Which is why I make a separate brochures which mention all the bells and whistles. Even the double power points.
Top 10 Reasons why your home is not worth more
- Thread starter thepeoplesagent
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Which is why I make a separate brochures which mention all the bells and whistles. Even the double power points.
The vast majority of those things are indeed quite irrelevant, as they mostly have something to do with the house, and therefore are quite changeable to what you wish after you purchase.
My criteria list when purchasing property always starts with the land. Look and judge aspects that cannot be changed ever. If the property doesn't cut the mustard on that score, there isn't any need to go inside and look at the house.
Things like location, aspect, views, land size, frontage, vehicular access, critical infrastructure (power, water, drainage) etc. Usually you have little control over any of that stuff and cannot be altered even if you wanted to. Dollars don't even come into it.
If those things are big ticks, then you move onto the next stage, otherwise exit stage left.
Then you get into the medium stuff like construction material, # of bedrooms, structural integrity etc. Usually you have quite a bit of control over that stuff, but it comes at a big price if you wish to alter it.
If those things are big ticks, then you move onto the next stage, otherwise exit stage left.
All of the gumpf that people get into a tizz about usually falls into the minor categories. The list is endless. You normally have absolute control over that stuff, and it comes at a modest price if you wish to alter it. This is the drama queen zone.
This thread sits squarely in the drama queen zone.
My criteria list when purchasing property always starts with the land. Look and judge aspects that cannot be changed ever. If the property doesn't cut the mustard on that score, there isn't any need to go inside and look at the house.
Things like location, aspect, views, land size, frontage, vehicular access, critical infrastructure (power, water, drainage) etc. Usually you have little control over any of that stuff and cannot be altered even if you wanted to. Dollars don't even come into it.
If those things are big ticks, then you move onto the next stage, otherwise exit stage left.
Then you get into the medium stuff like construction material, # of bedrooms, structural integrity etc. Usually you have quite a bit of control over that stuff, but it comes at a big price if you wish to alter it.
If those things are big ticks, then you move onto the next stage, otherwise exit stage left.
All of the gumpf that people get into a tizz about usually falls into the minor categories. The list is endless. You normally have absolute control over that stuff, and it comes at a modest price if you wish to alter it. This is the drama queen zone.
This thread sits squarely in the drama queen zone.
Agree Dazz but on the points above..
All information is knowledge so even nothing statements teach you something. I,.e. some one actually pays to buy a magazine that features Kim Kardashion,
But knowing what the masses care about helps you in your marketing. In Inner City Sydney I always sell via John Mc Grath REA but never buy of them, because the masses love them.
My present PPOR sat on the market 12 months in the centre of the great village in a growing boom tree change area because it was:
1000m2 of land to build on free, with a potential BNB CAFE on another 100m2 free.
7 years on blocks alone are worth what we pay for full house and the BNB will rent for $400 to $600 a weekend when we finish new house this year. Essentially we got the land for free.
Peter
All information is knowledge so even nothing statements teach you something. I,.e. some one actually pays to buy a magazine that features Kim Kardashion,
But knowing what the masses care about helps you in your marketing. In Inner City Sydney I always sell via John Mc Grath REA but never buy of them, because the masses love them.
My present PPOR sat on the market 12 months in the centre of the great village in a growing boom tree change area because it was:
- heritage,
- old and
- needed work.
- 1100m2 block
- covered with mature trees
- in the centre of town with house built on the front boundary which I can never do now
- with BNB cafe potential
1000m2 of land to build on free, with a potential BNB CAFE on another 100m2 free.
7 years on blocks alone are worth what we pay for full house and the BNB will rent for $400 to $600 a weekend when we finish new house this year. Essentially we got the land for free.
Peter
That's the difference right there Pete. You saw the potential with the associated risks when others couldn't.
A good investor will be able to "see" things that the average smo can't.
You wouldn't believe the amount of people I've come across who are rubbish investors and they all start off their statements "I can't see how...." and then back it up with the collective nods of other rubbish investors who also can't see opportunites.
They comfort each other with their collective incompetence and think all is good and confirm each other's **** decisions.
Thanks.
The reno of the heritage home is so good it got featured in regional country magazine and now THEY see the house and go "OMG, such a cute cottage, great location, you only paid WHAT , you should open a BNB"
But is still a challenge to get wife to see the NEXT STEP which is stand alone garage as 2 story Barn Style to add 2 other rooms for BNB rentals. She said NO!
Solution: I handed her a floor plan that gave her a HUGE like 2 x 3.6m long shelves and racks of floor to ceiling Walk In Robe, fully kitted out (ala Sex in the City 1 ladies) and Walk in Butlers Pantry bigger than most kitchens. I am not exaggerating, second sink, separate fridge/freezer room, dedicated appliance storage
Expensive? hell yes, told builder put in $10k for fit out of WIR alone but in the end, whatever it takes to make the deal
Found the perfect PPOR except the toilet roll holder was missing -> deal breaker.
haha - the list of potential "turn offs" in my current to-be ppor (currently reno'ing before moving ing) is almost endless ... including no toilet roll holder in any of the 3 bathrooms ... but ... now that we're halfway thru the internal fixup all the tradies that walk in oogle at the potential
But is still a challenge to get wife to see the NEXT STEP which is stand alone garage as 2 story Barn Style to add 2 other rooms for BNB rentals. She said NO!
Solution: I handed her a floor plan that gave her a HUGE like 2 x 3.6m long shelves and racks of floor to ceiling Walk In Robe, fully kitted out (ala Sex in the City 1 ladies) and Walk in Butlers Pantry bigger than most kitchens. I am not exaggerating, second sink, separate fridge/freezer room, dedicated appliance storage
Expensive? hell yes, told builder put in $10k for fit out of WIR alone but in the end, whatever it takes to make the deal
Peter I am fascinated with this insight, and your wisdom. Seriously.
For those of us who are partnered and with passionate (I certainly would never say headstrong) other halves finding a way to cast our vision can be a challenge.
I still wrestle with this sometimes.
I have built the big family home for mine and it is great. The process nearly killed me as we went in way to emotionally attached and we were having our 4th child at the time.
Anyway - now that we are in I can see potential for holiday let type opportunities that I would have sworn not to look at for this place (as its ours) and thinking about various future options. ie this house just feels like another piece of re now. The longer I have spent on it (and its still great please dont think Im whinging its a great family home) the less I feel I need to live here for 20 yrs. Now that its done I would happily move out (even just for a while) to try other things.
Its interesting the journey my mind has been on, and trying to translate that to mrs can be a challenge. Have to work out how to get buy in without causing fear or outright refusal.
I should be so lucky...
We are renovating an IP and hubby "helpfully" removed the toilet several days before it really needed to be out. I popped over the road to the (even more major) renovation to ask the builders if we could use their porta-loo if we really needed to. No problems, they said. I told them I may bring over a frilly curtain and a few paintings to brighten it up. They didn't seem to have the same sense of humour for a short while, but realised I was joking and all was good.
Luckily this place is near our home so we can pop home for lunch and a toilet visit, but the other day we were working later, the builders had gone and I decided I'd visit the porta-loo.
My goodness, these men have NO IDEA about cleanliness. That porta-loo needed waaaaaaaay more than a frilly curtain. I just averted my eyes and got out of there in less than 30 seconds.
So missing the spindle from the toilet roll holder is LUXURY after my experience with a building site porta-loo
Thank you.
I hear ya!
I think if anyone posted a thread about how to deal with partner and investing it would be the all time mother of all threads LOL
It seems from my observation: passionate active investors partner with cautious, passive investors.
Why? Maybe two passionates cannot work?
Personally my wife is wonderful, beautiful, supportive, hard working in our business doing accounts but stubborn, worrier and feels uncomfortable with building wealth.
She still sees us as simple country folk ( we grew up in country VIC) and I say, yes 20 year ago when we got married, yes but not now. Saying do you realise, the average person does not own PPOR outright, nor cars, nor XXX investments and does not go to Paris for Holidays (Oct 2012) does NOT help.
She is frugal on most things, she never buys expensive clothes and thinks hard about those purchases but i think she does not realise that others do not even have this option. I say great we don't have this worry but it takes ongoing work and planning to stay here. There is the issue you raise...
Anyway - now that we are in I can see potential for holiday let type opportunities that I would have sworn not to look at for this place (as its ours) and thinking about various future options. ie this house just feels like another piece of re now. The longer I have spent on it (and its still great please dont think Im whinging its a great family home) the less I feel I need to live here for 20 yrs. Now that its done I would happily move out (even just for a while) to try other things.
Its interesting the journey my mind has been on, and trying to translate that to mrs can be a challenge. Have to work out how to get buy in without causing fear or outright refusal.
How to get them to agree? You tell me, I have begged, put detailed proposals , ranted, stormed off, bribed, did I say beg?
I think you need to find her real reason and work around it.
For us the issue is her "fear of failure and fear of being judged".
For me the issue is "perfectionism and indecision"
Not a good mix as I am a planner and often asking her opinion to use as a reference to a decision that may not ever come and she frets getting it wrong and lives more in the moment. For both of us, frustrating.
She prefers to leave something as is, do nothing, or stay as is than actively consider options. She does not like to talk money as she sees that as being pretentious.
I see talking as learning. Hence I enjoy SS as I can talk away and learn so much. I grew up really poor so I want to consider all options, well into future, re income sources.
BE A GOOD DICTATOR
When we bought present PPOR I told her it was investment only and she didnt care. Then I said we we should move. She agreed in her heart it was best but really opposed moving from Sydney City to Country VIC, fear of change.
So I pushed the issue as the best with new child and our parents getting old. I was worn out in our business and needed a change. She agreed on that, worst case, we move back. So giving her the option to go back sold it. Perhaps you can advise wife you can just try it for 12 months? Or do it as weekends only as a trial, lessen the FEAR.
Our move worked but has been hard and longer than expected due to becoming parents and the changes that brings to lifestyle and living. She loves where we are now.
AVOID ISSUES
She does not see our investments etc as another source of income. (I think) she seems them as simply a house we own. Where I see them as investment tools, even the PPOR. At the right price, everything is for sale. She also has guilt about wealth.
So try to avoid pressing those buttons. Sometimes don't tell them your full or any plans lest they get upset. I.e. our Unit in Inner Sydney is close to Uni so when Daughter is 21, if she wants to go to Uni in Sydney, we have free accommodation. Wife gets upset saying why are your planning for that, I say why not. WIN WIN?. But she only see her "baby" leaving home. So don't go there. This one was hard for me as I like to talk things over.
SO FIND AN OUTLET to TALK
My best friend is also a heavy IP investor and has similar partner so we get together and lament about how they don't care but also do the pro and cons of our perspective strategy and actions. You may be able to do that here via PMs.
REMOVE THE FEAR, OVERLOAD WITH DATA and RED HERRING
Well the Heritage Cottage was always going to be BNB. So she was ok with that. We also considered CAFE. She was not ok. So I did my research and confirmed CAFE is hign input and high risks and not that much better. And with no experience, as I am a construction professional it screams classic, drop out to country and open a CAFE. I always knew this was likely but needed a "red herring" a worst option to kill off to make the real option appear better.
On BNB I went to local council and finally found someone with real knowledge and stats of demand and profile which you should have nearby. Get them to cut the gloss and get in to real vacancy rates, return, expectations and commitments. Many ring them with dreams of "renting a room with dollies for $400 a night" be professional.
Once I did that I went to to wife with feedback and she agreed with cottage but disagreed with barn. Too much privacy lost she said. Pointing out this was wrong did not matter. Showing our friends the plans and seeing them agree did. Perhaps she saw people she respected be OK so she was OK. Also for her Venture had to be private. No flash profile. Elegant, discreet. These two addressed the "fear of being judged".
So I think in my rambling I am saying you need the boil the frog slowly and let them have out options that are unlikely to be activated.
One option could be a long holiday via House Swap. 3 months away and she sees how much demand there is for your house. We put out unit on this market to go the France and was blow away with the quality we were offered. That opened wife's eyes to a long term 12 month stay in France in 5 years.
Anyone else with ideas on how to get partners to buy in?
Regards Peter 14.7
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