Forum Replies Created
Did you consider extension of the house?
hi,
I am also in the process of renting out my house and called some agents. The standard management fee is 9.35 % (incl GST).
One property manager stood out from the average. Her name is Stephanie Virgo and works for GR8 Property, located in Cannington. Probably I will engage her services.Send a letter to your tenants informing them that the rent is increased as the house is airconditioned now.
It looks like you had enough of these tenants, so just get rid off them. There are many nice people who are excellent tenants.
About the lack of fire alarm; the point is, what you will do if your house burns down accidentally? Your insurance company may refuse to compensate you because you did not have fire alarms in your house. Law or not law i recommend to everyone to have
adequate number of fire alarms installed. By the way, the tenants have no right to install anything into your house.I also need all the help I can get.
L A Aussie, can I send some questions too?
In NSW the vendor and the purchaser agree to a price verbally first. The vendor already should have had a contract prepared by a lawyer previous to putting the property on the market. When an agreement reached between the two parties, the two lawyers exchange the contract, that is when the contract signed by the purchaser.(usually a few days pass) But the contract is not legally binding yet. There is a cooling off period of 7 days (I think). During the cooling off period both parties can change their minds. If a purchaser gets a better bargain somewhere else or the seller gets a better offer they are within their rights to terminate the contract. Usually if there is an agreement most of the agents would tell to new prospective purchaser that the house is under offer and most of the deals go through without problems. I personally think this system is better then the WA system but probably the majority people here think differently. If you purchase at an auction then there is no cooling off period.
I think the accountant recommended to purchase in personal name because of the negative gearing. You can't distribute losses from the trust. But I don't know why do you need trust no2?
The government is trying to encourage people to save up for old age through superfunds. Most of the people are incapable of accumulate wealth (for various reason) and superfund is the only way to have some savings.
Superfunds enjoy tax breaks and the rules are changing as current government see fit under the current economic situation.
That is the case with any other taxation law. One year you index your capital gain, then next year you don't but get 50% discount, or the local gov bring in vendor tax and abolish it two years later etc.
I may add that previously a lot of small businesses cleared their yearly profits into self managed superfunds (it was fully deductible) and reduced their tax bill to 15%. That was their way of building wealth.What do you (investors in Adelaide) think about Morphett Vale and O'Sullivan beach?
Thanks
I don’t know about the sea levels but there was no snow in Europe this winter. A lot of ski resorts went broke. Instead of -5degree it was around +15, most of the time. ( where my mum lives)
I think we all need to take global warming very seriously and start doing what we can.The experienced investors (which I am not) say that don’t put all your eggs into one basket. You could keep your house in Perth (in the long run I think it is a good investment) and buy maybe two in Bendigo. A couple of years later you can buy again either in Bendigo or somewhere else if your finances alllow it.
You think also about what is the housing market for future sale in Bendigo. What will you do if you need money for something in the future (eg investing into a better deal) and you can’t liquidate all your assets. I have a house in a small place and we could not sell it when we wanted it.
Just my thoughts.
I have a question relating to this topic (for the mortgage brokers).
I know that all of us have different needs but what is the most popular loan product (with offset account), and which bank/institution is the best to deal with? I had dealings with ANZ, St George and ING but I am not happy with any of them.Thanks
Thanks for the replies.
Thanks, I was not sure if there is a restriction or conflict of interest.
Stamp duty is tax deductible too, but only taken into account when the property is sold – except in the ACT where it can be claimed straight away apparently.
Terryw,
Where did you get this information? I would like to look this up.
I thought the income tax law works the same way in all States.Alto55
Thanks for your thoughts.
I guess I will just have to wait and see. My preference would be to buy in WA but the prices are just too high at the moment. If I buy now and
the value of houses will drop like they did in NSW I would kick myself .I can see though that those houses which are good value for the asking price are snapped up quickly.
Thanks
alto55
Hi,
Mortgage insurance, Bank fees, stamp duty on mortgage
are classified as borrowing expenses, and iare tax deductible
over five years. Insurance, Council & water rates (you will have to
pay at settlement) are tax deductible.
Building, pest inspection and conveyancing expenses are part
of the capital cost. If you buy an investment property better to get a depreciation report too which cost around $300. That is tax deductible.Cheers
alto
