CMC Wealth

06/12/2023

Simple and effective. Who says we have to rip everything out and spend thousands? Fast, low cost renos that add heaps of value. Does the job.

SUNROOM BEFORE & AFTER: When renovating heritage style houses, respect them by not ripping everything out. I deliberately kept this room simple so the character features stand out, which by default means less renovation cost! CB x 🥰

02/05/2023

BLACKETT LEMON

Full house renovation!
Remember the lemon we bought in 2018? 3 years later we managed to turn this lemon into a ... profitable lemon :-D
With A LOT of work.

02/05/2023

https://youtu.be/4Almki-ZnnU
192 Popondetta Rd, Blackett - SALE VIDEO

Open2view AU - ID # 693069 - 192 Popondetta Road

15/04/2023

Here are some factors that affect properties growth.

“1.The economy – the performance and state of the broader economy impact people’s ability to buy and sell property as well as …

2. Consumer Confidence – when people feel comfortable about their financial situation and their future job prospects they are more likely to make big purchases like moving home or buying an investment property.

3. Employment levels – if the community at large is experiencing high levels of unemployment, then fewer people can afford to pay a mortgage, which reduces demand for property

4. Government policy – aspects to do with tax, depreciation, and homeownership grants will work to boost or reduce demand for property, particularly new property in recent years, which is where the federal government’s primary agenda has been.

5. Population growth – or household formation to be more exact, as when more people move into an area this equals more demand for housing, whether it’s to buy or rent.

6. Local Demographics – things like average incomes, average age, household structure, crime rates, and employment opportunities.

7. Supply – The basic economic principle of supply and demand is a fundamental property market driver of price growth.

8. Availability of credit – property investment is a game of finance with some houses thrown in the middle, but even owner-occupier demand is very much driven by the availability of finance and the cost of money, in other words, interest rates.”

Source:

For some 2023 will be a good time to invest in property, but in a moment I’ll explain why that will not be the case for others.

15/04/2023

FIRST HOME BUYERS GRANTS

Use this calculator to work out what you currently need to pay when buying your first property

Revenue NSW

08/09/2022

As an investor, the most important thing we can learn to do is to understand the property cycle and to learn how to read it right. Every cycle is different, but there is the "typical pattern" we all look out for.

But, the last few years with the pandemic, things have been everything but predictable. The below graph shows the rise and fall of prices of properties over the last few years, can we predict the next upturn or downturn based on past data? We would hope so.

Sydney is the RED line, who can predict when will this "slide in prices" end?

08/09/2022

How much is Stamp Duty / Transfer in NSW?

Stamp duty amount depends on the purchasing price of the property. But as a general guide you would be looking at around 3-5% of the property's value.

Why not simply use a Stamp Duty calculators to calculate the exact number.

https://www.apps09.revenue.nsw.gov.au/erevenue/calculators/landsalesimple.php

With the new First Home Buyer Choice reform which was introduced in the 2022-23 NSW budget, buyers now have the choice of paying Stamp Duty or an annual land tax.

Revenue NSW

07/02/2020

MANAGE THE PROPERTY MANAGERS

Most property managers do work very hard to have your business, unfortunately we sometimes have to manage these managers to make sure they are putting in sufficient effort to take care of your properties. Whether it's getting new tenants, managing the existing ones or even writing up Ads to rent or sell your property.

One of our properties in Fairfield needed new tenants, the agent has listed the ad. We asked to see the ad and to my disappointment, they've had 3 brief lines in the ad description. I just could not settle for that. I quickly rewrote the ad (like I always do) and asked them to change it right away. And you can do the same, you can always tell the agents upfront when their work is not up to your standard!

06/12/2019

MARKET PREDICTION - SYDNEY MARKET GROWS BY 10% - 14% IN 2020.

Wow! Now here's one prediction I want to believe in :-)
An article on Chan & Naylor website said "Sydney’s house values may jump between 10 and 14 per cent".

But here's the catch, it will "die down" by 2021. They believe that "once it became obvious that Sydney and Melbourne house prices are rising by a double-digit growth rate annually, APRA will step in and slow down the rapid upturn"

Very interesting indeed. And very exciting year ahead!
What do you think? Bobby Reynolds and David Tran ?

New data shows Sydney and Melbourne house prices will increase by up to 15 per cent in 2020. Check out the housing market forecast for the coming year here.

04/12/2019

RENOVATION TIPS - "POLISH" LAMINATE KITCHEN

What do most people do with LAMINATE kitchen cupboard doors? They paint it. But do we really like that flat look of paint over cupboard doors? Not really. Why not try POLISHING them? Because we have always been told that you can't polish laminate timber, timber polish is only for real timber.

But I disagree. There has to be a way.

Well, I thought.. why not get a bit creative and do something which has never been done before, polish LAMINATE doors 🙂 Or at least give it that glossy look. Our 8 years old kitchen cupboard doors are laminate but they have these beautiful grains running through them and putting a flat coat of paint over it will look horrible. So I just have to look for a CLEAR, GLOSS polish solution. I knew I would be up for a challenge and was preparing myself for a lot of work and perhaps a bit of disappointment.

Did my research, found this product online. It's a POLISH for Laminate and concrete FLOORING. But I thought, if it works for flooring... why not for doors?

I believe I might be the only one in the entire renovation world to attempt this but after a few hours of work, here's the result! Not bad at all. 2 coats of this clear polish solution and the laminate doors look glossy, cleaner, renewed. The only downside is, it does look a bit runny and blotchy at places. i think I have not used the best applicator for it. I have made 2 trips to Bunnings and tried 3 kind of applicators, yet, it was not perfect. But still, a very good result.

Here's hope for all renovators looking at renewing LAMINATE doors, don't use paint! If you need to get more info, where to buy the product and the process of putting it on, simply COMMENT. Can't wait to do this for our future renovations!

29/11/2019

FIRST HOME BUYERS SCHEME - 2020.

Let's talk about this latest First Home Buyers Scheme starting in January 2020. Here's the good & bad and my very personal opinion on it, not everyone will want to hear it 😄

I'm not going to go into all the technical stuff. One quick search and you can get all the facts about this scheme, a good summary can be found here...

https://successfulways.com.au/first-home-loan-deposit-scheme/

Here's the good and bad.

THE PROS:

- You only need 5% deposit and don't have to pay Loan Mortgage Insurance (LMI). How much is LMI exactly? It varies from banks to banks, loan type and loan amount. But as a very simple example: if your (full doc) loan amount is 700k and you borrow 95%, you'll be paying roughly 4.6% which is.... $32,000. Who wouldn't love to save 32k?

- It will definite motivate a lot of first home buyers to get their butt moving! No more excuses like "Oh but I don't have enough deposit".

- Could be good for us investors 😃 This will be a huge charge for the sellers market in 2020, especially for properties that are 700k or less. We're planning to sell a property next year and this scheme will definitely bring a massive wave of buyers to the market

THE CONS

- There's so many restrictions on this scheme, there's a cap on a lot of things. Maximum property purchase price is 700k (for NSW) and maximum income for individual is 125k and 200k for couples. Only available to 10,000 eligible applicants per year. So expect it to "run out" by March 2020 😄

- Not all lenders will join the scheme. Only NAB joined so far, more lenders will eventually come on board I suppose. But this will restrict your choices and you might have to force yourself to with a lender who is available for the scheme, but has a much worse product?

- The scheme could end anytime. This could be good and bad.

MY OPINION
In my personal opinion, this scheme is a funny one 🙂 Sure, the savings on LMI is huge but I from what I can see, there will be a few potential issues.

Throughout the years we've had many First Home Buyers Schemes, normally it's a fixed amount with a fixed expiry date or so. For example, in the past you get 7k or 14k and it ends by xx date. With this latest one, it doesn't have an expiry date.. so another word.. it could end anytime... and only available for the first 10,000 eligible applicants per year? That's a bit less don't you think? The expert say there is usually around 110 first home buyers every year!

The moral of the story is, if you're planning to buy soon.. round up your 5% and get in quick! Else you will have to wait another year. Another thing I couldn't get an answer for is, how do you know if there's still a "spot" for you? Where do you check to see if the the "10,000 applicants limit" has not been reached. So let's say, if you apply for this Scheme and you qualify and you go ahead with putting a deposit down for a property, then when everything has gone through the lender could tell you "Oh sorry, there's more than 10,000 applicants this year, you've missed out". 😀

What's everyone opinion on this?

Starting 1st January, the scheme will help new buyers avoid costs and get into the market sooner, by allowing them to secure a loan with a deposit as low as 5%. Most lenders need 20% and charge 'lender's mortgage insurance' to cover the risk of a small deposit.