Forum Replies Created
I would imagine your answer is the same as to “Subdivision Tax Question” You would have to pay CGT on selling the back block. Your front house as PPR wouldnt attract CGT when you sell. Obviously tax would be payable on earnings from your old PPR (now IP) You can ring the tax dept. and ask all these questions and they are very obliging.
Fern
What a fantastic reply Colin, very moving. How exciting a life you have lived with trusting life will work for you, rather than “being safe” behind a desk
Fern
The Council used to tell you for free, then it was $2 (long time ago) haven’t done it for a long while and they will probably pull the old “privacy” act, but it is worth a try. Ring the Rates Department
Fern
You could also consider pinching a bit of space from the laundry if is next door – the shower could sit in the laundry with the door level with the bathroom wall or the same with a bedroom with a full wall of wardrobes. Pinch half the length of the wardrobe to make an alcove for the bath to sit in
Fern
You will have to check with the rental board (I have looked for my book and cant find it) but I think (in Victoria) you can break this lease if you want to sell or carry out major renovations – and you do. Worth a phone call to the relevant authorities in your state
Fern
Have just done one and you need engineers plans for the stormwater system which will take the 2 units (or 3). We needed two pumps @ $1000 ea (just in case one breaks down) (what if the second one breaks down!) and the most enormous pit under ground with two smaller pits up the driveway. Bank on $10,000 plus engineers plans, etc. etc.
Fern
Many moons ago I used to work for a Miss Pugh (Phew), at that age it caused us much merriment.
The best one of all though was my X used to work for Doug Thorley Viscount (big caravan company) Our mutual friend was a printer and did all the printing. On the top of a huge pile of printing Doug had ordered the first page was headed up without the “O” in Viscount. Of course Doug had a stroke thinking all the printing carried the same error.Fern
Good on you both, Dazzling its marvellous to have a decision validated. I’m also having a great day. The concreters are here setting up the slab for the townhouse. I thought they were going to strike huge tree roots and where was I going to get a stumpmuncher to come/hire/buy an axe etc. on Oz Day, but (touch wood) not one. The poor old plumbers on the other hand at set out the other day struck numerous roots but they had a little excavator and were able to pull most of them out. The Electrician took one look at the remains of a stump from the trees all over the block I had cut down at the start and looked at me blankly. Luckily enough I was able to get a stump grinder in within half an hour which he was able to get enough out (right up against the footpath) for the electrcians excavator to make enough space to bend the electricals around. So although the heat (38 in Melb today) is drying their sand out faster than they can shape it, all in all – a great day.
Fern
Just as a matter of interest I could never understand why they don’t take off in a big way and I asked my son (who is a builder/carpenter) and he said – I just prefer working with wood.
Fern
I would look into the cost of renting furniture. I’m sure you could claim this on tax. From what I’ve seen of executive rentals they are here for a year or two with a company and then move on and this furniture returned has some breakages/wear/tear on furnished apartments, particularly if they have kids. Renting would keep the furniture looking good and up to the minute fashion all the time. However, if you want to buy, expensive plush carpet and heavy window furnishings set the pace and will lend elan to cheaper furniture. Decide what style you like from the other expensive apartments and then keep it all the way through. Go for dark colour furniture and a tone on tone (not contrasts) colour scheme
Fern
Not the same thing, but a girlfriend of mine bought the management rights to an apartment building on the Gold Coast. The deal was some had already been sold by original developer to Japanese people and she was to get management fees from any others sold. Except they never seemed to sell any others and. Ts the japanese only let to their own tourists so she had to pay back this massive mortgage from the occasional tourist that let the apartments. She was going downhill backwards when she realised what was going on and only got out by the skin of her teeth.
Management fees of 43% plus costs sounds massive to me, I cant remember what she was supposed to get. Sounds like the seperate leasing company would be a better way to go. You would have to read your contract to see if they will let you do that. Pooling all the rental money would probably benefit you but the “better” 2br apartments with better views etc. might not be as happy, on the other hand the woeful occupancy rate means you all have to do somethingFern
Just gut feeling (no stats to back it up), I would go for the 2 flat duplex. It wouldnt cost much more to build and I would be thinking steady rental from the people who come into town for jobs serving the tourists. With B&Bs yes there are a lot (converted dairy charm factor is good) but they seem to charge a fortune and can you get steady occupancy. Miss a couple of weeks through the dead season and you still have to pay the bank. My .02 worth.
Fern
I would seriously get up on the roof with a bucket of hot water and dishwashing liquid and a broom and give it a good clean. I would think it is only greasy smoke residue and on a shiny steel roof it will wash off.
Fern
I can’t see that they will. Everything seems steady, employment, petrol, heat out of the market, no new big developments beinbg approved. I’m sincerely hoping they have learned a lesson from other times when the Govt figures have lagged behind reality and they haven’t realised the heat has gone out of the market and have kept interest rate pressure on too long, therefore creating a recession instead of a soft landing.
Fern
For the old shed, you will be stunned how good a coat of paint makes it look, then cover it with a beautful fast growing flowering creeper. Be careful with the fence, it it was palings I would screw something like mini orb to it, but do not do this with asbestos. Maybe it would be cheaper to pull it down and just replace with a new paling fence. If not, again paint will work wonders and will seal the asbestos too.
Fern
Michael Yarney Yes I do realise the buying cycle as well and “know thyself” I’m not a buy & hold forever person, I like the action of developing. Having said that I would be prepared to hold for 12mths, but if there is no movement in the market my costs would negate any minor gains
With the buy well cycle though if I sell now I can also buy well, value add and still catch any upward movement in prices. The suburb is Strathmore. Any thoughts on movement in this suburbFern
My girlfriend’s daughter & husband have just bought a house in Grenich(?) Village America and paid $US5M, which is evidently just entry level. They don’t ever expect to own the houses, just hand them on to their children. I guess that is the way we will go here given time.
Fern
Yes, have done it and had no problems with tenants. Definitely put in a clause for access to back of property and that the driveway (to rear of property) had to be clear at all times, but tell them it will be a long time before you will be building.
As approval got closer (and with change of tenants) we put in a (secondhand) paling fence from front of property to front of house, thus isolating driveway and giving them privacy. We put up a temproary chainmesh fence across the block on the subdivision line. We pulled down part of the front fence and laid down a fine tanbark carspace in front of the house and large concrete block pavers from here to front porch, so in effect they had a seperate tenancy and we had the original driveway free at all times. We also put in two planks nailed together in the gutter to make a temporary crossover for them. This was definitely worthwhile as it took about 3 years to get plans drawn up and through councilFern
Can still remember the feeling when I stood in my own entry foyer of my first house I had bought. Had bought one with my (now) ex, but to buy my own, by myself was unbeliveably exciting. I stood in the foyer late that night after we (my daughter and I) had moved in and everyone had gone and just whirled around and thought – this is mine.
We settled at 2pm but started painting at 7am and by 5pm had painted the entire house inside (it wasnt big) with a lovely coat of pale grey (very fashionable then) over the lime green walls, yes every room in the house had lime green walls with gorgeous orange, red and brown large patterned curtains, ornate gold chandeliers lounge & dining room. All the rest of the house had circular neon lights
I had only seen this place once in the dark by flashlight, it had been on the market.6 mths, the price was right. I told the Agent I wanted to go through it next morning but he said he couldnt as he had auctions all day. I said 8am, he did, I bought.
I had the power put on the night before and went up to vacuum before we shifted in and it was soooo spookey. Every light in the house flashed on and off as all the fluoros needed replacing
I put in secondhand pale grey carpet, replaced the old curtains with pale grey slimline venetians and surprisingly the chandeliers didnt look that bad. Should have kept that place, but there you goFern
What a huge amount of work you did for your friend Dazzling. I hope he can repay you some day.
The young guys over the road desperately wanted the front windows from this place as they are doing a reno. I told them I would notify them asap when it was going down. Finally said yes they could take them, come early in the am. They finally arrived after 2pm, then decided the flooring was exactly what they needed too. Yes they could have that. Then they pulled up a few boards and found the floor joists were in perfect order could they have those as well. I finally went in there at about 5pm to say, just pull out the windows and call it quits, but they said they had got better windows elsewhere. You’ve never seen anything like it. They had pulled up all the carpet in one room and thrown it out the front, ripped up some floor boards, then moved to the next bedroom and cut around the outside of the floor boards and pulled up some, then moved to the next bedroom and pulled up more. The whole place looked like a bomb had hit it. At that stage I started to worry about one of them having an accident and suing me, so I said I’m sorry but you’ll have to call it quits. (I expected them to be cross as they had spent all a/noon and took nothing away, but they apologised and said they had got a late start)
The old weatherboard had rotted spouts, rotted boards and looked derelict, but I was surprised at the good quality of the floorboards etc. and it did make me wonder it I should have asked demo yards what they would have given for salvage.
The cheapest “other” quote I got was $5,000 but my son is in the industry so it ended up being cheaper than that.Fern
