Hi all,
Just decided to build a new house on my block of land and rent this out. Has anyone got a reliable and professional builder they could recommend? Also my other option is to sell it as a house and land package but if I sell within 1 year I will have to pay CGT, is that correct? I borrowed $100K to buy the land and now am looking to borrow more for the construction costs. The land is held in my name as my husband's, what is the best structure for investment purposes? ie. family trust?
Where is the land located?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Pakenham, Victoria
Yes you will have to pay CGT if you sell it within 1 year…. better off to hold it for more than one year to 1/2 the cgt paid….i always recommend to hold than to sell.
plus if you build the new house / rent it out…. after a year the house is more marketable as you have existing tenants (producing income) with the house.
Thanks smart_invester.
That's the way i was leaning towards. Now I just hope that my broker can organise some money for me using my equity in the house. It is worth minimun $600K and I still owe $250K so I should be able to borrow 80% of $350K ie$280K??
I hope to build asap and rent out.
Hi chiller, I work for a mid sized construction company and I would be happy to pass on my bosses email address. He probably wouldn’t be able to start until early next year but by the sounds of it you still need to finalise your plans.
Thanks spoonicus, please pass me your boss's email address or website so I can check out their background. I'm in the process of selecting a reliable construction company. What types of questions should I be asking and what are the things to look out for when building a new house?
I would be asking to see some of their work and ask to speak to past clients. I would want to know expected build duration and start date. You could ask if the builder has any ideas that could improve the job or cut unnecessary costs. You will need to find out exactly what is included and if anything isn’t included. You also need to realise that if you make variations after the contract is signed, then your contract is pretty much worthless. You might want to check on Insurances and length of time in the industry. Anyway his email is [email protected]
I spend more time in the commercial sector but perhaps I will see you on site some time.
goodluckthanks again for your helpful advice spoonicus. i will be in contact with your boss soon. i am also in the commercial sector but in property management.
Hi Chiller,
If you are looking for a financial strategist who structures loans for investors send me an email and I will put you in contact with a reliable contact who will give you some free direction and then you can decide which way you want to go.
Cheers
Paul.Positive Results | Educating Property Investors / We Find Houses
http://wefindhouses.com.au
Email Me | Phone MeHelping You To Invest With A Purpose To Finish With Successful Results
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