Forum Replies Created
I happen to also agree that property is one of the safest, low risk investments around, after all we all need a roof over our heads!Just be wary of “studies” though its amazing how figures can be twisted to support their case.
He said a fully diversified property portfolio should be made up of “four states, three sectors”, being NSW, Victoria, Queensland and Western Australia, and across the office, retail and industrial sectorsPersonally I think one of the main reason many property investors dont succeed in the long term is beause they dabble in too many areas at once. You should be developing your own strategy based on your own personal circumstances, resources and market conditions and then keep repeating, making any minor adjustments along the way.
To diversify between four States and 3 sectors, is in my opinion, a disaster waiting to happen and really only for those quite experienced.Take small steps at first, learn and develop your system and you can be just as successful closer to home. The grass isn’t always greener interstate.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”If you have a look at http://www.propertyvalue.com.au they have a free Postcode search which will give you the median house value, Family Type, Gross Income, Occupation, Education, Transport, Occupancy and Crime rates. etc.
Otherwise the API monthly magazine publishes similar figures.
For a full list of where to get data and research reports have a look at http://www.propertydivas.com.au, go to the Tools menu.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Have a look at the Young @ Hearts Community that has recently started. I’m pretty sure they have a branch in each State.
Here’s the link: http://www.888abundance.com/forum/Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Yes you certainly could do a basic makeover for 2-3 grand but this is assuming you don’t decide to alter the layout, as extra plumbing work is where you’ll really clock up the dollars. As Marc and Crashy have detailed it is possible to pick up some real bargains at the auction rooms, and if you only need a few tiles often you can pick up the end of line runs cheap. Also have a look at http://www.Xsstock.com.au a website that sells builders excess materials on-line. Also the Reno Kings have a bargain section at http://www.renos.com.au/bargains that may also be of help.
If you intend using a tradesman they usually charge around $35 p/hr although you may be safer to just get a quote for the whole job and that way it doesn’t matter how long they take.
Happy renovating!!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Lesia,
Factors to examine when considering a Subdivision
• Local town planning regulations
• Land zoning restrictions
• Minimum size of lots
• Access to water and sewerage services
• Setback requirements
• Minimum building envelopes
• Parks and open space
• Easements
• Vehicle access including Council refuse collection
• Storm water management
• Increased noise from new development
• Environmental and heritage issuesAs each State and Council have their own rules its impossible to give you exact figures but I’d definately pay the local Council a visit to determine what is possible.
A good website that contains a site checklist is http://www.propertydivas.com.au, along with articles about subdivision and removal houses.
Two great books to read are:
“Australian Residential Property Development”
By: Ron FORLEE
Publisher:Wright Books, 2004“Smarter Property Improvement”
By: Peter CEREXHE
Publisher:Allen & Unwin, 2004Good luck!!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Bez,
In order to be successful in property investing you need to have a good system in place. Here’s a simple 7 step program for you:
Step 1, sit down and work out your ultimate long and short term goals.
Step 2, do a household budget to work out how much (if any) cash you have available to fund a property.
Step 3, work out what type of investment strategy will work for your personal circumstances. READ, READ, READ Take into consideration your resources, level of risk and market conditions.
Step 4, build a strong team of professional’s around you (ie. Accountants, Solicitors, Finance brokers etc.)
Step 5, Research your target market.
Step 6, Prepare a Feasibility Study
Step 7, Finally negotiate the deal and Repeat !!
For more details visit http://www.propertydivas.com.au
Best wishes,
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”In Australia, all sales of land – irrespective of the type or whether there is a house contained on the land or not – must be in writing to be legally binding
There is a standard Contract of Sale for every State and Territory and your solicitor or conveyancer can prepare the standard documentation for you using the standard Contract of Sale. Always remember though, that whether you are the seller or the purchaser, additional conditions can be added – these are added as “Special Conditionsâ€.Procedures differ markedly through States and Territories and it is impossible to specify here in detail the methods for every area. It is vital that you consult a Solicitor or Conveyancer in your State/Territory before you embark in selling your property
In some States, such as Victoria and NSW, the Contract of Sale is a very comprehensive document which may include title searches, utilities searches, land tax certificates etc and this can take several weeks for your solicitor/conveyancer to prepare. In these states we recommend that you organise the Contract of Sale before you put the property on the market. There is nothing worse for a Real Estate Agent, than to have to tell a prospective buyer that the Contract details have not been prepared ready for signature. Once your Contract of Sale is ready, arrange for several bound copies to be supplied to the Real Estate Agent – as well as a couple of unbound ones so that further photocopies can be easily made.
In other states the process usually involves a buyer making a written offer of their price and terms, using a standard contract supplied by the Real Estate Agent, and then signing. The agent will then present this to the vendor. If the vendor accepts the offer, they sign and it now is a legally binding contract. However if the vendor does not accept the buyers offer, they may make whatever changes to the contract price and terms, initial these changes and sign the contract. The agent will then present this counter offer back to the buyer, and so the process continues until mutual agreement is made. Unless both parties agree with all amendments and terms then there is no contract. All title and local government searches are later conducted by the Solicitor. (Source:www.propertydivas.com.au)
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Matt,
Factors to examine when considering a Subdivision
• Local town planning regulations
• Land zoning restrictions
• Minimum size of lots
• Access to water and sewerage services
• Setback requirements
• Minimum building envelopes
• Parks and open space
• Easements
• Vehicle access including Council refuse collection
• Storm water management
• Increased noise from new development
• Environmental and heritage issuesAs each State and Council have their own rules its impossible to give you exact figure.
We’re just in the middle of the civil works on our subdivision in SE Qld (2 years to process!!) and the new 200m sewer line including 4 manholes is $30K installed. If its a small subdivision (Under 20 lots) and located in SE Qld then give me a PM and I’ll put you in touch with a reliable contractor.
With the driveway’s will they be concrete?A good website that contains a site checklist is http://www.propertydivas.com.au, along with articles about subdivision and property development.
Two great books to read are:
“Australian Residential Property Development”
By: Ron FORLEE
Publisher:Wright Books, 2004“Smarter Property Improvement”
By: Peter CEREXHE
Publisher:Allen & Unwin, 2004Hope this helps,
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Wayne,
Factors to examine when considering a Subdivision
• Local town planning regulations
• Land zoning restrictions
• Minimum size of lots
• Access to water and sewerage services
• Setback requirements
• Minimum building envelopes
• Parks and open space
• Easements
• Vehicle access including Council refuse collection
• Storm water management
• Increased noise from new development
• Environmental and heritage issuesAs each State and Council have their own rules its impossible to give you exact figure
A good website that contains a site checklist is http://www.propertydivas.com.au, along with articles about subdivision and property development.
Two great books to read are:
“Australian Residential Property Development”
By: Ron FORLEE
Publisher:Wright Books, 2004“Smarter Property Improvement”
By: Peter CEREXHE
Publisher:Allen & Unwin, 2004Good luck!!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Hot Property Investor,
I’m from Qld so don’t know the area however as with any property purchase its very important that you have a strategy in place first before signing on the dotted line. What are your ultimate goals, how does this property fit into your portfolio? Who will do the reno work and at what cost? If you need help with this then have a look at http://www.propertydivas.com.au.
I’d suggest you first do a RPdata search (or similar) and find out what property has sold for in a 1klm radius and then hit the road and drive by each place. Try to find one similar to what your property would be like renovated, then work backwards taking into acount reno costs and the price they are asking. Make sure there’s enough profit in it for you. We always aim for $1 profit for every dollar spent but thats not always possible if you pay contractors.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Stargazer,
Factors to examine when considering a Subdivision
• Local town planning regulations
• Land zoning restrictions
• Minimum size of lots
• Access to water and sewerage services
• Setback requirements
• Minimum building envelopes
• Parks and open space
• Easements
• Vehicle access including Council refuse collection
• Storm water management
• Increased noise from new development
• Environmental and heritage issuesAs each State and Council have their own rules its impossible to give you exact figure
A good website that contains a site checklist is http://www.propertydivas.com.au, along with articles about subdivision and property development.
Two great books to read are:
“Australian Residential Property Development”
By: Ron FORLEE
Publisher:Wright Books, 2004“Smarter Property Improvement”
By: Peter CEREXHE
Publisher:Allen & Unwin, 2004Good luck!!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”There’s a couple of great books that will help you get started:
Australian Residential Property Development – Ron Forlee
Smarter Property Development – Peter CerexheAlso the website at http://www.propertydivas.com.au has a checklist and several articles on subdivision and property development that should point you in the right direction.
If you’d like to get someone else to manage the job for you then perhaps Michael Yardney at Metropole Properties in Melbourne is your man. He’s also a member here so drop him a PM.
Good luck, property development requires lots of patients and careful planning to be successful.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Wow some amazing tips here for those new to property investing.
Its often very overwhelming when you first start out.
There’s a new website http://www.propertydivas.com.au which is kind of a “one stop property shop” where you’ll find heaps of free downloads, templates and resource lists.
Happy investing!!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Have you checked out the new website at http://www.propertydivas.com.au as they have several templates and checklists to download free that may save you some time!!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Sara and welcome to the PI forum.
There are several very experienced finance brokers on this site who should be able to help you here, perhaps drop Richard Taylor a personal message. I’d also suggest you make an appointment with an Accountant, experienced in property investing, to ensure you structure your affairs to gain the maximum legal deductions.
For further details on tax structures see the website http://www.propertydivas.com.auAmanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Maybe you should consider renting a place for 6 months or so until you get a “feel” for the area. I suppose it really depends on your personal circumstances and if you have a partner and/or children.
The Qld Office of Urban Managment have printed a SEQ Regional Plan 2005 – 2026, which you can obtain for free via the website at http://www.oum.qld.gov.au.
Its quite a thick book and details areas that are earmarked for future development including maps etc. This may help you uncover the next building “boom” area. Persoanlly I’d be looking at Ipswich although its a day trip to the beach!For other tips on how to research an area check out the new website at http://www.propertydivas.com.au
Best wishes for your new life in sunny QLD
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”You’ll find heaps of free downloadable templates, spreadsheets and calculators at http://www.propertydivas.com.au.
Membership is FREE!!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”The tax office have a publication that you can download that lists all the expenses and decline in value amounts claimable just go to
http://www.ato.gov.au/content/downloads/NAT1729-06.pdf
This topic is also explained further at http://www.propertydivas.com.auCheers,
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Subdividing is when a piece of land is split into two or more pieces (ie separate lots). The process is controlled by the local Council. Planning codes and procedures vary significantly between Councils and also between States and Territories, as do the relevant fees and charges.
Factors to examine when considering a Subdivision
• Local town planning regulations
• Land zoning restrictions
• Minimum size of lots
• Access to water and sewerage services
• Setback requirements
• Minimum building envelopes
• Parks and open space
• Easements
• Vehicle access including Council refuse collection
• Storm water management
• Increased noise from new development
• Environmental and heritage issuesHidden Costs
A subdivision can take several months (and sometimes even years) to complete so you must factor in your holding costs such as:
• Interest
• Rates
• Land maintenance – eg slashing and weed controlDividing the land
Before you rush out and build a new dividing fence in your backyard, you should first consult your local Council for specific guidelines and costings, as it is imperative that the property is divided correctly. Any errors at this stage will cause major problems further down the track.The Process
Most Councils require a Development/Planning Application to be lodged, together with details and drawings of your proposal. A Town Planner or Surveyor can assist you with this process, and they may also be able to give advice regarding conditions that the Council is likely to require.Before lodgement of the Application, you can ask the Council for a “Pre lodgement†meeting to discuss your subdivision and determine what issues will need to be addressed in the Application.
When the Council receives your application, they may require you to erect a notice board for public viewing. The purpose of the board is to alert the public of the proposal by providing details of the subdivision. The Council may also write to the owners of the residents of the neighbouring properties advising of your intentions. I’d suggest that you contact the Council to find out what procedures your local Council uses.
Additional information the Council may require
Water and sewerage:
•Are existing services available?
•Can the existing infrastructure cope with increased use or need upgrading?
•Is permission required from neighbours to access property?
Storm Water
•How will storm water run off be managed?
•Is a drainage pit required?
•Are tanks required to regulate the flow of storm water?
Noise
•Will existing main road traffic noise affect the subdivision?
•If so, how will this be reduced? (Fences and/or earthworks)
Soil Conditions
•Do the soil conditions (eg.sand, clay) impact on road and footpath design?
Other issues
•Footpath
•Lighting
•SignageApproval of the Development Application
The approval process for your Application may take several months depending on the complexity and size of the subdivision.You will then be issued with a conditional approval covering topics such as:
•Developer to supply a plan of survey and mark land with survey pegs
•Road reserve
•Easements over stormwater, water and sewage mains
•Requirement that storm water pipes be designed to cope with a “1 in 100 year†event.
•Dust control
• Hours of permitted work (usually Mon – Sat 6:30am to 6:30pm)
• Headwork contributions to be paid by Developer
– Open space (parks)
– Social infrastructure
– Road infrastructure
– Water infrastructure
– Sewerage infrastructure
– Street scape contribution
•Disposal of cleared vegetation
•Connection fees to live sewer mains
•Road (width, pavement depth, footpaths, kerb & channel, ramp profiles)
•Street lighting
•Fire Extinguisher (Battle axe blocks)
•Underground electricity and phone
•Erosion and silt management
•Maintenance period of roads
•Retaining walls
•Fire ant inspections
•Portable long service leave for Building & Construction IndustryIf you are not satisfied with the Council’s decision, you may apply for a review.
Operational Works
Before work can begin, you will need to engage the services of a Civil Engineer to design and draw the sewer, water, road, footpaths and any other Council requirements.This is a separate application usually referred to as “Operational Works†and attracts additional fees and charges.
Final Stage
All civil work will require Council and Engineering certification. When the subdivision has been completed to the satisfaction of the Council, you can then apply to register each separate title deed through a Solicitor..
Hope this helps!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Being a Qld girl I think weatherboad on steel stumps is the best way to go. Better ventilation being raised off the ground which is great in a humid area like Qld. Also the soil in many areas has a high clay content so movement is innevitable so the stumps can be adjusted, whereas with “slab on ground” you’ll need to underpin which is very costly. I think weatherboard adds more character to a house and while you’ll need to repaint the outside around every 10 years I think its a great opportunity to give the house a “new look”.
Happy house hunting!!![biggrin]Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
