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  • Profile photo of FLWFLW
    Participant
    @flw
    Join Date: 2014
    Post Count: 5
    August 3, 2014 - 6:59 pm

    What your are doing can change the order drastically. Do your research. It’s really annoying when people are booked at the wrong time and the right materials aren’t on site, a lot of trades won’t deal with owner builder/renovators for this reason. Overlapping trades can cause trouble, it can be done though.

    With some more info we can give you a better idea.

    Profile photo of FLWFLW
    Participant
    @flw
    Join Date: 2014
    Post Count: 5
    July 22, 2014 - 11:37 pm

    Sandy is correct. You have an issue if the builder goes broke, who will finish the development off? It always costs more for another builder to finish off someone elses job, so it could be quite costly. If you pay for houses under a building contract, depending on what state you are in the Builder will have a Home Indemnity Insurance which makes sure the client isn’t out of pocket if the builder become insolvent, dies or disappears.

    Is there a way of you raising the money to pay for both houses?

    Profile photo of FLWFLW
    Participant
    @flw
    Join Date: 2014
    Post Count: 5
    July 22, 2014 - 11:10 pm

    1- What size and type of units
    2- Upgraded from what? How many m2?
    3- It depends on what you can get for $5000.
    4- What upgrades over standard are needed to meet the bushfire requirements?
    5- Is this a council requirement?

    Profile photo of FLWFLW
    Participant
    @flw
    Join Date: 2014
    Post Count: 5
    July 21, 2014 - 11:15 pm

    I suppose the difference between option 1 & 2 is that one would keep the property negatively geared for a longer period of time while the other would turn in cf+ quicker.

    I did the sums with my accountant and the apartment is almost cf neutral and I will be in a better position tax wise to keep it. He did inform me of the 6 year window free from cgt, which helped me make my decision to rent out the property.

    The money I save from the cheap rent will go in my offset account and will go towards doing some developments. I am ready for development as I work for a building company and its something I do for others everyday, it’s just having the funds to do it for myself.

    • This reply was modified 10 years, 4 months ago by Profile photo of FLW FLW.
Viewing 4 posts - 1 through 4 (of 4 total)