Forum Replies Created
We usually get around this question by first telling the agent what we’re looking for.
That is , mid priced basic family 2or 3 bedroom home, in average area, requiring some reno work, close to schools, shops and transport. Must be on a block of at least 800m etc…..Then give them a wide price range, say $200k – $300k and say it depends on the condition of the property.
They are just doing their job by sifting out the tyre kickers so make it clear that you mean business and goodluck.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Foundation,
I often read about others getting in contractors to do the work but I just don’t see how we could have made a profit from it and where’s the fun in that ! Nothing like the smell of paint on a cold morning !
Motivation is really hard when I’m on my own most days but I take a TV on site to keep me company, and on the weekend we have 4 little “helpers”. Things don’t always go to plan as you’ll see in myother post “Mission Statement”.
By the way we finished the reno work in 12 weeks but had it listed for rent for several weeks until we found a suitable tenant.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Mat,
Not sure on the exact hours but basically every chance we had between Feb and May. This is my “job” so I drop off the kids and then go to work onsite, then back by 3pm for school pickup. So for me its around 5 hours a day plus 16 hours on weekends. My husband works full time (so we get the loans approved) and does all the construction work on the weekend (16 hours). During the week I “pretty” things up and manage the job. Presently at home catching up on office work.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Thanks Simon. It was only a basic makeover For those of you interested here goes;
Stumper to level and fix $3650
Plasterer $550
Tree lopper $750
New double carport kit $1486
New Laminex kitchen bench top $220
Bobcat $372
Pest Control $187
Skip bins 2 @ 190 = $380
Electrician $1204
New glass shower screen $829
New Security grills $774
Roof repair and paint $990
4 x new room a/cond $1193
New carpet $1920
New Curtains $601
Misc. $5894 (Paint, silicone, timber, gravel, light fittings, plumbing bits, concrete etc)
The labour we supplied ourselves “free”.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Often the big outlets have an end of financial year sale soming up soon, and perhaps offer cash for a better deal. Otherwise the auction rooms are good, but I’ve also bought products that are excess to builders needs off http://www.xsstock.com.au.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I’m afraid there is no easy formula for this one as it depends on so many issues. How many lots in subdivision ? Water, sewerage, phone, electricity, Site conditions, Noise, Surveyor, Engineer and Council Fees etc…not to mention the interest !!
If this is your first time at subdivision may I suggest you try your hand at a small 1 into 2 first, to learn the process before tackling a major project. Or perhaps you could do a Joint Venture with a Developer.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I have read before that adding furniture gives a good impression and allows a potential buyer to see themselves living in the house. We received a quote of $3400 for a 3 bed house for 1 month. However when we spoke to the agent they felt that as the place was renovated so nice it would be better to leave it open rather than clutter with furniture. She was correct as it sold 2 days later unfurnished for the full asking price !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Alison,
We did a removal house 3 years ago in Qld.
If you do a search on this forum you’ll also find that other’s have asked the same question so you might find some useful information. Otherwise I’d first suggest you visit your local council to determine what fees, charges and restrictions apply as they all vary. Most homes will require the payment of a bond to Council before removal. We also had the problem of the bank not recognising the house as an asset until it was on the new site and stumped, so that made cashflow very tight. The house will need to be brought up to today’s building standards with tie down, bracing, insulation new plumbing and wiring. It took us 12 months to complete but the result was amazing. Happy to send some pic’s if you like.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Can we please stick to the topic.[offtopic]
When does the new rebate come in Terry ?Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”This subject has been covered many times over so try doing a “Search” on this forum.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”“He was only 19” Isn’t that a song or am I just showing my age ?
I would have to agree with the other posts here to keep saving, stay at home and keep reading. Read the paper daily, read stories about other succcessful people, read investment books and magazines and best of all keep reading and posting on this forum. This way you’ll gain the confidence to start your investment journey. A parting thought though don’t sacrafice your enjoyment of life along the way so make sure you take a little reward occasionaly. Life is too short, enjoy it too.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”In addition to double glazing you could also consider having the house air conditioned, and that way closed windows would reduce the noise, and has the added plus of making it more comfortable in summer.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”He could probably also get a job at Citibank Call Centre.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Being close to public transport is great but not if it affect your quality of life, so stay away from houses backing onto major roads and rail lines. Also air traffic noise is considered a problem in some areas. I’d also watch for site contamination, mining and any foul odours that could come from tips. I’d also avoid high tension cable lines as these are reported to cause health problems.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Shops, transport and schools.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Dave,
I’ve developed our own “Property Evaluation” checklist and covers points such as :Zoning
What is the size of land, current zoning, Heritage issues, Council restrictions on land size, building heights, setback & fees
Topography
Description of site, slopes, flat, gully, corner site, undermining, contamination, cut & fill. Any significant trees to be retained. Any flooding, High tension cables, Air traffic.Neighbours
Description of neighbours property, will development affect neighbours privacy, views, or overshadow property.
Any similar developments nearby ?
Transport
Public transport, buses, train, freeway
Any Main Roads restrictions on noise pollution. Do other roads need upgrading. Can you access site easily.
Utilities
Water, sewer, electricity, phone, gas. Can existing facilities been used or do they require upgrading ? Any easements, rivers or drains affecting the supply of Utilities.I suggest you use the above to formulate your own template to use as a checklist when viewing land. Also don’t forget the digital camera !! Good luck.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I agree with Stuart and Paul you need to have accurate figures of recent sales in your area. We use http://www.abr.com.au and find the 1klm radial search very handy and drive past as many houses as possible. It doesn’t take long to get a general idea of the market.
And don’t forget your cheque book !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”If you feel that the CSA formula is unfair have you considered lodging a Departure for Change of Assessment ? This is where both parties submit income and asset details and a Senior Case Officer decides if its fair to change the current assessment. You also have the opportunity for a phone or personal interview. You will obviously need to prove your case but its worth a try. Phone the CSA 131272
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Just been doing some numbers. Looking at boarding house fire compliance, registration fees and electricity.
We’ve got our hands full at present too but giving it consideration.
I agree with Benny that a facelift wouldn’t hurt and could be done as each room became vacant.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Thanks Lisa. I think its worth a closer look.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
