Forum Replies Created
Shahin: ill be checking with commonwealth bank this week. But based on my calculations 420K on property and 180K to build… ill be in debt big time which is why im contemplating selling
Wilko: my current project as owner builder the bank didnt want a bar of it. Might be different as if I use builder. Wonder how ill go if I do it myself again.
Im thinking in relation to building a future dwelling and sub divide the next project.
Id need cash to do that
I know the banks dont like financing building costs.
Hi Terry,
Thank you for your assistance.
So basically, if my I purchased for 200K and now worth 400K. 400K would be my cost base.
Now if I have lived in it for 6 years and rent it out for 1 year then decide to sell or move back in down the track (say rental income is $300 per week over 12 months), how can estimate what my CGT will be (this is on the basis that I have moved out into a new home).
As per the legislation you have provided – I intend on making my new property my main principal place of residential so I think this would rule me out under this legislation right as I believe we are entitled to 1 principal place of residence.
Terryw: very interesting.
So if I purchase a new property and then make it my primary place of resident and then rent it out, and evantually sell up ‘x’ years later, can I then nominate which will be my next primary place of residence in order to avoid CGT?
good point!
do you know of any websites or if there is a basic formula for calculating negative gearing?
I’ve already factored those things which is why ill be staying around coburg.
lease and having to move arent a real concern as i will most likely renting a house of one of my builder mates, however my main question is if it really is worth renting in order to be able to negative gear property?
well my main concern is finding something suitable to live in for my family (wife and child), however at the same time I would like to get into real estate investing and would like to assess all options before committing.
ideally i would like to stay in the Coubrg area (median 650K), however this mortgage will tie me down for a lifetime! so instead i was looking at a few areas which i believe are quite affordable and potential for capital growth (although id prefer not live in those particular areas), which will mean i can invest and rent in the Coburg/Pascoe Vale area.
i mean in the end it’s all about saving and growing the portfolio and being able to negative gear will really benefit me.
Hi guys,
Still looking at purchasing my first project, it’s taken a lot longer than what I intended, as I’ve found the more you wait, the longer you look, the more picky I get! Which I suppose can be a good thing…
Anyhow, I know we’re all here to make $$$ from property however my situation is $$$ vs TIME, I’ve been having thoughts of getting a larger scale builder (ie Metricon, King, etc etc) and once I sub-divide I just get them to build a basic house for under 180K… another option is getting my permits approved and selling the backyard.
Has anyone had any experience with any of the above?
Regards
Bas
Hello again, Anyone know where I can determine how many SQM I require to build a 3BR townhouse? Basically I intend on purchasing property to sub-divide, I just want to be sure I accurately calculate the right SQM. Is it something like 200SQM per 3 BR house? What is the go with car park spaces? And lastly what does the law specify about having plants or making it the building eco friendly? My mates have advised me these are things I need to look into and apparently can vary from different councils. Appreciate your assistance J
Thanks FDA, looking forward to your email.
So are you from a trade background? or is this something you decided to embark on?
FDA,
I am based in Victoria.
Thank you very much.
Thanks Saphire101, i'll be sure to look into the link
fda that would be great! please email the details through. i dont mind doing some work myself, however I do have a full time job and time is limited.
whats the law on cbm per bedroom/car spaces… or where can I go to get more info.
I've been advised that I should consider doing cert 4 bldg and construction for some good insight..
