Build Out West Podcast

Breaking Down Financial Barriers to Homeownership

Episode Summary:
In this episode, Catherine and Tony asks Adam Burstein’s opinion on the most common financial challenges that can stop you from getting a mortgage and how to overcome them. From credit score misconceptions to debt-to-income ratios, we’ll unpack what lenders look for and provide actionable tips to help you achieve your dream of homeownership.
 
What You’ll Learn in This Episode:
The key financial barriers that prevent people from qualifying for a mortgage.
Why your credit score matters and how to improve it.
How a high debt-to-income ratio can derail your application and strategies to lower it.
The impact of unstable income on mortgage approval and how to demonstrate financial stability.
What lenders look for in savings and why having a deposit is crucial.
How financial mistakes, like missed payments, can hurt your chances and what to do if they’ve already happened.
Actionable Takeaways:
Review your credit report and dispute any inaccuracies.
Start budgeting to increase your savings for a larger deposit.
Pay down high-interest debts to improve your debt-to-income ratio.
If you're self-employed or work irregular hours, keep detailed financial records to show income consistency.
Consider alternative pathways like guarantor loans or first-home buyer schemes in your area.
 
Key Quotes from the Episode:
"Your credit score isn't just a number—it's a snapshot of your financial responsibility."
"Sometimes, the biggest obstacle to getting a mortgage is not knowing what lenders expect."
"Improving your debt-to-income ratio is like giving yourself a raise in the eyes of a lender."

Unlocking the Potential of Dual Key Homes for Savvy Investors

Welcome to another episode of Build Out West podcast with Tony & Catherine! In today’s episode, we dive into the world of dual key homes – a versatile and increasingly popular investment strategy that offers unique benefits for investors.
 
 A dual key home allows owners to maximize rental income, cater to diverse tenant profiles, and enjoy flexibility in their investment strategy. Join us as we explore the pros and cons of dual key properties, discuss key considerations for investors, and hear from experts on how this strategy can fit into your real estate portfolio.
 
Episode Highlights:
What is a Dual Key Home?
Definition of dual key homes: A single property that is split into two separate living areas, each with its own entrance.
Difference between dual key and duplex homes: Unlike duplexes, dual key homes typically share a main entrance but have separate living spaces, bathrooms, and kitchens.
Key Benefits of Investing in Dual Key Homes
Maximizing Rental Income: Earn two rental incomes from a single property while paying for one land title.
Flexibility for Investors: Option to live in one unit and rent out the other or rent both spaces to generate additional cash flow.
Catering to Different Tenant Demands: Perfect for housing extended families, couples, or roommates who want privacy while sharing a home.
Capital Growth and Resale Appeal: Potentially higher resale value due to dual-income appeal and versatility.
Potential Challenges and Considerations
Initial Build Costs and Design: Dual key properties might be more expensive to build initially due to specialized layouts and extra fittings.
Local Council and Zoning Regulations: Understanding your region's rules around dual key setups, which can vary significantly.
Tenant Management: Dual key homes might require a more hands-on approach, as you'll be managing two tenants in close proximity.
Market Demand: Knowing if dual key homes are in demand in your target area is essential for maximizing occupancy and returns.
Financing and Tax Considerations for Dual Key Homes
Exploring financing options and how dual key homes may differ from traditional investment properties in terms of loan structures.
Tax benefits and deductions specific to dual key investments.
Expert Insights and Real-Life Success Stories
Interviews with real estate investors and property managers who have successfully invested in dual key properties.
Real-life examples that highlight the income potential and long-term growth of dual key homes.
Is a Dual Key Home Right for Your Portfolio?
Evaluating dual key homes against other property types to determine if it aligns with your financial goals.
Key indicators that a dual key home may be a good addition to your portfolio.
Final Thoughts and Tips for New Investors
Tips for choosing the right location, finding qualified property managers, and staying updated on rental trends to get the most out of dual key investments.
Advice for first-time investors and seasoned investors alike who are considering adding a dual key property to their strategy.
Key Takeaways: Dual key homes can be an attractive option for investors seeking a balance between affordability, cash flow, and flexibility. However, due diligence is key, as zoning laws, tenant management, and market demand can significantly impact the viability of a dual key investment. By understanding the ins and outs of this unique property type, investors can make informed decisions to enhance their portfolio's growth potential.
 
 
About Build Out West Podcast:
We created Build Out West Podcast to educate people about home building, and provide valuable information related to the builder broker game. Our industry experience gives us a unique insight into the nuances of builder relations and how it ties up to the other aspects of the build including land, and finances. Different markets and changes need different builders. Our industry linkages give us the ability to match you with the right builder for the job.
 
 
Our Links:
TikTok: https://www.tiktok.com/@buildoutwest
Instagram:  https://www.instagram.com/buildoutwest/
YouTube: https://www.youtube.com/@buildoutwestpodcast

Hints & Tips to increase your borrowing capacity in Perth's boom in 2024!

Welcome to another episode of Build Out West podcast with Tony & Catherine! In this episode, we’re diving into a crucial topic for homebuyers: How to Increase Your Borrowing Capacity for a Mortgage with guest finance broker Adam Burstein.
 
If you're looking to buy a home or invest in property, getting the largest possible mortgage can be the key to securing the property of your dreams. But how do you boost your borrowing power? We’ve got the answers! Tune in as we cover:
 
Key Topics:
Understand Your Financial Position
Importance of reviewing your income, debts, and expenses
Tools and resources to assess where you stand financially
Increase Your Income
How side gigs, raises, or bonuses can impact your borrowing capacity
Documenting extra income for mortgage applications
Reduce Debt and Liabilities
Strategies for paying down high-interest debts like credit cards and personal loans
The impact of your debt-to-income ratio (DTI) on borrowing capacity
Clean Up Your Credit Score
Steps to improve your credit score
How lenders view your credit history and why it matters for mortgages
Minimize Your Expenses
Identifying areas where you can cut back on spending
How lifestyle changes (e.g., reducing discretionary spending) improve your financial profile
Use a Guarantor or Co-Borrower
When and how to use a guarantor to increase your borrowing power
The benefits and risks of joint mortgage applications with co-borrowers
Shop Around for Lenders
Why different lenders have varying lending criteria and how to take advantage of that
The role of mortgage brokers in finding flexible borrowing options
Extend Your Loan Term
How lengthening your loan term affects repayments and borrowing capacity
Pros and cons of choosing a longer mortgage term
Consider Lender Incentives and Government Schemes
Overview of current schemes that may boost your borrowing power (e.g., First Home Buyer incentives, low-deposit options)
How to leverage government grants or programs to stretch your budget
 
Listener Takeaways:
By the end of this episode, you’ll be armed with actionable tips to maximize your mortgage borrowing capacity, whether you're looking to buy your first home or add to your property portfolio. We’ll also share real-life success stories from listeners who boosted their borrowing power and secured their dream properties!
Don’t forget to subscribe, share this episode with a friend, and leave us a review! Follow us for more insights on property investing, smart borrowing, and financial planning.
Resources Mentioned:
Budgeting tools and debt-reduction calculators
Credit repair services and credit score monitoring
Government home-buying schemes and programs
 
 
About Build Out West Podcast:
We created Build Out West Podcast to educate people about home building, and provide valuable information related to the builder broker game. Our industry experience gives us a unique insight into the nuances of builder relations and how it ties up to the other aspects of the build including land, and finances. Different markets and changes need different builders. Our industry linkages give us the ability to match you with the right builder for the job.
 
 
Our Links:
TikTok: https://www.tiktok.com/@buildoutwest
Instagram:  https://www.instagram.com/buildoutwest/
YouTube: https://www.youtube.com/@buildoutwestpodcast

Perth's Hidden Gem- SINAGRA

Episode Description: In this episode, we dive into the charming suburb of Sinagra, located in the northern corridor of Perth. As a rapidly growing area, Sinagra offers a perfect blend of suburban tranquility and modern conveniences, making it an increasingly popular choice for families, professionals, and investors alike. We explore what makes this suburb stand out and why more people are choosing to call Sinagra home.
Key Takeaways: Location & Accessibility: Sinagra is conveniently situated just 30 minutes from the Perth CBD, offering easy access to key employment hubs while maintaining a peaceful, community-oriented atmosphere. Its proximity to major roads like Wanneroo Road and the Mitchell Freeway makes commuting hassle-free for residents.
Affordability & Growth Potential: Compared to some of the more established suburbs closer to Perth, Sinagra offers relatively affordable housing options. With plenty of new developments and land releases, the suburb is attracting first-home buyers and investors looking for long-term growth.
Family-Friendly Appeal: Sinagra is a popular choice for families due to its excellent schools, parks, and recreational spaces. The suburb is close to Joondalup and Wanneroo, which offer access to shopping centers, sports facilities, and healthcare services, making it ideal for those seeking a balanced lifestyle.
Community Atmosphere: One of Sinagra's key draws is its strong sense of community. Residents enjoy a quiet, suburban environment with plenty of green spaces, walking trails, and opportunities to connect with neighbors. It’s a place where people feel safe and enjoy a slower pace of life while still being connected to urban amenities.
Future Development: As Sinagra continues to expand, plans for new infrastructure, shopping precincts, and public facilities are making it an attractive option for buyers and investors alike. With the northern suburbs of Perth growing rapidly, Sinagra is poised to become a thriving residential hub.
Why Live in Sinagra? Sinagra offers a rare combination of affordability, growth potential, and lifestyle appeal. Whether you’re a young family looking for space to grow or an investor seeking long-term capital appreciation, Sinagra presents a unique opportunity in Perth’s evolving real estate market. Tune in to learn more about this up-and-coming suburb and why it might be the perfect place for your next home or investment!
If you're interested in exploring property opportunities in Sinagra or learning more about life in Perth's northern suburbs, be sure to listen to the full episode and subscribe for more insights on the latest real estate trends.
About Build Out West Podcast: We created Build Out West Podcast to educate people about home building, and provide valuable information related to the builder broker game. Our industry experience gives us a unique insight into the nuances of builder relations and how it ties up to the other aspects of the build including land, and finances. Different markets and changes need different builders.
Our industry linkages give us the ability to match you with the right builder for the job.
Our Links: TikTok: / buildoutwest
Instagram: / buildoutwest
YouTube: / @buildoutwestpodcast

Gaining Control in the Building Process: Your Path to a Successful Construction Journey

 
In this episode, we dive deep into the strategies and tips for gaining control over the building process. Whether you're a first-time home builder or an experienced investor, understanding how to effectively manage and oversee your construction project is crucial.
 
We’ll explore the key steps to take from the initial planning stages through to the final walkthrough, ensuring you stay in control, avoid common pitfalls, and achieve the best possible outcome for your new build.
 
In this episode:
Key Topics Discussed:
Separating finance and land:
Allowing you to abide by land finance contract clauses, due to undersupply of land
Builder Size:
Choosing medium size builders instead of large project builders or small independent builders
Finance:
Having an LOE or pre approval organised by your finance broker before land releases.
House Design:
Making minimal changes to design in order to have efficient pre contruction admin times
Titles:
Aim to secure blocks that are titled or titled within the next 6 months.
6 .Provisional Sums:
Avoid build contract with a high amount of provisional sums and secure contract with fixed pricing.
 
Key Takeaways:
Preparation is everything; invest time in planning and understanding the process before you begin.
Stay proactive and engaged throughout the project, but trust the professionals you’ve hired.
Clear communication and a well-structured contract are your best tools for maintaining control.
Be prepared for challenges and have strategies in place to handle them effectively.
 
Call to Action: If you’re in the planning stages of building or currently in the midst of a project, don’t miss this episode. Tune in to learn how to stay in control and ensure your building process is as smooth and successful as possible. Don’t forget to subscribe, leave a review, and share this episode with anyone who might benefit from these insights!
 
About Build Out West Podcast:We created Build Out West Podcast to educate people about home building, and provide valuable information related to the builder broker game. Our industry experience gives us a unique insight into the nuances of builder relations and how it ties up to the other aspects of the build including land, and finances. Different markets and changes need different builders. Our industry linkages give us the ability to match you with the right builder for the job.
 
Our Links:
TikTok: https://www.tiktok.com/@buildoutwest
Instagram:  https://www.instagram.com/buildoutwest/
YouTube: https://www.youtube.com/@buildoutwestpodcast

Building infill vs estate with Haydn Wood

In this episode, we explore the ins and outs of building on various types of land. Whether you’re eyeing a coastal plot, a hilly terrain, or a suburban lot, the type of land you choose will significantly impact your building process and the ultimate success of your project. Our expert guests share valuable insights into what you need to consider before breaking ground, including zoning regulations, soil quality, and potential challenges specific to each land type.
 
Haydn Wood from Status Residential gives all the insight on building in different suburbs in Perth and why some builders are selective in what they build on.
 
In this episode:
Key Topics Discussed:
Understanding Land Types:
Overview of different types of land, including flat, sloped, coastal, rural, and urban plots.
The pros and cons of each land type when it comes to building a home.
Zoning and Regulations:
How zoning laws differ depending on the type of land and location.
What to check before purchasing land to ensure you can build your dream home.
Soil Quality and Site Preparation:
The importance of soil testing and understanding soil types (e.g., sandy, clay, rocky).
How soil quality affects foundation requirements and overall construction costs.
Designing for the Landscape:
Tips for designing homes that harmonize with the natural landscape.
Strategies for dealing with challenging terrains, such as steep slopes or flood-prone areas.
Costs and Budgeting:
How the type of land influences construction costs.
Hidden costs to watch out for, like site clearing, grading, and drainage solutions.
6 .Case Studies and Real-Life Examples:
Success stories and challenges faced by homeowners who have built on different land types.
Lessons learned and tips for future builders.
If you’re considering building on a particular type of land and want personalized advice, reach out to us! Don’t forget to subscribe, rate, and review the podcast if you found this episode helpful. Share your thoughts or ask questions on our social media channels using #Buildoutwest.
 
About Build Out West Podcast:We created Build Out West Podcast to educate people about home building, and provide valuable information related to the builder broker game. Our industry experience gives us a unique insight into the nuances of builder relations and how it ties up to the other aspects of the build including land, and finances. Different markets and changes need different builders. Our industry linkages give us the ability to match you with the right builder for the job.
 
Our Links:
TikTok: https://www.tiktok.com/@buildoutwest
Instagram:  https://www.instagram.com/buildoutwest/
YouTube: https://www.youtube.com/@buildoutwestpodcast

Why invest in HENLEY BROOK?! Perth's suburb BOOM!

Podcast Title: Build Out West Episode 32 : Suburb Hotspot in Perth: Henley Brook
Welcome to another insightful episode of our podcast, where we uncover the secrets to successful property investment. Today, we're diving deep into the opportunities available in Success, a suburb located in the vibrant city of Perth. Join Tony Hyde and Catherine Smith as we explore why Henley Brook is gaining attention from investors and what makes it a promising destination for property investment.
In this episode:
• Overview of Henley Brook’s location, demographics, and economic profile within the Perth metropolitan area.
• Strategic location: Discussing Henley Brook 's proximity to Perth CBD, major transport routes, and access to amenities such as shopping centers, schools, and healthcare facilities. • Infrastructure development: Highlighting major infrastructure projects such as road upgrades, public transport expansions, and metronet, which are driving growth and enhancing livability in the area.
• Lifestyle amenities: Discussing the abundance of recreational facilities, parks, dining options, and entertainment venues that enhance Henley Brook 's lifestyle appeal for residents and investors alike.
• Growth potential: Assessing Henley Brook 's growth prospects and the factors driving future property market performance in the suburb.
About Build Out West Podcast:
We created Build Out West Podcast to educate people about home building, and provide valuable information related to the builder broker game. Our industry experience gives us a unique insight into the nuances of builder relations and how it ties up to the other aspects of the build including land, and finances. Different markets and changes need different builders. Our industry linkages give us the ability to match you with the right builder for the job.
Our Links:
TikTok: / buildoutwest
Instagram: / buildoutwest
YouTube: / @buildoutwestpodcast

Tax Return Strategies for New Home Builds in PERTH

Episode Summary:
Welcome to the latest episode with Tony Hyde and Catherine Smith. In this episode, we dive into the smart strategies of using your tax return to invest in real estate. Whether you’re a first-time homebuyer or looking to expand your investment portfolio, your tax refund can be a powerful tool to help you achieve your property goals. Join us as we explore the steps, tips, and expert advice to make the most out of your tax return.
Don’t let your tax return sit idle this year. Make a plan, do your research, and take the first step towards property investment. Subscribe to our podcast for more tips and expert advice on making smart financial decisions.
 
Key Takeaways:
Understanding Your Tax Return:
Breakdown of what a tax return is and how it’s calculated.
The average tax refund amount and what factors influence it.
Benefits of Using Your Tax Return for Property Investment:
Leveraging a lump sum payment for a down payment.
Reducing the amount of mortgage needed.
Minimizing interest payments over the life of the loan.
Steps to Prepare for Using Your Tax Return to Buy Property:
Assessing your financial health and credit score.
Determining your property investment goals (e.g., rental property, first home, fixer-upper).
Researching the real estate market to identify potential opportunities.
Maximizing Your Tax Return for Property Investment:
Creating a savings plan to complement your tax return.
Exploring government grants and incentives for homebuyers.
Consulting with a financial advisor or mortgage broker to optimize your finances.
Case Studies and Success Stories:
Real-life examples of individuals who used their tax returns to purchase property.
Lessons learned and tips from their experiences.
Actionable Tips:
Start early: Begin planning how to use your tax return well before you receive it.
Untitled blocks- Create time to have a saving plan in place
Seek professional advice: Consult with financial and real estate experts to tailor a strategy that works for you.
 
 
About Build Out West Podcast:
We created Build Out West Podcast to educate people about home building, and provide valuable information related to the builder broker game. Our industry experience gives us a unique insight into the nuances of builder relations and how it ties up to the other aspects of the build including land, and finances. Different markets and changes need different builders. Our industry linkages give us the ability to match you with the right builder for the job.
 
Our Links:
TikTok: https://www.tiktok.com/@buildoutwest
Instagram:  https://www.instagram.com/buildoutwest/
YouTube: https://www.youtube.com/@buildoutwestpodcast

Building in 2024 in PERTH- from a builders perspective!

In this episode, we dive into the intricacies of building in Perth with an expert guest speaker Mat Bouse from Lavida Homes who shares invaluable insights on what it takes to build your dream home in Perth. From navigating local regulations to understanding the unique environmental considerations, we cover it all. Whether you're a first-time builder or looking to upgrade your current residence, this episode is packed with essential information to help you make informed decisions if you’re keen to build in 2024 and beyond! Tune in to this episode for a comprehensive guide to building your dream home in Perth, straight from the experts in the field!
In this episode:
• Who is Mat Bouse and introduction to Lavida Homes
• Current capacity overview, pressures & challenges
• How builders manage workflow
• Things to keep an eye out for in 2024 from a builders perspective
• Timeframes for building and build contract
• 2024 and beyond predictions for the Perth construction market
• And much, much more!
About Build Out West Podcast: We created Build Out West Podcast to educate people about home building, and provide valuable information related to the builder broker game. Our industry experience gives us a unique insight into the nuances of builder relations and how it ties up to the other aspects of the build including land, and finances. Different markets and changes need different builders. Our industry linkages give us the ability to match you with the right builder for the job. Our Links: TikTok:   / buildoutwest   Instagram:   / buildoutwest   YouTube:    / @buildoutwestpodcast  

PERTH's most common New Home Build Questions ANSWERED!

Welcome to today's episode where we delve into the top five building questions Catherine and Tony get asked by clients. Whether you're considering a custom home build, renovation, or just curious about the building process, this episode will provide you with valuable insights and tips. Join us as we discuss everything from budgeting and timelines to sustainable building practices and navigating building codes. Tune in for expert advice and practical information to help you make informed decisions on your building journey.
 
 
In this episode:
What service do you provide?
What’s the timeframe to build a house in Perth in 2024?
Wil you be managing my build?
Why do builders only want estate builds?
Why can’t I find an infill builder?
What’s the average price to build in 2024?
And much much more
Episode Highlights:
Personal anecdotes and experiences with clients' building journeys.
A breakdown on each question for Tony and Catherines perspective
Practical tips for avoiding common mistakes in the building process.
Listener questions and answers segment.
About Build Out West Podcast:We created Build Out West Podcast to educate people about home building, and provide valuable information related to the builder broker game. Our industry experience gives us a unique insight into the nuances of builder relations and how it ties up to the other aspects of the build including land, and finances. Different markets and changes need different builders. Our industry linkages give us the ability to match you with the right builder for the job.
 
Our Links:
TikTok: https://www.tiktok.com/@buildoutwest
Instagram:  https://www.instagram.com/buildoutwest/