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Yoko Ono selling John Lennon's New York home for first time in 50 years

<p>For the first time in 50 years, the house where John Lennon and Yoko Ono lived in New York City has hit the market.</p> <p>The brick, bluestone and terra cotta structure at 496 Broome St. was the first home the pair bought together in New York City before they moved to the Upper West Side of Manhattan. </p> <p>Yoko Ono has held onto the property since she first bought it with the late Beatles member, and has now listed it with her son with JLL Real Estate, for an asking price of $US5.5 million ($8.23m AUD).</p> <p>“The building on Broome St. was sort of like a base for their artistic ventures,” Philip Norman, author of “John Lennon: The Life,” told the <em><a href="https://nypost.com/2024/05/21/real-estate/yoko-ono-lists-former-nyc-home-for-5-5m/" target="_blank" rel="noopener">New York Post</a></em>. “Bank Street was their salon, where people could just walk in.”</p> <p>First built in 1885, the two-storey building has an open-plan format, with a gallery-like ground floor space with 14.4-foot-high ceilings, an open kitchen and a lofted bedroom.</p> <p>On the second floor, there’s a live-work space and a recording studio.</p> <p>“496 Broome St. is both a unique piece of New York history and popular culture and a prime investment opportunity for the right buyer,” said Paul Smadbeck, who holds the listing.</p> <p>“Versatile zoning and its location in one of the city’s most desirable and trendsetting neighbourhoods offers an exciting opportunity to create a one-of-a-kind property.”</p> <p><em>Image credits: Mediapunch / JLL Real Estate </em></p>

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Airbnb launches real-life "Up" house - and it actually floats!

<p>Airbnb is taking its latest listing to the sky - literally. </p> <p>The accommodation provider has announced a partnership that will see the iconic house from Pixar's hit film <em>Up</em> being lifted into the air, balloons and all. </p> <p>In their ongoing quest to redefine hospitality, Airbnb has launched a permanent category called “Icons,” which features partnerships with brands and celebrities that promise unforgettable experiences.</p> <p>Suspended over the New Mexico desert with the aid of a crane, the property looks like an exact replica of the home and contains adorable easter eggs from the film - including the Adventure Book. </p> <p>“Icons take you inside worlds that only existed in your imagination — until now,”  Airbnb CEO and co-founder Brian Chesky said in a statement.</p> <p>“As life becomes increasingly digital, we’re focused on bringing more magic into the real world … we’ve created the most extraordinary experiences on Earth." </p> <p>The house offers a stunning view of the desert, which you can enjoy while sitting on replica's of Ellie and Carl's chairs or have breakfast with a view in the kitchen. </p> <p>Alternatively, you could look at the stars while sitting on the front porch - but don't look down because the adventure is out there. </p> <p>Of course there are questions about the logistics of the stay, including plumbing and electricity, but the accommodation giant has assured that the house is “fully functional,” connected to generators and utilities that will be seamlessly managed before and after its flight.</p> <p>Other fantastical listings include a replica of the mansion from the “X-Men ’97” cartoon, a stay at the Ferrari Museum in Italy, and Prince's house that was featured in the legendary film <em>Purple Rain</em>. </p> <p>Check out the <a href="https://www.airbnb.com.au/rooms/1126185893236246260?_set_bev_on_new_domain=1715826165_M2NkZDdkODdhMjcy&amp;source_impression_id=p3_1715826166_A20M4770EGAtl8AV&amp;modal=PHOTO_TOUR_SCROLLABLE" target="_blank" rel="noopener"><em>Up</em></a> listing here, be warned the sweet listing may make you shed a tear or two. </p> <p><em>Images: Airbnb</em></p>

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World's most expensive house up for sale

<p>A French chateau, once owned by a member of the Rothschild family and, later on, the King of Morocco, has gone up for sale with a £363 million (AU$699) price tag. </p> <p>Chateau d’Armainvilliers located at Seine-et-Marne, 48km east of the Eiffel Tower, is the world's most expensive home. </p> <p>Built upon the foundations of a 12th century castle, the sprawling mansion boasts 1,000 hectares of land, 100 rooms across 2,500 square metres of living space, a private lake, and plenty of sequoia trees - the largest trees in the world. </p> <p>Ignace Meuwissen, a self-acclaimed "real estate advisor to the global elite" described the property as a display of "opulence and grandeur".</p> <p>"It is the most expensive castle in France and perhaps in the world. The price of €425million is justified by the property itself but also by the 1,000 hectare land which offers numerous possibilities," he told Paris Match magazine. </p> <p>"An investor could build thousands of apartments there if he wanted."</p> <p>The chateau was first bought by the Rothschild banking empird in the late 19th century, before King Hassan II of Morocco bought it in the 1980s. </p> <p>He then made the chateau more fit for a king, adding a hammam spa, a beauty and hairdressing salon, and a fully-equipped medical and dental facility.</p> <p>The Moroccan King  also added a basement level, which has a network of tunnels, kitchens, cold rooms, storage spaces and staff quarters.</p> <p>The lucky owner will also find Moroccan mosaics and wall tiles decorating the home, and for any avid equestrians, the home also has a stable big enough for 50 horses. </p> <p>However, some luxury property agents have expressed their doubts on whether the property would sell with its nine-figure sum, with one saying it was an "unrealistic" price tag. </p> <p>"It doesn’t make sense, it’s absurd Properties of this type could sell for 20-25 million, or even 30 million if we really fall in love with them. I’m not even sure that Vaux-le-Vicomte (a Baroque French château), which has no marketing plans, would sell at this price," one agent told French real estate publication <em>Le Figaro Immobilier</em>.</p> <p>Others were unsure whether the changes made by the King in the 1980s would suit modern tastes. </p> <p><em>Images: Whisper Auctions</em></p>

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Princess Diana's childhood home up for rent

<p>The house Princess Diana spent her childhood and teenage years in is now available for the public to rent. </p> <p>Althorp House, located in West Northamptonshire in England, is owned by Diana's brother Earl Spencer, who has lived on the sprawling property as custodian of the estate since 1992. </p> <p>The expansive property has been listed for royal fans with deep pockets to rent on <a href="https://www.elysian-estates.co.uk/althorp/" target="_blank" rel="noopener">Elysian Estates</a>, an upmarket equivalent of Airbnb.</p> <p>Althorp House, which is a 90 minute drive out of London, was built in 1508 and has been in the Spencer family for 19 generations.</p> <p>Lady Diana lived in the 90-room stately home for most of her childhood and teenage years, before she married the then-Prince Charles in 1981.</p> <p>Not just one grand property, the estate covers 13,000 acres of countryside as it encompasses cottages, farms, woodlands and villages, which are open to visitors but only at certain times of the year.</p> <p>Now, the home is once again available to rent via Elysian Estates.</p> <p>"Althorp offers unparalleled levels of service, privacy and luxury to rival the finest properties anywhere in the world; yet retains the truly welcoming and homely feel that makes Althorp so special," the listing says.</p> <p>"Walk in the footsteps of kings and queens, feast or celebrate in spectacular surroundings, marvel at the sense of history and artwork, and slumber in pure luxury."</p> <p>In the main house, there are six state bedrooms to choose from offering "a level of opulence befitting royalty, with these very rooms playing as much a part of English history as any royal palace".</p> <p>Prices for the rental are not yet publicly available as an enquiry must be sent to reserve the opulent property.</p> <p>The listing stated that the stay includes "butler service, a team of private chefs and housekeeping, with a dedicated concierge service".</p> <p>Althorp is today most famous for being the final resting place of Princess Diana following her death in Paris.</p> <p><em>Image credits: Getty Images / Instagram</em></p>

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The rental housing crisis is hurting our most vulnerable and demands a range of solutions (but capping rents isn’t one of them)

<p><em><a href="https://theconversation.com/profiles/andrew-beer-111469">Andrew Beer</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> and <a href="https://theconversation.com/profiles/emma-baker-172081">Emma Baker</a>, <a href="https://theconversation.com/institutions/university-of-adelaide-1119">University of Adelaide</a></em></p> <p>Roughly <a href="https://www.abs.gov.au/statistics/people/housing/housing-occupancy-and-costs/2019-20">one in three Australians</a> rent their homes. It’s Australia’s fastest-growing tenure, but renting is increasingly unaffordable. From 2020 to 2022, our <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4253168">research</a> found a large increase in the proportion of renters who said their housing was unaffordable.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=217&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=217&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=217&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=273&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=273&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=273&amp;fit=crop&amp;dpr=3 2262w" alt="horizontal bar chart showing changes in Australian renters' assessments of affordability form 2020 to 2022" /></a><figcaption><span class="caption">Change in Australian renters’ assessments of affordability from 2020 to 2022.</span> <span class="attribution"><span class="source">Baker, Daniel, Beer, et al, forthcoming, The Australian Housing Conditions Dataset, doi:10.26193/SLCU9J, ADA Dataverse</span></span></figcaption></figure> <p>Australians are concerned about the <a href="https://www.theguardian.com/australia-news/2023/jul/05/rents-rise-again-across-australia-with-sydney-seeing-fastest-rise-in-20-years">pace</a> of <a href="https://www.sbs.com.au/news/article/how-much-has-rent-increased-around-australia/8ljlnf0zm">rent rises</a>. Prime Minister Anthony Albanese <a href="https://www.pm.gov.au/media/national-cabinet-meeting">says</a> increasing housing supply and affordability is the “key priority” for tomorrow’s national cabinet meeting.</p> <p>The crisis has impacts well beyond affordability. The rental sector is where the worst housing accommodates the poorest Australians with the worst health.</p> <h2>The unhealthy state of rental housing</h2> <p>Forthcoming data from the <a href="https://dataverse.ada.edu.au/dataverse/ahcdi">Australian Housing Conditions Dataset</a> highlight some of these parallel challenges:</p> <ul> <li> <p>it’s often insecure – the average lease is less than 12 months, and less than a third of formal rental agreements extend beyond 12 months</p> </li> <li> <p>rental housing quality is often very poor – 45% of renters rate the condition of their dwelling as “average, poor, or very poor”</p> </li> <li> <p>poor housing conditions put the health of renters at risk – 43% report problems with damp or mould, and 35% have difficulty keeping their homes warm in winter or cool in summer</p> </li> <li> <p>compounding these health risks, people with poorer health are over-represented in the rental sector. Renters are almost twice as likely as mortgage holders to have poorer general health.</p> </li> </ul> <p>Measures that potentially restrict the supply of lower-cost rental housing – such as rent caps – will <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4253168">worsen these impacts</a>. More households will be left searching in a shrinking pool of affordable housing.</p> <h2>It’s all about supply</h2> <p>Fixing the rental crisis needs more than a single focus on private rental housing. The movement between households over time between renting and buying homes means the best solutions are those that boost the supply of affordable housing generally. No one policy can provide all the answers.</p> <p>Governments should be looking at multiple actions, including:</p> <ul> <li> <p>requiring local councils to adopt affordable housing strategies as well as mandating <a href="https://www.ahuri.edu.au/analysis/brief/understanding-inclusionary-zoning">inclusionary zoning</a>, which requires developments to include a proportion of affordable homes</p> </li> <li> <p>improving land supply through better forecasting at the national, state and local levels</p> </li> <li> <p>giving housing and planning ministers the power to deliver affordable housing targets by providing support for demonstration projects, subsidised land to social housing providers and access to surplus land</p> </li> <li> <p>boosting the recruitment and retention of skilled construction workers from both domestic and international sources.</p> </li> </ul> <h2>The biggest landlord subsidy isn’t helping</h2> <p>More than <a href="https://data.gov.au/data/dataset/taxation-statistics-2020-21/resource/ebbd32e3-4556-41e1-a8b9-33387457d518">1 million Australians</a> claim a net rent loss (negative gearing) each year. Even though negative gearing is focused on rental investment losses, it is not strictly a housing policy as it applies to many types of investment.</p> <p>The impact of negative gearing on the housing system is untargeted and largely uncontrolled. As a result, it’s driving outcomes that are sometimes at odds with the need to supply well-located affordable housing.</p> <p>The most impactful action the Australian government could take to deliver more affordable rental housing nationwide would involve refining negative-gearing arrangements to boost the supply of low-income rentals. These measures may involve</p> <ul> <li>limiting negative gearing to dwellings less than ten years old</li> <li>introducing a low-income tax credit scheme similar to the one in the United States.</li> </ul> <p>We can learn much from the US, where the Low-Income Housing Tax Credit (<a href="https://www.huduser.gov/portal/datasets/lihtc.html">LIHTC</a>) scheme subsidises the acquisition, construction and renovation of affordable rental housing for tenants on low to moderate incomes. Since the mid-1990s, the program has supported the construction or renovation of about 110,000 affordable rental units each year. That adds up to over <a href="https://www.taxpolicycenter.org/briefing-book/what-low-income-housing-tax-credit-and-how-does-it-work">2 million units</a> at an estimated annual cost of US$9billion (A$13.8billion).</p> <p>This scheme is much less expensive per unit of affordable housing delivered than Australia’s system of negative gearing.</p> <p>Closer to home, the previous National Rental Affordability Scheme showed the value of targeted financial incentives in encouraging affordable housing. This scheme, available to private and disproved investors, generated positive outcomes for tenants. The benefits included better health for low-income tenants who were able to moved into quality new housing.</p> <p>A <a href="https://cityfutures.ada.unsw.edu.au/documents/81/Next_moves_report.pdf">raft</a> of <a href="https://apo.org.au/node/260431">evaluations</a> have <a href="https://www.ahuri.edu.au/research/final-reports/267">demonstrated</a> the achievements of this scheme.</p> <h2>Crisis calls for lasting solutions</h2> <p>Short-term measures such as rent caps or eviction bans will not provide a solution in the near future or even the medium or long term. Instead, these are likely to worsen both the housing costs and health of low-income tenants.</p> <p>Reform focused on ongoing needs is called for. Solutions that can be implemented quickly include the tighter targeting of negative gearing and the introduction of a low-income housing tax credit.</p> <p>Talking about change, as the national cabinet is doing, will begin that process of transformation, but it must be backed up by a range of measures to boost the supply of affordable housing. This, in turn, will improve the housing market overall as affordable options become more widely available.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/211275/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/andrew-beer-111469">Andrew Beer</a>, Executive Dean, UniSA Business, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> and <a href="https://theconversation.com/profiles/emma-baker-172081">Emma Baker</a>, Professor of Housing Research, <a href="https://theconversation.com/institutions/university-of-adelaide-1119">University of Adelaide</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-rental-housing-crisis-is-hurting-our-most-vulnerable-and-demands-a-range-of-solutions-but-capping-rents-isnt-one-of-them-211275">original article</a>.</em></p>

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Outrage after renters confronted with cleaning “scoring system”

<p dir="ltr">An Australian real estate agent has come under fire for their “demoralising” scoring system for tenants during routine inspections. </p> <p dir="ltr">One fired up renter said they were shocked to receive a scorecard from the agent after they complied with an inspection, and shared their feedback on Reddit. </p> <p dir="ltr">The scorecard rated the tenant’s efforts cleaning the property in 17 different rooms and areas, marking them on cleanliness, and if the areas were damaged or required maintenance. </p> <p dir="ltr">The renter was then also given an overall rating out of five stars, based on the upkeep of their rental home. </p> <p dir="ltr">The Reddit user showed that they received just three and half stars, despite being marked down in only one area due to a light globe not working.</p> <p dir="ltr">In their post, the tenant said they had made every effort to clean the home, adding that the rating was “demoralising”.</p> <p dir="ltr">“I’ve been renting a long time, and my deep cleaning routine is based around inspections,” they explained.</p> <p dir="ltr">“I go all out - every room in my little 3x2 villa is given a spring clean, every surface is washed including walls, doors, lights, windows, carpets etc.”</p> <p dir="ltr">“Had my latest inspection a few weeks ago and just received the report. Despite the agent commenting once again that she never sees houses as clean as mine, and taking 112 (!) photos of every single thing that shows how great the condition of the house is - having one light globe not working is so terrible that I’m scored three and a half out of five.”</p> <p dir="ltr">The renter went on to say that they had only recently discovered that the broken light globe was the real estate’s responsibility to replace, and does not warrant such a severe marking down in their “score”.</p> <p dir="ltr">“The globe in question is a downlight fitting. We have so many downlights that I don’t even use this particular one,” they continued.</p> <p dir="ltr">“I can’t replace the globe itself, I need to get into the roof to replace the whole unit. Thanks to people here I’ve learned this isn’t even my responsibility to fix!”</p> <p dir="ltr">The renter’s post sparked a huge outrage online, with many up in arms over the current state of the rental market and unrealistic expectations of estate agents. </p> <p dir="ltr">One person said, “I fully believe that the average renter keeps a home to a higher standard than an owner, and it seems deliberately demoralising that someone could be marked down for having a light out.”</p> <p dir="ltr">Another added, “This is ridiculously petty, and more importantly, totally irrelevant to the purpose of a periodic inspection. Which is to identify whether any maintenance is needed.”</p> <p dir="ltr">A third person took their anger out on the entire system, summing it up by writing, “I sort of wonder what little lightbulb clicks in your mind and you wake up one day and ask yourself, ‘How can I be a massive c*** who offers no value to society? I know! I will get into real estate.’”</p> <p dir="ltr"><em>Image credits: Getty Images / Reddit</em></p>

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Man living in a tent after partner “gave up” on Covid restrictions

<p dir="ltr">A hyper-vigilant man has resorted to living in a “pressurised” tent in a garage to avoid contracting Covid, after his girlfriend relaxed about restrictions. </p> <p dir="ltr">The Aussie man named Jason, who is a self-proclaimed “Covid education activist” caused a stir online after he posted a photo of his unusual sleeping arrangements. </p> <p dir="ltr">The now-viral post shared by Jason featured a picture of the peculiar tent he claims to be sleeping in, with an air purifier sticking out of the door, igniting a firestorm of reactions on Twitter, ranging from agreeance, to humour, to concern.</p> <p dir="ltr">Despite the media storm, Jason defended his decision to maintain strict pandemic precautions, despite never having contracted Covid-19. </p> <p dir="ltr">“This is my bed in the garage because my partner has dropped precautions. I take precautions 100 per cent of the time. Don’t tell me that this hasn’t upended every f**king second of my life,” Jason declared in his original post, which included the image of his extraordinary sleeping arrangement.</p> <p dir="ltr">Taking his precautions to the next level, Jason also revealed that he has experimented with sleeping in a face mask, but he admitted that he found it uncomfortable and could not sleep properly with it. </p> <p dir="ltr">“I’ve tried to sleep in a mask, and I can’t. I know people sleep in CPAP masks all the time, so it’s possible, but I can’t do it,” he shared on Twitter.</p> <p dir="ltr">Despite the flurry of reactions to Jason’s living arrangement, he did receive some support for his precautionary measures, while some even suggested Jason leave his partner, to which he admitted the thought “had occurred to me”. </p> <p dir="ltr">Another Twitter user commended the tent and air filter idea, considering it a cost-effective and potentially effective solution to avoid contracting Covid. </p> <p dir="ltr">“I like the tent+filter idea. It’s cheap and should be effective,” another agreed.</p> <p dir="ltr">A few people shared that they empathised with Jason, and are also maintaining strict pandemic precautions. </p> <p dir="ltr">One person wrote, “Initially didn’t think much of the pic, but this is infuriating. I spend all my salary in-flo mask, enovid (antiviral nasal spray), no social life, so yes, I take precautions 100 per cent of the time.”</p> <p dir="ltr">“I’m sorry you have to live like this. I no longer see my family since they stopped masking,” another added.</p> <p dir="ltr">However, not everyone empathised with Jason’s living arrangements, saying he was being unrealistic about the future of Covid. </p> <p dir="ltr">“I work in senior living, and in the two years we’ve been open, we’ve lost zero to Covid. Even the (85-year-olds) getting it now are mild cases. Why? They’re boosted, so they don’t panic or sleep in a garage,” one commenter explained. </p> <p dir="ltr">“The vaccine is meant to enable you to live normally without worrying. Covid is endemic, so you will be in the tent for the rest of your life, lol.” posted another.</p> <p dir="ltr">In response to the viral post, one Twitter user humorously remarked, “We’re a few years away from a really good documentary on how this virus broke people’s brains.”</p> <p dir="ltr" style="line-height: 1.38; margin-top: 0pt; margin-bottom: 18pt;"><em>Image credits: Getty Images / Twitter</em></p>

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$35,000 home comes with a catch

<p dir="ltr">Etsy is an online marketplace best known for its handmade trinkets and creative wares, but now, the site has decided to broaden its horizons and try its hand at selling houses too. </p> <p dir="ltr">A new listing from the ‘store’ Modular Home Direct is offering eager homeowners and passionate crafters the chance to own a 432-square-foot tiny house for just $35,306.09 ($22,896 USD). </p> <p dir="ltr">However, the property comes with a catch: its loving owner must construct it by themselves.</p> <p dir="ltr">The listing’s description declares it to be a “beautiful modern low cost home” that comes with “doors, windows, insulated wall panels, flooring, baseboard trims, drywall, insulated roof, plumbing and electrical hook ups”. Furniture, however, was not included.</p> <p dir="ltr">According to the American real-estate company Zillow, the home’s asking price of $22,896 USD is less than one tenth of the average cost of a home in the United States (~$346,270 USD).</p> <p dir="ltr">The flatpack property is manufactured by Modular Home Direct, the same company behind the listing, and features all the key necessities in a tiny home as well as a few bonuses - a bedroom, a bathroom, a kitchen, a living room, loft, and even front and rear porches.</p> <p dir="ltr">And for anyone looking to take on the challenge - though the offering is limited to the United States due to shipping logistics - there are a few things to consider. For as well as the base construction, the home will also require the installation of electricity and plumbing. </p> <p dir="ltr">According to the <em>Daily Mail</em>, the US-based property site Home Advisor has estimated that these costs would see potential owners forking out anywhere between $550 to $2,3000 USD on just the property’s electrical wiring, while plumbing could start at around $360 and could reach up to $2,000. </p> <p dir="ltr">Modular Home Direct aren’t the first to try and capitalise on the growing tiny house movement, as people all over the world seek alternative housing options as real estate prices continue to soar. </p> <p dir="ltr">And while some online weren’t thrilled with the idea, others were onboard, though most seemed to agree that the price was too good to be true, and likely would increase as more costs came to light.</p> <p dir="ltr">“The cost of materials in a house is much less than the ground it sits on,” a<em> Daily Mail </em>reader said. “By the time you buy the land, go through the permitting process, bring utilities in.. the cost gets closer to an established home.”</p> <p dir="ltr">“They have an interesting website, if you're handy it could be a diy project. My brother in law has a diy log cabin, family pitched in to build it, it's very nice,” one shared. “I think my husband and I could build this. We both know electrical and plumbing... only bump would be the heat pump”.</p> <p dir="ltr">“You have to buy the land, buy the house, put the house together (or pay someone to put it together), and pay someone to hook up the electricity and water. You'd probably have to pay for building permits and inspections,” someone said, before noting that “so once you've done all that, it would probably be easier just to buy a move-in ready house.”</p> <p dir="ltr">And as another wrote, “like everything else meant to be affordable, it will soon cost $109K when it catches on.”</p> <p dir="ltr"><em>Images: Etsy</em></p>

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Rod Stewart lists $105 million LA mansion

<p>Legendary rocker Rod Stewart has put his mega mansion on the market.</p> <p>The listing comes just days after the star’s former Malibu home was listed for an asking price of $49.5m (AU$74.2m), with the Wall Street Journal first reporting his current Los Angeles compound is asking for $70m (AU$105m).</p> <p>With a European style, situated in the gated enclave of North Beverly Park, the property spans 3,065 sqm with a pool and a soccer field.</p> <p>Although a soccer field is a rarity in LA, it’s no surprise Stewart, 78, is an avid soccer fan.</p> <p>The 78-year-old was even spotted in Malibu playing football with the Scottish national team on the beach after inviting them to play there.</p> <p>The Journal noted that according to sales records, Stewart purchased the property in 1991 for $12,08m. He also owns a home in Palm Beach, Florida.</p> <p>Images of the home showcase Old World-style finishes such as ceiling mouldings and medallions, Corinthian columns, crystal chandeliers and stunning marble floors in various patterns.</p> <p>The main house boasts nine bedrooms, one being the primary suite with a sitting room and a terrace that looks over the pool.</p> <p>The main wardrobe is also found in the primary suite — one large enough to store the rocker’s massive show collection.</p> <p>Elsewhere offers entertaining areas, including a flashy speak-easy with eye-catching jade green-painted walls.</p> <p>A main-floor great room showcases a bar and a loggia to spend time with guests outdoors.</p> <p>The listing also includes a three-stories-tall guest house with two gyms.</p> <p>Michelle Oliver of Douglas Elliman has the listing and declined to reveal why the British icon has decided to sell.</p> <p>She noted it is suitable for owners who are seeking “a return to maximalism” and for “something that looks different and stands out.”</p> <p><em>Image credit: Getty / Realtor.com</em></p>

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Prince Andrew “terrified” to leave Royal Lodge amid eviction rumours

<p dir="ltr">Prince Andrew is refusing to exit his royal residence as renovations are carried out on the Windsor property, despite advice to the contrary.</p> <p dir="ltr">According to <em>The Daily Mail</em>, the 63-year-old is putting his foot down over fears that he “might never get back in”, likely in response to circulating rumours that his brother - King Charles - wants to evict Andrew from the home as part of his grand plan to scale back the monarchy. </p> <p dir="ltr">While Andrew no longer holds any official royal duty after his involvement in the Jeffrey Epstein scandal, he still maintains his claim on the mansion with his ex-wife, Sarah Ferguson.</p> <p dir="ltr">And now, that same property is set to become “virtually a building site”, with Andrew having hired builders to undertake necessary repair work on the property, tackling everything from damp to mould. </p> <p dir="ltr">As a source told <em>Page Six</em>, Andrew was reportedly advised to vacate “while work was undertaken” over the course of a few months, “but he’s refused because he’s so terrified that the property might be seized in his absence.</p> <p dir="ltr">“In the meantime, Harry and Meghan vacated Frogmore after being told they needed to leave to make way for Andrew but he is refusing to go there, even though he was given the keys.</p> <p dir="ltr">“He’s allowing Eugenie to stay there. She’s just given birth to her second child so while she recovers and gets back on her feet, she’s staying in Frogmore to be near her mum and dad.”</p> <p dir="ltr">And while some believe the temporary move would make sense for Andrew, his fears remain at the forefront. </p> <p dir="ltr">“It’s become farcical,' an insider told <em>The Daily Mail</em>.  “Andrew has roof repairs scheduled later this summer which will take several months to complete and has been advised that staying in the house during those renovations could prove problematic. But he is reluctant to leave.”</p> <p dir="ltr">Buckingham Palace has yet to comment on the rumours, but another source is adamant that the Duke of York will remain in the property, <a href="post.php?post=134779&amp;action=edit&amp;classic-editor">regardless of alleged drama and financial woes</a>. </p> <p dir="ltr">As <em>Page Six</em> noted, Andrew has been making the most of money left to him by the late Queen Elizabeth to fix up the house, with one source explaining that “he’s been quite open about where the money has come from because he doesn’t want people to think he’s come up with it through other means.</p> <p dir="ltr">“The costs are expected to reach into the hundreds of thousands of pounds.”</p> <p dir="ltr">And, as they surmised, Andrew “is adamant that he will see out the end of his [75-year] lease at Royal Lodge.”</p> <p dir="ltr"><em>Images: Getty</em></p> <p> </p>

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Billy Joel lists New York estate for $73 million

<p>Legendary rocker Billy Joel is <a href="https://www.oversixty.co.nz/entertainment/music/billy-joel-in-tears-over-career-announcement" target="_blank" rel="noopener">saying goodbye to The Big Apple</a> as he prepares to sell his jaw-dropping estate.</p> <p>The New York native’s property on the affluent Oyster Bay Harbour has a price guide of a staggering US$49 million (AU$73.4 million).</p> <p>According to the Wall Street Journal, the 26-acre estate comprises the original 14-acre property Joel bought for $22.5 million in 2002 and the adjoining area he’s purchased over the years.</p> <p>The property covers more than 600m of frontage on Centre Island, with the focal point of the estate being the 1,858 sqm main house with breathtaking water views.</p> <p>The home includes five bedrooms, six bathrooms, two half-baths, a playroom, a spa and hair salon, a bowling alley, and a wine centre.</p> <p>There is also an indoor pool, which the Piano Man singer has covered up to use as a music room as it offers fantastic acoustics, according to listing agent Bonnie Williamson, of Daniel Gale Sotheby’s International Realty.</p> <p>Parts of the main house are under renovation and are expected to be finished over the next several months.</p> <p>The magnificent estate also has a three-bedroom beach house, a three-bedroom guest apartment, and a four-bedroom gatehouse.</p> <p>Other amenities include a floating dock and boat ramp, two outdoor pools, and a helicopter pad.</p> <p><em>Image credit: Getty / Realestate.com.au</em></p>

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13 homemade weed killers that work

<p>Don’t want to use chemicals on your garden? You don't have to! Mix up these handy helpers in the kitchen.</p> <p><strong>1. Boiling water</strong></p> <p>Homemade treatments don’t come much cheaper than this. Put the kettle on, boil a pot of water and then pour it straight over the weeds – just make sure to avoid any surrounding plants. This works especially for small weed coming up through the cracks in pavement or in brickwork.</p> <p><strong>2. White vinegar</strong></p> <p>Is there anything white vinegar can’t do? You can use regular old kitchen vinegar or get the heavy duty stuff from gardening stores. Spray directly onto the leaves of the weeds and watch them fade away.</p> <p><strong>3. Salt</strong></p> <p>Another kitchen staple that can do double duty in the garden. You can either sprinkle rock salt or basic table salt directly around garden beds where weeds usually appear or create a 3:1 solution of water and salt to spray onto the leaves.</p> <p><strong>4. Salt &amp; vinegar</strong></p> <p>Combine the two and you’ll get even better results! Mix a cup of table salt with a litre of vinegar, then brush directly onto the leaves of the weeds. It’ll kill anything it touches, so avoid other plants.</p> <p><strong>5. Vegetable oil</strong></p> <p>For bulbous weeds, like onion weed and oxalis, you can inject vegetable oil into the ground surrounding the bulbs. The oil will coat the bulbs so they suffocate and will then rot into the soil.</p> <p><strong>6. Cornmeal</strong></p> <p>This won't kill existing weeds but is great for preventing them from sprouting in the first place. Cornmeal is a pre-emergent, meaning it stops seeds from growing, so it’s best for using around established plants.</p> <p><strong>7. Clove or citrus oil</strong></p> <p>Mix 15 to 20 drops of clove or citrus oil with a litre of water and spray or brush directly onto the leaves. This works best on small, actively growing seedlings rather than more established weeds.</p> <p><strong>8. Rubbing alcohol</strong></p> <p>Grab that bottle of rubbing alcohol out of the bathroom cabinet and mix two tablespoons with a litre of water. Pour it into a spray bottle and spray directly onto the weeds. The alcohol removes moisture so the weeds will quickly dry out and die.</p> <p><strong>9. Baking soda</strong></p> <p>Baking soda is sodium bicarbonate (essentially a salt), so increases the salinity of the ground to a point where the weeds cannot survive. Use around a teaspoon per weed to cover the entire plant, especially the stem. It’s also great for weeds in cracks.</p> <p><strong>10. Bleach</strong></p> <p>This one couldn’t be simpler. Pour undiluted bleach straight over the top of mature weeds at the hottest part of the day, then let the sun do its work. You should be able to pull the dead weeds out the next day. Plus the bleach stays in the soil and prevents new growth.</p> <p><strong>11. Newspaper</strong></p> <p>Rather than killing the weeds, you can smother them with leftover newspaper. Lay down at least four sheets (though the thicker the better) and the lack of sun means the weeds won’t be able to sprout.</p> <p><strong>12. Mulch</strong></p> <p>Another one from the smothering camp, a good layer of mulch will keep your soil moist, healthy and weed-free. It also blocks out the sunshine weeds need to grow while leaving the surrounding plants untouched.</p> <p><strong>Elbow grease</strong></p> <p>Ok, so this isn’t actually something you put on the weeds, but it’s all you really need to get rid of most of them. Roll up your sleeves, put on some gloves and get pulling. Make sure you get the roots so they don’t grow straight back.</p> <p><em>Image: Unsplash / Josue Michel</em></p>

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Surprising items to never take into the kitchen

<p>Keeping your kitchen clean may seem like a never ending task at times, what with constant food preparation and other crumb and mess producing activities taking place all day long. There’s a difference however between a “messy” kitchen and a “dirty” kitchen with the latter providing a breeding ground for nasty germs and harmful bacteria. Here’s what to ban now for a cleaner, healthier kitchen space in a snap.</p> <p><strong>1. Sponges –</strong> You’ve probably heard it before but the kitchen sponge is a breeding ground for bacteria. Keep yours spick and span with a weekly soak and wash in bleach followed by a dry in the sun and chuck them out once they start to show signs of wear and tear.</p> <p><strong>2. Shabby re-usable grocery bags –</strong> If your reusable grocery bags are starting to show their age, it may be time to replace them. Your bags can harbour plenty of bacteria from the loads of groceries you use them for. A quick wash and dry can help solve the problem and prolong the life span of your bags.</p> <p><strong>3. Your mobile –</strong> Your mobile phone is crawling with germs. Taking it into the kitchen while cooking is a sure fire way to transfer the yuckiness to your food. Try and keep your device out of the kitchen or if you need it for cooking, set it somewhere away from the food and wipe your hands and device down with an antibacterial wipe after you’ve finished cooking.</p> <p><strong>4. Pet food –</strong> While keeping your dog or cat food in the house can help prevent outdoor pest problems, the kitchen isn’t the place for food bowls. If their food sits out for a longer period of time it can attract indoor pests and create a less than appealing smell. Try moving your feeding station to the laundry for a more sanitary solution.</p> <p><strong>5. Your handbag –</strong> Similar to your mobile, your handbag is literally covered in grime. Think about where you take it on a daily basis! Keep it out of the kitchen when and where possible.</p> <p><em>Image credit: Shutterstock</em></p>

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When your house has a (disturbing) history, what should buyers be told about its ‘past’?

<p><em><a href="https://theconversation.com/profiles/eileen-webb-95332">Eileen Webb</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a></em></p> <p>Imagine you have just bought a home. You have moved in and, during a friendly chat with the neighbours, you find out the property had been the <a href="https://www.abc.net.au/news/2018-07-07/what-is-stigmatised-property-and-what-are-your-rights/9911608">scene of a serious crime</a> or <a href="https://www.aicnsw.com.au/our-dream-house-was-a-meth-lab/">used to manufacture</a> methamphetamine.</p> <p>How would you react? Is this something you would want to have known prior to the sale? If you had known, would this have affected you decision to buy the property? And was the real estate agent or vendor <a href="https://www.domain.com.au/news/what-do-agents-have-to-reveal-about-a-home8217s-history-20170810-gxcm5k/">under any obligation</a> to let you know?</p> <p>In most cases, the answer is (somewhat surprisingly to buyers) “no”. However, amendments to Victoria’s Sale of Land Act 1962 <a href="https://www.consumer.vic.gov.au/latest-news/sale-of-land-changes-in-effect-legislation-update">have now broadened the matters</a> that must be disclosed to buyers prior to a sale, including where a serious crime has occurred. Renters who find they have entered into a stigmatised property must resort to the consumer protection laws discussed below.</p> <h2>Why were the laws required?</h2> <p>The ancient doctrine of <em>caveat emptor</em> (let the buyer beware) still impacts on real estate transactions. It means the buyer bears the responsibility of making their own enquiries about the property.</p> <p>Property inspections are usually confined to the physical condition of the property. While it would be possible, at least theoretically, to arrange for a person to investigate its “background”, this can be a difficult process, especially if such information is concealed or hard to come by.</p> <p>As a result, each state and territory has introduced laws that provide for some level of disclosure to the buyer during the conveyancing process. The extent of disclosure required and the nature of matters that must be disclosed varies from jurisdiction to jurisdiction.</p> <p>Furthermore, section 18 of the Australian Consumer Law <a href="http://classic.austlii.edu.au/au/legis/cth/consol_act/caca2010265/sch2.html#_Toc32223214">considers conduct</a> as misleading or deceptive where a matter is not disclosed but, in the circumstances, there is a reasonable expectation it would be.</p> <p>The problem is that while disclosure may be required in matters involving, for example, a structural fault or a road-widening proposal, such information is confined to physical issues affecting the property.</p> <p>However, what happens when the matter involves not a physical defect but a psychological or stigmatising one, such as a murder, for example? Such information may be of considerable importance to potential buyers who, for personal or religious reasons, would find living in a property where such an event occurred intolerable. On a more mercenary note, the impact on resale value of the property <a href="http://journalarticle.ukm.my/7237/1/115-293-1-PB.pdf">could be significant</a>.</p> <h2>The nature of ‘stigmatised’ property</h2> <p>Concern about the effect of stigma on property is not a recent phenomenon. Courts in several jurisdictions, including Australia, <a href="https://api.research-repository.uwa.edu.au/portalfiles/portal/1218611/3632_3632.pdf">have had to grapple</a> with buyers who had discovered, after purchase, that the property had been the scene of a serious crime or criminal activity, a suicide had occurred, persons had been suffering from certain illnesses, or a sex offender lived nearby.</p> <p>In one case a young man had murdered his parents and sister in their Sydney home. The property was later sold to a young couple. After discovering the tragic events that had occurred in the home, they sought to withdraw from the sale on religious grounds.</p> <p>There was a <a href="https://www.theage.com.au/national/estate-agents-fined-over-triple-murder-house-20041220-gdz86g.html">significant amount of criticism</a> of the real estate agent for not informing the buyers about what had occurred there. After considerable public pressure and an investigation by the NSW Office of Fair Trading, the contract was set aside.</p> <p>On a more ethereal note, there have been a series of cases in the United States where buyers have sought, in some cases successfully, to have a sale rescinded <a href="http://zillow.mediaroom.com/2019-10-29-Selling-a-Haunted-House-Heres-What-You-Need-to-Know">because the house</a> was (allegedly) haunted or the subject of <a href="https://casetext.com/case/stambovsky-v-ackley">paranormal activity</a>.</p> <h2>Disclosure laws regarding stigma</h2> <p>The Victorian legislation clarifies obligations for estate agents and vendors regarding <a href="https://www.consumer.vic.gov.au/latest-news/sale-of-land-changes-in-effect-legislation-update">the disclosure of “material facts”</a>.</p> <p>In summary, an estate agent or vendor cannot knowingly conceal any material facts about a property when selling land. The legislation is supported by guidelines that clarify the nature of a material fact. This includes circumstances where, during the current or previous occupation, the property was the scene of a serious crime or an event that may create long-term potential risks to the health and safety of occupiers of the land.</p> <p>Specific examples include extreme violence such as a homicide, the use of the property for the manufacture of substances such as methylamphetamine, or a defence or fire brigade training site involving the use of hazardous materials. Relevant factors can include the reaction of other potential buyers to the fact, including their willingness to buy in light of the revelation.</p> <p>Significant penalties and even imprisonment await vendors and real estate agents who do not comply.</p> <h2>Will the laws work?</h2> <p>As with any new legislation, we will have to wait and see how this plays out. However, some preliminary comments can be made.</p> <p>First, it will be interesting to see how the term “knowingly” is interpreted. Could an agent or vendor avoid the provisions if they merely suspect an issue but do not look further into it? The term “wilful blindness” comes to mind.</p> <p>Second, a fact can be material in either a general or a specific sense. The general sense seems straightforward, as it refers to information most people would consider when deciding whether to buy a property.</p> <p>However, how serious must a crime be to be material? What if the situation involves cultivation of marijuana rather than a more egregious substance?</p> <p>More complex is where a material fact may be of importance to a specific buyer but not buyers generally. For example, in the case discussed above, the buyers’ religion made it impossible for them to live in a home where a violent murder had occurred. In this case, the onus seems to be on the prospective buyer to ask questions about matters of concern to them.</p> <h2>What now?</h2> <p>Although one suspects that buyers of an allegedly haunted house might not succeed under this legislation, the laws address a significant gap regarding disclosure of psychological considerations in the purchase of a property rather than the traditional physical ones.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/132766/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/eileen-webb-95332">Eileen Webb</a>, Professor of Law and Ageing, School of Law, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/when-your-house-has-a-disturbing-history-what-should-buyers-be-told-about-its-past-132766">original article</a>.</em></p>

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Pirates of the Caribbean island up for sale

<p dir="ltr">A Bahamian island, which was the backdrop for two iconic blockbuster films, is now up for sale for the eye-watering price of $150m.</p> <p dir="ltr">The island, known as Little Pipe Cay, was used as a backdrop for two Hollywood films: <em>Pirates of the Caribbean: The Curse of the Black Pearl</em> and <em>Casino Royale</em>, a film in the James Bond franchise.</p> <p dir="ltr">Spanning across over 40 acres of land, the island boasts stunning white-sand beaches and what locals refer to as “Bombay-Sapphire Blue” waters.</p> <p dir="ltr">The main property has 11 bedrooms, 12 bathrooms and four cottages, it’s basically like having a private mini resort.</p> <p dir="ltr">The property also has a deepwater dock that’s big enough for a superyacht, so you can host boat parties or simply cruise around with your peers.</p> <p dir="ltr">The lucky buyer will feel like they are on a never-ending getaway, as they can escape into the gardens or take a dip into the Olympic-sized infinity pool, the perfect place to appreciate the stunning tropical scenery.</p> <p dir="ltr">For those looking for some indoor activities, the island also offers a gym and spa, in the fully staffed island so that you will never need to lift a finger.</p> <p dir="ltr">The island is also home to many exotic plants and animals, including dolphins and sea turtles, so for those nature lovers it’s the perfect place to reconnect with mother nature.</p> <p dir="ltr">Alternatively, if you decide you’re bored of the same views, you can hop on a helicopter and fly off to another island or country, as the island also has a helipad for your travelling needs.</p> <p dir="ltr"><em>Images: realestate.com.au/ Engel &amp; Völkers Bahamas/ Getty</em></p>

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Breaking the mould: why rental properties are more likely to be mouldy and what’s needed to stop people getting sick

<p><em><a href="https://theconversation.com/profiles/rebecca-bentley-173502">Rebecca Bentley</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>; <a href="https://theconversation.com/profiles/nicola-willand-441807">Nicola Willand</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/tim-law-1438482">Tim Law</a></em></p> <p>Rental properties are more <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8835129/">likely be mouldy</a> than other homes. This is a concern as excessive mould growth is known to <a href="https://www.who.int/publications/i/item/9789289041683">harm human health</a>.</p> <p>Once buildings are infested with mould, the difficult and costly issue of remediation arises. Landlords and tenants are caught in the middle of a tussle over who is responsible for fixing the problem. As one Melbourne renter and research participant told our colleague Maria Gatto, during a study validating mould reporting:</p> <blockquote> <p>The landlord came around [and] walked [into] every room where there’s black mould on the ceiling – like it’s freaking [something out of the TV series] Stranger Things – and she’s like, ‘Oh, a little bit of mould in winter, it’s very normal, it’s fine […] this happens every winter, it’s not a big deal’.</p> </blockquote> <p>Heading into winter, after <a href="https://theconversation.com/la-nina-3-years-in-a-row-a-climate-scientist-on-what-flood-weary-australians-can-expect-this-summer-190542">three consecutive La Niñas</a>, <a href="https://theconversation.com/sudden-mould-outbreak-after-all-this-rain-youre-not-alone-but-you-are-at-risk-177820">conditions are ripe</a> for a mega-mould season. Combining our expertise in health, law, building and construction, we examine the problem of mould in homes and offer guidance for both renters and landlords.</p> <h2>Ideal conditions for growth</h2> <p>Mould is a <a href="https://www.cdc.gov/niosh/topics/indoorenv/whatismold.html">fungal growth</a> that reproduces via tiny airborne particles called spores. When these spores settle on moist, plant-based construction materials such as wood, wallpaper or plasterboard, they can form a new colony.</p> <p>Growth is more likely when homes are cold, humid, lack air flow, or suffer from water damage. Outbreaks have been reported in flooded parts of southeastern Australia.</p> <figure><iframe src="https://www.youtube.com/embed/sD2Ij_QlzwA?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption><span class="caption">Black mould an invisible threat growing behind walls of flood-affected homes (ABC News)</span></figcaption></figure> <p>So why is the problem of household mould worse in rentals? <a href="https://www.ahuri.edu.au/research/final-reports/338">Weak regulation of tenancy legislation</a> is just one of many factors. Rental properties tend to be poorly maintained, with <a href="https://www.ahuri.edu.au/research/final-reports/338">structural problems</a> such as leaks. Given this, they can be expensive to heat.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=422&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=422&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=422&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=531&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=531&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=531&amp;fit=crop&amp;dpr=3 2262w" alt="A chart showing the percentage of homes with structural defects in each category" /></a><figcaption><span class="caption">Rental homes have more structural defects than owner-occupied homes.</span> <span class="attribution"><a class="source" href="https://www.ahuri.edu.au/research/final-reports/338">Nicola Willand, using data from Moore et. al., (2020), Warm, cool and energy-affordable housing policy solutions for low-income renters, AHURI Final Report, vol. no. 338. Appendix 2</a>, <span class="license">Author provided</span></span></figcaption></figure> <h2>How mould makes people sick</h2> <p>The <a href="https://www.who.int/publications/i/item/9789289041683">World Health Organization</a> recognises mould can be harmful.</p> <p>A 2022 Asthma Australia <a href="https://asthma.org.au/what-we-do/advocacy/housing/">report</a> revealed people living in mouldy homes were more likely to have asthma and allergies. A systematic review of peer-reviewed research found <a href="https://erj.ersjournals.com/content/38/4/812">children living in mouldy homes</a> were more likely to experience asthma, wheeze and allergic irritation of the eyes, nose, throat and mouth (allergic rhinitis).</p> <p>Living with mould is a source of stress. People worry about the consequences for their health and there is a growing body of evidence describing the <a href="https://jech.bmj.com/content/50/1/56">negative mental health effects</a> of mouldy, damp homes.</p> <h2>Problems with managing mould in the rental sector</h2> <p>There is a gap between building and residential tenancies legislation. A building deemed to meet the minimum standards of the construction code with respect to mould may not meet the minimum standards for rental. That’s because there’s ambiguity in the <a href="https://ncc.abcb.gov.au/">National Construction Code</a> around “minimum standards of health”.</p> <p>For example the Victorian <a href="https://www.legislation.vic.gov.au/in-force/acts/building-act-1993/136">Building Act 1993</a> contains some provisions for the relevant surveyor to serve a notice on the basis of a health circumstance affecting a user. However, there is no guidance on how to assess the health of the indoor environment, or to deliver a building direction that will address the root cause for mould. This varies by state and territory.</p> <p>Mould remediation can be costly. A <a href="https://www.vba.vic.gov.au/about/research/examining-indoor-mould-and-moisture-damage-in-victorian-residential-buildings">study</a> by Victoria University found half the defects causing mould were water-related. These were more expensive to fix than other problems, by an average of A$7,000.</p> <p>Each winter, <a href="https://tenantsvic.org.au/advice/common-problems/mould-and-damp/">Tenants Victoria</a> deals with a spike in renters seeking legal help to resolve their mould problems. This led to the service launching an annual winter Mould Clinic in 2021.</p> <p>Despite increased legal protections, renters are still struggling to get mould fixed. For these reasons, many renters find the legal process doesn’t offer a solution to their problem, and instead move to a new property, with all its attendant costs and stresses. Others can’t afford to leave, or live in social housing with limited transfer options.</p> <h2>Charting mould in homes across Australia</h2> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=338&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=338&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=338&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=424&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=424&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=424&amp;fit=crop&amp;dpr=3 2262w" alt="A bar chart comparing the prevalence of mould in homes across Australian states and territories" /></a><figcaption><span class="caption">Mould is more prevalent in rentals compared to owner-occupied dwellings. Mould is most commonly reported in New South Wales. The difference between owners and renters is greatest in the ACT.</span> <span class="attribution"><span class="source">Australian Housing Conditions Dataset 2022 doi:10.26193/SLCU9J</span>, <span class="license">Author provided</span></span></figcaption></figure> <h2>Where does the responsibility lie?</h2> <p>Tenancy legislation varies by state and territory. Renters should familiarise themselves with the regulations in their jurisdiction.</p> <p>In Victoria, <a href="https://www.legislation.vic.gov.au/in-force/acts/residential-tenancies-act-1997/101">residential tenancies legislation</a> has set the criteria that “each room in the rented premises must be free from mould and damp caused by or related to the building structure”. Landlords now must disclose if they have treated mould in the past three years.</p> <p>Similarly, <a href="https://www.rta.qld.gov.au/rental-law-changes">new legislation in Queensland</a> (coming into effect in September) states rental properties should be free from vermin, damp and mould where this is caused by issues with the structural soundness of the property.</p> <p>In New South Wales, the landlord needs to <a href="https://www.fairtrading.nsw.gov.au/housing-and-property/renting/during-a-tenancy/health,-safety-and-security">disclose signs of mould</a> and dampness in the condition report (but not necessarily have fixed it). Mould is not mentioned in the <a href="https://www.legislation.act.gov.au/a/1997-84/">ACT residential tenancies legislation</a>.</p> <p>For the most part, the responsibility for mould in rental properties lies with landlords if the cause is structural –- for example, if a broken or faulty window frame has let rainwater inside.</p> <p>Requests for urgent repairs can be accompanied by an assessment report by an occupational hygienist, environmental health professional or expert from the local council. People with an existing health condition such as asthma can include a doctor’s report.</p> <h2>What next?</h2> <p>To achieve change across all relevant domains of regulation, construction, natural disaster response and government policy, we need a sustainable, broad healthy <a href="https://www.healthyhousing-cre.org">housing agenda in Australia</a>. We also need to consider options for immediate action.</p> <p>As one Victorian renter noted:</p> <blockquote> <p>When we buy a car for the purpose of driving on the roads, we’re required to get a roadworthy certificate to make sure it’s safe, because of the risk to other people […] Ideally it would be great if there was [some] kind of ‘rentworthy’ certificate […] to demonstrate that the property has been inspected, to identify any structural issues that might affect the tenant’s health and wellbeing. And that that be available to tenants […] before they enter into a lease or before (the property is) even able to be advertised.</p> </blockquote> <p><em>Quotes in this article were collected by Maria Gatto as part of her Masters of Public Health, conducted at the Melbourne School of Population and Global Health in 2022.</em><!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/205472/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/rebecca-bentley-173502">Rebecca Bentley</a>, Professor of Social Epidemiology and Director of the Centre of Research Excellence in Healthy Housing at the Melbourne School of Population and Global Health, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>; <a href="https://theconversation.com/profiles/nicola-willand-441807">Nicola Willand</a>, Senior Lecturer, School of Property, Construction and Project Management, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/tim-law-1438482">Tim Law</a>, Guest lecturer and Practice Lead — Building Sciences, at Restoration Industry Consultants</em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/breaking-the-mould-why-rental-properties-are-more-likely-to-be-mouldy-and-whats-needed-to-stop-people-getting-sick-205472">original article</a>.</em></p>

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Family leave everything behind to start a new life aboard a bus

<p>When Alex and Ashley Morris sold their home to move into a 45-foot Greyhound bus with their two young children, they had thought it would bring the family closer, and give them the precious time with each other that they felt they were lacking. </p> <p>However, the benefits weren’t to stop there for the young family, with the Morrises now reporting that they’ve cut down their living expenses. As Ashley explained in a video to their Instagram account, “it's actually more affordable than living in our house was.”</p> <p>She went on to note that they aren’t paying mortgage, rent, or any of the other fees associated with homeownership. And while they are also saving on electricity and heating, as they live off grid and their home runs on solar power with a 75 gallon (284 L) water tank, she maintains that “you don't have to be rich to live a life of freedom and adventure.”</p> <p>The pair made the decision to move their family into their unique living arrangements in 2019 when Alex lost his job, and they left their home to live in a trailer with their two kids.</p> <p>And despite living the supposed ‘American Dream’ before Alex’s job loss, Ashley told Insider that things were actually far from perfect, and that they “were both working full-time jobs, so our kids were pretty much being raised by a nanny. </p> <p>“We just wanted that time with our kids."</p> <p>It’s time they now have in abundance, after making their new lifestyle permanent in 2020, using Alex’s severance pay to secure their first wheeled abode. </p> <p>As Alex told Insider, “Ashley was like, 'let's go live on the road,' because she'd been trying to convince me for years up until that point.”</p> <p>Alex has since returned to work, but does so from home, with his very own office space near his shared bedroom with Ashley. And while they may cross time zones in their travels, his work days typically end while the sun is still up, and their children are homeschooled, leaving them with plenty of time to experience the world as a family of four.</p> <p>Ashley again circled back to this idea when she explained that “you get such a short window of time while your kids are little, and we felt like we were missing out on it.” </p> <p>“We didn't want to miss out on it anymore,” Alex added.</p> <p>The pair expanded on their decision-making process in another video posted to social media - where they often share life and bus updates with their followers - with the caption “why did we sell everything, leave our ‘perfect’ life, and move into an RV?” </p> <p>The video cycled through snippets of their adventures and day-to-day routine aboard their bus, with text across the screen to detail their journey so far, before they confessed that they knew something needed to change - for their kids. </p> <p>“We wanted to give them the most we possibly could,” they said. “The most of us, the most out of life, and the most experiences possible.” </p> <p>They explained that their family and friends “thought we had completely lost our minds”, but that they jumped in headfirst anyway, and it had all worked out “for the best”. </p> <p><em>Images: Instagram, Youtube</em></p>

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A brief history of the mortgage, from its roots in ancient Rome to the English ‘dead pledge’ and its rebirth in America

<p>The average interest rate for a new U.S. <a href="https://www.cbsnews.com/news/home-loan-mortgage-interest-rate-7-percent-highest-since-2001/">30-year fixed-rate mortgage topped 7% in late October 2022</a> for the first time in more than two decades. It’s a sharp increase from one year earlier, when <a href="https://www.valuepenguin.com/mortgages/historical-mortgage-rates">lenders were charging homebuyers only 3.09%</a> for the same kind of loan. </p> <p>Several factors, including <a href="https://www.nerdwallet.com/article/mortgages/fed-mortgage-rates">inflation rates and the general economic outlook</a>, influence mortgage rates. A primary driver of the ongoing upward spiral is the <a href="https://abc7chicago.com/fed-interest-rate-decision-today-hike-federal-reserve-meeting-november/12408055/">Federal Reserve’s series of interest rate hikes</a> intended to tame inflation. Its decision to increase the benchmark rate by <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20221102a.htm">0.75 percentage points on Nov. 2, 2022</a>, to as much as 4% will propel the cost of mortgage borrowing even higher.</p> <p>Even if you have had mortgage debt for years, you might be unfamiliar with the history of these loans – a subject I cover <a href="https://scholar.google.com/citations?user=KVv47noAAAAJ&amp;hl=en&amp;oi=ao">in my mortgage financing course</a> for undergraduate business students at Mississippi State University.</p> <p>The term dates back to <a href="https://www.english-heritage.org.uk/learn/story-of-england/medieval/">medieval England</a>. But the roots of these legal contracts, in which land is pledged for a debt and will become the property of the lender if the loan is not repaid, go back thousands of years.</p> <h2>Ancient roots</h2> <p>Historians trace the <a href="https://www.kingjamesbibleonline.org/Nehemiah-5-3/">origins of mortgage contracts</a> to the reign of King Artaxerxes of Persia, who ruled modern-day Iran in the fifth century B.C. The Roman Empire formalized and documented the legal process of pledging collateral for a loan. </p> <p>Often using the <a href="https://www.biblegateway.com/passage/?search=John%202%3A13-16&amp;version=NIV">forum and temples as their base of operations</a>, mensarii, which is derived from the word mensa or “bank” in Latin, would set up loans and charge <a href="https://www.biblegateway.com/passage/?search=John%202%3A13-16&amp;version=NIV">borrowers interest</a>. These government-appointed public bankers required the borrower to put up collateral, whether real estate or personal property, and their agreement regarding the use of the collateral would be handled in one of three ways. </p> <p>First, the <a href="https://www.merriam-webster.com/dictionary/fiducia">Fiducia</a>, Latin for “trust” or “confidence,” required the transfer of both ownership and possession to lenders until the debt was repaid in full. Ironically, this arrangement involved no trust at all.</p> <p>Second, the <a href="https://www.merriam-webster.com/dictionary/pignus">Pignus</a>, Latin for “pawn,” allowed borrowers to retain ownership while <a href="https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?referer=https://www.google.com/&amp;httpsredir=1&amp;article=1684&amp;context=penn_law_review">sacrificing possession and use</a> until they repaid their debts. </p> <p>Finally, the <a href="https://legaldictionary.lawin.org/hypotheca/">Hypotheca</a>, Latin for “pledge,” let borrowers retain both ownership and possession while repaying debts. </p> <h2>The living-versus-dead pledge</h2> <p><a href="https://www.britannica.com/biography/Claudius-Roman-emperor">Emperor Claudius</a> brought Roman law and customs to Britain in A.D. 43. Over the next <a href="https://www.english-heritage.org.uk/learn/story-of-england/romans/">four centuries of Roman rule</a> and the <a href="https://www.english-heritage.org.uk/learn/story-of-england/early-medieval/">subsequent 600 years known as the Dark Ages</a>, the British adopted another Latin term for a pledge of security or collateral for loans: <a href="https://worldofdictionary.com/dict/latin-english/meaning/vadium">Vadium</a>.</p> <p>If given as collateral for a loan, real estate could be offered as “<a href="https://www.merriam-webster.com/dictionary/vadium%20vivum">Vivum Vadium</a>.” The literal translation of this term is “living pledge.” Land would be temporarily pledged to the lender who used it to generate income to pay off the debt. Once the lender had collected enough income to cover the debt and some interest, the land would revert back to the borrower.</p> <p>With the alternative, the “<a href="https://www.merriam-webster.com/dictionary/mortuum%20vadium">Mortuum Vadium</a>” or “dead pledge,” land was pledged to the lender until the borrower could fully repay the debt. It was, essentially, an interest-only loan with full principal payment from the borrower required at a future date. When the lender demanded repayment, the borrower had to pay off the loan or lose the land. </p> <p>Lenders would keep proceeds from the land, be it income from farming, selling timber or renting the property for housing. In effect, the land was <a href="https://www.jstor.org/stable/pdf/1321129.pdf">dead to the debtor</a> during the term of the loan because it provided no benefit to the borrower. </p> <p>Following <a href="https://www.royal.uk/william-the-conqueror">William the Conqueror’s victory</a> at the Battle of Hastings in 1066, the English language was heavily influenced by <a href="https://blocs.mesvilaweb.cat/subirats/the-norman-conquest-the-influence-of-french-on-the-english-language-loans-and-calques/">Norman French</a> – William’s language.</p> <p>That is how the Latin term “Mortuum Vadium” morphed into “Mort Gage,” Norman French for “dead” and “pledge.” “<a href="https://www.etymonline.com/word/mortgage">Mortgage</a>,” a <a href="https://ia600201.us.archive.org/1/items/cu31924021674399/cu31924021674399.pdf">mashup of the two words</a>, then entered the English vocabulary.</p> <h2>Establishing rights of borrowers</h2> <p>Unlike today’s mortgages, which are usually due within 15 or 30 years, English loans in the 11th-16th centuries were unpredictable. <a href="https://www.jstor.org/stable/pdf/1323192.pdf">Lenders could demand repayment</a> at any time. If borrowers couldn’t comply, lenders could seek a court order, and the land would be forfeited by the borrower to the lender. </p> <p>Unhappy borrowers could <a href="https://www.law.cornell.edu/wex/chancery">petition the king</a> regarding their predicament. He could refer the case to the lord chancellor, who could <a href="https://www.britannica.com/topic/Chancery-Division">rule as he saw fit</a>. </p> <p><a href="https://www.britannica.com/biography/Francis-Bacon-Viscount-Saint-Alban">Sir Francis Bacon</a>, England’s lord chancellor from 1618 to 1621, <a href="https://www.jstor.org/stable/752041">established</a> the <a href="https://www.law.cornell.edu/wex/equity_of_redemption">Equitable Right of Redemption</a>.</p> <p>This new right allowed borrowers to pay off debts, even after default.</p> <p>The official end of the period to redeem the property was called <a href="https://www.law.cornell.edu/wex/foreclosure">foreclosure</a>, which is derived from an Old French word that means “<a href="https://www.etymonline.com/word/foreclose">to shut out</a>.” Today, foreclosure is a legal process in which lenders to take possession of property used as collateral for a loan. </p> <h2>Early US housing history</h2> <p>The <a href="https://www.loc.gov/classroom-materials/united-states-history-primary-source-timeline/colonial-settlement-1600-1763/overview/">English colonization</a> of what’s now <a href="https://themayflowersociety.org/history/the-mayflower-compact/">the United States</a> didn’t immediately transplant mortgages across the pond. </p> <p>But eventually, U.S. financial institutions were offering mortgages.</p> <p><a href="https://www.huduser.gov/publications/pdf/us_evolution.pdf">Before 1930, they were small</a> – generally amounting to at most half of a home’s market value.</p> <p>These loans were generally short-term, maturing in under 10 years, with payments due only twice a year. Borrowers either paid nothing toward the principal at all or made a few such payments before maturity.</p> <p>Borrowers would have to refinance loans if they couldn’t pay them off.</p> <h2>Rescuing the housing market</h2> <p>Once America fell into the <a href="https://www.history.com/topics/great-depression">Great Depression</a>, the <a href="https://www.stlouisfed.org/news-releases/2008/05/02/does-the-great-depression-hold-the-answers-for-the-current-mortgage-distress">banking system collapsed</a>. </p> <p>With most homeowners unable to pay off or refinance their mortgages, the <a href="https://www.federalreservehistory.org/essays/great-depression">housing market crumbled</a>. The number of <a href="https://www.encyclopedia.com/education/news-and-education-magazines/housing-1929-1941">foreclosures grew to over 1,000 per day by 1933</a>, and housing prices fell precipitously. </p> <p>The <a href="https://www.fhfaoig.gov/Content/Files/History%20of%20the%20Government%20Sponsored%20Enterprises.pdf">federal government responded by establishing</a> new agencies to stabilize the housing market.</p> <p>They included the <a href="https://www.hud.gov/program_offices/housing/fhahistory">Federal Housing Administration</a>. It provides <a href="https://www.consumerfinance.gov/ask-cfpb/what-is-mortgage-insurance-and-how-does-it-work-en-1953/">mortgage insurance</a> – borrowers pay a small fee to protect lenders in the case of default. </p> <p>Another new agency, the <a href="https://sf.freddiemac.com/articles/insights/why-americas-homebuyers-communities-rely-on-the-30-year-fixed-rate-mortgage">Home Owners’ Loan Corp.</a>, established in 1933, bought defaulted short-term, semiannual, interest-only mortgages and transformed them into new long-term loans lasting 15 years.</p> <p>Payments were monthly and self-amortizing – covering both principal and interest. They were also fixed-rate, remaining steady for the life of the mortgage. Initially they skewed more heavily toward interest and later defrayed more principal. The corporation made new loans for three years, tending to them until it <a href="https://content.time.com/time/subscriber/article/0,33009,858135,00.html">closed in 1951</a>. It pioneered long-term mortgages in the U.S.</p> <p>In 1938 Congress established the Federal National Mortgage Association, better known as <a href="https://www.fanniemae.com/about-us/who-we-are/history">Fannie Mae</a>. This <a href="https://www.financial-dictionary.info/terms/government-sponsored-enterprise/">government-sponsored enterprise</a> made fixed-rate long-term mortgage loans viable <a href="https://www.investopedia.com/terms/s/securitization.asp">through a process called securitization</a> – selling debt to investors and using the proceeds to purchase these long-term mortgage loans from banks. This process reduced risks for banks and encouraged long-term mortgage lending.</p> <h2>Fixed- versus adjustable-rate mortgages</h2> <p>After World War II, Congress authorized the Federal Housing Administration to insure <a href="https://www.govinfo.gov/content/pkg/CPRT-108HPRT92629/html/CPRT-108HPRT92629.htm">30-year loans on new construction</a> and, a few years later, purchases of existing homes. But then, the <a href="https://files.stlouisfed.org/files/htdocs/publications/review/69/09/Historical_Sep1969.pdf">credit crunch of 1966</a> and the years of high inflation that followed made adjustable-rate mortgages more popular.</p> <p>Known as ARMs, these mortgages have stable rates for only a few years. Typically, the initial rate is significantly lower than it would be for 15- or 30-year fixed-rate mortgages. Once that initial period ends, <a href="https://www.investopedia.com/terms/a/arm.asp">interest rates on ARMs</a> get adjusted up or down annually – along with monthly payments to lenders. </p> <p>Unlike the rest of the world, where ARMs prevail, Americans still prefer the <a href="https://sf.freddiemac.com/articles/insights/why-americas-homebuyers-communities-rely-on-the-30-year-fixed-rate-mortgage">30-year fixed-rate mortgage</a>.</p> <p>About <a href="https://data.census.gov/cedsci/table?q=DP04&amp;t=Housing">61% of American homeowners</a> have mortgages today – with <a href="https://doi.org/10.1080/15214842.2020.1757357">fixed rates the dominant type</a>.</p> <p>But as interest rates rise, demand for <a href="https://www.corelogic.com/intelligence/interest-rates-are-up-but-arm-backed-home-purchases-are-way-up/">ARMs is growing</a> again. If the Federal Reserve fails to slow inflation and interest rates continue to climb, unfortunately for some ARM borrowers, the term “dead pledge” may live up to its name.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/a-brief-history-of-the-mortgage-from-its-roots-in-ancient-rome-to-the-english-dead-pledge-and-its-rebirth-in-america-193005" target="_blank" rel="noopener">The Conversation</a>. </em></p>

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5 negotiation tactics to grab crazy property deals in a slowing market

<p>Rising interest rates have started to put the handbrakes on Australia’s runaway property market, and that’s good news for homebuyers who are now in a far stronger position to negotiate on a property than they have been over the last few years.</p> <p>One of the most apparent advantages for buyers in the current market is the reduced levels of competition. Fewer buyers mean that prices aren’t being driven higher, and if you’re a good negotiator, it’s possible to swoop in and find yourself a bargain.</p> <p>If you’re new to negotiating for property or unsure where to start, here are five tactics that will help you achieve a strong result at the negotiating table.</p> <ol> <li><strong>Know the market</strong></li> </ol> <p>You can’t succeed in a negotiation if you don’t know the value of the asset that you’re trying to buy in the first place. That’s why any good negotiator will always start by doing their research. You need to know the market better than your competition and don’t get caught up in any hype or opinions from a sales agent.</p> <p>Start by finding what comparable properties are selling for in the market. Look for the last three months of sales around your property. The sales should be of similar property types, sizes, ages, and land components. Another good way to get an idea of the price is to speak with local agents in the area. When you have a fair market value, you then know your “walk away price,” and you won’t find yourself getting emotional and overbidding.</p> <ol start="2"> <li><strong>Understand the vendor’s motivations</strong></li> </ol> <p>In any negotiation, there is a saying that whoever needs the deal least will likely be the one that comes out on top. When looking at potential properties to buy, you can be the world’s best negotiator, but if the vendor doesn’t need to sell, they will likely either wait for their price or walk away.</p> <p>Whenever you start looking at a property, try to ascertain as much information about the vendor as possible. That will give you an understanding of how motivated they are to sell, which will then impact how much you initially want to offer.</p> <ol start="3"> <li><strong>Be the strong bidder, not the highest</strong></li> </ol> <p>In a property transaction, price is just one piece of the puzzle. When a vendor weighs up an offer on their property, they are interested in the price, but the terms can also play a big part.</p> <p>For example, if you’re a cash buyer who can settle quickly, that might be far more appealing to a vendor than a higher offer that needs three months to settle. Similarly, a larger deposit could give a vendor more certainty that the transaction will occur.</p> <p>As a buyer, getting your finances in place ahead of time and then tailoring your terms to suit the vendor might give you an edge in a negotiation even if you’re not the highest bidder. Ultimately, the vendor wants their problem solved, and your job is to find out what it is and then make a strong offer that addresses those immediate needs.</p> <p>If you are ever tempted to make an unconditional offer, be sure you’ve done extensive due diligence and can secure finance, as there could be significant costs if you have to back out of the deal.</p> <ol start="4"> <li><strong>Unique offers</strong></li> </ol> <p>A great way to make your offer seem stronger than it might actually be is to come in with an odd-numbered amount. An offer price of $596,200 instead of $590,000 or $600,000 reflects that you’ve taken the time to do your due diligence, making your offer stand out.</p> <p>Another approach is to make a written offer with a deadline. That way, you can speed up the negotiation process, and it might prevent the sales agent from pitting your bid against another buyer to drive up the price.</p> <ol start="5"> <li><strong>Know the property</strong></li> </ol> <p>It’s critical to clearly understand what you’re buying before entering any negotiation. While you might have done your comparable sales analysis and have an excellent overall picture of what similar properties are selling for, you still need to investigate this particular property.</p> <p>Several things can impact the property’s value, which can help you negotiate. For example, if an awkward tenant occupies the property, it will be less appealing to many homebuyers, which you can use to your advantage. There may also be issues with the property, such as problematic zoning, service locations, or even large trees that can alter its value.</p> <p>The most obvious factor to consider is the state of the property and whether it needs renovation or repairs. In the current market, homebuyers are less interested in buying a property that needs work due to the cost of materials and difficulty finding tradespeople. That will give you a strong starting point to negotiate around the price.</p> <p>While getting a great deal is essential, it’s crucial not to compromise on the property’s quality. Quality is more important than a bargain, and a property’s performance will ultimately determine its value.</p> <p>A slowing real estate market presents an opportunity for buyers to negotiate and secure a great property deal. By understanding the local market, paying attention to the vendor’s motivations, and putting forward intelligent offers, you can potentially grab an excellent property deal in a slowing market.</p> <p><strong><em>Rasti Vaibhav is the author of The Property Wealth Blueprint (RRP $39.95) and Founder of Get RARE Properties, a bespoke independent buyers' agency that has been helping hundreds of clients across Australia secure their financial freedom through property. </em></strong></p> <p><strong><em>For more information, visit <a href="https://getrare.com.au">https://getrare.com.au</a></em></strong></p> <p><em>Image credits: Getty Images</em></p>

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Remote Scottish island hits the market

<p>If you’ve ever dreamt of escaping the rat race and living a life of complete isolation, then look no further.</p> <p>A remote island situated off the southern coast of Scotland, Carlocco Island is up for sale, priced at offers over £150,000 ($A280,317).</p> <p>“There’s still a very romantic sentiment attached to owning your very own Scottish private island, where you can escape the hustle and bustle of everyday life and enjoy some peace and tranquillity in the most beautiful scenery around,” Aaron Edgar of Galbraith Group, the agent handling the sale, said in a statement.</p> <p>The nearest town is almost 10km away with the closest train station Dumfries an hour bus ride from that town. London is more than 563km away with Edinburgh over 160km away.</p> <p>With lush green grass and rocky outcrops reaching the sea, the island covers an area of around 10 hectares, but there are no buildings, only a flood pond providing water to livestock and wildlife in the colder months.</p> <p>According to the listing, no one has ever applied for permission to build on the island, so it would be up to the buyer to investigate any development possibilities with local authorities.</p> <p>At low tide, the island can be reached on foot, by tractor or quad bike. As for the rest of the time, a boat is required for travel, with a pebble beach for them to be anchored, “the perfect base to explore the island, partake in some cold water swimming…and enjoy a waterside picnic,” Edgar said.</p> <p>The island sits in a Site of Special Scientific Interest, an area in the UK defined as of particular interest due to the rare species of fauna and flora it’s home to, and is also a shelter for all types of wildlife, including great black-backed gulls, and rare plants like rock sea lavenders and fragrant orchids.</p> <p>Mr Edgar expects a lot of interest in the unique property, “We have witnessed strong demand from domestic and international parties for entire private islands, having handled the sale of several in Scotland,” he said.</p> <p><em>Image credit: Galbraith Group</em></p>

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