Finance advice

5 Quick tips to change your finances

By Dean Berman

dean berman tnIf you look at planning 5 hours to commit to 5 simple methods to change your finances over this weekend, then you may well place yourself in a position to work fewer hours in the future.

Blogger: Dean Berman, 37 Property Group

How would you like 5 simple ways to save money over your next weekend?

"To do something with a plan can mean a lot more than doing double with no plan".

Let's plan...you have worked a full week, probably over 40 hours as the average Australian works that much per week, you are probably tired and want to relax with family, friends or just by yourself.

If you look at planning 5 hours to commit to 5 simple methods to change your finances over this weekend, then you may well place yourself in a position to work fewer hours in the future.

The simple methods can be broken down into 5 'quick tip' categories:

1. Best Big Bang Renovation in less than 3 hours
2. How To Quickly Transact Your Next Property in less than 30 minutes
3. A Simple Way To Save On Your Mortgage in less than 30 minutes
4. Ensure You Are Maximising Your Property Manager in less than 30 minutes
5. Covering Your Family To Ensure Long-Term Protection in less than 30 minutes

Quick Tip 1: Do you like the look of your house? If so...great!
If not, let's work on it over the weekend, because chances are everyone around you won't if you don't like it.

Hop, skip or jump into the local Bunnings and purchase yourself some Paint (2 types will be needed, including a regular finish and a shiny gloss finish), drop sheets, scotch blue paint tape, a brush and paint roller, which will cost you an estimated $500.

Patrick Leung a business associate and renovator, said "the front is the first point of contact and creates the first impression for buyers...touch up or re-paint your front façade and front door depending on damage and re-paint your car port facade and front door with the shiny gloss paint. The first coat for all of this will take you an estimated three hours ".

This single act can change an agent’s opinion of your end sale price by as much as 2 - 50+ times the paint cost. For property investors you will achieve higher rental returns and potentially create instant equity.

Weekend Cash Out Of Pocket: $500
Weekend Cash In Pocket: $1,000 - $25,000+

Quick Tip 2: Do you really want to move houses? Do you have a property that has been sitting on the market for ages but have no idea why it won't sell? Or do you not qualify for a loan or cannot save up for a deposit to buy a property?

Have you ever considered a different way to sell your property besides the traditional real estate approach that will open your property up to a larger market of buyers?

The Transaction becomes the most important factor as described by Charles Oosthuizen a business associate and transaction specialist, who believes "you can not only get out of a frustrating situation as a seller and move on with your life, but you can increase your income through positive cash flow whilst helping someone who couldn't otherwise achieve home ownership".

Weekend Cash Out Of Pocket: $0 (consultations with transaction professionals are usually free).
Weekend Cash In Pocket: $0 initially, however you can save on real estate agent marketing fees and achieve positive cash flow of a few hundred dollars every week.

Quick Tip 3: If you own a home or a few investment properties chances are you have a Mortgage. Sit down for 30 minutes to look over your last mortgage documents to see the current level of interest you are paying.

If the rate is more than 5.5%, speak to your mortgage broker and determine whether switching providers will save you over the long-term.

Paul Rabie a business associate and highly experienced mortgage broker said, "a small reduction in interest could save you tremendously over the long-term. The Governments exit fee cost regulation changes has made switching loan providers an easier process for mortgage holders to get the best rate available".
Weekend Cash Out Of Pocket: $0 (it's typically free to speak to mortgage brokers).

Weekend Cash In Pocket: $0, but doing this small act successfully can pay you over the long-term in reduced mortgage repayments equating to over $100+ per week on a $500,000 loan.

Quick Tip 4: You may be able to save a few hundred dollars a year by choosing a competitively priced Property Manager. We typically believe fees should be at the 5% mark in Sydney.

Take another 30 minutes and find out what you are currently receiving every week from your tenants. Go to one of the real estate websites with rental listings and find comparable properties similar to yours.

If you find more than a $50 rent difference between your property and the comparable, call your property manager and see when the next rent review will occur and discuss your findings with them.

Weekend Cash Out Of Pocket: $0
Weekend Cash In Pocket: $50+ / week, not only can this increase your income, but can also increase your borrowing power.

Quick Tip 5: Fully protecting your family is a vital part of being a successful property owner and I recommend you to take 30 minutes out with your partner to think about what Insurances you currently have in place and discuss whether you are fully covered.

"Ensure once you purchase a property as a principle place of residence or as an investment, you implement strategies that will help your family out if anything untoward occurred such as injury or death", says a business associate and certified financial planner Paul Levy.

Paul mentioned 95% of families in Australia do not have adequate levels of insurance, making Australian families some of the most under insured world wide.
Weekend Cash Out Of Pocket: $20+ / week (depending on the insurance type, with some being tax deductible in certain circumstances, however consultation with financial planners are typically free).

Weekend Cash In Pocket: $0, however in the long-term it could pay you to ensure your family is fully protected to cover such things as property loans.

These 5 Quick Tips will take one day to set the wheels in motion over your next weekend, but can change your financial future as they will enable you to not only add value to your property but they can increase your income and protect you into the future.

This could turn out to be a profitable 5 hours…

 


About Dean Berman
dean bermanDean Berman is a lover of property and Director of 37 Property Group, a fully integrated property company focused on helping clients achieve ‘anything in property under one roof’.

37 Property Group offers all services relating to property investment portfolio creation, residential real estate such as property management, specialist transaction services such as finding a buyer or seller quickly andsecondary services such as mortgage broking and financial planning.

The goal for clients is providing exceptional advice, smooth transition throughout the company and creating lasting relationships due to great service and experiences.

For more information on property investment, residential real estate, transactions and secondary services at 37 Property Group.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune in to this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Son Pham is the accredited Head of Mortgages at Rethink Financing\/Rethink Investing. He has over 6 years\u2019 experience writing loans, over 12 years in the wealth management industry working for the likes of CBA, AMP and private practice and he is also a licenced financial planner (AFSL 326450). He has multiple investment properties that are cash flow positive which help pay his mortgage on his home and fund his lifestyle.<\/p>\r\n

Son is able to write all types of residential and commercial property loans.<\/p>\r\n

In this episode of Property Showcase, head of mortgages at Rethink investing Son Pham joins host Tim Neary to unpack how an investor should approach getting a mortgage in place with banks tightening down on serviceability.<\/p>\r\n

Hear from\u00a0Son\u00a0about:\u00a0<\/p>\r\n

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  • The pitfalls that he has seen people get into<\/li>\r\n
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    In this episode of Property Showcase, director of investment services for Open Corp Michael Beresford,\u00a0joins\u00a0editor of Real Estate, Tim Neary to share why he disagrees that the cooling market means that the best times are behind us.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:\u00a0<\/p>\r\n

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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds

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