FNBasso Tenant Insurance, Tax and House or unit?

tenant insurance

First National Basso Spring Update 2019

TENANT INSURANCE?….WHY IT’S IMPORTANT.

 You might not be aware but if you’re planning on leasing a property and sharing it with friends, don’t expect your insurance company to be all that thrilled with the prospect of covering your prized collection of framed movie cinema posters.

You see, although two’s company, three’s a crowd from an insurer’s perspective.

Evidently the actuaries who spend their lives crunching numbers and managing risk have worked out that while more may be merrier, the security of your personal belongings is statistically reduced.

So, what to do when the insurance company says no? Talk to your First National property manager of course!

He or she will put you in contact with First National’s insurance alliance partner who has a policy that’s perfectly designed for you and your buddies.

Your contents can be covered for a down to earth, reasonable premium that won’t break the bank. That’s what we’re about at First National. We put you first.

HAVE YOU HEARD ABOUT THE LAZY TAX?

 Were you stunned by your recent winter quarter utility bills? Well you’re probably not alone. If you haven’t shopped around to check whether you have the best deal on gas and electricity supplier, then you’ve probably been hit with the ‘lazy tax’ and are being overcharged.

 At First National, we’re about building stronger relationships, which is why we’ve changed course on utility connections. First National Connecting You is not just about going further than our competitors to make moving easier; it’s also about doing more to reduce household costs in between moves. That helps our tenants and homeowners just as much as anybody that just bought or sold their home through us.

Through First National Connecting You, our customers upload their bills and we do the analysis to see if there’s a better deal out there.

Our service has the advantage of being completely independent, so our customers know there’s no bias. They just tell us about their needs, we recommend providers, and then, if they wish to change services, our team handles the rest.

SHOULD YOU BUY AN APARTMENT OR A HOUSE?

When it comes to buying your first property, some decisions are out of your hands, thanks to the housing market, the economy and whoever decides to lend you whatever sum of money they choose. But you can certainly choose between a house or an apartment.

With Sydney and Melbourne’s housing markets having recorded their first months of growth since the market peak, we will see significant numbers of first home buyers finding the confidence to enter the market” says First National Real Estate’s chief executive Ray Ellis.

The urge to buy, to some extent, comes from the improved market conditions, but it’s expected that the Federal Government’s First Home Loan Deposit Scheme will also create a surge.

So, if you do decide to enter the market now, how do you choose between a house and an apartment? A 3-bedroom house in a regional area could be a better opportunity for you than a small inner-city apartment. Similarly, a spacious apartment a little out of the city may serve your plans better, compared with committing to a huge mortgage for a house that offers more space than you need.

Having said that, the term ‘safe as houses’ did not come from thin air. Apartments may be cheaper overall, but there is something to be said for the security of investing in a house when you’re a first home buyer. There are risks in investing in an apartment today – more so than ever before. Some apartment complexes can deliver less than 10 years of solid value to their owners, before they turn into money pits, as shoddy workmanship and hasty construction start to reveal themselves. In addition, fears about the potential rectification costs of combustible cladding remain a relative unknown.

When looking for your first property, the key things to consider are location, affordability and ongoing costs such as maintenance, body corporate fees, and/or rates. Once these things have all been taken into consideration, you can weigh the potential to add value through renovations, are then you’re better able to decide the true investment potential of the property you choose and make the best decision for your current goals.

Ultimately, houses tend to offer more opportunity for differentiation than units, and that means more potential for capital gain. Find one with a poorly presented garden and interior and you could be on a winner. Rip up the carpets, polish those beautiful timber floors hiding underneath, ditch the ugly curtains, renovate the kitchen and bathroom, and get planting in the garden and within months, you’ll be offering an entirely different proposition to the next buyer.

 

We can Help.

If you are interested in the area or would like to know more about living on the Mornington Peninsula. Please feel free to contact our office Click Here for Details.

If you are interested in the Real Estate Market and want to find out the prices of recently sold properties, you can download our FREE report HERE.

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Paul Basso

Author Paul Basso

Established in 2000, First National Basso is a business based on transparency, honesty, personal service and trust. With a commitment to innovation, First National Basso has continually evolved and grown to become one of the longest running and most trusted real estate teams on the Mornington Peninsula.

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