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So 0.005% of the population are confident. Hahahaha!!!!!
Wonder what the other 99.995% think?
sam2011 wrote:Also I read:
This means that after entering into the contract the purchaser has five working days in which to “cool off” (rescind). If you rescind under your cooling of rights, it will cost you an amount prescribed by law – you forfeit to the seller 0.25% of the sale price. This means you lose $250.00 for each $100,000.00 in the purchase price (or part thereof). The contract is then at an end and neither party has any further claim against the other.
"
This sums it up. They didn't rescind. Hence their problem.
Paul B. wrote:Also grab a tub of spackfilla and fill in any holes before you paint! Well worth the extra couple of minutes effort.I can't believe how many people neglect to do this. I saw a house once that someone had bought to flip. They hadn't prepared the walls AT ALL. Just painted right over what was there. Chunks out of the wall, and the paint was so thin you could see through it. Sat on the market for many months. All to save a few hours work and an extra hundred dollars in paint.
Thanks. We are very happy with the result. Good equity gain and CF+
Normally we would have polished floorboards but because of the damage we just carpeted. Just cut back the burnt floorboards and replaced. Not too bad.
They have their own rules. You'd need to read the regulations of the one you are considering.
When it comes to sell there may be limited buyers. I'm not sure how they stack up as for as CG goes. .
But as a safeguard for your parents to move into it may be worth looking into.
Can you do renovations? What restrictions are there? Can you sell to anbone? What age can live there? Can you have visitors stay?
Check ongoing costs too. Strata? Medical support??
Positive Real Estate have been pushing Coomera for 5 years now because they build units there.
Just be very careful. When you don't know an area well you can easily make a poor purchase. One suburb may look very similar to you but may be completely different to the knowing purchaser
Is that a closet???? Glad you came out.
Chris funny you say that. In 2011 I asked if anyone wanted to come and see our reno (and maybe pick up a paintbrush) but no-one was interested. I would have jumped at the chance had someone offered that a few years ago when we started full renos.
We haven't bought an IP for 12 months but are over renos at the moment with our new PPOR. Really lookinmg forward to a holiday then start looking in the second half of the year. Possibly buy/reno/sell a I don't want any more hold properties. We are going to start selling down in 2 years (come on Sydney boom). LOL .
Sydey- normally be glad to but STUFFED with our current huge project and don't want to touch anything until after our holiday. Then we need to put a new kitchen in and then look at buying.
Good luck with the renos. If you love it, it's great. We love it but have done a lot in the last 3 years and now need a rest. But we'll be back. We have to, we have a huge garage full of reno stuff.
It sounds good in principal. I would speak to a lawyer first though. Are there spouses or significant others. If you and your brother own it and get divorced for example ex is entitled to half. What if one of you dies? Who's entitled to your assets?
I'd get legal documents drawn up to show who owns and owes what (just to cover all bases). And have a valid will.
How are you thinking it will be structured? Your dads owns the land so he will in turn own any buildings you put on it.
You'd be hard pressed to get a bank to lend you money to build on land that you don't own (what's their collateral?).
Interest on $650K = $750-875pw + dad's $400 = $1150- 1275
Rent = $1200. That won't pay off the loan. It will only cover the interest. Plus there's rates, agents fees etc etc.
How can it be technically a one bedroom and really a studio?
I consider it to be a one bedroom if it has a separate room that will fit a bed.
Yes. But as with all things there are good and not so good. A good one can sometimes source deals before they even hit the market. Agents can contact them if they know a seller wants a quick sale or is willing to drop their price. At the end of the day agents want a sale. If they know an agent has lots of clients they'll often ring them.
I've bought a few bargains through a buyers agent.
You need to find one that specialises in the area you want. Name a few suburbs you are interested in. People may have recommendations.
A renovation strategy mnay also be buy/reno/hold. That's what we've been doing the last few years. Increased equity gives you the deposit for your next purchase plus your yield goes up making it CF neutral at worst (assuming you do a good job and don't blow your budget).
Just to clarify the $15,000 was an all up cost. Yes we do a lot ourselves. First 2 days strip everything out (kitchen, bathroom etc). We strip gyprock if necessary, strip wallpaper, carpet, prepare walls, paint. We put gyprock up, and cornices and set.
Friend (electrician) does electrical. We pay a plumber (mates rates). We also pay my BIL for about a week (this includes him and my hubby installing the kitchen). We also pay a tiler to waterproof and tile the bathroom. We also pay to get floors sanded and of course carpet laid.
So there is labour included in that cost.
Our last one (burnt out) cost $25,000. We paid someone to paint the outside of the house and to spray the roof.
It's on youtube if you are interested. http://www.youtube.com/user/LovetoReno/videos just under 5 weeks, nights, weekends (a few sick days off work sshhh) $25,000 total spend. Estimated equity gain $90K.
Labour costs vary depending on area and how busy they are. Once you get a good one, hang onto them. If doing regional and not willing to go there for a week or two your costs will be up.
The big things most people overspend on are kitchens and bathrooms.
Yes our last 4 reno's have been in Western Sydney.
Hi, I'd get rid of the timber if it's that cheap stuff that's nailed/glued on. Just re gyprock the wall behind. If it's nice proper timber you can stain or paint it. From the sound of the house it's the cheap stuck on stuff.
The strips between the sheets of (not gyprock) is just to join them. I think it would be more trouble trying to patch over it. I would rip it out and regyprock this also. In doing this the cornice will come down too so in effect you would gyprock the whole room.
If you strip it yourself it's not as expensive as you might think. Then your house looks brand new. Patching will look like patching.
What items are you talking bout taking photos of?
We strip the kitchen and bathroom so it doesn't matter what it looks like (it's going in the skip bin).
A kitchen price won't change in price much f it's a bit bigger or smaller. Same with a bathroom. The extra cost comes if you want to change the layout.
So pretty standard with pricing once you've done one or two. We budget $15,000 for a standard 3 bed reno- new kitchen, new bathroom, polished floors, carpet in bedrooms, lino in laundry, paint. Then just add extra's if necessary eg driveway, paint roof etc. Things that aren't standard to all. Our last one was a burnt out so added some for new gyprock and I paid someone to paint the outside.
If one is in a high income bracket and it is negatively geared it's more tax effective to have it in that persons name. If it's positively geared it's more tax effective to have it in the low income persons name.
But if you sell and it it is in the high income persons name it will cost you more in CGT (assuming a profit).
So you need to look at the present situation and what your intentions are for the future with regards to selling/keeping.
Lots of variables. eg if you intend to keep it for, say 7 years and you plan for your wife to not be working at that time it may be beneficial to have it in her name.
Sometimes banks can be a bit funny about having a property in one name and having the mortgage in 2 names. You could do tenants in common with a 99% / 1% split (for example).
We just got quotes for ours. It was quite confusing. We had back neighbour, side neighbour and internal to section off granny flat. We just got him to quote the 3 bits separately.
The total cost varied by $1000 with 3 different companies.
I like colourbond. We had it at our old house. Put it in 15 years ago and it still looks like new. But it's a personal choice. The problem can be deciding on colour though if different neighbours.
What do you mean "in this way".
In NSW if you pull out you lose your .25%.
Best to lose your deposit than have to fork out thousands getting it to comply (or have to rip it out because it doesn't).
Sounds like they are avoiding your calls etc. Probably a reason for that.
There has certainly been some good CG in the last few years in 2770.
Rents have stabilised and demand is there for reno stock which is also pushing prices up.
The yields are still good but not like they were a few years ago.
As mentioned you need to be careful with selection of area and particularly streets within areas. Pick incorrectly and you'll always have difficulty getting decent (or any) tenants.
It depends if there's been capital growth.
That would allow you to access equity sooner.
Assuming you have and don't want to go over an 80% loan. You can borrow (assuming servicability) up to 80%
eg if your house is worth $500K and you owe $350K you could borrow $50K. Because $400K is 80% of $500K.
That's a very simple example. Hope it helps.
