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I have yet to see any guidance notes changing the basis for valuation. Direct comparison will always necessitate getting back to a land value, the development model too, will always get back to a land value.
In isolation a parcel of land with the appropriate zoning but too small to meet the requirements of the planning instrument will always be worth less in isolation however once it meets the minimum site criteria (for subdivision or development), then its value will be assessed accordingly.Do you have any income?
They may not be attractive but they sure are reliable – go for an older-style mechanical 'knob' type dishwasher. These things work like clockwork (because they are), they have few electronics to fail. Don't go for your cheapest dishwasher brands (so go for Dishlex), get an extended warranty.
It varies widely – if the BC is self managed, occupants do the gardens/lawns, low sinking fund contributions etc would keep levies down however there are public risk/workers comp issues in this approach.
Strata fees generally cover building/PL insurance, lawn maintenance, common area costs etc as well as the sinking fund (ie maintenance levy). A well managed strata complex has a healthy sinking fund indicating that the BC is actively maintaining the property.
As you do not own the house already and are looking to transfer it into your SMSF then there should be no dilemmas subject to the regulations governing purchase of resi property in a SMSF (whereas, if you were looking at transferring your Sydney house it would not be possible).
There are many different thoughts here: firstly – offers over means just that $X+, some agents try to get increased interest advertising the price a little lower than the owners expectation
Secondly – $X means $X-, ie start high and negotiate (downwards) on the belief that you can't drag the buyer up past the offering figure.You would expect to pick a place up within 10-20% of the stated amount however at auction it may be wildly more as FHB may be more competitive than normal
If you have a signed contract from the vendor (I wouldn't sign a contract before the buyer signed) then you can rely on this contract for signing and submitting for exchange.
If the solicitor and vendor have gone to ground it would be strange but there may be some logical reasons behind it – just don't agree to release the deposit to the vendor.
Have seen plenty of deals around Penrith over 5% but nothing has really lit my fire yet
blacklab wrote:Hi Guys,Now, I would have thought you would always be better off if have the property was positively geared as this means you have money coming into your pocket. i.e. cash flow.
Cheers.
Some negatively geared property can still be cashflow positive – ie non-cash deductibles like depreciation on a new building can have a major impact on the bottom line without needing you to dip into your pocket.
$50k on #2 in the 3rd at Randwick
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;)” title=”>;)” class=”bbcode_smiley” />Inside your unit probably not (unless you can show that the cause was entry from another affected part of the building). If it is outside of your unit eg your perimeter walls or top floor ceiling, then it is a strata matter.
A basic tart-up with lots of dyi (paint, spray bathroom, lino) ie less than $10k.
Nitro, which state are you in? This clause may contravene the RTA if it is not a standard lease (NSW requires that 60 days notice be given for a rent increase).
maelstrom wrote:WE ARE NOW HELD TO RANSOM. WE WOULD NEVER HAVE COMPLETED THE LAND CONTRACT IF THE VALUATION HAD COME BACK LESS THE REBATE. WE WOULD HAVE WALKED AWAY.
What did you expect? A valuer who would value vacant land, without a current development approval to be valued at the "realisable" value not "market" value. The bank is valuing its interest in the property, not yours. You have set the market by paying $x-10,000, thus your price is $x-$10k. If you didn't advise of the rebate & it came to pass that you recieved a rebate it would be fraudulent. If the valuer didn't take the rebate into account, that would also go against the methodolgy used to value the property.
As I have pointed out, unless the bank has requested that the valuer also extend the valuation to yourself, you have no comeback against the valuer should you sue them for a fault in the valuation or should someone sue you in respect of the information that you have provided to them eg another financier.
That is why it is necessary to commission your own valuation and to provide specific directions to the valuer – ie you require a valuation for "sale" or "mortgage" or "insurance & replacement" or "sub-divisible interest" or "market rental" or "reversion" or "compulsory acquisition" etc. Each has its own specific methodology.
I just put them down to abuse of the forum unless they can add value by their blogs.
Bad day in the office Richard?
The valuer is a consultant to the bank. There is privacy of contract between the bank and the valuer and although the bank will in most cases divulge the amount of the valuation it will not produce a copy of the valuation. As the bank has engaged the valuer, it is only the bank which can rely on that valuation unless the valuer extends the valuation to yourself (or some other interested party).
You should be aware of the brief that the bank has provided to the valuer and understand that a valuation for mortgage purposes is not a market valuation as a sale which is forced by the bank does not meet the principle of willing buyer/willing seller hence the valuation reflects a price which is indicative of what a distressed sale may generate.
D, there are restrictions on the number of people who can participate in a syndicate before you need to issue a prospectus. However, private syndicates can great investments for small investors where they pick up the right property. Best syndication properties tend to be in the Sub $5m market (allows for a good bit of gearing), competition is lessened as mum & dad investors find it too large and it is too small for listed or unlisted funds. Good buys tend to be small commercial buildings recently refurbished or those requiring refurbishment (however there needs to be a good skills base to ensure that costs don't blow out), other risks include the time that it takes to lease up the premises (to one or more tenants).
Towards the end of the syndicate the partners could consider renewing or undergoing a strata subdivision to release their capital gains.
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