Underquoting only used to be a problem for inexperienced buyers. They were the ones that carried the cost when a property was marketed well below the vendor’s reserve price. They wore the expense of building inspections and other research costs – plus precious time wasted – for assets they had no realistic hope of buying. But the landscape is changing, with state governments tightening rules and enforcement. As a result, underquoting is – quite rightly – becoming a problem for vendors and agents who don’t adapt.
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Australians love to ‘get away’ from home over the summer break. Sometimes that time away can take an unexpected turn, with some resolving to buy a holiday home. So to make sure you make a considered decision, here are the pros and cons of buying a holiday home.
With affordability a real challenge for today’s young adults, substantial media attention is centred on the topic of parents providing financial assistance to their children to help them enter the property market. The practical advice usually revolves around how to provide low-cost loans or gifts for part of the deposit, or the wisdom or otherwise of going guarantor on the child’s mortgage.
A delicate challenge many of us will face is the elderly parent or parents whose assets – including the home and investments – that have served them so well are now becoming a burden. They might be alone in a large home that’s hard to maintain and is remote from family. Or they have a complex investment portfolio that they are struggling to keep track off.
It’s an understatement to write that property-buying transaction costs are significant. The combination of estate agent fees, advertising and conveyancing costs and stamp duty invariably consumes several tens of thousands of dollars. So it’s natural for buyers – especially cash-strapped first timers – to seek ways to trim their costs. But is it wise to cut out the building inspections?