Have you heard about the major changes to home building laws that commenced during the first quarter of 2015?
For example, you may know that building work contracts require a different amount of detail depending on the value of the work, but the threshold has now changed. Work valued at more than $20,000 (previously $5,000) will require an extended contract, while work below the threshold will only require a ‘minor works’ contract. more
That heading may sound like obvious advice, but buyers often don’t realise that if they exchange contracts under their personal names and then want to have the property in a company name, it will cost a substantial amount of money to change it. Double the stamp duty in fact! more
SHOULD YOU INSPECT THE STRATA RECORDS?
When you buy a unit or strata titled townhouse, you take on certain obligations. To protect yourself from any unforeseen expenses, make sure you conduct an inspection of the strata records before you commit to buying. This is even more important with older buildings. It is recommended to check the following points to find out how well the building has been managed. more
You’re ready to put in an offer on your dream home but the agent tells you there is another interested buyer. What should you do? Firstly, try to keep a clear head and focus on what is most important to you. If this is the right home for you, in the best location, then don’t focus on other buyers or what price they might offer. Don’t try to get the best deal at the risk of losing the home—you’ll only regret it later. more
Is your swimming pool or spa registered? Do you know about new compliance legislation that will come into force on 29th April 2015? In NSW, it is already the case that you must register a home pool or spa. From 29th April 2015, it will also be a legal requirement to have a pool ‘compliance certificate’ if your property has a pool or spa and you wish to sell the property or lease it. more
A new system of electronic conveyancing is commencing within the next few months in NSW. This promises to be a significant improvement for both purchasers and vendors, particularly regarding settlement. Settlement is the final stage in buying or selling a property, after which the legal transfer takes place, and real estate agents can hand over the keys. more
To help prevent children falling from high rise windows and balconies the NSW Government will amend Strata and Residential Tenancies legislation. The changes will require owners corporations to install safety devices on windows above the ground floor. These devices will allow windows to open to a maximum of width of 12.5cm when the lock is engaged. more
A common question from people looking for a new home is: should I sell my current home now or buy my new home first? The answer can be difficult.
If you sell before buying your new home, you may find it difficult to find the perfect property and have to settle for something that doesn’t quite meet your needs.
If you buy first, you may have to sell your current home quickly, which may not be as profitable as you anticipated. Worse still, you may need a bridging loan while you wait to sell your current home.
Let’s explore the pros and cons of both options.