Forum Replies Created
Geez, before paying a lump sum like that (or capitalising it) you would want to be sure that a saving of .72% over five years was going to equate to alot more than a PV of $92,000. The payout should reflect the amount of interest that the bank would lose by swapping to a lower rate loan.
I sure hope you weren't advising him to take it up considering the commission you would have made out of it.
Scamp wrote:mortgage resets are a problem. The fact that it's not visible yet means nothing. Everything takes time.Scamp, what are you referring to when you call on resetting mortgages? In Oz only a small % of loans are on fixed rates (not resets – totally different scenario).
Generally speaking a property manager (usually through a real estate agency) will manage your property – ie find & recommend a tenant, collect the rent, arrange basic maintenance/repairs etc for a fee.
An asset manager looks after portfolio management ie a large group of properties under common ownership undertaking an asset management plan (looking at items like value adding, acquisitions/disposals, facilities management, property management etc) usually on a commercial, industrial or retail portfolio – not on single residential properties.
If funds extend it may be worth considering joining a small property syndicate where it is a managed investment for a set/agreed duration, all maintenance, leasing, facilities/property/asset management is undertaken by the sydnicate manager and the investors get a return (usually) as well as depreciation benefits etc. There may be some good buying when the syndicate market takes off again after the price corrections.
In most cases that will be either a buyers agent licence or a full Real Estate Agent licence.
If interest rates are such a blunt instrument, which has been carefully used in small doses to slowly reduce demand in the economy how can the RB now justify a reduction of 100 basis points? (a real reduction of 16.67% ie from 7% to 6% – is this a gross over-reaction?)
Should they have continued to slow the economy over the past 12 months when the slowdown was foreseeable since Oct 07?
What will be the effect of a reduction in such a large magnitude? Will consumer credit once again become a concern? With the exclusion of the resources sector from the Balance of Payments, how big will the deficit be?
What has happened to the risk premium (as inflation is tipped to hit 5% this year)?
Will Krudd & the Goose use the 'big' drop in interest rates as ammunition for the next federal election?The general form of construction for home units is that all walls are load bearing – this is to reduce the cost of construction. To cover yourself you would need to engage a consulting engineer to confirm the construction and to develop the demolition methodology. You will also need development consent from council as it is defined as structural work as well as getting consent of the body corporate (the rest of the building has an implied covenant for a right of support).
You can't claim the gst on resi property – you might need advice as to what structure will best suit your situation
Old news isn't it? Morrie's left parliament.
Absolute waste of time – in the days prior to the current government having overturned the dual occupancy code (SEPP 51? – can't remember, it was too long ago and is repealed) it was possible to build a second dwelling and subdivide on most blocks of land. This allowed many to get in on the act of development or subdividing their block. Your option today is to erect a SEPP 5 (housing for the over 55's) which puts a restrictive covenant on the development (as to ownership or occupation of the premises). The reintroduction of 'semis' or side-by-side duplexes (as opposed to two separate dwellings taking up a larger footprint) would go a long way to addressing the issue of affordability.
If the government was serious about housing affordability, increasing densities and use of existing facilities then, rather than addressing a simple matter of adding a poorly planned dodgy tack-on to a property it should be addressing the root of unaffordability – land use, zoning, densities, land size requirements, upfront payments for the provision of infrastructure and construction setbacks. When the government of the day seeks to redress the upfront payment for a service as opposed to life-cycle costing for the provision of those services/infrastructure, then a major hurdle towards affordability will be scaled.
Try Workcover, AMDEL, Noel Arnold & Assoc, CFMEU, James Hardie & others for more information.
Asbestos as a building product was banned around 1984 but severely restricted a few years prior to that. It is still used by defence forces as they are reluctant to use proven alternatives, and it can still be found in some brake linings.
Generally though, exposure happens when asbestos is in a friable state ie loose (lagging or limpet) or when sheets are broken or in poor condition. Fibro which has been exposed to the elements (ie roofing) does turn black. There are no legal requirements for building owners to replace asbestos products – commercial/govt owners generally are required to keep a register, encapsulate it where necessary (make it safer).
Generally one or two days is reasonable – there may be a reason eg vendor is away/not contactable (or one of the partners is not contactable eg all shareholders of small investment company/beneficiaries of a will) If possible, keep contacting the agent or the licensee (boss of the agency) & let them know how poorly the agent is performing.
I have had an offer sitting with a client for 6 weeks with the prospective purchaser waiting for a decision – obviously the vendor is not pushed (and I am too many steps removed to place any pressure on them).
No the cost involved in learning about the business are not deductible unless you are already involved in the business hence a legitimate business expense. No income was generated/derived
1 – refer to the act regarding discrimination (race, sex, religion etc)
2 – Zero, it is up to you to determine what is sufficient
3 – See 2 aboveWhy purchase the property when she should rent (at least until you know that the venture will work)? A business broker will only be looking to sell an existing business.
Resi and commercial properties are two different categories, Westfield only buys houses to demolish so why do you need experience with resi before considering other categories.
Websites – realcommercial.com.au, domaincommercial.com.au, or look for some of the commercial real estate agency websites eg knight frank, hookers, colliers etc
There should be a minimum application fee listed on the council website (refer planning and development) or speak to someone on the planning desk.
Cost of the work could be anything from a couple of grand through to $10-15k depending upon the degree of structural work required to replace the support provided by the wall to the structure above.
Daniko – 'building work' is a defined term which includes erection of walls (load-bearing or not). If you are planning on erecting a wall to create the bedroom, then you will need planning approval. An owner-builder is still required to achieve a certain level of competence before being licensed to carry out building work (the $12k limit applies to licensed builders not requiring home warranty insurance).
For licensing requirements contact the dept of fair trading/vcat.
If you intend to do work in your unit, you will probably need consent from your body corporate as well as council.
First coat is most likely a coloured sealer. Second coat is the finish coat. If you want 3 coats, it is an extra. Go to your painting supply specialist/hardware house and check out their recommendations.
I have purchased a DA site previously, however was able to find numerous 'issues' during the due diligence in a slowing market coupled with the vendor's need to offload the property – needless to say I purchased at less than the vendor's purchase price (peak) not including the $30K consultant fees for the DA
Consider using lightweight construction ie timber framed/clad extension including fire-rating (if necessary)
Trade in your credit card for a personal loan, at least the interest rate will be a helluva lot lower – better yet, get the bank to give you a property loan at 8-9% (you'll be paying less than half the amount of interest).
Possibly wiser to use the new unit as 80% security & LOC of 20%+costs on the first unit.
You will still be paying interest on the $230k "equity" as you are redrawing it – ie you will be borrowing 100% + costs and paying interest on the lot.
