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B council rezones the land, the owner benefits by being able to develop or sell the land englobo.
If it is your first sight unseen, then it would be prudent to get someone on the ground in the area to do the running around, they have good experience in this area and can tell you of the pitfalls or benefits, the most recent sales etc – as an agent, they are working in your interests and can be in a better position to negotiate the final outcomes – a small price to pay (if you are considering looking at a few places if the first one doesn't pan out). Then all the usual inspections can take place.
There is no harm in finding out what they would charge to work on your purchase.
2) what are the chances of the land next door being developed to the same height blocking out your view?
3) what is the current rent for a similar 2 bedroom unit in south yarra?
4) what are units in the area selling for at present? how does this compare to the one you are looking at (features, size, location, bedrooms etc). You can order a report from RP Data or APM etc to find out how much properties are selling for in the area.
5) Capital gains will be limited for 5+ years due to having to combat high depreciation and developer's margins built into the price – unless you have bought at the bottom of the market or early in the cycle, then the chance of a stag profit or selling at a gain in the short term will be limited. (Hint, look for a block of units built 5 or so years ago, get a property report which shows original purchase costs and resales – if you compare the resale on the unit you can form a view on how long you may need to hold the property taking into account the property cycle when the unit was originally contracted for sale (if off the plan) and when it resold.
OK – you are not going to inspect it, are you using a buyer's agent (to inspect, report & negotiate on your behalf) or just going on an internet due diligence & negotiate yourself?
How much cheaper is the conveyancer going to be than a solicitor? Are you going to keep the contract simple ie no special conditions to be added?
A conveyancer will carry out the same checks as a solicitor however when things get sticky or you want to depart from the standard contract, then the solicitor comes in handy.
lifestylez wrote:Then I get a call from my conveyancer telling me that the buyers were demanding compensation (a couple of grand I think) that I needed to pay. I was shocked since this had all come about through no fault of my own.Lifestylez, you must have had a pretty weak conveyancer – they should know that the contract of sale is weighted in favour of the vendor and that no compensation is payable for delay, their first right (even if you don't notify them) is to wait 14 days prior to serving notice to complete.
The cost of the works (& definitely the structural work – by definition) would have required a DA and home warranty insurance to be taken out. If you come to sell in the next 7 years you may find that there could be some issues with potential purchasers who do their due dilligence.
http://www.rentmaster.co.nz offers a 60 day free trial, comes in various packages (small, medium, large, unlimited No. of properties), can be used by owners or agents, holiday rentals/short term bookings etc.
I generally hold a grudge against some franchises – regardless of where they are located due to bad experiences in one or two different locations.
You can have a list of phone numbers washed if you are concerned about being on the do not call register – most businesses would not be (not sure if DNCR applies to businesses anyway).
I have had plenty of cold callers come to my office – some I tell where to go but others I may listen to depending upon what they have to offer.
If you are a unit owner, then you are entitled to a vote at the AGM. Vote against any motion that you disagree with.
You should understand that the strata manager is looking after your interests as a unit owner – they arrange (you pay) for insurances, maintenance, common area cleaning etc – all of which cost money to run. Prices generally increase and the strata manager should be getting a few prices prior to the AGM to prove that they are getting value for money for the contracts which the BC is entering on your behalf.
Scott No Mates wrote:As a matter of fact I have just sent them my wife's bank account, credit card details & password. I hope she strikes it rich!Glad you're looking after your ex, SNM
I did a trawl last night and saw plenty of cheapies down in Launceston TAS. Good rentals, character homes etc. Not a bad little regional centre. Pay a little bit more and get water views. Development sites with DAs for subdivision running at less than $100k per site (comparable sales still reflected townhouses or standalones on small blocks selling for around $320k (the numbers definitely stacked up with 25% + returns)).
Not to be too critical Nathan, but if you start investing now at $200k per house, over the 5-10 year period even those $200k houses that you are seeking out have doubled in price, so you will be purchasing some of them at $400k not $200k right through the cycle (or have I missed something, like reality)?
Where an agent/vendor puts a realistic price on a property ie the price that they are willing to accept is much closer to the asking price (and that price is realistic based on the current market conditions), then the property will sell much sooner.
The reason for the caveat is that it registers your interest (ie prospective purchase) on the title and prevents it being sold to anyone else. Generally, there is no need for a caveat unless there are major concerns that the contract will not proceed.
Why is you solicitor pushing for a caveat considering that settlement is only 90 days away?
Dry rot, wet rot & termites are your three main issues. Get a thorough building inspection.
Gifting the house to you will affect their pension, they can only transfer a very small amount annually to you before it affects their pension. There is no cgt if it is their house (where they have been living). You will pay stamp duty on the market value of the house & any conveyancer fees.
It may be best to transfer a very small amount to your name eg 1% as joint tenants (joint tenants get the property when the other party passes away – other conditions may also apply). You might also consider granting your parents a 'life estate' so that they can live in the house until they pass away.
not usually the done thing but you can always negotiate longer timeframes.
2 options: don’t purchase residential property or don’t live in it.
You’re lucky you might get depreciation but as you don’t carry on a business of building or maintenance & can’t charge your labour, likewise you won’t get your tools (only materials & consumables) – it pays to use tradies.
if your IP is residential, forget about it as it is not permitted.
