Having a firm grasp on the basics is super-important whether we’re talking about personal finance or property, so even if you are a complete novice in these areas, knowing where to start is half the battle, and you are in the right place! In today’s episode, Amy is joined by property beginner Joey. They cover the important property jargon and key terms whose understanding will help you build more confidence once you head out on your property-buying journey and start talking to the people and experts in the industry. This is a perfect episode for anyone new to the world of property - or one to share with your friends, siblings, colleagues or anyone you know just getting started in their real estate journey!!
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54:40
Should you buy on a main road?
This episode isn't just about busy roads; it focuses on factors impacting livability and capital growth, particularly location.Many of my clients avoid busy roads, but some are open to them. It's a subjective decision, but buyers should be aware of the potential drawbacks.In this episode I run through - Livability Considerations:Main Road Factors: Noise, safety, pollution (air and potentially visual), getting in and out of the property, aesthetics, tram lines, speed humps.Different Levels of Busy Roads: Not all busy roads are the same.Different Times of Day: Consider how busy the road is at various times.Google Maps: Use Google Maps to understand the thickness (number of lanes) of the road.Setback from the Busy Road: Busy road but set back in the block can mitigate some issues.Public acquisition overlays (potential future road widening).Proximity (a few houses back): Topography can affect noise; near a freeway, noise can carry far.Proximity to Amenities/Disruptions:Next to a pub/shops (noise, traffic).Near industrial/commercial zoning (noise, traffic, potential odors).Train line/airport (noise).Social housing (potential for increased activity).Transmission power lines (potential health concerns, aesthetics).Blocks of vacant land/development sites (potential for future disruption).Other Considerations:Overcapitalizing: You might overcapitalize by extensively renovating a property on a main road.Discounted Properties: Bigger blocks with rundown properties on main roads might be discounted (Fairfield example: $1.1m vs. $1.7m).Growth Zoning and Main Roads: Consider growth zoning and buying near main road projects/developments (potential for future changes).Buying Near Big Road Projects/Developments: Be aware of potential disruptions during construction and long-term impact.When Buying a HOME, What's Important?Ticking Your Own Boxes: Prioritize what's important to you, but consider future capital growth.Buying at a Discount: You might get a discount on a busy road property, but it could be harder to sell and potentially at a bigger discount in softer markets.Compromise: Consider buying on a busy road or another compromise (e.g., further from the city).Key Takeaway:Sometimes, being on a busy road allows you to get into a suburb you couldn't otherwise afford, or a renovated property, or into a certain school zone. This highlights the trade-offs involved.Keen to know more? Visit www.thefirsthomeguidebook.com.au
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19:17
What to do if there's issues with your building inspection
In this episode, I share my insights on what to do if you encounter issues during a building inspection. As a buyer's agent with over a decade of experience, I’ve navigated thousands of building inspections for my clients—witnessing a wide range of issues from minor defects to major deal breakers. Why Get a Building Inspection?Understanding the property's condition.Identifying red flags—urgent repairs vs. long-term costs.Building inspections as maintenance plans.Timing of InspectionsRecommended timing based on auction vs. private sale.Importance of getting the inspection done early.Pre-Offer vs. Subject to InspectionPros and cons of obtaining an inspection before making an offer.Strengthening your offer with a pre-inspection.What to Do If Issues are Found?Identifying deal breakers and understanding report classifications.Importance of communication with building inspectors for clarity.Possible next steps: renegotiation, involving specialists, and managing expectations with the vendor.Negotiation StrategiesUse of inspection findings to negotiate repairs before settlement.Proper documentation is crucial.Risks involved with relying on verbal agreements.Extensions and Important ConsiderationsRequesting extensions to building inspection clauses when necessary.Legal implications and regional differences in building inspection clauses.LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @the.first.home.guidebook
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21:57
The biggest misconceptions about off market properties
I dive into the intriguing and often misunderstood world of off-market properties. For those first home buyers who feel lost amidst the clutter of online listings, off-market properties might be the treasure trove you never knew existed. Misconception #1: RarityThousands of off-market properties are available at any time.They offer untapped opportunities for savvy buyers.Misconception #2: Bargain MythOff-market doesn't always mean cheaper.Understand how the broader market influences prices.Misconception #3: Quality ConcernsOff-market properties are not inherently flawed.Many are sold discreetly or due to seller preferences.Misconception #4: Agent OutreachProactiveness is key; don’t rely on agents to contact you.Build and maintain strong relationships with agents.Misconception #5: Ease of PurchaseOff-market purchases can be complex and require due diligence.Navigating unclear pricing and motivations can be challenging.Misconception #6: The Ultimate SolutionTreat off-market properties as an additional tool, not a catch-all solution.Consider the holistic approach of involving a buyer’s agent.If you’re not exploring off-market options, you might be missing out on your dream home. This week, start building your agent contact list and reach out for hidden opportunities.LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @the.first.home.guidebook
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21:46
How to buy in 2025: your 10 step action plan
Thinking about buying your first home but not sure where to start? In this episode, I’m sharing a 10-step action plan to help you get prepared before jumping into the property market. From speaking with a mortgage broker to crafting a solid property strategy, researching the market, and accessing off-market opportunities, I’ll walk you through everything you need to know to set yourself up for success.What You’ll Learn:✅ Why speaking to a mortgage broker should be your first step✅ How the First Home Super Saver Scheme can help boost your deposit✅ The importance of “pretending” to have a mortgage before you buy✅ Why a binding financial agreement is crucial if you’re buying with someone else✅ How to develop a strong property strategy (your why, when, what & how)✅ The best ways to research the market and stress-test your property brief✅ The value of inspecting as many properties as possible before buying✅ Why a buyer’s advocate can help you make a smarter purchase✅ How to access off-market properties and connect with local real estate agents✅ Why having the right team—conveyancer, mortgage broker, and property experts—makes all the differenceLINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auBuyers Advocacy: www.amylunardi.com.au Instagram: @the.first.home.guidebook
The First Home Guidebook is a podcast exclusively for first-home buyers, no matter what stage you're at in your property journey, brought to you by Amy Lunardi.Whether you're just starting out, saving for a deposit, searching for properties, making offers or bidding at auction, The First Home Guidebook is here to help.http://www.thefirsthomeguidebook.com.au (http://www.thefirsthomeguidebook.com.au)
Australia