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its likely the RBA will cut but banks will raise, so no effective change.
inflations source is not interest rates being too low. huge demand for basic materials from BRIC countries forces producers to raise their prices, and high oil does it again. Retailers get charged more to buy products so they pass the cost on to consumers, then have to pay more for fuel to distribute them, so they raise retail prices again (CPI).
changing rates up or down has absolutely NO effect on this cycle, except for destroying the wealth of the public.
so………whats going to send house prices higher? we wont have lower mortgage rates, renters wont have money for higher rents, and many will be in rent arrears………….so landlords will be paying out more while getting less rent, which means mortgagee sales in abundance.
are banks in NZ hiking rate independant of the RBNZ?
ie, are mortgage rates really higher or do you just assume they are because the reserve bank rate is higher?
stu, Im hoping to pay cash as a loan is too hard
depends on the extent of the peeling. you need to get ALL of the paint off.
Put paint stripper on any cracked paint, but make sure you scrape it off fairly quick, or it loses its bubbles & kinda glues itself back on. Paint stripper only works when the chemical can get behind the paint, through cracks etc. otherwise it does nothing.
Try an angle grinder flap sander wheel if a belt sander fails. Orbitals are a waste of time.
Water blaster works well but probly not practical in this situation.
If you cant get all the paint off, heres a little trick. Buy a filler from Bunnings (forget the name, but it was red & white pot with blue & white speckle filler, made in Norway or somewhere, expensive stuff). add a bit of water, paint it on the whole area. let it dry, then sand smooth. saved me weeks!
great info, thanks.
what areas should I look at?
Rudi
most people just ASSUME that the market only goes up and that buying any property will make them money. At the moment the worlds property market is crashing. So far Aussie has ignored it and has been quite stable. I see 3 possibilities:
1. Maybe we lag the rest like usual, in which case our crash is coming soon
2. the rest recover just as we start falling, so we stay flat
3. maybe we snob them and rise anyway because we have high immigration demand.I give #1 50% odds, #2 30% odds, and #3 20% odds.
That means there is an 80% chance that current buyers will lose money (dont forget interest & agent fees, stamp duty, legals etc)
but who knows?
A painter told me the most common reason for peeling paint was putting non-lead paint over the top of lead paint. the two dont bond well.
from memory 3mm MDF is about $12 for a 2400×1200 sheet.
sanding sounds like one of those jobs you could waste weeks on & not get a cent extra……
Rudi, sometimes the best answer is DO NOTHING.
Have you considered the possibility of losing a lot of money by buying ANY property?
The advice you were given above was all good advice.
wish you luck?
LUCK = PREPERATION + OPPORTUNITY. Im not seeing either!
sanding paint? try paintstripper. The paint probably contains LEAD, best to leave it alone.
what about just covering it all with 3mm laminated MDF?
I spoke to an ex-valuer once. he said they were only required to do an actual valuation on properties over $500k. their job is not to value each property, but to verify the property exists and is not outragously overpriced. many times they do a drive by and thats all.
that makes us all angry since we are paying good money for their service. grrrrI paid a valuer for a 'valuation' 6 months ago, they said $390k. I sold 2 weeks later for $442k. oops
easy claim to make & hard to prove one way or the other.
true charity is anonymous. public claims of 'charity' are more about ego / publicity / buying reputation, very few are actually carried out.
I would REALLY hope its not just a stunt……..
Ive done bagging / rendering and it came out nice & even. took a full day to do the front of a highset, then another few hours to paint.
I use a gloved hand as I couldnt get the hang of a trowel, plus it means much less dropped.
used 2 bags of render at a cost of $14. as long as you smooth out each coat with a straight edge theres no problem. Ive done 3 houses now & its the best bang for buck value add there is.
I like Woody Point & Scarborough, just sold a place in Kippa-ring. wouldnt buy that suburb again. The peninsula is still horribly undervalued & I wouldnt be surprised if it doubled in price over the next 5 yrs.
D'Bay is a hole & every time we go there we come back feeling icky.
The market hasnt really fallen much if any, and as I recently discovered, sellers arent very motivated. Ive put in a few offers & the counters have been right near ask price & they wont budge.
I thought I was smart to sell for 390k (ask was 399k) but now I find I dont get much of a replacement for that $$$$$. Now looking at Sydney as I cant find what I want here.
for the locals, after using MANY extremely LOUSY agents in the area, I found a fantastic one:
http://www.professionalsredcliffesouth.com.au/staff_profile?employee_id=626for those seeking a real time chatroom with a group of professional traders who trade FOREX, GOLD, OIL, SPI, AUSSIE 200, ASX SHARES etc, download mIRC and go to server OTHERNET, room is #TRADE (theres a password for the room to keep out spammers & rampers, message me with your background & I may give it to you)
A lot of our members have more than 8 yrs experience & a finance degree. Please dont bother if you are a novice. Those who visit hotcopper would recognise our channel manager ACOUCH (and lots of other serious HC members)
bear markets kill everyone, not just bulls.
anyone who shorted when suggested would have been stopped out and lost money, possibly a lot.
its now time to buy .
woah. serious conflict there. solicitor should be able to extort I mean negotiate the price lower due to the FRAUD
sale goes unconditional on Monday (we hope) so will have more to say then.
Sarah Beeny (Property ladder tv show) would say this was the perfect candidate for a reno.
Have a tonne of before & after photos which will help explain why it was a success.
will start a new thread I think….
congrats fiori
you managed to post something without an insult
another few good cheap ways to cool the house are:
paint the roof a light color
tint the windowsmy current house had an inside temp of 37 deg. roof was dark brown tiles.
painted it light cream, temp came down to 31 deg.
tinted the windows, temp came down to 27 deg.
there was insulation already.
look at keeping the heat out before you spend a lot of money getting rid of it
the only person in this thread with evidence of “suffering from a lack of brain cells” is fiori
just a tip, ignorance is not a great indicator of intellect.
Hi Jase
just sold my 3rd reno, heres the numbers:
Purchase: 300k (Sept 07)
stamp duty 3k
solicitors cost $570
total 303,570reno cost 25,170
sale price – 435000 (Jan 7)
agents commission – 11325
profit – 94935
