Smoke Detector Maintenance
The Real Estate Institute of Victoria has recommended that Real Estate Agents engage independent contractors to regularly service smoke alarms in all properties listed on rental roles. Expecting tenants to maintain smoke alarms may not provide adequate protection and could endanger people and property.
M Estate Agents have taken the advice and have engaged Smarthouse Fire Solutions to manage this on our behalf. All our current landlords will be emailed shortly with further information and a consent form.
Please watch the video to see the process involved with checking smoke detectors. Look forward to any feedback.
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Who’s responsible for the utility and service charges, the landlord or tenant?
The landlord or agent must pay all installation and initial connection costs for electricity, gas and oil supply.
If there is a separate meter, all other charges for electricity, gas and oil must be paid by the tenant, unless otherwise agreed.
If there isn’t a separate meter, the landlord or agent must pay. Where bottled gas is provided, the landlord or agent pays for the supply or hire of the bottles, and the tenant pays for gas.
The landlord or agent must reimburse the tenant if the tenant has paid …Read More
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When can I retire?
Have the last few years played havoc with your superannuation savings?
Although most super funds experienced positive returns during 2009, it will probably take a few years for many investors’ lump sums to return to their 2007 balances. If you have already stopped earning an income as a retiree and are drawing on your superannuation balance, it is difficult to regain those losses.
So let’s have a look at how much money you might really need for retirement.
You can estimate your requirements using a ‘superannuation calculator’ found …Read More
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Investing In Property = Investing In Time
You’ll find that when you invest in property you are really investing in time so take a long term view and remember that investing in property is usually a long term strategy. Most of us are prone to be driven by emotions when purchasing an investment property, so seek professional investment advice and discuss your financial situation with an experienced investment adviser to guide you towards making the right decision to make your long term property investment prosper and work for you.
Investing in property offers us many attractions, it is less volatile than shares, it generates capital growth and generates income by having your property tenanted and there can also be tax advantages …Read More
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Forces of Nature & Interest Rate Rises
As ash from Iceland’s volcano (Eyjafjallajokull) - (I jaf jala jo cool) can’t pronounce this either ! - kept the European airspace shut down last week affecting millions of travellers around the world & World Health Organizations issued health warnings to Europeans with respiratory conditions (please don’t breath too much, as if!) and glacial floods continued to be triggered by this volcanic eruption, we ask ourselves the vital question - “is what is happening around us affecting the way we feel, act and make the decisions we need to make on a daily basis”.
If you were absorbed with this incredible occurrence that affected us all with amazement last week, then you were probably missing …Read More
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How the market has changed in the last 18 months - 38 Kensington Road, South Yarra
This 60’s-70’s style of block at 38 Kensington Road, South Yarra contains one bedroom apartments with balconies. It’s situated off Toorak Road and is at the top of the hill at the end of the street and in a beautiful leafy and quiet street.
Below is a good example of this particular block we have sold in and how the market has changed over the past 18 months, where the market and clearance rates were in November 2008 at 50% to now in April 2010 at the consistent 80% level.
5/38 Kensington Road- we sold this to an owner occupier in November 2008 for $367,000.
1/38 Kensington Road- we sold this to a buyer’s advocate in February 2010 for …Read More
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The perfect rental storm
Could the clouds be brewing on the horizon to create the perfect rental storm for landlords? Whilst some landlords like to think that the rent they receive for a property should be based on a percentage of the value of the property, the reality is that rental yields are more accurately based on the factors of supply and demand.
That is, the laws of how many renters there are and how many properties are available for rent. It can be expected that rents may be flat or reduce if there are few renters and many …Read More
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Selecting the right tenant
Collecting the rent on time begins with the selection of the right tenant. This is one of the key roles of your property manager and they will have a sound selection process they will go through.
Your property manager has gained experience in the selection process by having prospective tenants in front of them on a daily basis giving them the ability to decide who will be the best tenant for your property and screen the unsuitable applicants.
Criteria such as employment and background checks are important. If an applicant has …Read More
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Managing Your Home Equity
A Home Equity Loan can be a powerful tool to build your wealth. Here is an example to show you how:
Michael and Denise purchased their home in 1995 for $220,000 with a mortgage of $180,000. By 2001 the house had increased in value to $320,000 and they had reduced their mortgage to $160,000, giving them equity in their home of $160,000.
At that time they borrowed a further $80,000 against the value of their home, as a deposit on an investment property. Over the coming years the value of both properties increased …Read More
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Property managers with cheap fees
The fees for the property management services can vary. This can be determined according to the area the investment property is in and the level of service an investor requires. Investors will find it helpful if they research and find out what the average fees are in the area their property is in. Fees vary from state to state, and you may also find a variance between inner-city suburbs opposed to outer suburbs.
If an agents fees seem below average, it may be worthwhile to find out why the fees are lower and consider what you are not …Read More
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