Forum Replies Created
Hi
We are in Melbourne Suburbs…..
Snowflake
Thanks Manoj… very help ful info…..
The loan for this IP is with the ANZ….They have already told me They dont do internal inspections for valuations… Do I refinance with another bank????[inlove]
Snowflake
Thanks for the info fArn… One way to find out is????[inlove]
Snowflake
Sorry to be a ” sore contributor” for the first time but I have to say:
1. I cannot believe some of the things people do to save a buck… Wouldnt you be better off putting your time and energy into research or education or investing….
2. Westan..please tell me your not serious about the Church thing!!!!
3. Ebay… you cannot sell anything on ebay without them charging you adveretising fees…? I have an old toilet I just took out of my Ip as part of a reno…..If I put that on the front lawn for council pick up or advertised on ebay —would you bid for it????Sorry but I have friends that are so so frugal that I am embarassed for them……..Live life….You work to live not live to work!!!! Start living… After all isnt it what life is all about… Yes many of you may sporn me and say.. its the way to financial freedom etc…. but what about the journey there..???
Snowflake
HEY FOUNDATION
THANKS >>>>>>>>>>>
NOw any idea if I can get the same sort of info for a specific suburb… I dont want to pay for a residex reportetc…. Is just a 5 year average I am after…..
P.S thanks for chatting![inlove]
Snowflake
THANKS RED-ROUGE[inlove]
It was as I thought….. so this makes me question, If you refinance your first IP to get the 20% for your second IP, you will increase the LVR of the first IP to above 80%, then you have to pay LMI again when you refinance correct? ….How then do people get around that unless they spend their own money paying off IPONe so that even if they refinance to get 20% deposit they still have 80% LVR on it????OR…IT would take years for tenants to do this.. unless you have heaps of capital gain right?????????
Sorry I know they way I have written this may not make much sense but I;m trying!!!!
thanks again…..any more insights…….Snowflake
Hi guys… help me to understnad this please…… I recently got my bank to do a valuation prior to refinancing for a reno…Problem is they never even went inside…..Now that the reno is done I thought I hsould get another valuation but my initial thoughts are… if they wont look inside to see the improvement… how can i get the new renovated property revalued….and forumites have told me that banks wont accept a professional valuation from a private compant or person/… ITS A REAL CATCH 22… how do the pros get around this?????????????PLease help me…..[inlove]
Snowflake
thanks Frini
We are almost done with the reno: here are the details in case anyone is interested:
Bathroom: all self installed with lots of “expert” fathers and father in laws help -ex-engineers love to be in charge and they are always after perfections . Total demolish including palster on wall right down to bar wall studs. We demolished an internal bathroom wall that separated the toilet from the rest of the room (waste of space) so now its a lot BIGGER. Installed a corne bath and shower in one, new toilet and vanity and did al the tiling and stuff ourselves…..Looking spiffing if I must say!!!! Cost: including everything including paint, fittings, tiles, plumbing etc….$3500
Kitchen: New 22 cupboard kitchen (large gallery area) and appliances including installation and new fittings and appliances and design, european laundry double cupboard fitout in the same style as kitchen Cost: $7000
Pain inside house (my shoulder is killing me but you cant say im lazy!HaHaHa) $350 for paint
Dog pissy and stinky carpet in lounge and dining pulled up and hardwood floor board pollished Cost: $500
Fixes falling down fence: $80 for posts
All in three weekends and most weeknights after a hard days 8 hours straight work in the office!!!!
STILL TO DO:
1. Double carport in back
[inlove]Snowflake
I am currently doing a reno in outer melb. area. I am interested in the frefinance option for a buy-reno-hold strategy but am a bit “dumb” in that area….Can anyone spell out how this works in real life…. even if I refinance the loan (due to increased house value) and use it as a deposit. I will have to pay that back through the new laon structure anyway right? HOw does it all work?[inlove]
Snowflake
As many of you know I am in the process of a kitchen and bathroom reno and have posted several times on the issue of kitchens.
We are in Melbourne and go a quote through a professional kitchen caprenter who we thought would be quite expensive and it turns out her is changing us $6000 for a large kitchen and includes GST and installation. Demolishing existing kitchen would cost $250 but we are doing this ourselves….He will install the new one in 1 day!!!!!He is also doing a european laundry fit out (double cupboard, cupboard doors the same as the kitchen and internal shelving) for $750…..This is best for us as it leaves me and my partner tie to focus on internal painting, some pastering and otehr things as part of the renovation…….[inlove]
Snowflake
Hi Andy,
Does this include renos for a property that is to be sold? I am unsure whether a second hand kitchen would attract the same resale value to a new one????[inlove]Snowflake
Hi Andy,
Does this include renos for a property that is to be sold? I am unsure whether a second hand kitchen would attract the same resale value to a new one????[inlove]Snowflake
I know a lot about Mildura–have you ever been there?
1. prices have increased a lot over the past 6 years…..now have stabilised. You wont get anything in your price range unless it way out of town.. Good rental makret for transient people…..You either have to but close to town…townhouses there are lots of…… For epople that have been unable to afford this they have developed lots of residential estates in the outskirts that are full of first home buyers and renters………There is a lot of unemplyment in this demographic also… you might do o.k buying something close to town or river where you might appreciate your equity but then you are looking at very high $250,000++to purchase a house… [inlove]Snowflake
This would be my suggestion:
1. Dont estimate the value of your property. Get a formal valuation from your bank and then look at refinancing options to pay of exisitng personal debts.
2. Talk to an accountant-straight up….He may siggest getting an interest only loan that will reduce your repayments for a while until you get sorted and are in a better position financially…
3. PAYG….get your tax return allocated to you as a weekly or monthly payment instead of once a year… helps with cash flow.. not sure what you call it but you sign paperwork form the tax offcie to set this up…..=more $ in your pocket for repayements each months.
4. Review the rent you are getting from your property i.e with interest rates up and rental yield up you may be able to increase it. Perhaps check out some cheap improvement options ie: carport/air con etc.. that is depreciable and also you can use to increase rent.
5. Reduce your own personal expenses-in the horse term. ie: if you have used the equity to purchase luxuries like cars etc…..sell and buy a smaller/cheaper car… Works out less fuel, payments etc…
6. Hang onto property if you can as prices will eventually increase. Its not a great time to sell unless.. hold on…[inlove]Snowflake
You comments have bben great-thanks.. However I wish to comment that the house is receiving other major renovations including a bathroom and garage and deck etc….It has been an IP rented but we will look at chashing in and selling over the next few years to invest elsewhere….so does this not warrant spendin g a bit more on a great kitchen and reno for resale value…. P.S we have friends renting it for us on a 2 year lease…….[inlove]
Snowflake
thanks guys.. some good strategies….Just to let you know (esp. DAZZLING) I have not signed anything just mearly enquired with the anz as I was happy with their service on an exsiting loan until this issue poped up and upset my balance….Here is what I have decided to do…
My father in law will give us the money via his line of credit. So we will just pay it off that way and no entry or exit fees etc for us…
The idea about self finacning it in the short term and then using the increased equity to refinance and pay out using another loan would have been a great second option……
thanks everyone…..[inlove]
Snowflake
I’m in the same situation:
1. bought the house fairly run down (cosmetically it needs a kitchen and bathroom facelift.
2. IP is in great location to shops and train and freeway.
3. We are doing it up for the upper rental market. New hard wearing kitchen and applicances and new bathroom and painting and car port. Cost will be about $15-18000. Will bring rent from $220 week to $260 week at least. plus the extra capital which we will access to but the next IP…….We hope to get good tenants that will want that bit of extra and then keeping them happy they will hopefully stay on witout much hassle or fixer uppers in the near future.Snowflake
So from what you are saying:
1. I can still claim repairs even when they were done/bought when the property was not tenanted…..
2. From a major kitchen and bathrom reno…what things would constitute a repair versus improvement. For example: we are putting in new bth and vanity to replace old one that is totally unusable… is this a repair or improvement….A new kitchen would be an improvement???I am a young girl with her first IP and I really value your help on the forum….My family dont “talk” this language at all… I often get frustrated [blush2][inlove]
Snowflake
Hi Cameron
Ho[blink]w would you organise 85% without LMI?
Snowflake
Hi Handy Man
The room is 2.4 x2.4 approx
When you enter, there is a shower on the left and then a toilet in the top left corner and a vainty staight ahead as you walk in with a window above it. The problem I have is that the length between the whoer and toilet is 2.4 meters which wont fit a full bath and toilet. Options may be moving the plumbing around but I am under the impression that that will cost a lot more. I thouht about a corner bath/shower combo or a half bath and shower??? Thankds for your input… HOpe you can give me some further insirations!!! See Ya!!!![exhappy]
Snowflake
thanks again…..any more insights…….
