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Hmm. Seems kinda unfair that people that can be bothered to save for property and offer rental accommodation to others have to wear such a substantial battle shield
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi all,
Really pleased with the info coming out of this thread – very very helpful
I have AAMI's "Landlord Insurance with Tenant Protection", which covers legal liability. This covers (up to $10million) injury or death of any person other than me or my family. So surely this would cover scenarios such as being sued if a tenant trips over the carpet, hurts herself and decides to sue me?
Page 12 of the following document briefly describes the legal liability cover.
http://www.aami.com.au/policy-documents/pdf/landlord-freeholding-insurance-policy.pdfTerry and others; I'd be interested to hear your thoughts? Are you thinking that insurance should not be completely relied upon, and if so, I'm really interested in hearing thoughts as to why…
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Why wouldn't land have an income for up to 2 years? I got a house and land package, and from the time of signing to the time of moving in was 6 months. It would have been faster had the time not spanned Christmas, when tradies shut down for a couple of weeks. It was a great acquisition for me. I bought land really cheap in a new housing estate. There was virtually no stamp duty because there was as yet no dwelling on the property. And I got a nice new place
The ability to get finance for an empty piece of land with no particular immediate plan for construction and earning rent would need to be addressed with the bank. I also read somewhere that you can't get the dwelling on a fixed interest rate – that it had to be on a variable rate until construction is complete.
You are right that if you are no good at, and do not enjoy being a handyperson, don't. But it doesn't mean that your property can't be renovated. Outsource the tasks to the pros. Painters and such like. And if you are not creative and can't think up a nice look for the new kitchen that is needed, steal ideas from display homes (take your camera along!). Go and look through houses that are up for sale when they are "open for inspection" and see what other people are doing with kitchen renovations. Get ideas from magazines. Then simply show the picture of what you want to the relevant tradie and say "do this. This is what I want it to look like." Also their invoices will be tax deductable. And also they can get paint and other supplies far cheaper than you could. And they'll do the job faster than you could
Anyway, it is awesome that you've picked up some tips from everyone's comments
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Can they just not be bothered to edit and reprint the contract? Your solicitor will probably be able to put a line through the clause and handwrite whatever clause you prefer to see. Talk to your solicitor
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
