When the cost of rental property literally caves in on you

When the cost of rental property literally caves in on you

Can you remember the last time you went to stay with friends or family? No doubt they had a spare room with a comfy bed and some crisp, clean sheets on offer. And it was probably a relaxed and familiar experience that made you feel safe and completely at ease as you drifted off without a care in the world.

 

That’s exactly what went down for 49 year old New Zealander, Melissa Ware, when she visited her sister on the Gold Coast late last year.  That is, until 2am!

 

Tired and jetlagged, Melissa wanted nothing more than a long shower and a hot cup of tea before she turned in for the night for a solid rest.  But those plans soon came undone when she woke to a loud bang and the sensation of weight pinning her to her bed.

“It was pitch black, so I had no idea of what was happening and panicked.  My sister and husband opened the door to try and find out what the noise was and were shocked to find me laying under everything pleading for help.”

In short – the whole bedroom ceiling had collapsed on top of her.

Melissa’s sister was furious, having first raised concerns with the property manager about the cracking and sagging ceiling eight months prior.  Several phone calls, emails and inspection reports later, and nothing had been fixed. This was after the ceiling in another room had already collapsed, almost injuring an elderly relative. The agent had sent a repair man to give a quote but was still waiting on a response from the landlord.

Rental vacancy crisis or not, there is no excuse for poor property maintenance or safety negligence.

 

GSA prides itself on its solid due diligence, and working with only the best conveyancers, builders, and designers in the business.  We not only ensure that each dwelling is fitted out in style, we make it our mission to adhere to all health and safety standards across the board.

 

Our investors and tenants can sleep well at night knowing that they’re in good hands.

Reinventing Renting

Reinventing Renting

With the onslaught of COVID now out of the way, Melbourne’s inner city rental market is now being redefined.

Where once there were vacancies aplenty due to a mass exodus to regional parts of the state, CBD livability is almost back in full swing. It seems that urban rentals have regained some traction and are now in significant demand. And it’s all due to a bit of market tweaking.

Renters are now reconsidering the type of dwelling in which they’re prepared to live, as well as the living arrangements that will give them the best bang for their buck.

Let’s look at what’s placing a whole new lease on rental life.

 

Rental Stress

With pandemic scares and restrictions out of the way, city rental vacancy rates have fallen from 4.79% to a mere 2.06%.  This clearly puts pressure on the market and pushes rents well into budget-breaking territory.  The stats say that the number of potential renters per listing has surged by nearly 50%!

This has forced would-be tenants to reconsider what they’re prepared to compromise.  Some are taking on much smaller apartments, while others seem willing to go back into shared accommodation.

Of course, the return of international students and workers hasn’t helped.

But for those who still insist on squeezing every little perk from their last penny, the following option is probably right up their alley.

 

A new contender

Where developers would usually build multiple apartments and sell them to individual owners, they’re now choosing to be the landlord themselves. It’s called the “build-to-rent” model.  The beauty is, renters can forego extra expenses like cleaning, gym membership, going out to entertain, and even the commute, as they’re an all-inclusive part of the tenancy.

By bypassing the middleman, developers can now do what they please with the entire building.  As such, they can offer tenants a range of lifestyle luxuries and opportunities at no additional cost. For every dollar these renters pay for the comfort of living here, they save 10-fold on other things.

That’s not a bad way to do it.

 

But as for us?

We know that not everyone wants to live in the city, nor do they need the likes of cleaning services or gym memberships.  What they want is a comfortable abode in a suitable locale that gives them complete privacy and exclusivity.

If you’re keen to hear more about our luxury apartments and townhouses, give us a call today.  Sometimes you just don’t need to reinvent the wheel.

Best Places to Retire in Australia

Best Places to Retire in Australia

Ahhh … retirement. Is it some far-fetched dream that seems largely unfathomable to you right now? Or is it lurking in the shadows just over the horizon? Maybe it snuck up on you sooner than you expected. Whatever your situation, choosing the perfect spot to settle in for the last quarter is one of the most important decisions you’ll ever make.

Of course, the ultimate goal is to find somewhere that fits in with your lifestyle and gives you access to everything on your retirement bucket list.

Sometimes circumstance dictates where you’ll live. But for those lucky enough to take your pick, here’s the latest lowdown on where you could finally lay your hat.

 

Caloundra, QLD

 

A popular Sunshine Coast retirement destination, Caloundra’s sunny weather and proximity to the city, have seen it in the running for decades.

It offers relative value for money compared to its bigger cousin, Noosa, but is still an all-round exciting place to live. It also boasts a mild all-year climate, uncrowded beaches, and plenty of land & water activities.

 

St Helens, TAS

 

This is small-town, laid-back living by the ocean at its finest.

Known for its excellent game fishing & bird watching opportunities, it also offers a much milder climate than the rest of Tassie.

It features more affordable housing, outstanding seafood, and the Bay of Fires right at your doorstep. With its clear, blue seas, brilliant white beaches and striking orange boulders, it’s a highly coveted lifestyle locale.

 

Nelson Bay, NSW

 

Ticking many a retirement box, Nelson Bay revels in its stunning coastal location, established foodie scene and a plethora of water activities, including swimming with the dolphins.

This breathtaking area is much more affordable than Sydney and offers a host of retirement village options. Plus, it provides excellent seafood and dining, including Rick Stein’s new Bannisters restaurant.

With close to half its population classed as older couples and families, it’s easily become one of NSW’s retirement hotspots.

 

Of course, if you’re wondering whether you’ll have enough to retire comfortably, you may want to look at ways to grow your super faster. That’s where we can help. Have a chat with one of our team today.

Make yourself a magnet to money

Make yourself a magnet to money

Imagine having the wherewithal to play landlord to the likes of a US president.

That’s precisely what Aussie investor Steve McKnight did. Boasting a $140 million portfolio, he’s not only leased his properties to everyday Australians; he’s also proudly added the Barack Obama feather to his cap.

Once a fellow member of the dreaded rat race, this former, overly worked accountant was able to cleverly replace his entire salary with passive income from property investment.

And he’s written a book on how to attract this sort of wealth for yourself.

Because he’s the first to admit that the ongoing stress from the daily grind quickly takes its toll on your health.  His doc even told him it was likely to “send him to an early grave”. So, something had to give.

That’s when he did some thorough research and made the change.

He started back in 1999 when he co-purchased a three-bedroom house in Ballarat for a mere $44,000. Three and a half years later, he already had 130 properties under his belt!

His prior suffering helped him realise that people right across the globe have been doing it just as tough.  And he was only too eager to share his insights so that others could experience the same financial freedom.

Here are his top four tips on how he was able to retire by the ripe old age of 32.

 

1. Don’t rely on the age pension

Working your whole life like a dog only to end up on the age pension isn’t right. You need to find a different way to manage your money if you expect a different outcome. The sooner you do this, the better off you’ll be.

 

2. Change your beliefs

You might have an ingrained “poor” mindset without realising it. Perhaps outdated ideas based on what your parents and grandparents believed was right. But if you want to achieve more financial success than they did, you’ll need to update your programming.

 

3. Invest, don’t hoard

Yes, you need savings – but having savings won’t make you rich.  You need to find a way to multiply them to create substantial wealth. You want absolute financial freedom, not just the temporary feeling of being wealthy because you own stuff.

 

4. Pay it forward

Using your money to help others will attract a reputation and more opportunities to level up the calibre of people in your circle of influence. This creates further opportunities for creating financial abundance.

 

So, if you’re serious about growing your wealth, and are keen to start as soon as possible, come and talk to us.  Together, we’ll be a force of financial energy to be reckoned with.

A stalac-tight hold on the market

A stalac-tight hold on the market

When you say you’ll put down a deposit on a property, you probably don’t mean the mineral variety. But that’s precisely what Canterbury-Bankstown residents encountered when they purchased from developer plans a few years ago.

The NSW government has put dodgy developers on notice for poorly constructed buildings, as major defects have been on the rise.

In Sydney’s west, one apartment block had such questionable plumbing that water was flowing through the entire structure and eroding the concrete.  The building became so damp that stalactites were growing in the garage.

 

“It’s just like going to the Jenolan Caves”,

said one apartment owner.

 

That’s not only an obvious safety issue, but also a prime health hazard.  And to top it all off – the developer has left the country, so there’s precious little the owners can do about it.

A recent strata management survey found the most common problems to be waterproofing and fire safety, with a jaw-dropping 39% of builds between 2015 – 2021 having serious defects.  And NSW is undoubtedly not the only market to cop it.

Though not every build will be perfect, there’s certainly much cause for alarm.  Especially when you invest your hard-earned dollars into a development, hoping to profit, not lose money.

 

So, let’s talk about the GSA approach. 

 

We are 100% invested in your investment.  GSA prides itself on only working with Melbourne’s most highly vetted developers and planners.  And we go to great lengths to perform careful due diligence before the build and monitor the process every step of the way.

Our finance and legal teams work together to ensure that all our “i”s are dotted and all our “t”s are crossed.  We’re dedicated to giving you the best possible investment outcome, so you can be assured your property will be less cave and more temple.

Give us a call to find out where to start.

 

Imagine being led by Generation Z

Imagine being led by Generation Z

Whether you’re a go-getting Gen X-er or brassbound Boomer, you probably think you’ve figured out this whole financial game by now. What would these younger generations know? Surely you could teach them a thing or two! How could any of these young whipper snappers possibly know something you don’t?

Well, you might have fallen down a few money-zapping rabbit holes in your time that you could have avoided. Maybe you didn’t realise you were even falling. Or perhaps you did these things simply because that’s what everyone has always done.

You followed all the rules, right? You went to uni. Got a good job. Bought a car.  Bought a home. You worked hard, sacrificed your downtime, accumulated some super. But you still don’t seem to be ahead of the game.

So, how is it that Charlie Ehlers from … you know … Gen Z, managed to save a whopping $200,000 by the time he was 26?!

The answer is simple. He set himself three very significant financial goals: learning about investing, spending smarter, and working full-time while studying. And he reckons there’re some key areas where people unwittingly fall down with their money. As unorthodox as some may sound, this is what he has to say.

 

1. If you don’t yet have the money, don’t buy it.

 

Forget Buy now-Pay later schemes. You can’t afford it.

 

2. Don’t pay for a designer brand just because it’s a brand.

 

There’s plenty of other great quality stuff out there for much less.

 

3. Unless it’s a cash-flowing asset, don’t buy a home.

 

Wait until you have the cash flow to fund it.

 

4. Don’t go to uni unless you’re sure you want that profession.

 

Otherwise, it’s just wasted debt in fees.

 

5. Have pre-drinks at home before going out.

 

Don’t waste hundreds of dollars on bar prices.

 

6. If you can afford it, finance your car rather than buy it.

 

If car finance costs only 5%, but you can invest 10% instead, you’re in front, not debt.

 

7. Rein in the food delivery service.

 

It may be convenient, but there are far more cost-effective ways to eat.

 

8. Don’t scrimp on good bedding.

 

Rather than constantly replacing cheap stuff, buy quality from the get-go. Plus, sleep has the biggest impact on your health.

 

9. Always round up the dollar when paying friends back.

 

Not only is it bad form not to, but it’s also a case of what goes around comes around.

 

Are you guilty of any of the above financial misdemeanours? Perhaps there’s some sound advice here you can pass on to your kids or grandkids.

If you’d like further guidance on growing your wealth, get in touch with us. We’ll show you how to lead the way.