A dual-occupancy property is a residential lot that contains two separate dwellings on a single title. These dwellings can either be attached, such as a duplex, or detached, where two freestanding homes exist on the same block of land. Unlike a standard single-dwelling property, a dual-occupancy setup allows for multiple households to live on the same site while maintaining separate living spaces. Lets...
What is the main difference between a one-part contract and a two-part contract when buying a property? The main difference between these two contract types, lies in how the land and construction components are managed. One-Part Contract (Single Contract) Description: Combines the purchase of land and the construction of the property into one single agreement. Payment: Typically, you make one...
The difficulty of affording a home in Australia stems from a combination of economic, demographic, and policy factors. Here's an overview: 1. High Demand, Limited Supply Population Growth: Australia's population growth, particularly in urban centers like Sydney, Melbourne, and Brisbane, has fueled demand for housing. This is partly due to natural growth and high levels of immigration. Supply...
A full turn-key house: A complete, move-in ready solution A full turn-key house is an upgrade offered by home builders, ensuring your home is fully completed with all necessary additions, such as internal wall painting, flooring, and blinds. Opting for a full turn-key package provides peace of mind, knowing that your home is truly 'move-in ready.' Once you receive the keys, you can either move in...
Population trends significantly influence the property market by affecting demand, supply, and pricing. Here are key ways in which population trends impact the real estate market: 1. Population Growth and Demand for Housing Increased Demand: Population growth, particularly in urban areas, drives up demand for housing. More people means more need for homes, which can lead to higher property prices,...
The Australian Federal Parliament has passed the "Help to Buy" legislation, introducing a shared equity scheme aimed at assisting low to middle-income earners in purchasing homes. Key Features: Government Equity Contribution: Up to 40% for new homes Up to 30% for existing homes Eligibility Criteria: Singles earning up to $90,000 per year Couples earning...
Amenities significantly impact real estate by influencing both the value and attractiveness of a property. Amenities are features or services that enhance the comfort, convenience, and enjoyment of a space or community. They can be offered in various settings, such as residential buildings, commercial properties, public spaces, hotels, and more. Here are some key ways amenities impact real...
Why would I add someone to the title? Adding someone to the title of an asset, such as a house, car, or bank account, can have several implications, depending on your intentions and legal considerations. Here are some reasons why someone might add another person to the title: 1. Joint Ownership Shared Ownership: If you want to share ownership of an asset, such as a house, with another person,...
Three ways to understand the value of your property. Understanding the value of your property involves assessing several key factors. Here are three ways to approach this: Acknowledging the Land: The value of the land itself can vary based on location, size, zoning regulations, and the potential for future development. Land in desirable areas or with unique features (e.g., waterfront, proximity to...
Stamp duty, also known as land transfer duty, is a tax imposed by the Victorian government when you buy property in Victoria, Australia. The amount you pay depends on several factors including the property's value, the type of property, and any concessions or exemptions you may be eligible for. Key Aspects of Stamp Duty in Victoria Calculation: Stamp duty is calculated as a percentage of the...