SAFE DECISIONS CAN MAKE THE MOST OF YOUR HOLIDAY

January 3, 2012 Leave a Comment

For people heading off on holidays, Mark Millington principal of First National Lakeshores says to be careful to make sure homes are left safe and secure and to think carefully too, if considering a holiday home purchase.

“Holidays are great times for criminals to get to work if they believe a home is empty. It’s also a time when vacationers ponder their existence as they sit back and enjoy the relaxing lifestyle on offer in popular holiday spots,” Mark Millington said.

“No one likes returning from their holiday to find dead plants, over stuffed mail boxes, or even worse, stolen or broken treasures from a burglary.

“But they do like to think about ways of making the holiday euphoria last longer than the few weeks away.”

Mark Millington said with some careful planning and forward thinking, home owners can find they peace of mind they seek whether they are leaving for vacation or looking for ways to extend it.

“Anyone considering heading off for a well-deserved rest should start now to put some simple, cost effective measures in place for while they are away,” Mark Millington said.

“Unattended homes and cars act as green lights for burglars, which is why it’s important to take as many precautions as you can to ensure you don’t return from your holiday to find you’re a victim of crime.

“Turning on security lights or alarm systems is a great place to start, but the best thing you can do is ask the assistance of a trusted friend, neighbour or family member to collect the mail each day, put out bins at collection times, park a car in the driveway or adjust curtains and blinds.

“This helps give an impression of someone still being at home and deters unfriendly and unwelcome visitors.”

According to Mark Millington, a common trend for people on vacation is to fall in love with the holiday spot and look at purchasing in the area to either move into, or retire to, at some later stage in their lives.

“It is easy to get carried away with the relaxing lifestyle of a holiday home and many people want to either relive this time away, or adopt it as a new way of life,” Mark Millington said.

“But, purchasing a holiday home should only be done after careful planning and consideration of all the factors, beyond the pleasant experience.

“A holiday home purchase comes with some financial considerations such as use or purpose of the home when the owner is not there. These matters have potential long-term impacts and tax implications.”

Holiday homes can attract capital gains tax on the difference between the purchase price and the later sale price, should the decision to sell ever arise.

“However, many holiday home owners neglect to expand their purchase cost base by adding the expenses involved with holding the property, including council rates and water bills, major extensions or repairs, strata levies, garden maintenance and interest on mortgage repayments,” Mark Millington said.

“This can reduce the taxable component of the sale by many thousands of dollars, which is why it is important to ensure you keep all receipts for any expenditure on the house, including legal fees, stamp duty and any other costs relating to the purchase.”

Mark Millington advises when looking to purchase a holiday home, to approach it in the same way you would any property investment and make sure it is in the right location.

“A holiday home may also double as an investment property, given it is vacant for most of the year,” Mark Millington said.

“So it is important to ensure it is close to transport or employment opportunities, especially if it is in regional areas, otherwise it will be less desirable as an accommodation option for renters.”

There is a lot more holiday property advice says Mark Millington and the First National Lakeshores team can offer help by contacting 02 4359 1555.

Filed under Media Releases Tagged with , , , , ,

LEND A HAND FOR RENTERS

November 23, 2011 Leave a Comment

Mark Millington principal of First National Real Estate Lakeshores says government needs to do more to support renters and provide better assistance than is currently offered through the National Rental Affordability Scheme (NRAS).

“While we support NRAS, it is no longer enough in its existing form, to meet rising rents, leaving those most in need of assistance flailing in their efforts to make ends meet,” Mark Millington said.

“It could soon be the case that with falling house prices, lower interest rates and reduced consumer confidence, purchasing a home will make more economic sense for those doing it tough, where the monthly mortgage is not too far off what they are paying for rent.”

According to Mark Millington, evidence of improving housing affordability can be garnered through recent home value index results.

“Home values recently posted the best results in seven months and the recent cuts to interest rates, along with talk there may be even further drops, is resulting in NRAS losing some of its validity as an assistance package, especially for those who are finding it difficult to come up with the rent each week or month,” Mark Millington said.

“What the government needs to do is look at changing NRAS so it has more relevance and achieves what it set out to do, or consider other forms of assistance such as bringing back some of the grants and other incentives that were obviously phased out too soon.”

Mark Millington said although it is good news for the property market that home buyer activity is increasing as a result of the market conditions, it is not good when it is done at the expense of those renters who can least afford it.

“It is always encouraging to hear that more people are realising their dreams of home ownership, but there also exists the reality that there are those in our community who are forced into rental accommodation and can ill afford to fall behind in any way at all in keeping pace with rental increases,” Mark Millington said.

“In these situations, they need access to assistance schemes that meet their circumstances and offer real assistance, which NRAS initially did, but has since failed to recognise the growing demand of assistance required, making it virtually obsolete.

“We don’t see property market conditions altering too dramatically in the near future, and certainly not to the extent that they will improve the situation for struggling renters.”

For further information contact Mark Millington, on 02 4359 1555 or 0418 970 591.

Filed under Media Releases, Opinion Tagged with , , ,

WARM UP WINTER BUYERS

July 2, 2011 Leave a Comment

Selling your home can be nerve-racking, and with the number of days properties are on the market having lengthened this year, First National Real Estate Lakeshores has some simple tips to make sure your property stays on the boil during winter, and reduce any associated stress.

“The value of a property is mainly determined by its location, size and suitability to the buyer,” First National Real Estate Lakeshores principal Mark Millington, said.

“But there are things that a seller can do to maximise the value of the property, particularly in terms of its presentation, even if the weather is cold and things look a bit dull and gray.

“I mean, when someone wants to impress, they go all out to make themselves look and sound good, no matter what the weather is doing – it’s no different with the property you want to sell.

“It’s all about making a good impression and while it’s true that there will be fewer buyers in winter, it also means there will be less competition and less stock.”

According to Mark Millington the most important tip is to appoint a well-respected, reputable and trustworthy real estate agent.

“Agents have a duty to achieve the best price for their clients, keep their finger on the pulse of the market and keep their clients educated and informed about current market dynamics,” Mark Millington said.

“We are encouraging our agents to think creatively and strategically to shorten the number of days listings are on the market and maximise the price of their clients’ properties, including updating photography, remaining positive and upbeat, using all the leading edge marketing tools such as social media and buyer matching technologies, to make sure everything is being done to get the seller the best achievable price.

“Using an agent also offers security, acting as a barrier or deterrent to buyers who are not really serious about the property or who wish to make unrealistic offers for the property.  Most of all, many First National agents offer the additional protection of ISO 9001 Quality Assurance accreditation.”

Winter makes staging your home, the concept of showcasing its best, more important to securing top value for your property.  Mark Millington says putting in a little effort will make the world of difference.

“A well-presented house is likely to achieve its selling price more readily than an untidy, unsightly and unkempt property that has obviously not been well-cared for or maintained,” Mark Millington said.

“That’s why it’s important to make sure the owner does everything they can to make the property look good and that it is always presented in as pristine condition as possible.”

Here are a few things that Mark Millington says can be easily undertaken and are affordable:

  • Paint a few feature walls to create visual impact.  Consider using the services of an interior decorator for a quick consultation and some ideas.
  • Add a few personal touches like family photos and memorabilia around the place to give that ‘homey’ feel
  • Keep lights on during inspections to brighten the atmosphere and make sure curtains, shutters and blinds are open – letting in as much natural light as possible as well as make rooms feel much more spacious.
  • Make sure everything is clean including windows, both inside and out, and light fittings.
  • Place some flowers in vases to liven things up a bit, and even consider spraying some quality fragrance around (but not too much!)
  • Turn on heaters or light fires so that the temperature inside the home is comfortable, inviting the buyer to linger longer, especially on cold days.

Mark Millington said another key tip is that sellers should always try to keep in mind who they are selling to, just like any other product that is for sale.

“At the end of the day, the seller should put themselves in the place of the buyer, think about what would they look for and make sure their home delivers as best as it can,” Mark Millington said.

“That’s what we do here at First National Real Estate Lakeshores. We think of our clients and put them first, because that’s what we would like if we were their clients.”

For further information contact Mark Milligton, First National Real Estate Lakeshores, on 02 4359 1555.

Filed under Market Updates, Media Releases Tagged with , , , , , , , , , , , , , , , ,

INVESTORS GEAR UP FOR TAX TIME

June 15, 2011 Leave a Comment

Tax time is just around the corner, and according to Mark Millington, Principal First National Real Estate Lakeshores, the key to maximising tax deductions for property investments is organisation and planning.

“At the end of the day, like any form of investment, keeping track of what is happening with your investment and its incomings and outgoings is what it is all about,” Mark Millington said.

“Keeping receipts to prove your deductions and demonstrate why the expense was incurred is key to deriving assessable income.

“Preparing a depreciation schedule is also a legitimate way to claim tax deductions and if it is done by a qualified quantity surveyor, their costs are also tax deductible.”

Mark Millington said that tax time should serve as a reminder for landlords to carry out property and pest inspections on their properties.

“This ensures any work required is carried out before the end of the financial year, and can then be claimed as an investment expense,” Mark Millington said.

“And if the investor purchases any fixtures and fittings costing less than the specific amount set by the tax office, they can claim an immediate tax deduction.

“In addition, the investor may be eligible for a deduction for depreciation on the cost of improvement by a previous owner, provided items are identifiable and itemised in a depreciation schedule.”

According to Mark Millington there are also financial tips investors should consider.

“This could include writing off borrowing costs over five years or the term of the loan, or self managed super funds borrowing to invest as well as prepaying interest against factors like anticipated future income, interest rates and cash flow impacts,” Mark Millington said.

Investors are encouraged to seek the services of a qualified and trusted financial advisor “A financial adviser will understand the best options for property investors and their individual financial circumstances.”

Property investment offers the potential for good returns and long-term financial gains, but maximising the tax benefits of this type of investment ensures it works to its fullest advantage.

Issued by: First National Real Estate

For further information contact Mark Millington,  Principal First National Real Estate Lakeshores, on 0418 970 591.

Filed under Media Releases Tagged with , ,

FIRST NATIONAL BUCKS INDUSTRY STANCE

April 22, 2011 Leave a Comment

First National Real Estate Lakeshores Principal Mark Millington, has snubbed industry representatives who have said in recent media reports that the property industry would support moves to replace stamp duties with a broadening land tax or any other tax.

“It has long been recognised that stamp duty as a tax is inefficient and a complete rort,” Mark Millington said.

“So, while First National Real Estate agrees it needs to go, it does not support the notion that it be replaced with some other tax.

“As far as we are concerned, when the GST was introduced, it was meant to phase out a number of various state and territory government taxes, duties and levies such as banking taxes and stamp duty.

“Now, more than a decade on, we are still being burdened with stamp duty.  What’s worse, the property industry appears to be portrayed in some news articles as willing to settle for replacing the duty, instead of having it abolished altogether.”

Beyond the benefits to the property market of lowering the cost of buying, abolishing stamp duty would also serve to help the economy, by making room for the resources boom.

“Stamp duty inhibits mobility for many, which mean mining areas which are desperate for workers are finding it difficult to encourage workers to sell their homes and move to another area,” Mark Millington said.

“The government needs to look at policies that will encourage mobility rather than inhibit it.”

Mark Millington said the upcoming 2011 Federal Tax Summit presents the ideal opportunity to get blanket approval from state and federal governments to abolish this duty and there should be no further talk of ‘replacement’, but to deliver what was promised in the first place.

“Affordability is rearing its ugly head again, and governments need to stop being greedy and looking to the property industry to make up the shortfalls in inefficient spending and ‘black holes’,” Mark Millington said.

“As well as helping first home buyers enter the market, we need to keep stocks available in the upgrader and investor markets.  These people are looking at other investments because of the expenses involved in upgrading and investing in property.

“Governments even go so far as to put a stamp duty on the GST that is paid on commercial and industrial properties that are sold, which just seems ludicrous to me.”

Mark Millington is at a loss to understand why governments are resisting the move to abolish stamp duty, when so many are in agreement that it needs to go.

“A recent article said the OECD supported the rationalisation of state and government taxes particularly stamp duty on house sales, the ex-Treasurer Peter Costello said it should have been eliminated when the GST was introduced and even the Henry Review recognises the need for it to go,” Mark Millington said.

“The GST was meant to provide sufficient funding for state needs, and if they are not able to raise enough revenue through the GST they need to look at reform, rather than rorting hard-working Australians and replacing one tax for another.  We should get rid of stamp duty altogether.”

Issued by: First National Real Estate.  For further information contact Mark Millington, Principal, First National Real Estate Lakeshores, on 02 4359 1555.

Filed under Market Updates, Media Releases, Opinion Tagged with , , , , , , , , , , , , , ,

FIRST NATIONAL SAYS STAMP DUTY TOO TAXING

February 24, 2011 Leave a Comment

Couple on Website

First National Real Estate Lakeshores Principal, Mark Millington, has joined the voices calling for a reform of state taxes, particularly inefficient ones like stamp duty, saying it is proving too taxing for working families to pay.

“Stamp duty has become nothing more than governments gouging money from those who can least afford to pay – working Australian families,” Mark Millington said.

“Australia has already proven to one of the most expensive property markets in the world and excessive property taxes, like stamp duty, is making it incredibly difficult for new entrants to gain access to the market or for existing home owners to upgrade.”

According to two independent studies, the Demographia International Housing Affordability Survey 2011 and the Housing Industry Association’s most recent survey, residential property in Australia has become increasingly unaffordable.

According to Mark Millington, the situation with the Australian property market is becoming untenable and needs to be addressed at a national level.

“We have a chronic shortage of supply, worsening home affordability and an increasingly tight rental market, which could all be partially addressed with a more realistic approach to property taxes, such as stamp duty,” Mark Millington said.

“In some cases, the one home and land package, could be levied three times with stamp duty. I can’t think of another situation where the one item can be taxed three times.”

“The people who come off the worst in this situation are hard-working Australian families.”

Mark Millington said that at a time when rents are soaring, vacancy rates are tight and there is a shortage of supply, there is a real potential that more Australian families will be forced onto the streets – increasing homeless rates and welfare payments and further adding economic stress to the Australian economy.

“Serious consideration needs to be given to addressing the problems with the Australian property market if there is going to be hope for future Australians to realise home ownership dreams,” Mark Millington said.

“Plus, as the Henry Review points out, transaction taxes such as stamp duties reduce economic efficiency, either by discouraging turnover or being embedded in the cost of production, which just increases the problem.

“Inefficient property taxes including stamp duty are now the biggest single non-income tax generator of cash for Australian governments and the Commonwealth needs to act to reduce the states dependence on these taxes.

“An ideal opportunity presents itself at the federal tax summit which we expect to be held in the middle of this year – let’s just hope the governments don’t find the whole matter too taxing.”

Issued by: First National Real Estate

For further information, contact Mark Millington, Principal, First National Real Estate Lakeshores, on 02 4359 1555.

Filed under Media Releases, Opinion Tagged with , , ,

Australian Floods Appeal

January 11, 2011 Leave a Comment

Click on the link to make your donation

First National Real Estate has launched a fundraising appeal through the First National Foundation, pledging that all funds raised will go to Australian Red Cross Emergency Services in support of people affected by the Queensland and Western Australia floods.

First National Foundation is committed to the support of Australian Red Cross Emergency Services and, through the fundraising efforts of First National Real Estate agents nationally, has already donated over $1 million towards the preparation of Australian communities for natural disasters such as those currently being experienced.

Funds donated provide real assistance on the ground such as helping Red Cross Emergency Services to coordinate the National Registration and Enquiry System that assists families, friends and relatives to locate each other.

3,919 people have already used the NRIS system currently being operated by Red Cross in Queensland. Red Cross is also assisting with recovery in Bundaberg, Dalby, Warwick, Chinchilla, Emerald and is on standby to provide additional support where necessary.

Red Cross is also distributing practical resources and useful tips to help Queenslanders and Western Australiansbegin cleaning up after floods. The ‘Cleaning Up After Flooding’ booklet helps households start the process, both practically and emotionally, but with a firm eye on safety.

Donations can be made to First National Foundation’s Australian Floods Appeal by visitingwww.firstnationalrealestate.com.au

Issued by: First National Real Estate

For further information contact National Communications Manager, Stewart Bunn from First National Real Estate on 1800 032 332

Filed under Media Releases Tagged with , , , , , , , , , , ,

Bank on leaders working together for affordable homes

December 13, 2010 Leave a Comment

First National Real Estate Lakeshores says the recent interest rate hikes demonstrate the increasing need for Governments and the Big Four Banks to work together to address the key issues of supply and demand and housing affordability.

“There seems to be so much debate going on about the market, but no real communication between the banks and the government, and between them they are the ones with the power to fix the property market problems,” Mark Millington from First National Real Estate Lakeshores said.

“There is lots of finger pointing going on, but there is not any real discussion about what we can do to fix it.”

“At the end of the day it is the home buyers and owners who suffer, while the banks keep making record profits and governments keep their heads in the sand,” Mark Millington said.

“What they should be doing is looking to influence affordability and supply by reducing or abolishing stamp duties, abolishing exit fees, introducing more competition into the banking sector and looking at policies that will stimulate the construction industry.

“Instead, we keep putting up with inaction from the government and greed from the banks.”

Mark said he was particularly unimpressed by banks who deemed it appropriate to increase their standard variable rates by as much as 14 basis points above the RBA increase.

“What is most disconcerting about this is that it seems each of the banks are taking their turn at being the bad guy and being the first to lift their rate higher than the RBA increase,” Mark said.

“As one consumer interest group spokesperson said, if all the banks moved at the same time by the same amount, and this was a horse race, you would have a steward’s inquiry.”

But not even the prospect of a Senate enquiry into banking competition, or Parliamentary debate on legislation forcing banks to lift rates by no more than the RBA, is enough according to Mark Millington.

“Interest rates on their own are not the problem. We need to have a look at all the factors affecting the property market: planning approvals, interest rates, fees and charges, everything all at once rather than this piecemeal approach,” Mark Millington said.

“New banking policies are called for but so is a national approach to planning, because ultimately it is the “mum and dad” property owners who will suffer the most.

“We need political leaders who have the fortitude and imagination to reform property taxes and the banking sector if there is any hope of addressing affordability issues.”

Filed under Media Releases, Opinion Tagged with , ,

First National Real Estate CEO says search engine ranking critical (via First National Real Estate)

September 3, 2010 Leave a Comment

A great article about the emerging importance of search engine ranking for real estate companies and individuals.

First National Real Estate CEO says search engine ranking critical First National's Chief Executive Ray Ellis has commented on the critical importance of real estate website search engine ranking, saying Australian consumers should take a closer look at their agent's websites. 'While many homeowners understand that the Internet is now a crucial component of market … Read More

via First National Real Estate

Filed under Media Releases, Opinion

Market Ripe to Bear Fruit

August 4, 2010 1 Comment

Market Ripe to Bear Fruit

Market Ripe to Bear Fruit

Commenting on yesterday’s announcement by the RBA that it will hold interest rates at 4.5 per cent, Mark Millington, Principal, First National Real Estate Lakeshores says there are plenty of opportunities around for home buyers and sellers, given current market conditions, as long as the fundamentals are focused on.

“At times like these, homes that are properly presented, appropriately priced and well marketed will always do well, regardless of what happens with interest rates,” Mark Millington said.

“It’s a matter of making sure you get the basic factors right and plum properties should bear fruit.”

When there is relatively high business confidence, strong levels of immigration and low unemployment, the market becomes suitable for buyers. However, those seeking to sell can also make sure they take advantage of these prime conditions.

“In a slower market, there is less pressure on sellers and buyers and during the cooler months, there is less volume of stock around from which buyers can choose, so houses are more likely to sell,” Mark Millington said.

Mark Millington said currently there are growing investment returns in the property market, which should prove lucrative for the astute investor.

“Investors, in particular, can benefit greatly from the current market conditions and pick up some terrific properties that offer strong returns,” Mark Millington said.

Issued by: First National Real Estate
For further information contact Mark Millington, Principal, First National Real Estate Lakeshores on 0418 970 591.

Filed under Market Updates, Media Releases Tagged with , , , , ,

← Older posts

Follow

Get every new post delivered to your Inbox.

Join 67 other followers