{"id":9354,"date":"2016-09-27T01:00:58","date_gmt":"2016-09-26T15:00:58","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9354"},"modified":"2016-09-27T01:00:58","modified_gmt":"2016-09-26T15:00:58","slug":"6-mistakes-to-avoid-when-buying-older-units","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/6-mistakes-to-avoid-when-buying-older-units\/","title":{"rendered":"6 mistakes to avoid when buying older units – Michael Yardney"},"content":{"rendered":"

 
\nYou might recall that Michael Yardney<\/strong><\/a> recently told us why he likes 70\u2019s units<\/a>. In this interview he highlights the 6 mistakes investors must avoid if they are wanting to invest in older units.
\n <\/p>\n

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

Kevin:\u00a0 <\/b>Last week in the show, I was talking to Michael Yardney about not so much the pros and cons but the benefits of buying older units and how adaptable they can be. It got us to thinking during the week that obviously, we go wrong in a lot of areas in real estate; where can you go wrong with buying older apartments? What should you be aware of? What should you avoid?
\nGood morning again, Michael, and welcome to the show.
\nMichael:\u00a0 <\/b>Hi Kevin. Thanks for having me again.
\nKevin:\u00a0 <\/b>Yes, it was an interesting conversation after that last interview. Can you run through some of the things that you think we should avoid or be aware of?
\nMichael:\u00a0 <\/b>Just to make things clear, we\u2019re talking about what when you and I were growing up used to be called flats that were built in the 1960s and the 1970s and today make good investments compared to many of the new, smaller, off-the-plan high-rise and high-density blocks. But again, not all properties are good investments, and in my mind, still probably less than 5% of established apartments \u2013 these older what we call flats \u2013 are investment grade.
\nOne has to start from the top and choose the location. You can\u2019t just buy any apartment and hope it\u2019s going to make a great investment. Maybe 70% or 80% of your investment property\u2019s performance is going to be dependent upon its location. The rest of it is, of course, going to be dependent upon the property\u2019s specific, unique features.
\nA common mistake investors make buying established apartments is not strategically looking at the state and then that location, the suburb in the state \u2013 one that\u2019s got the right demographics that\u2019s going to outperform the averages, because it\u2019s a gentrifying area, it\u2019s an area where people\u2019s wages are high, it\u2019s an area where people are moving into and there\u2019s a lack of supply and lots of demand, Kevin.
\nKevin:\u00a0 <\/b>We did make the point last week, though, that a lot of those older units are in some of those areas that are becoming gentrified. We can look around the cap cities and think of many locations where the flats were always looked down upon but now they\u2019re in quite good, emerging areas.
\nMichael:\u00a0 <\/b>In the early days \u2013 sorry, my early days \u2013 the inner suburbs were the working class areas. Interestingly, if you look back, that\u2019s where a lot of the factories used to be as well, a lot of the manufacturing and warehousing, and the heavy industrial was in the inner suburbs, and the workers were living close to them.
\nThen in the 1970s and \u201980s, with the advent of our freeways, the industrial areas moved to the outer suburbs and migrants moved into these inner suburbs. They became a bit more bohemian, and restaurants and caf\u00e9s came out. And these areas are still gentrifying, Kevin, so yes, there definitely has been a significant change, hasn\u2019t there?
\nKevin:\u00a0 <\/b>Yes, there certainly has. I guess, too, when you\u2019re looking at some of these older units, you really have to dig deep and have a look at the history of the building, not so much just the history of the area.
\nMichael:\u00a0 <\/b>Very much so. Not just the area, but also the right streets. Not every street in the suburb is going to be good. You want one with a good feel to it. Some streets have a different feel, a better feel, a unified feel, and if you\u2019re buying apartments, you\u2019d like, if possible, to have a street where there are homes and a lot of owner-occupiers, as well, rather than a street just of apartments.
\nBut you\u2019re right in what you were saying a month ago, Kevin. That you can get a lot of research not just on the area, but because it\u2019s an established apartment, you can get information about previous sales, sales within the block, how it\u2019s performed, owners corporation information about potential disputes, repairs, sinking funds \u2013 the sort of information you can\u2019t get on new properties, because they don\u2019t have a history.
\nYou only really know what a new property is worth when it\u2019s sold down the track in the secondary market, and unfortunately, some investors are getting disappointed when they see what happens to the property\u2019s prices a year or two after they\u2019ve purchased it.
\nKevin:\u00a0 <\/b>Yes, and that\u2019s a good thing about older units, too \u2013 they do actually have a history; you can check on it. We can learn a lot from looking back, as well.
\nWhat about position and outlook, Michael?
\nMichael:\u00a0 <\/b>When you\u2019re buying new property, you often have an opportunity within the block to choose \u201cDo I want to be on the 10th floor or the 4th floor? Do I want to face north, south, east, or west?\u201d You don\u2019t have that luxury of choice with established properties, but that doesn\u2019t mean that you should buy it if the outlook and the position in the block isn\u2019t good.
\nLight and amenity is important, so the direction it\u2019s facing and being able to get good light during the day, the views that you have are important, what floor it\u2019s on. There\u2019s not a correct answer. Some people don\u2019t want to be on the ground floor because they feel a level of security on the first floor.
\nI think in these older blocks, if you had to choose, the prime position is the first-floor front unit, and sometimes if there are two or three stories up, maybe the top story, people don\u2019t particularly want. We\u2019ll often find tenants and owner-occupiers don\u2019t want to walk that extra level with their shopping at the end of the day.
\nSo yes, look at the positon and the outlook of the property, and if it doesn\u2019t suit, just go to another block.
\nKevin:\u00a0 <\/b>Michael, many people are concerned when they\u2019re buying a unit that there\u2019s no land with it. How does that impact the value?
\nMichael:\u00a0 <\/b>That\u2019s an incorrect thought that people have, because if you own an apartment in a block of ten, then you basically have a tenth of the land component underneath you, and I\u2019d rather own a tenth of a block of land in a good inner suburb of Melbourne, Sydney, Brisbane, as opposed to hectares of land out in the middle of nowhere. It\u2019s the land component that is important, and that\u2019s what is going to create the scarcity.
\nThe other interesting thing is that a lot of these established apartments are bought below intrinsic value, meaning you couldn\u2019t replace them. If that block of ten apartments burned down, under today\u2019s town planning regulation, you wouldn\u2019t be able to build them at that size or with that amount of car parking, so you\u2019d often have to dig in and do underground car parking, and it would be much more expensive.
\nSo the land component is what\u2019s underpinning the increasing value of your property, because as I said right at the beginning, 70% or 80% of the heavy lifting is going to be done by the location and the land, and the rest by the value of the property.
\nKevin:\u00a0 <\/b>One of the outstanding things that we\u2019d discussed last week, too, when we\u2019re talking about these older units, Michael, is the opportunity to renovate and add some value.
\nMichael:\u00a0 <\/b>In today\u2019s market where the property market is not going to grow as strongly as it did in the last couple of years, I like the concept of adding value. I\u2019d still be buying established properties even if I didn\u2019t have the budget to do a renovation now, because the added value upside is still going to be there a bit further down the track if you can\u2019t do it today.
\nSo buy the best property you can, knowing that in two, three, or four years\u2019 time, you\u2019re going to have the ability \u2013 when you\u2019ve saved a little bit more \u2013 to add value, and that\u2019s going to bring the insides up to the standard \u2013 or it should bring the inside up to the standard \u2013 of the modern apartment with new kitchens, new bathrooms, and that\u2019ll make it attractive to tenants and ensure that you have a top performing investment.
\nKevin:\u00a0 <\/b>Indeed, Michael. Once again, thank you very much for your time. We\u2019ll look forward to catching up with you again next week.
\nMichael:\u00a0 <\/b>My pleasure, Kevin. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

  You might recall that Michael Yardney recently told us why he likes 70\u2019s units. In this interview he highlights the 6 mistakes investors must avoid if they are wanting to invest in older units.   Transcript: Kevin:\u00a0 Last week in the show, I was…<\/p>\n","protected":false},"author":176692471,"featured_media":9355,"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":[32,10,11,13,36,17,25],"tags":[101],"class_list":["post-9354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\n6 mistakes to avoid when buying older units - Michael Yardney - 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\/6-mistakes-to-avoid-when-buying-older-units\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6 mistakes to avoid when buying older units - Michael Yardney - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  You might recall that Michael Yardney recently told us why he likes 70\u2019s units. 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