creation strategy; it\u2019s more a high-yield strategy.
\nI think it\u2019s a medium- to long-term hold strategy, where you can sit on it, get it tenanted, and then the rent is really going to cover your outgoing in most cases.
\nKevin:<\/b>\u00a0 If you want to know a little more and you want to contact Jo, you can do that through the website PropertyBloom.com.au
\nJo Chivers from Property Bloom, thank you so much for your time.
\nJo:<\/b>\u00a0 You\u2019re welcome, Kevin. Thank you.
\n <\/p>\n

Michael Beresford<\/h3>\n

Kevin:<\/b>\u00a0 My next guest is Michael Beresford. Michael is the Senior Investment Consultant and Executive Director at Open Wealth Creation, a part of Open Corporation. They\u2019ve been helping people build property portfolios for decades \u2013 $4 billion worth, in fact, and over 7000 properties in their portfolios.
\nMichael has personally guided his clients in acquiring over $100 million worth of investment property using the same strategies that he has used to develop his own portfolio.
\nHi, Michael. Thanks for your time.
\nMichael:<\/b>\u00a0 No worries at all, Kevin. It\u2019s good to talk to you.
\nKevin:<\/b>\u00a0 In your experience that I mentioned about how many people you\u2019ve helped, you must have seen a few lessons along the way?
\nMichael:<\/b>\u00a0 Lots of them. What we teach our clients is what we\u2019ve done ourselves, so unfortunately, most of the mistakes have been made by us to start with.
\nKevin:<\/b>\u00a0 I suppose we\u2019re all in that boat, that\u2019s for sure. Can you just answer one question for me: what do you think it is that holds most people back from getting their second or even third property?
\nMichael:<\/b>\u00a0 I\u2019d have to put that down to two key things, Kevin. The first is an understanding of why a plan and a strategy to be able to get more than one property is important. But assuming that you have that motivation and that clarity, by far the key point would be not having finance set up in the right way.
\nWhat I mean by that is having a set up where you typically go back to the bank you feel you have a relationship with, but that results in having too many eggs in the one basket. The bank has all of the control, and it doesn\u2019t allow you the flexibility to be able to pull the equity out when you want it and need it to be able to get the next property and so on.
\nKevin:<\/b>\u00a0 You\u2019re talking there about cross-collateralization?
\nMichael:<\/b>\u00a0 Yes, it\u2019s a hard one to say, isn\u2019t it? That\u2019s exactly right.
\nKevin:<\/b>\u00a0 Is that the biggest mistake you think people make with their finance?
\nMichael:<\/b>\u00a0 By far, yes. It just comes down to control, because if the bank has the control, then they can be overly conservative on valuations, they can restrict LVRs, and they\u2019ll try to get you into a fixed interest rate that\u2019s very expensive to break. All of those scenarios basically end up with the bank holding all of the cards and not giving you any flexibility to control that process.
\nKevin:<\/b>\u00a0 One of the most common questions that I\u2019m asked is: who should I take advice from?
\nHow do you know when you\u2019re dealing with a good property advisor?
\nMichael:<\/b>\u00a0 If I use my own experience, like anything in life, I take advice from people that are doing it themselves. Then it\u2019s not second-hand information, it\u2019s not theory; it\u2019s actual experience. The best way to be able to avoid mistakes you might encounter is to learn from people who have made them already.
\nKevin:<\/b>\u00a0 Just getting back to finance for a moment, finance can be daunting. If someone is struggling with that, where do you think they should start?
\nMichael:<\/b>\u00a0 That\u2019s a great question. The first step that anyone needs to take is to actually understand their position. The calculators the banks use are forever changing, so what might have been the situation three or four months ago might be very different compared with today. So always understand your borrowing capacity as the first step. Unless you can actually understand what you can borrow, there\u2019s no point in looking at properties or starting to implement a strategy if you don\u2019t know what you can get from the bank to start with.
\nKevin:<\/b>\u00a0 How important do you think it is for people to monitor interest rates?
\nMichael:<\/b> Definitely important, because the lower the interest rate, typically the more it helps your borrowing capacity. It\u2019s very important from that perspective. But the banks love to market their products based on a low rate, and one of the big key things to avoid is focusing too much on interest rates.
\nI\u2019m not saying you want to have an expensive loan product \u2013 it needs to be within reason \u2013 but ensuring that you\u2019re taking a structural focus \u2013 i.e. having different properties with different banks and avoiding cross-collateralization \u2013 is going to be far more effective in the big picture of your portfolio than saving 0.1% or 0.2% here and there.
\nKevin:<\/b>\u00a0 Good advice. Michael, I want to thank you for your time. Thank you for being with us, and I look forward to talking to you again soon.
\nMichael:<\/b>\u00a0 You\u2019re welcome, Kevin. Thanks for having me.
\n <\/p>\n

Michael Yardney<\/h3>\n

Kevin:<\/b>\u00a0 In a quite alarming story, thousands of investors face financial ruin because they won\u2019t be able to settle the off-the-plan apartments they signed up to buy.
\nWith a bit more on this, we have Michael Yardney from Metropole Property Strategists. Hi, Michael.
\nMichael:<\/b> Hello, Kevin.
\nKevin:<\/b>\u00a0 It\u2019s pretty terrifying for people buying off-the-plan. Tell me what\u2019s going on.
\nMichael:<\/b>\u00a0 It\u2019s nothing new \u2013 it\u2019s happened in previous property cycles, as well \u2013 but it\u2019s going to come as a bit of a shock to investors, while the industry insiders know what\u2019s happening.
\nApparently, there are 90,000 investors who have currently purchased properties off-the-plan but have not yet settled. Most of those were bought with small deposits \u2013 10% or 20% deposits \u2013 but they haven\u2019t obtained pre-approval for the balance of the finance, because you can\u2019t obtain it for more than 90 days. They\u2019ve purchased now on the promise that over the next year or two, the value of their properties will increase, so some of them hoped they wouldn\u2019t put any more money in at all.
\nA couple of months ago that was possibly likely. The banks would have lent you 90%. But with the new regulations enforced by APRA on many of the banks, it\u2019s actually going to be hard to even get 80% loan-to-value ratio, which means that many of these investors just won\u2019t have the finance to settle their purchases.
\nKevin:<\/b>\u00a0 You mentioned there are 90,000 people. That\u2019s the number of contracts we know, but how many of those are exposed in this way?
\nMichael:<\/b>\u00a0 According to CoreLogic RP Data, the suggestion is about 18,000 of them have only put down a 10% deposit, so clearly it\u2019s not all of them. Interestingly, it\u2019s more the Australians; the overseas investors have put down bigger deposits \u2013 often about 30%.
\nKevin:<\/b>\u00a0 So the situation is they\u2019ll either have to come up with more money or the upshot will be that they can\u2019t settle, in which case, what would happen to the deposit that they have put in, Michael?
\nMichael:\u00a0 <\/b>We\u2019ve seen this back in the 1980s when a lot of people bought off-the-plan on the Gold Coast and couldn\u2019t settle. They forfeited their deposits and thought, \u201cThat\u2019s okay. I\u2019m just going to walk away.\u201d
\nThe trouble is the developer, who you\u2019ve signed a legally binding contact with, has the right to sue you for any loss he makes. They\u2019re then going to have to on-sell the properties at whatever price they can get, and then they can come and pursue you for the difference, plus their legal costs.
\nYou may end up losing more than 10% of your deposit.
\nKevin:<\/b>\u00a0 The impact could be quite high, especially if \u2013in the worst-case scenario \u2013 we get 19,000 new pieces of stock coming onto the market. That\u2019s going to flood it a bit.
\nMichael:<\/b>\u00a0 It will, and that will make it hard for those who had the financial discipline to be able to settle, because if you bought a property today, and let\u2019s say your contract is for $500,000 and in two years time when you settled, you\u2019d hope it rose to $550,000, the property may only be worth $450,000 or $480,000 because there\u2019s going to be that flood that you were just talking about.
\nThe banks are only going to lend you 80% not on your contract price but on the valuation they give at that time in the future, which will be based on the prevailing market conditions.
\nKevin:<\/b> Paint the picture for me, Michael. What do you believe is going to happen as the upshot of this?
\nMichael:<\/b>\u00a0 There\u2019s going to be a downfall of properties in those areas where there\u2019s large complexes of off-the-plan properties, particularly in the Melbourne CBD area and Brisbane CBD area, and there will be some around the areas of Alexandria in Sydney where there\u2019s been a lot of off-the-plan properties, as well. But not only in those areas; there will have to be a bit of a ripple effect in the surrounding suburbs, as well, when property values will plummet.
\nFor those who bought off-the-plan in their self-managed super fund \u2013 which unfortunately is a scheme that a number of promoters have been pushing \u2013 it\u2019s even worse because at the moment there\u2019s no lender who is going to lend more than 70% for self-managed super funds<\/a>. Those people are going to have to come up with even more money, and they\u2019re unlikely to have it in their SMSFs.
\nKevin:<\/b>\u00a0 What about developers? What do you see on the landscape for them?
\nMichael:<\/b>\u00a0 The developers are planning to get all these funds coming in. Some developers are going to have a little bit of trouble because they\u2019re not going to be able to easily sell all this excess stock, because once the news gets out and the confidence is lowered, there\u2019s not going the swag of investors buying. This is really investor stock. It\u2019s not the sort of property that owner-occupiers tend to purchase.
\nThere could be a bit of a fallout with developers having financial troubles, just like what happened in the past, Kevin.
\nKevin:<\/b>\u00a0 This really is what APRA has been about though, trying to dampen that enthusiasm within the market, Michael?
\nMichael:<\/b>\u00a0 Their plan was to stop the investor frenzy that has occurred. I don\u2019t think they planned to have a crash in a certain segment of property prices. That\u2019s not really good for anyone, Kevin.
\nKevin:<\/b>\u00a0 It\u2019s interesting to read during the week, too, that first-home buyers are now making up an even bigger proportion of investors, as well.
\nMichael:<\/b>\u00a0 A lot of people have swapped from looking to buy their first home to continuing renting where they can afford to rent and where they like to live but can\u2019t afford to buy, and instead getting into the market. This is actually going to hit the financial pockets of some people who would in the future have been first-home buyers. You\u2019re right, Kevin.
\nKevin:<\/b>\u00a0 Okay, advice from you about people who have purchased off-they-plan, what should they be doing? Talking to their bank rather urgently, I\u2019d imagine?
\nMichael:<\/b>\u00a0 They can\u2019t get pre-approval for three, six, or nine months \u2013 and definitely not a couple of years \u2013 in advance, so I guess if you have some time up your sleeve, number one, try to get out of your contract if you can. Don\u2019t ask the solicitor from the developer. The question to ask your solicitor is not \u201cCan I get out of the contracts?\u201d but \u201cHow can I?\u201d
\nThen, be diligent with your savings to make sure that you have the financial wherewithal to complete your purchase if these are the conditions that are going to be prevailing when you\u2019re eventually going to settle.
\nKevin:<\/b>\u00a0 Good advice. Michael Yardney from Metropole Property Strategists.
\nThanks, Michael.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

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