Forum Replies Created
If he has only just submitted plans, it will take about 2 yrs to have them approved ($holding costs) he may not have had full plans drawn up ($) and engineering calculations ($) sub division of land to sell (approx $3500) (bank may not finance new unit until sub division done). Is there council storm water in this area, if not and you are on the low side you will have to have pits and pumps installed to take stormwater back up to the footpath ($10). Your reno costs sound about right (depending on finish or course) Driveway will cost about $10. You wont be able to get a CofO until outside landscaping as shown on plan is finished. I think a cheapie aluminium shed will suffice. Have you thought of new gas or electrics for original property – some new appliances wont work on old lines ie a new instantaneous hws needs bigger gas lines run. Another area to check is leaking spouts. Try to keep reno same style colour as new house. Is there a nice wide ‘gracious’ driveway to new place. Presentation and approach to new house will have a big bearing on resale
Fern
When in doubt, don’t is my motto. There sounds to be something strange going on Why bring it forward only 10 days. You know your suburb and how hot it is but considering its only been on the market 2 wks and one inspection I cant believe there are 4 waiting to buy in this economic climate. Would they be developers, only hardliners left now, Mums & Dads are out (my opinion only) Is the house a good renovator for young couples to buy? On the other hand $350 sounds like a good offer to me, particularly if they are in an extreme hurry to sell. I guess the old ‘don’t be greedy’ applies and if you can still make money on $350 purchase and the land is big and the position good, perhaps not to hold out thinking you can ‘steal’ it for less. Sorry can’t be more help
Fern
If one has decided to sell, should I sell in the next six months or hold for another year and then sell, hoping I guess that the slump has finished and prices will have moved up by then.
Fern
Your probably sick of this by now but thought I would list this anyway two books look good “Shacking up: a smart girls gyide to living in sin without getting burned” and Living together A legal gyide for unmarried couples” I checked and they’re both avail on Amazon.
Fern
Made this mistake only once many moons ago. Went with an agent to view an old property. She kept asking me what I would do with it and like a dill I went into in depth detail about reorganising the existing space etc.etc Next morning I rang up to put in an offer and was told it had been sold. STRONGLY suspect agent bought it but …. what can you do.
Fern
My thoughts are: What are big bouses going for in the area. Is it a $2M area?Check out covenants on demolishing and rebuilding, heritage listing, etc. Then find the biggest most imposing display home. Have soil tests done so you know if any rock problems etc.Choose either two storey (set on hill) or long low verandahs right across block. Check out what price this should go for. This block cant be sold so is only worth the price of one block, not all the land they have so I would only be offering $850,000 or less and let them talk you up. Interested to hear progress from you.
Fern
Thanks Tools – essendon area.My preferred plumber has just re-arranged his schedule to fit me in but I would be interested in having your name for future.
Fern
Have done similar Ladybird. Bought an old house, rented that out until aprovals through. Designed two double storey townhouses. Built the back one and shifted in. Now will demolish old weatherboard and build front townhouse Approvals took 2 1/2 yrs which I thought exhorbitant but have since found out pretty normal. They were for two years which seemed ample but all of a sudden I have to really get going on the 2nd one. I am starting that within weeks. My plan is to sell this one in Feb with 3 mths settlement date (normal here) and the new one will be finished enough for me to shift in (Are you listening God?) My drafting guy told me once council approved the building plans, then the subdivision goes through as a matter of course. I am in that process now, so I hope he knows what he is talking about.
If I wanted too I can pay $300 and extend the permits for another year. I paid use of extra servies immediately of course but didnt seem to get extra coundil rates until the new years ones were issued. The local council building dept would tell you this as they do it all the time. One thing I didnt think about was that no-one will pay full price for the townhouse I’m in while the front one notfinished or under construction thats why my front t/house has to be a least at lock up when I put this on the market with the garden all done and not looking like a building site. Think plumbing too. I had to have the original sewerage from front house rerouted and it may be more economical to get a lot of the plumbing in for the project from the start. There are big start up costs for services too even though you have not subdivided. $2000 for water, gas under the road to back, etc.
But the bottom line is, if that the only way you can afford to do it – go for it.Fern
Didn’t mean to imply her “garden” was inside and it never occurred to me until Westinvest said that, that they might have been growing something inside the house. PM did usual property checks and I’m sure I can’t be blamed for something I did’nt even know was going on. I think you’re talking about criminals who buy property with ill gotten gains or their existing property can be confiscated
Fern
Lower the rent! My PM rented (unbeknownced? to me) to female & male partners who I later found out were druggies. They were the best tenants I ever had. They were so paranoid they always paid the rent on time. She put in a beautiful garden and kept it lovely. They only came because it was cheap rent but its better than no rent. These two slowly got their act together and the difference in them was amazing. She was first and put on some weight, filled out in the face, had her hair cut and coloured and he followed. I was very proud of them Hope this helps
Fern
Dont get me started on dogs. Gave permission for tenant to have a puppy which grew very fast into a rotweiller and then had 8 puppies very fast. He took about 3 months to get rid of puppies except kept one which grew very fast into another big dog = 2 dogs. Only small yard, never walked them, dogs bored brainless so they charge the fence and bark at everything that moves, when I suggested he could walk the dogs he started doing that, two big dogs around the clothline 3 times. Smell of dog faeces in yard in summer disgusting. Dogs so bored they started getting out whereby he was thumping the fence and screaming and yelling at me that it was my fault. Fence was a very strong temporary fence as we had built a new townhouse in the backyard and are going to knock down their rented house and build another townhouse. He threatened me with the tribunal and everything under the sun. Every time the dogs got out the council caught them because they were microchipped but he screamed at me that it was my fault and with the tribunal the way it was I envisaged having to pay all the council fines. I finally wrote to the property manager and said they always dig out under the fence, had NEVER got through the fence. She said they would get him into the office and explain a few things to him, – such as he rented the house with the fence the way it was, the dogs are his responsibility and they are only paying incredibly cheap rent etc. They are leaving in two weeks and I am bulldozing the house next day, cant wait.
Fern
Do not go to court unless absolute last resort. If you have children under 12-15 you will end up with only 30%. Try and make her see you will end up spending it all on solicitors etc. Make out a list dividing up things as you both see fair and then have it ratified in court by a solicitor. Very cost effective. Try and buy her out as you wont have to pay stamp duty (Victoria) The first year is the hardest emotionally. Good Luck
Fern
I would definitely take it off the market. Rent it out for 6 months until all those currently looking have bought. Properties that sit there get known and everyone starts to think there’s something drastically wrong with them, particularly with 3 agents on it. Your problem is the first overpricing.After six months put it back on the market with one agent at what you think is a realistic price (not the firesale last one)
Fern
Mortgage hunter I would be very interested to know if you are in Victoria and if so what general area. ie North, South, etc. Is this because you are near a big Uni or what? would you attribute this too. How do you arrange the lease. Are you with an agent and therefore are you the head lessor and sublet. How do you get on if one is defaulting, or do you do the property management yourself which I can understand would be easier to arrange. Is the bond a 5th of the months rent, or larger?? Thanking you in anticipation.
Fern
Last Sundays Age Domain Property Review has a complete guide to every suburb. Only for 5 years admittedly but it is a good start. Shows median price 2004 & 5, the change and the 5 yr trend, the clearance rate and total value of sales per suburb with their prediction of future sales. If you cant get a back copy, go to your local library and copy it, if all else fails email me (Fernfurn) through your topic and I will email you the suburbs you are interested in.
Fern
Try Commonwealth (in Vic), they are keen for deals at the moment and say they’ll double my a loan when my own bank of 15 yrs wont. Also the SM said they are thinking seriously of not requiring a savings history anymore and will take lump sums into accounting. Don’t forget Super too, sometimes you can get a loan through your Super fund, but at least include it in calculations for the bank. Good luck
Fern
I have a girlfriend who has had a livein boyfriend for 15-18 yrs. She used to make him contribute to the household expenses each week and issue him with a receipt. (Yes, officer, he’s always only been a boarder) He had no money, she had squillions. She would offer him to go in with her in investments and whatever he could put him would be called a % of the total and official paperwork set up as a business partner for only that % of the profit. (Yes, officer, he’s always only been a business partner). Interesting way to live?
Fern
Just back from Bali and bargains galore. If I had PLENTY of money (and willing to gamble it) I’d have a go. You have to go in with a local and they own the land, but you own any improvements on it. Never buy off the original owner and use him as your sponsor as its hard to prove transference from him. Lots of Dutch building there. Don’t buy to have your own accommodation as its so cheap to hire.
Bear in mind even with a production house it will take another 6-7 mths min to get permits & build. If doing a home-owner suby it will take an enormous amount of your time to keep it all on track, decisions etc. Have you this time to spend every day. And where will the market be when you have finished? I’d take the money & buy 2-3 more properties.
Fern
Don’t get me started on tilers. Brand new townhouse. I physically showed him 3 times how I wanted very expensive little tiles laid in the powder room. Guess what? Yup, laid the wrong way. I rang immediately I saw them, no worries he could fix immediately, only troublel was when he pulled them off and put them back they are all wobbly, which I didn’t really notice until after I paid him. Join in tiles over vanity in master bedroom vanity just didn’t line up with waterspout so I said I would pay him to redo them as I couldn’t live with this off-skew look. He hacked them off the wall, taking all the plaster with them and builder had to resheet the wall again. Then he said its not the tilers job to do the silicon waterproofing around vanities, baths shower corners etc. Had to pay the builder extra to do it. Master shower leaked after we moved in and I had everyone back to refix, plumber twice, shower screen guy twice, guess who had left holes in the grout which let the water in behind the tiles and poured down the wall and out the front of the shower. Did he bitch everytime I called him back, definitely wasn’t his fault. Finally fixed. But I feel like reporting him. I believe they have a tilers association, just crooked on it I paid him. Don’t think it would have been better if you had written it down for your tiler as I actually drew a pattern of how I wanted the feature tiles in the shower in another place for the tiler and he still got it wrong!
