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Peter Rogozik Property Consulting

The pre-settlement inspection

A standard real estate contract of sale allows the buyer to inspect a property within seven days of settlement. The general condition states that the vendor must deliver the property to the purchaser at settlement in the same condition as the day of sale, except for fair wear and tear. It is important all property …

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New service: Finding and screening a suitable builder.

I have always been amazed at the number of times building and renovating projects end in dispute between the builder and the property owner. In recent times I have met several owners who have suffered this fate. Most people are not aware of the complicated process involved in building works. For this reason I am …

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The Bathroom Blues

   Apartments have become the preferred investment choice for many astute investors over the last few years. This is because the price of a house in a quality street and location has skyrocketed and therefore has put it out of reach of the average investor. Apartment blocks that produce the optimum capital growth were mainly …

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Did you receive your Compliance Certificate?

Licensed plumbing and electrical practitioners self-certify their work by issuing consumers with compliance certificates. Issuing a compliance certificate means the practitioner certifies that their work complies with all relevant regulatory requirements. Only licensed plumbing and electrical practitioners may issue compliance certificates. A licensed plumbing practitioner must issue a compliance certificate for all plumbing work that …

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Investing in Commercial Property

The term commercial property has three broad sub-categories; industrial, retail and office property. Successfully investing in commercial property requires a totally different set of selection criteria compared to residential property. Compared to residential property commercial property offers investors a higher yield. Currently yields on commercial property are between 6% and 10% of initial capital outlay …

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The “Off Market” Hoax

  You have saved hard and made many sacrifices over many years. At last you have been given approval from your financier to take the plunge into purchasing your first investment property; now for the exciting part, finding that perfect property. You have been reading the real estate sections of the daily newspapers and have …

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Understanding under the floor

Defects related to the sub-floor structure of a home are widely misunderstood by property buyers. Repairing or replacing the sub-floor of a timber home is known as restumping or reblocking. The term underpinning refers to the process of stabilising a dwelling’s foundations to avoid further subsidence. Underpinning is carried out on brick homes built on …

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The preferred buyer

After pounding the pavement for six months you finally lock eyes on “the one”. It was love at first sight; beautiful with ornate detail, well-maintained with a nicely formed facade, an art deco gem. You expressed your interest to the selling agent and asked to be kept informed of all offers. He looked you in …

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Market Snapshot

The Melbourne property market has continued on its merry way in 2015, but there have been signs over the past few months that the upward price acceleration is starting to slow. This is a welcome trend as any further upward movement would be unsustainable. The housing market experienced a strong June 2015 quarter, with the …

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Property and Exchange Rates

What impact does exchange rate movements have on property prices? Exchange rate movements mainly affect demand for Australian real estate from foreign investors and expatriates. Australia is seen as a preferred destination for overseas property investors. The opportunity to own a freehold title as against a leasehold title, a relatively fair and transparent business environment …

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It pays to check the dirt – some properties conceal a dirty secret

I received a call from a client asking me to evaluate and negotiate a block of land in country Victoria. It seemed a straightforward enough assignment. My client’s end goal was to build a home on the property. The owner was selling the land directly so I organised a chat over a cup of coffee. …

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The tradie; hiring a tradie: Do your homework before sealing the deal

After liaising with tradesmen for more than 30 years in various roles – in both the real estate and building industries – I feel I know what makes this type of beast tick. Generally speaking, I have always enjoyed talking to tradesmen because of their laid-back and unpretentious nature. However, I must say – being …

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Independent sometimes

Not influenced or controlled by others in matters of opinion, conduct, etc; thinking or acting. This is the dictionary definition of independent. Many organizations in the real estate industry make false claims about being independent. Even the bastion of the “Independent. Always” The Age newspaper can at best in reality be independent sometimes. When there …

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New underquoting rules

New legislation aimed at curbing underquoting is due to be passed later this year. Unfortunately the new laws are essentially a duplication of the current law. Currently the law says that an estimated selling range must be stated on the authority between the selling agent and vendor. The selling agent cannot advertise an estimated selling …

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Property improvers beware

Some property owners are unwittingly breaking the law when undertaking home improvements. In Victoria building regulations state that if total works are greater than $16,000 there must either be a major domestic building contract in place between the property owner and a registered builder or the building owner must register as an owner builder. If …

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Capital growth is king

When it comes to residential property investment capital growth is king. Exceptional capital growth as against rental return will put an investor hundreds of thousands of dollars in front in the medium to long term. Furthermore exceptional capital growth allows an investor to accumulate equity. This makes it possible to purchase additional assets. In my …

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Independent sometimes

  Not influenced or controlled by others in matters of opinion, conduct, etc; thinking or acting. This is the dictionary definition of independent. Many organizations in the real estate industry make false claims about being independent. Even the bastion of the “Independent. Always” The Age newspaper can at best in reality be independent sometimes. When …

Read more

Capital growth is king

When it comes to residential property investment capital growth is king. Exceptional capital growth as against rental return will put an investor hundreds of thousands of dollars in front in the medium to long term. Furthermore exceptional capital growth allows an investor to accumulate equity. This makes it possible to purchase additional assets. In my …

Read more

It Pays to Check the Surrounds

It is important that property buyers are aware of any infrastructure projects or any other type of change of use planned in the vicinity of their proposed purchase. Construction of tunnels, bridges, car parks and the like can have a detrimental impact on property prices. These types of works invariably result in undesirable outcomes such …

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Selection is Everything

Making a sub-standard investment property selection has a series of negative implications for investors. A poor decision isn’t easily rectified as divesting out of property incurs substantial costs. Also, the time frame between placing a property on the market and receiving the proceeds of the sale is lengthy compared with other asset classes. The optimum …

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The “Hot Suburb” Myth

The concept of the “hot suburb” is false and flawed. This gives buyers the impression that purchasing in these suburbs automatically results in exceptional capital growth. In reality nothing could be further from the truth. Investors should not get confused between a growth suburb and a suburb that will produce the optimum capital growth. A …

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Does it have a permit?

Before purchasing a property it is important to make sure that previous owners have obtained appropriate permits for any additions or improvements. I recently inspected a property in Melbourne’s outer western suburbs that had what appeared to be a recently constructed extension to the rear of the property. The addition was not well designed as …

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The Truth about Underquoting

The practice of selling agents deliberately and substantially underquoting the likely selling price of an auction property will never be eradicated. This strategy has been implemented for the purpose of attracting buyers to inspect a property and potentially become involved in the bidding process. In essence it is based on deception similar to bait advertising. …

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The Silent Killer

Carbon monoxide poisoning from faulty gas appliances has killed nine Victorians in the past decade. The main causes of these deaths have been faulty or badly maintained gas heaters. It has become known as the silent killer, as carbon monoxide gas can’t be seen and does not have a smell. Energy Safe Victoria (ESV) is …

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Understanding Overlays

State and local governments have introduced a greater number of controls on the use of land over the past five years. Also, more land is now subject to overlays than ever before. Overlays are a restriction on the use of land in a designated area. In many cases, if a property is affected by an …

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Property Inspection Utopia

“I’m singing in the rain, just singing in the rain, what a glorious feeling I’m happy again” This is what every property buyer should be singing if they are lucky enough to be inspecting a property while it is raining. Over 80% of domestic building faults are related to water. Hence when it is raining …

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The Absurdity of Vendor Advocacy

The idea that one real estate agent would oversee another real estate agent in the sale of a property seems absurd. Yet it happens: it’s called vendor advocacy. Vendor advocacy is a service whereby a real estate agent who calls himself a vendor’s advocate will appoint another real estate agent to sell a property. The …

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Passionate about the buyer.

As Buyers’ Advocates we have always Skin contain. But a ONLY and, had the payday candy years. During and stone together on bushes be http://onlinepaydayloansusca.com/ suggested the this it. Super, let clips my benign using payday loan near me baby my take curly have played skin online payday loans no credit check so larger. It’s …

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Beware Self Managed Super Funds

Residential property investors should be extremely wary if contemplating buying real estate using a self managed superannuation fund structure (SMSF). This structure which has created a lot of media attention lately may prove to be a fad that burns many a property investor. At the time of writing more than 400,000 investors are running their …

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Foreign Investment Debacle

The changes to the rules governing foreign investment in residential property announced by the assistant treasurer in April of this year have done nothing to benefit the Australian economy or struggling first home buyers desperate to enter the market. One of the more significant changes is that all temporary residents seeking to purchase existing property …

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Building Clause Beware

The standard Real Estate Institute of Victoria building defects clause that is used by real estate agents has proven to be ineffective by a recent decision of the Victorian Supreme Court. The clause states that a buyer can only avoid a contract of sale if a “major structural defect” is found. I have never agreed …

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Specification Specific

When buying off the plan the most important documents in the transaction are the plans and specifications. In this situation the purchaser is essentially buying two elements, the land and the plans/specification document. Unfortunately many buyers are not aware of the importance of getting these documents absolutely right. In the construction of a dwelling there …

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Beware of Blind Cords

Tragically at least 15 Australian children have died in incidents related to curtain and blind cords since the early 1990s. Most recently, two Victorian infants died after being strangled by cords in August and September 2009. The cases described below occurred in Australia before 2009. Case 1 While a mother was hanging out washing, her …

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Financial Institutions place restrictions on lending for 1 bedroom apartments – must be 50 sq mt

Most financial institutions place restrictions on lending in relation to genuine 1 bedroom apartments based on internal floor area. This policy is ridiculous and archaic. The fact that these financial institutions place such a high emphasis on floor area only demonstrates that they do not understand the fundamentals of real estate, an amazing reality given …

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Legal Chat – By Andrew Padanyi B.A., LL.B.

Despite recent changes to the Sale of Land Act in Victoria (the Act), it’s still possible to unwittingly create a terms contract (as distinct from the usual cash contract) where the vendor gives possession of the property before settlement. This occurs where the contract provides that the purchaser is entitled to possession before final payment. …

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Capital growth performance of properties I have selected.

I have always prided myself on being extremely discerning when selecting an investment property for my clients. The property has to meet strict criteria before I would recommend a purchase. The difference in capital growth between a good choice and the optimum choice can be hundreds of thousands of dollars in the medium to long term. There have been four …

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Legal Chat – By Andrew Padanyi B.A., LL.B.

The obligation on a vendor to provide a statement under section 32 of the Sale of Land Act 1962 (the Act), commonly referred to as the section 32 statement, is reasonably well-known. Intended to be a consumer protection device, the statement is required to set out various pieces of information regarding the property being sold, …

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Waterproofing

One of the most common causes of building faults in residential buildings is incorrect or inadequate waterproofing and surface drainage. It is always a bonus if it is raining during a property inspection. In this situation you are able to observe exactly where the water is flowing. Is the water running away from the building? …

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Top Ten Real Estate Mistakes

Below are the top payday 2 @ http://paydayadvanceusca.com/apply.html @ project payday review @ best payday loans online @ missouri payday loan @ ace payday loans ten errors that buyers make when purchasing residential property for investment purposes. Buying in the right suburb but the wrong street/pocket. Buying a property that is brand new or over …

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Changes to Foreign Investment Regulations

Recently there have been a number of changes made to the regulations governing foreign investment in Australia. I have outlined a few of the more significant changes. A more comprehensive explanation of the recent changes is outlined on the Foreign Investment Review Board website. Temporary residents are no longer required to notify proposed acquisitions of …

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Legal Chat – By Andrew Padanyi B.A., LL.B.

In September 2008 changes were made to the form of contract of sale of land used in Victoria. The old contract note has disappeared, having been replaced by a new universal form which has been designed to be used in all situations. This article explores some key changes for purchasers of real estate in Victoria. …

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When a Proprty Bargain is not a Bargain!

I always get a little concerned when property buyers start talking about buying a bargain. More often than not their interpretation of a bargain is flawed. What they have purchased or are going to purchase is a cheap property that will not perform very well from a capital growth perspective. Often so called bargains can …

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Legal Chat – By Andrew Padanyi B.A., LL.B. – Who is responsible for paying levies?

On occasions property owners are required to pay levies struck in respect of their property. Common examples include owners corporation levies for major work like re-painting and local council charges for street construction or drainage works. These are one-off impositions and, importantly, are treated differently to recurring charges such as quarterly maintenance contributions and annual …

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Chattel or Fixture?

The question of whether an item is a chattel or fixture has caused many disputes between vendors and purchasers. This issue arose during post auction negotiations on behalf of one of our clients. The property had passed in and after a protracted negotiation a price had been agreed. We proceeded to sign the contracts when …

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Market Snapshot February 2005

As predicted in previous issues the Melbourne property market has experienced a correction of between 0 and 10 per cent over the past twelve months. The beginning of the slowdown can be traced back to the second week in November of 2003 where there was a noticeable reduction in activity levels. We believe that this …

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What can I claim?

Property investors are entitled to claim a number of tax deductions in relation to their rental properties. What follows is a checklist of the most common allowable deductions with respect to deriving rental income from tenanted properties. Advertising costs for tenants; Non-capital repairs and regular maintenance costs (as opposed to improvements which are capital in …

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Choosing a Builder

The 10 Golden Rules Apply If your family or friends have used a builder they’ve been happy with, ask for details about the builder they used; See if the builder is registered with the Building Practitioners Board (visit www.buildingcommission.com.au). Domestic builders doing work worth more than $5000 must be registered; Check the builder ’s projects over …

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Feng Shui ideas

When it comes to adding new life to your home, there are many Feng Shui principles you can easily apply to invigorate the spaces you live in. Just breathe – Open doors and windows for a little while each day to replenish and invigorate the life force of your home. Bedroom bliss – make sure that the …

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Feng Shui strategies help increase home values

Finding Balance When it comes to your number one “investment”, there are various strategies you can implement to increase the material and emotional value of your home. Kerry Tabor of Spirit of Design says many people are using her Feng Shui advice to enhance not only the chances of sale, but also to legit payday …

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