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  • Profile photo of CattabyCattaby
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    @cattaby
    Join Date: 2010
    Post Count: 26
    June 28, 2011 - 7:08 am

    Got another report turned around by Mike in less than 12 hours – thanks so much!

    Profile photo of CattabyCattaby
    Participant
    @cattaby
    Join Date: 2010
    Post Count: 26
    June 21, 2011 - 12:41 am

    Hi all,

    I went with BMT for my tax depreciation in the end (based on reco's here and hearing about them in The Age). I got two quotes for two properties: an existing apartment block was quoted at $400 + gst and a house they had not visited before was quoted at $600 + gst. The apartment block was cheaper because they had previously visited properties in the building so wouldn't have to see it again to draw up the report, and would also be able to turn it around sooner.

    The report I received is extremely detatailed and listed items I hadn't even thought of as being worth claiming. I'll be getting over $5k back, so well worth the fee. Very professional and quick to respond too – highly recommended.

    Profile photo of CattabyCattaby
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    @cattaby
    Join Date: 2010
    Post Count: 26
    June 2, 2011 - 6:06 am

    Thanks for the recommendations guys – looks like I have a few options going forward once I get the laundry reno'ed into a bathroom.

    Crash – any update from your guys? How did they go?

    Profile photo of CattabyCattaby
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    @cattaby
    Join Date: 2010
    Post Count: 26
    May 27, 2011 - 1:56 am

    Hi Luke, thanks for that info. Do you remember how much they charged?

    Profile photo of CattabyCattaby
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    @cattaby
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    Post Count: 26
    May 25, 2011 - 4:32 am

    Thanks Crash – I'd be really interested in hearing about your experiences.

    Profile photo of CattabyCattaby
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    @cattaby
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    April 29, 2011 - 4:15 am

    I found this for VIC, which seesm to have everything I need.
    http://www.consumer.vic.gov.au/CA256EB5000644CE/page/Renting?OpenDocument&1=910-Renting~&2=~&3=~

    Thanks for the help – I think it was just a matter of knowing the right terminology to Google!

    Profile photo of CattabyCattaby
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    @cattaby
    Join Date: 2010
    Post Count: 26
    April 21, 2011 - 12:54 pm

    Thanks for the replies all. It doesn't sound like something I will need (everything has been fairly straightforward, and there are no other interested parties), so I think I'll keep my $250 and put it towards a few slabs of beer instead ;)

    Profile photo of CattabyCattaby
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    @cattaby
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    Post Count: 26
    April 21, 2011 - 1:36 am

    Probably because if I lodged the caveat myself I believe it's < $100, but if they do it for me it's $250? I'm a little skeptical – hence the question!

    Profile photo of CattabyCattaby
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    @cattaby
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    April 21, 2011 - 1:13 am

    Also looking for a surveyor in the Melbourne region (who can service the northern suburbs i.e. Pascoe Vale) who can draw up a depreciation report. Anyone know of anyone, and general costs?

    Profile photo of CattabyCattaby
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    @cattaby
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    Post Count: 26
    April 21, 2011 - 1:07 am
    ChristinaM wrote:
    Can anyone recommend companies to do building, pest and asbestos inspections, who can do a thorough job?
    We're in Melbourne (inner north). The property we're looking at is 60-70 years old and needs a good look at…
    Thanks.

    I used Aussiespect to do my property inspection (http://www.aussiespect.com.au/) and I was really happy with their services. It was a rush job, and they did it within 2 days of me calling. I don't believe they cover asbestos, although if you ask them to look out for it they will. There's a sample report available on their website that shows the level of detail they go into.

    When I was searching for quotes, the cheapest I could find for Building + Pest combined was $550. Aussiespect was $660 for both, but because I could see the sample report I felt like it was worth the extra $110 to know I would be getting a good one – have heard some bad stories about really brief reports that only pointed out the obivous – e.g. what a non-builder could already see.

    One thing to be aware of is that the report costs don't cover the inspector moving anything – e.g. they won't move a couch out of the way to inspect behind it. So it's much easier to have an empty property inspected than one that is currently lived in – that way there's much less they can hide behind other 'stuff'.

    Profile photo of CattabyCattaby
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    @cattaby
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    April 14, 2011 - 11:59 pm

    Thanks for the rough guide on costs Skipper. I'd definitely have to get someone in because I have ZERO skill or tools for the job. It will be a good indication, as I'd like to revamp the main bathroom at some point when funds allow too.

    Profile photo of CattabyCattaby
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    @cattaby
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    April 3, 2011 - 9:14 am

    Katidee, hopefully your husband will still be available end July! I'll msg you closer to the date when I actually have access to the property for a quote. Cheers.

    Profile photo of CattabyCattaby
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    @cattaby
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    March 31, 2011 - 5:48 am

    Haha, and yet no one is posting anything yet! I guess I'll start.

    I recently purchase a property in Melbourne and needed a quick Buliding + Pest inspection done. Wasn't sure who to go to, but reading up on other forums and the like, decided to go with Aussie Spect (http://www.aussiespect.com.au/)

    They managed to look over the property within 2 days of me contacting them and gave me a HUGE report back. While there were some areas they couldn't get to (e.g. floor was too low to get under properly, and couldn't move the seller's junk in the roof space/garage), I was really pleased with the report I got back – it was easy to read and had photos of all the areas. You can see a sample of the reports they do on their website (http://www.aussiespect.com.au/gallery.html – a sample of each report is on the right hand side).

    The cheapest quote I got for a combined Building + Pest inspection was $550, and I paid $660 for Aussie Spect. I think it was worth the extra $110 for the peace of mind that I would be getting a good report back.

    In other news, I'm going to be needing a good/cheap plumber coming end of July. Anyone have anyone they can recommend around the Melbourne/Pascoe Vale area? I want to convert my laundry into a 2nd bathroom/laundry…

    Profile photo of CattabyCattaby
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    @cattaby
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    March 22, 2011 - 12:55 am

    Thanks for the speedy report Mike! I only emailed you this morning and got it within 2 hours. Very helpful and informative. Many thanks =)

    Profile photo of CattabyCattaby
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    @cattaby
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    February 15, 2011 - 6:51 am

    Thanks for the explanations guys! Will have to go down to the Commonwealth Bank tomorrow about switching over ASAP =)

    Profile photo of CattabyCattaby
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    @cattaby
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    February 15, 2011 - 6:15 am

    I'm in a similar situation to you Francesco – I purchased a city apartment, but am currently renting with friends. My apartment is currently renting out for more money than the mortgage repayments (yay!)

    I can't see myself moving back into this property, but I also can't see myself selling it (as it's such a nice little cash earner!). But maybe because I'm new to the property investing thing, I'm still not seeing the major benefit in switching to an Interest Only account, even with your explanation above. Surely if I paid extra into my home loan, I could redraw that amount later, and save on interest at the same time? Is the benefit for tax purposes?

    Please help me understand! I'm hoping to purchase my future PPOR (will rent it out for a year or so first) in the next few months.

    Profile photo of CattabyCattaby
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    @cattaby
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    November 3, 2010 - 2:44 am

    I purchased a 2 bedroom city apartment  in 2008. It was small, but came with a car park. I lived there for a year, then moved elsewhere and am now renting it out.

    I found that when it was advertised I got a lot of international student applications. These students are willing to pay top dollar – e.g. the rent they pay covers my mortgage repayments and then some…

    So if you don't mind student renters, get something close to RMIT/Melbourne Uni.

    Profile photo of CattabyCattaby
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    @cattaby
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    Post Count: 26
    October 14, 2010 - 5:48 am

    I'm looking around the same price bracket you are Rachie, but more North/West. Atm my aim is Preston, but I think a 3 bedroom there is a little out of my reach :P

    Is there any particular reason you've chosen Ringwood + Mont Albert? Potential gains, or just prefer the area?

    Profile photo of CattabyCattaby
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    @cattaby
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    Post Count: 26
    October 14, 2010 - 5:19 am

    Work out on your current income how much your home loan would be and how much you would have to repay on the mortgage each month. Almost every single bank with a home loan with have a calculator that tells you this rough amount.

    Then start putting that money aside into a separate savings account and DO NOT TOUCH IT! Set up an automated bank transfer to take the money out right after pay day so you don't get tempted.

    You'll quickly find out how to budget your remaining funds and still live your life – and your savings will grow enormously!

    Profile photo of CattabyCattaby
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    @cattaby
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    Post Count: 26
    July 21, 2010 - 7:56 am

    Thanks for the feedback guys.

    To answer the questions:
    – I don't want to rent forever. Ideally I'd like to settle down into a property I love (I don't love my apartment!) and do the whole raising family thing.
    – I just turned 26. I don't currently do any additional super contributions
    – I'm pretty secure in my employment, but have had thoughts of switching jobs. But in my corrent position, I would say I'm invaluable and won't be let go any time soon!

    My main issue with negative gearing is that isn't it a guaranteed loss of income (even though the gamble is that property value will increase over time)?

    I'm concerned that I don't have much disposable income to begin with, so would hate to cut into my lifestyle in order to fund an investment.

    As for the apartment earning extra income that would be taxed… well… it still means more income doesn't it? Isn't that the point of all investment properties, to get them to start paying out?

    Thanks to everyone so far for the helpful insights – they're much appreciated!

Viewing 20 posts - 1 through 20 (of 20 total)