We’re going to let you in on a little secret. Sometimes industry regulations don’t work the way they should. Normally, regulations are put in place to protect consumers – but there is a section of the Agents Act 2003 that is actually hurting home buyers financially.
The section we’re talking about contains the rules governing trust accounts for deposits and the way those deposits earn interest – or more specifically the way that they don’t earn interest. In a typical house sale transaction this is largely irrelevant due to the short time period involved, but it becomes a significant when you are buying a new apartment “off-the-plan”.
We’ve all seen those movies where a dastardly villain tries to buy up all the land in an area after discovering a new railroad or a shopping mall is going to be built there and values are about to skyrocket. They hire thugs to muscle out honest landowners and that’s usually when a mysterious stranger played by Charles Bronson shows up to save the day.
Well, that situation rarely happens in real life. The thing about investing in real estate is that it’s nearly always a long term investment. But, property can be a great wealth building strategy and you almost never have to worry about a vengeance fuelled Charles Bronson showing up at your door.
Rezoning is more than just moving some lines around on a map. It’s about embracing growth, changing with the times and creating attractive new residential areas.
Think of it this way. Imagine you’ve just found a box of your old clothes hidden away in the cupboard. You open it up and as you sort through the tie-dyed t-shirts, the bedazzled denim jackets and the parachute pants, you wonder what on earth were you thinking? The person who wore those embarrassing clothes seems like an entirely different person to who you are today. So you pack the clothes back in the box, drop them off at the donations bin and head out to buy yourself a brand new outfit that suits the person you have become.
Mr Fluffy means asbestos and it’s bad. Very bad.
Unless you’ve been on an Antarctic expedition or living under a rock for the past few months, you will have heard of ‘Mr Fluffy’, which despite the cute and cuddly name, is anything but that. Mr Fluffy was a supplier of a particular type of loose fill insulation material in the 1970s, which has since been found to contain amosite asbestos fibres that have been almost impossible to eradicate despite a government removal program in the 1990s. Remnant loose fibres are believed to still be present in up to 1049 Canberra homes, now known as ‘Mr Fluffy homes’.