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How to keep doing good once you’re gone

Most of us like to think that once we are no longer walking the Earth, we can still leave a legacy to mark our time here and contribute positively to those left behind. Doing so is not only possible but, as you’ll see below, fairly straightforward – providing you do some basic preparation beforehand. Seek the help of professional advice to ensure your plans can be enacted in full and deliver the best possible outcomes for everyone involved. Have your affairs in order Make things simpler for your grieving loved ones by having your wishes clearly outlined in writing, with specific instructions that leave no room for misinterpretation. Doing so makes your wishes easier to implement, faster to enact and reduces fights among your beneficiaries. Keep your will and other affairs updated as circumstances change too, so that everyone you want is included (such as kids and grandkids) and those you don’t, aren’t given an unexpected windfall (such as your ex or an adult child’s ex). Provide for everyone Providing for everyone is not necessarily straight forward, especially if you have a blended family. For instance, leaving your share of your home to your children from a previous relationship could lead to disagreements if your partner doesn’t want to leave. Instead, think about how your assets can be divided fairly without disadvantaging anyone. Children could be nominated beneficiaries of your superannuation and/or life insurance, leaving your home for your partner. Keep wealth flowing Certain structures can allow you to keep giving to your descendants long after you’re gone – offsetting their income and providing far greater wealth over time than any lump sum could achieve. A family or testamentary trust allows ongoing wealth creation through shared assets, with regular dividends paid out, creating a family legacy that can last for generations. Or a family company can allow a commercial entity to continue trading and growing as an asset. Manage tax impacts Implement tax-effective strategies that maximise how much your beneficiaries actually receive and minimise what the tax man pockets. While there isn’t an inheritance tax per se, beneficiaries can be hit with Capital Gains Tax (CGT) on asset sales plus transfer costs to put an asset into their own name – not to mention the ongoing maintenance and compliance costs of asset ownership. In some instances, your loved ones may benefit more if you sell assets now and leave them the proceeds, rather than leave them the asset – and its associated tax bill – once you’re gone. Ensure loved ones are home and housed Property is perhaps the biggest of all sources of wealth, yet it is increasingly difficult for younger people and singles to get (and stay) on the property ladder. Ensure everyone can reap the benefits of property ownership over their own lifetime, either by transferring ownership of properties in your name or contributing chunks of cash towards a deposit. However, it’s important to do so sustainably – gifting grandkids a large property they can’t afford to maintain isn’t going to work. Charitable donations Many people like to support charities and social causes once they are gone. Consider the end user here and what they stand to benefit from your donation – whether it be people, planet or both. It could be leaving a lump sum on your death, or regular ongoing donations from your estate. You may wish to do so anonymously, or include a message with your donation outlining your reasons why that particular charity/cause is important to you and what you hope the money will go towards. Donations may not necessarily be financial either – perhaps you have a valuable historic artefact that others could enjoy if donated to a museum? Organ donation The greatest gift of all is not money but life itself. So, consider whether organ donation is something you wish to do. While not suitable for everyone, and dependent on a range of factors including your age, health and religious beliefs, a single organ donor can save up to seven lives, as well as improve the quality of life of numerous others through eye and tissue donation. That is a lot of life you can give to others – and all without costing your own loved ones a cent! Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754. Image credits: Shutterstock

Retirement Income

Commonly overlooked estate planning matters

Estate planning is a complex business, making it easy to overlook some important considerations, potentially with costly results. Aside from basic issues like forgotten assets (always keep written records) and inaccurate details (double check everything before signing), seven of the most commonly disregarded estate planning matters are as follows: <ol> <li>Wills</li> </ol> Unlike many younger people, for over sixties the more common issue is not the lack of a will, but one which is out of date. Out-of-date wills complicate matters for executors, can delay probate for your beneficiaries, and may not reflect your true wishes (imagine inadvertently leaving everything to your ex or omitting one or more grandkids!). Update your will as your circumstances change – relationships (divorce, new partner etc), births and deaths, adult children getting married or divorced, exiting a business, asset sales, and so on. Retirement often brings its own changes too – e.g. a sea or tree change, new boat or caravan – which also should be updated in your will. <ol start="2"> <li>Letter of wishes</li> </ol> Wills are typically not read until after a funeral. As such, a letter of wishes is a useful addition for loved ones to have accessible immediately after your death. It can cover everything from funeral arrangements, burial vs cremation, and where you wish to be laid to rest to outlining intentions longer term, such as how any underage children are to be raised and educated, or care arrangements for any pets. <ol start="3"> <li>Super beneficiaries</li> </ol> One of the biggest myths about superannuation is that it is covered by your will. Super is treated separately, meaning you must nominate your beneficiaries within your super fund. And update them as circumstances change. This can be useful for blended families – leaving your super to children/grandchildren from a past relationship without encroaching on the assets of your current partner. Without nominating beneficiaries, the funds could go somewhere else entirely – even to government coffers. <ol start="4"> <li>Advanced Health Directive (a ‘living will’)</li> </ol> Estate planning doesn’t just cover your wishes once you’re gone. Yet people often focus solely on this aspect and overlook how they want to be looked after in the event of ill health or injury preventing them from being able to make decisions (e.g. stroke, terminal illness, severe accident). An Advanced Health Directive can express your wishes and values on everything from life support and resuscitation to palliative care, medical treatments, and who you wish to be able to speak on your behalf. <ol start="5"> <li>Insurances</li> </ol> Rarely do people have adequate insurance coverage for their needs. There are insurances in super, which may cover death and permanent disability. Insurance of assets. Income protection insurance. And health insurance. It’s important to right-size your insurance for your current needs and adapt that cover as your circumstances change. That means: <ul> <li>Taking out new policies for new assets and investments.</li> <li>Updating policy inclusions and exclusions, such as relating to age.</li> <li>Cancelling insurances you no longer need (e.g. sold assets or professional indemnity once you retire).</li> </ul> <ol start="6"> <li>Tax implications</li> </ol> Because Australia has no inheritance tax, many people are lulled into a false sense of complicity over tax implications in estate planning matters. However, beneficiaries can be liable for both Capital Gains Tax and income tax on inherited assets – potentially outweighing the value of those assets altogether. Additionally, your own tax status should be considered. For instance, you may be paying more tax by holding an income-producing asset rather than transferring ownership to a loved one before you pass away. <ol start="7"> <li>Tailored professional advice</li> </ol> DIY will kits, self-titled “expert” authors, and avoiding advisers to save money overlook the true value of tailored, professional advice given the complexity of estate planning. You don’t know what you don’t know, meaning the margin for error is huge. And when it comes to money, tax and estate law, errors can be expensive indeed. A good lawyer, accountant and financial adviser can more than pay for themselves by helping you avoid overpaying taxes, complex legal disputes, insufficient asset protections and lost wealth creation opportunities. And given estate planning is ultimately about peace of mind, can you – or your family – really afford to overlook such valuable insight? Image credits: Shutterstock Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754.

Legal

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

For the first time in 50 years, the house where John Lennon and Yoko Ono lived in New York City has hit the market. 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. 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). “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 <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>. “Bank Street was their salon, where people could just walk in.” 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. On the second floor, there’s a live-work space and a recording studio. “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. “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.” Image credits: Mediapunch / JLL Real Estate

Real Estate

Riley Keough fights Graceland foreclosure sale

Elvis Presley's granddaughter Riley Keough has taken legal action against a company's plan to publicly auction Graceland estate in Memphis county, after she accused them of providing "fraudulent" documents. A public notice for a foreclosure sale of the 13-acre estate was posted in early May said that Promenade Trust, the company which controls the Graceland museum, owed $US3.8 million ($5.7 million) after failing to repay a 2018 loan. Keough's late mother, Lisa Marie Presley, allegedly signed the deed of trust and used Graceland as collateral. Naussany Investments and Private Lending, a Missouri-based company who managed the loan, claims that Lisa Marie failed to repay the loan. A public auction for the estate had been scheduled for Thursday this week, but a judge has blocked the sale after Keough sought a temporary restraining order and filed a lawsuit. In the lawsuit, Keough asserts that her mother never borrowed any money, and alleged that Lisa Marie’s signatures were forged and that Naussany Investments isn’t even a legitimate company. "Lisa Maria Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments," Keough's lawyer wrote in a lawsuit. “These documents are fraudulent. “Furthermore, the notary listed on the documents denies notarising Lisa Marie’s signature or ever meeting her.” A source told The New York Post that Keough is “traumatised” at what has unfolded and “never thought that a historic piece of property could even be considered to go into the hands of any random stranger”. An injunction hearing is set for Wednesday. Elvis bought the Graceland estate in 1957. After his death in 1977, his daughter Lisa Marie Presley inherited it and opened it up as a public museum five years later. After her death last year, her daughter Riley Keough became the heir. Image: Carl Timpone/BFA.com/ Shutterstock Editorial

Legal

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

Airbnb is taking its latest listing to the sky - literally. The accommodation provider has announced a partnership that will see the iconic house from Pixar's hit film Up being lifted into the air, balloons and all. 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. 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. “Icons take you inside worlds that only existed in your imagination — until now,” Airbnb CEO and co-founder Brian Chesky said in a statement. “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." 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. Alternatively, you could look at the stars while sitting on the front porch - but don't look down because the adventure is out there. 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. 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 Purple Rain. Check out the <a href="https://www.airbnb.com.au/rooms/1126185893236246260?_set_bev_on_new_domain=1715826165_M2NkZDdkODdhMjcy&source_impression_id=p3_1715826166_A20M4770EGAtl8AV&modal=PHOTO_TOUR_SCROLLABLE" target="_blank" rel="noopener">Up</a> listing here, be warned the sweet listing may make you shed a tear or two. Images: Airbnb

Real Estate

World's most expensive house up for sale

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. Chateau d’Armainvilliers located at Seine-et-Marne, 48km east of the Eiffel Tower, is the world's most expensive home. 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. Ignace Meuwissen, a self-acclaimed "real estate advisor to the global elite" described the property as a display of "opulence and grandeur". "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. "An investor could build thousands of apartments there if he wanted." 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. 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. The Moroccan King also added a basement level, which has a network of tunnels, kitchens, cold rooms, storage spaces and staff quarters. 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. 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. "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 Le Figaro Immobilier. Others were unsure whether the changes made by the King in the 1980s would suit modern tastes. Images: Whisper Auctions

Real Estate

Princess Diana's childhood home up for rent

The house Princess Diana spent her childhood and teenage years in is now available for the public to rent. 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. 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. 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. 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. 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. Now, the home is once again available to rent via Elysian Estates. "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. "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." 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". Prices for the rental are not yet publicly available as an enquiry must be sent to reserve the opulent property. The listing stated that the stay includes "butler service, a team of private chefs and housekeeping, with a dedicated concierge service". Althorp is today most famous for being the final resting place of Princess Diana following her death in Paris. Image credits: Getty Images / Instagram

Real Estate

Royal family's 175-year-old right to hunt comes to an end

The royal family can no longer hunt at the five-century old Abergeldie Estate that is next door to Balmoral Castle. Abergeldie's new owner, Alastair Storey, has terminated the royal family's sporting rights lease, established by Prince Albert in 1852, which means they can no longer go hunting, deer stalking or fishing at the estate, ending the 175-year-old tradition. Storey reportedly has plans to "transform" buildings on the estate into private accommodation and hunting lodges, according to the Daily Telegraph. Planning documents filed with Aberdeenshire council confirmed this: "For the last 175 years the Royal family have leased the sporting rights at Abergeldie but this has now ceased, and will be actively run by the new Laird. "To facilitate the transformation and to effectively run the estate, new facilities will be required." The documents also stated that the buildings around the farmhouse "facilitate accommodation for the running of the estate and will include a social space for paying visitors to support the sporting activities on the estate". This is a huge change from the original agreements Prince Albert drew up with the Gordon family, who previously owned the estate. This also comes after the late Queen agreed to pay more for the shooting and hunting rights on the sporting estate 25 years ago, after she was asked to increase the nominal rent that was being paid by the royal family for access. The 11,532-acre estate is nestled between the late Queen Elizabeth's former estate and the King's residence, Birkhall. It was sold in 2021 after the death of the 21st Baron of Abergeldie, John Gordon - who was also a friend of the late monarch - to Storey, who bought the estate for £23 million. Although Storey purchased 34 properties dotted around the vast estate, he has not bought out Abergeldie Castle, which still belongs to the Gordon family. Storey, 70, is a Scottish businessman and chief executive of WSH, and was labelled the "most influential man in the UK hospitality industry" in 2012. He was made an Order of the British Empire (OBE) by Queen Elizabeth in 2017. Images: Getty

Family & Pets

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

<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> 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. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&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&q=45&auto=format&w=600&h=217&fit=crop&dpr=1 600w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=217&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=217&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=273&fit=crop&dpr=1 754w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=273&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/542737/original/file-20230815-25187-p7vxqo.png?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=273&fit=crop&dpr=3 2262w" alt="horizontal bar chart showing changes in Australian renters' assessments of affordability form 2020 to 2022" /></a><figcaption>Change in Australian renters’ assessments of affordability from 2020 to 2022. Baker, Daniel, Beer, et al, forthcoming, The Australian Housing Conditions Dataset, doi:10.26193/SLCU9J, ADA Dataverse</figcaption></figure> 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. The crisis has impacts well beyond affordability. The rental sector is where the worst housing accommodates the poorest Australians with the worst health. <h2>The unhealthy state of rental housing</h2> Forthcoming data from the <a href="https://dataverse.ada.edu.au/dataverse/ahcdi">Australian Housing Conditions Dataset</a> highlight some of these parallel challenges: <ul> <li> 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 </li> <li> rental housing quality is often very poor – 45% of renters rate the condition of their dwelling as “average, poor, or very poor” </li> <li> 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 </li> <li> 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. </li> </ul> 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. <h2>It’s all about supply</h2> 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. Governments should be looking at multiple actions, including: <ul> <li> 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 </li> <li> improving land supply through better forecasting at the national, state and local levels </li> <li> 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 </li> <li> boosting the recruitment and retention of skilled construction workers from both domestic and international sources. </li> </ul> <h2>The biggest landlord subsidy isn’t helping</h2> 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. 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. 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 <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> 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). This scheme is much less expensive per unit of affordable housing delivered than Australia’s system of negative gearing. 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. 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. <h2>Crisis calls for lasting solutions</h2> 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. 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. 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.<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" /> <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> Image credits: Getty Images 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>.

Real Estate

Outrage after renters confronted with cleaning “scoring system”

An Australian real estate agent has come under fire for their “demoralising” scoring system for tenants during routine inspections. 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. 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. The renter was then also given an overall rating out of five stars, based on the upkeep of their rental home. 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. In their post, the tenant said they had made every effort to clean the home, adding that the rating was “demoralising”. “I’ve been renting a long time, and my deep cleaning routine is based around inspections,” they explained. “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.” “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.” 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”. “The globe in question is a downlight fitting. We have so many downlights that I don’t even use this particular one,” they continued. “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!” 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. 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.” 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.” 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.’” Image credits: Getty Images / Reddit

Real Estate

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

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. 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. 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. Despite the media storm, Jason defended his decision to maintain strict pandemic precautions, despite never having contracted Covid-19. “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. 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. “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. 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”. Another Twitter user commended the tent and air filter idea, considering it a cost-effective and potentially effective solution to avoid contracting Covid. “I like the tent+filter idea. It’s cheap and should be effective,” another agreed. A few people shared that they empathised with Jason, and are also maintaining strict pandemic precautions. 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.” “I’m sorry you have to live like this. I no longer see my family since they stopped masking,” another added. However, not everyone empathised with Jason’s living arrangements, saying he was being unrealistic about the future of Covid. “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. “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. 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.” Image credits: Getty Images / Twitter

Real Estate

$35,000 home comes with a catch

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. 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). However, the property comes with a catch: its loving owner must construct it by themselves. 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. 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). 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. 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. According to the Daily Mail, 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. 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. 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. “The cost of materials in a house is much less than the ground it sits on,” a Daily Mail 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.” “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”. “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.” And as another wrote, “like everything else meant to be affordable, it will soon cost $109K when it catches on.” Images: Etsy

Real Estate

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

Prince Andrew is refusing to exit his royal residence as renovations are carried out on the Windsor property, despite advice to the contrary. According to The Daily Mail, 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. 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. 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. As a source told Page Six, 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. “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. “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.” And while some believe the temporary move would make sense for Andrew, his fears remain at the forefront. “It’s become farcical,' an insider told The Daily Mail. “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.” 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&action=edit&classic-editor">regardless of alleged drama and financial woes</a>. As Page Six 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. “The costs are expected to reach into the hundreds of thousands of pounds.” And, as they surmised, Andrew “is adamant that he will see out the end of his [75-year] lease at Royal Lodge.” Images: Getty

Real Estate

Billy Joel lists New York estate for $73 million

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. 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). 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. 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. The home includes five bedrooms, six bathrooms, two half-baths, a playroom, a spa and hair salon, a bowling alley, and a wine centre. 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. Parts of the main house are under renovation and are expected to be finished over the next several months. The magnificent estate also has a three-bedroom beach house, a three-bedroom guest apartment, and a four-bedroom gatehouse. Other amenities include a floating dock and boat ramp, two outdoor pools, and a helicopter pad. Image credit: Getty / Realestate.com.au

Real Estate

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

<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> 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. 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? 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. <h2>Why were the laws required?</h2> The ancient doctrine of caveat emptor (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. 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. 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. 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. 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. 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>. <h2>The nature of ‘stigmatised’ property</h2> 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. 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. 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. 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>. <h2>Disclosure laws regarding stigma</h2> 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>. 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. 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. Significant penalties and even imprisonment await vendors and real estate agents who do not comply. <h2>Will the laws work?</h2> As with any new legislation, we will have to wait and see how this plays out. However, some preliminary comments can be made. 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. 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. However, how serious must a crime be to be material? What if the situation involves cultivation of marijuana rather than a more egregious substance? 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. <h2>What now?</h2> 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" /> <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> Image credits: Getty Images 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>.

Real Estate

Pirates of the Caribbean island up for sale

A Bahamian island, which was the backdrop for two iconic blockbuster films, is now up for sale for the eye-watering price of $150m. The island, known as Little Pipe Cay, was used as a backdrop for two Hollywood films: Pirates of the Caribbean: The Curse of the Black Pearl and Casino Royale, a film in the James Bond franchise. Spanning across over 40 acres of land, the island boasts stunning white-sand beaches and what locals refer to as “Bombay-Sapphire Blue” waters. The main property has 11 bedrooms, 12 bathrooms and four cottages, it’s basically like having a private mini resort. 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. 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. 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. 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. 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. Images: realestate.com.au/ Engel & Völkers Bahamas/ Getty

Real Estate

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

<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> 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>. 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: <blockquote> 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’. </blockquote> 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. <h2>Ideal conditions for growth</h2> 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. 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. <figure><iframe src="https://www.youtube.com/embed/sD2Ij_QlzwA?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption>Black mould an invisible threat growing behind walls of flood-affected homes (ABC News)</figcaption></figure> 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. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&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&q=45&auto=format&w=600&h=422&fit=crop&dpr=1 600w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=422&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=422&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=531&fit=crop&dpr=1 754w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=531&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/526246/original/file-20230515-19465-odirz2.png?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=531&fit=crop&dpr=3 2262w" alt="A chart showing the percentage of homes with structural defects in each category" /></a><figcaption>Rental homes have more structural defects than owner-occupied homes. <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>, Author provided</figcaption></figure> <h2>How mould makes people sick</h2> The <a href="https://www.who.int/publications/i/item/9789289041683">World Health Organization</a> recognises mould can be harmful. 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). 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. <h2>Problems with managing mould in the rental sector</h2> 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”. 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. 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. 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. 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. <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&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&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&q=45&auto=format&w=600&h=338&fit=crop&dpr=1 600w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=338&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=338&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=424&fit=crop&dpr=1 754w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=424&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/525848/original/file-20230512-21-xb83ft.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=424&fit=crop&dpr=3 2262w" alt="A bar chart comparing the prevalence of mould in homes across Australian states and territories" /></a><figcaption>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. Australian Housing Conditions Dataset 2022 doi:10.26193/SLCU9J, Author provided</figcaption></figure> <h2>Where does the responsibility lie?</h2> Tenancy legislation varies by state and territory. Renters should familiarise themselves with the regulations in their jurisdiction. 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. 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. 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>. 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. 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. <h2>What next?</h2> 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. As one Victorian renter noted: <blockquote> 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. </blockquote> 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.<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" /> <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 Image credits: Getty Images 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>.

Real Estate

The Devil Wears Prada iconic townhouse up for grabs

This multi million-dollar house is nothing short of iconic. The Upper East Side townhouse where fictional magazine editor Miranda Priestly resided in David Frankel’s groundbreaking film The Devil Wears Prada has hit the market. Unsurprisingly, the home of the glamorous Runway editor-in-chief, rumoured to be based on Vogue’s Anna Wintour is priced at an eye-watering $40 million. Fans of the beloved 2006 film are sure to recognise the seven-bedroom, six-level home’s grand entrance and spiral staircase as Anne Hathaway’s character Andrea Sachs delivered a mock-up of Runway magazines to Meryl Streep’s character, Priestly in the film. But the infamous staircase also appears on the set of another fictional Upper East Side world. The stairwell briefly appears in the teen drama Gossip Girl’s final episode, for the wedding of Penn Badgley's character Dan and Blake Lively's Serena. Modlin Group boss Adam D. Modlin holds the listing for the neo-Italian renaissance-style limestone and marble townhouse, which last sold in 2003 for $8.8 million. The home was originally built in 1907 by architect Stanford White and was renovated in 2005 with a tasteful interior design by Diamond Barrata. The top floor of the breathtaking abode includes a custom-built basketball court, as well as a terrace with a spa. Adding to the 129 East 73rd St home’s A-list status, it’s just across the road from American journalist and political activist Gloria Steinem’s NYC pad. Image credit: Instagram/Realestate.com.au

Movies

Woman buys three homes in Italy for $5

In 2019, a US woman saw houses in Italy going for dirt-cheap prices, and within days she jetted over to Europe to see for herself. Originally from Brazil but living in California, Rubia Daniels now owns three of the abandoned homes, which she bought for just $US3.30 (around $AUD5) combined, according to the New York Post. However, snapping up these homes comes with a catch: the buyers must renovate the properties within a certain time frame, something that the 49-year-old is well underway with. When Ms Daniels, who works in the solar industry, first heard of the dirt-cheap homes being offered to help repopulate abandoned towns in Italy, she realised she had found her calling. “I was so amazed. It was one of those things where you have to see it to make sure it’s true,” the San Francisco resident told the outlet. “I did my research, and within three days I had my plane ticket, a rental car, the hotel, and I left.” The place she was headed for was Mussomeli, a town with a population of around 10,000 in the centre of Sicily. Mussomeli is just one of the many towns and villages in Italy offering up properties for remarkably low prices in an attempt to help combat dwindling populations. It’s a trend that predates the COVID pandemic. Back in 2019, the Sicilian town of Sambuca di Sicilia gained substantial traction for selling its abandoned homes for €1 (around $A1.60 at the time). In 2021, another string of homes were up for sale there, bringing the price up to €2. The southern Italian town of Laurenzana jumped on the trend in 2021 and offered up its own abounded homes for €1 each. Although prices remained astoundingly low, the properties required anywhere between $A35,000 to $A135,000 to restore, with owners having three years to complete the job. In Mussomeli, Ms Daniels has different plans for each structure she purchased. One property will be dedicated to when she stays in town. Meanwhile, in an effort to give back to the community, she has plans to convert the second into an art gallery and the third into a wellness centre. The wellness centre will be her most significant renovation. After her initial purchase in July 2019, Ms Daniels began her restoration process later that year. Currently, the exteriors of two properties are completed, with the last one yet to begin, but 2020 slowed down the initial progress. “Covid-19 happened and we weren’t allowed to go back, so I just started renovations again last year,” she said. Mussomeli is special for Ms Daniels as it reminded her of her hometown near the Brazilian capital of Brasilia. Aside from hitting the jackpot with her properties, she’s received a warm welcome from the community. “People were super welcoming and everyone wanted to have a coffee with me,” she told Insider. “The realtors embraced me like a sister – they were with me every single day through the time I was there.” Image credit: Instagram

International Travel

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

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. 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.” 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.” 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. 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. “We just wanted that time with our kids." 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. 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.” 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. 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.” “We didn't want to miss out on it anymore,” Alex added. 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?” 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. “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.” 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”. Images: Instagram, Youtube

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