Forum Replies Created
Just get 2/3 real estate agents in and choose the quote you like the best. You don’t really care how much to fix etc. you want to know what the actual value of the place is and a real estate agent will know (roughly) how much someone will pay with cracks etc.
Fern
Just lost my whole post. Here goes again.
There have been some problems with this piece of land and Im seriously hoping it will go again after Xmas. 60/40% was right but the 40% cant include “front” of block or sideways and must be in one piece ideally 10mts x 4mts for outdoor living. The 40% includes the whole land, including the original house. Don’t know what this means in terms of my area and because of their problems I havent gone any further with any redesigning. The good news was I can build right to boundaries on either side, the bad news there is an easement right down the side, the good news, there was nothing in it and I can build over it, the bad news, no kitchens/bathrooms i.e. plumbing. I’ll keep you all informedFern
As the ANZ is offering fixed rate for 10 years at 7.55% and the fixed is usually more than the variable, and because I think the banks are really clever and make milliions, I cant see them offering said 7.55% if they think the next interest rate adjustment will go up. Whats everyone else thoughts on this?
Fern
Blow the baby boomers, they are a different market. They will want small blocks and flat land and single storey houses.
Define your market – it is second or third home buyers with a young family who want a “presentation house” with a backyard. I personally think it would be a great money spinner and have considered doing it myself. Most of the people with the money to buy these houses do not even possess a screwdriver let alone think of doing up a house and they just want it all done and move in.
Has to be a prestige suburb. Research how much single storey unrenovated ones against the two storey job and work out the profit difference. Downside is interest at the bank (rent will not offset it and the time taken to get plans through council and then build (with no rent coming in) Interest (let alone stamp duty) is the biggest destroyer for profitFern
I would definitely be asking another builder to give you a quote on this. Certain figures seem excessive and even not called for depending on site but you said it was a flat block. My partner is into construction and I asked him to take a look also. What is headworks?, why would you need a retaining wall on a flat block, why do you need to create a fall on a flat block, is this for seweage to run, this quote seems excessive. Soil tests should only be a few hundred dollars, does this engineers $ include all the engineering drawings, they should have been included in the house quote. Stormwater connect, pile footings and soakwells seem overkill, is this because of the clay. We never needed it at our place. I would be finding out a lot more about this quote and the requirements for any of this.
Fern
What I have done, is go to the draftsperson you are going to use, and ask them for a copy of a plan that will fit on your block, i.e. block is 50 x 150 I want two townhouses, show me some plans that will work. Then take the outside footprint and draw in your own internals. Be aware if you shift the staircase it wil shift upstairs as well.
Fern
If they are tumbled brick maybe you could fill in enough to make it smooth, but if they are that one with large chunks sticking out, sometimes up to half a brick, I wouldnt even attempt it.
Fern
Seems extremely excessive to me. Clay is unstable but a floating slab should fix that and I cant see why you would need piles because of an easement. You aren’t even building two storey. I would definitely get another couple of opinions. I built 900mm from an easement on clay soil with just a slab. Did this money include all the subdivision costs, plans, driveway in or what?
Fern
I thought it was only the FHB that were getting the discount, but I read in the paper today it was everybody. I still think for the person who has found their perfect home 1% wont hold them back, but for the FHB 1% is pretty crucial
Fern
And heres another prediction – there will be a total drop in the first home buyers market in Vic as they wait for the 1% drop in stamp duty to kick in as per election promise – 1% of $350,000 is $3,500 big incentive to wait
Fern
Your original question, Is there worse to come. I have a very simple criteria. The top of the boom is when there are as many “For Rent/Lease” signs on houses as houses “For sale” (everyone who can afford a house has bought one and now wants to rent it out to a diminished rental market) and the bottom of the cycle is when the Real Estate Agents are ringing me to find out whether I will buy. The REA are now ringing me.
Fern
As a matter of interest you have to have 2.1 for door height. We were just in a renovated hotel in China where the ceiling was 2.1
(obviously to put in sprinklers a/c, etc.) and it looked very low.Fern
A big outdoor shade “sail” strategically placed with lots of tall pots and fast growing trees like boobiella(?) around would give prospective purchasers and idea of how it could look once trees have grown
Fern
Thanks very much for that Elkan. I wonder if you are in a defacto relationship you can ascribe your earnings on a joint venture to the partner that makes the least money the way you can in a marriage. Anyone??
Fern
Sounds like a good deal to me. I reckon roughly $5 for restumping, $3 for laundry to bathroom, $6 new kitchen $2.5 ducted heating $5 new bathroom $8 painting & new flooring (assuming you mean replacing rotten floorboartds & depending on how extensive) $30, 000 for those renos. I would be asking the bank whether they will accept offers beforehand. I believe in Vic they want fair value, rather than just enough to cover the outstandings. One way to find out
Fern
This would make sense to me if they were extensive, but for small jobs I wouldn’t think so. Obviously you would have to ring the bank, they’re probably all different.
Fern
Hate to upset you, but last year in Vic I paid $30 pm and thought I overpaid, even your $1,000 quote works out at $158 pm.
Fern
I have only ever used conveyancers for buying & selling. Am using Sergeants which seem to be a franchise in Vic. They almost go into overkill as far as I’m concerned but certainly cross is . ts. They have access to a franchise solicitor (no extra charge ) if the going gets rough. Cost for Section 32 & all dealings with the RE $550. I assumed this would be cheaper than a solicitor.
Fern
I would be living in a beach house right on the high water mark, with just sand and coastal grasses around me. I would go to sleep with the doors open onto the sea and hear it pounding in all night. Don’t ask me why as I’m a total city girl and couldn’t stand the maintenance this would involve. Northern NSW beaches would probaly do it. Otherwise there is the cutest little place out the back of Wellington (thats the big city at the bottom of the North Island NZ isn’t it?). The road runs right on the sea with the houses on the other side and there are signs warning the traffic that waiters are crossing (there is a restaurant on one side that serves food to a patio overlooking the sea) the houses are just old shacks (still worth $1M but the new ones are replacing these unfortunately)
Fern
Depends how you want to live and goals. Do you want to turn it over & make money or just buy some security you can afford. I would buy the apart in Richmond rather than the CBD if you are requiring a more guaranteed investment, I think the CBD will go up over time but its still iffy as there are so many, but maybe the CBD has less maintenance, newer facilities, less travel to your job. Maybe Richmond has more ambience, neighbours to talk to, closer to your kids for visits (if you have any) . Sort out your requirements
Fern
