If you quote someone in your post, your comment goes immediately under the original post that you quoted.  This means it doesn't appear at the end of the thread where new comments would be anticipated.  Not sure if this is good or bad, just unexpected.

What quantity surveyor are you using for the depreciation schedule?  Maybe ring around some others and see if they can manage to do a better job of figuring out when the place was built for you.

What quantity surveyor are you using for the depreciation schedule?  Maybe ring around some others and see if they can manage to do a better job of figuring out when the place was built for you.

Let your solicitor fight it out with the buyer's solicitor.  Ask your solicitor to explain to you how they are able to handle this for you and you will find yourself stressing far less.  They will be quite matter of fact about it.

You could spend your time planning, getting tradies in to quote and measure and so forth. Then a couple of months before you are ready to move out you tell your cabinetmaker to start making your kitchen, book tilers etc in, and tell all your providers you dpn’t want any invoices till after you move out

DA = Development Approval (something you get from Council)

In terms of understanding resale value, there are two things that spring to mind:

1.  Keep a close eye on the real estate websites such as http://www.realestate.com.au/buy to  see what things are selling for in your target area.  For instance, you might observe that unrenovated 3 bedroom houses that are clean but dated with brown kitchens and patterned carpet are selling for $280k, while houses of similar size in similar area are selling for $360k if they are clean, with a plain coloured carpet (grey or brown or cream) with a white themed kitchen.  You might then observe that a fully renovated house of similar size in same area (with flash new oven, ceaserstone benchtops, new cabinetry, new carpet etc), sell for $380k.

2.  Go to heaps of open for inspections.  Things look quite different in reality to the picture put on the internet.  Also, on your way to the open for inspection, you notice things.  For instance, you might think oh, right, ok, this street is actually quite crappy, because several houses have sofas on the porch and people sitting on them drinking beer.  So although the house is reno'd, it is worth less than a reno'd house in the same suburb in a different street.  Or you might notice there is a cemetery across the road and wonder why you didn't notice this on googlemaps.  Or you might simply notice the people wandering around in the street, or at the nearest shopping centre.  Are they well presented?  If not, it might affect the kind of homeowner that would be prepared to live in the area.

In terms of understanding cost to renovate:

1. Take a photo of a couple of different sized and different layout kitchens and get quotes from a local cabinet maker on the cost to put in a schmik new kitchen.  Go to the tile shop and find out how much tiles cost.  Go to Bunnings and research the cost of doorhandles, paint and such.  Go to the carpet store and understand how much carpet (installed) costs.  Won't take long before you work it out.

To give you an idea, I did a reno of a one bedder that involved:

– Ripping out of kitchen and bathroom
– Replacing of some plaster as it was was wet and rotten
– Full repaint
– New security doors to front and rear
– Some new doors
– New doorhandles to all doors and cupboards
– New kitchen
– New bathroom (even the toilet)
– New laundry (including cabinetry from cabinetmaker)
– New taps etc
– Upgrade of electrics to include safety switch
– New floor and wall tiles
– New carpet
– New appliances
– Lightfittings
– Some new flyscreens
– Some new shelving
– New window coverings (ie blinds)
– A bit of a garden rejuve
– Some new skirting boards and door architraves
– New deadlocks to front and rear

… all this clocked in at around $20k.  Seemed like a lot when I looked at my tracker spreadsheet though I'd bought so well I didn't mind.

Generally speaking I've figured if I was looking at a 3 bedder house that didn't need new plaster or security doors or skirtingboards or door architraves, I could turn the thing into a new looking place for around $15k.

Can't stress enough …. go to the shops and look at products and see what they cost.  It will differ from state to state and from town to town.

It sounds like you've done enough research to know a bit… seeing as you're mentioning discretionary trusts.  Keep in mind that not everyone around you has done the same research.  So for instance, if Uncle Bob suggested at last Sunday's barbeque that he knew the precise kind of property you should buy or how you should finance it, keep in mind that Uncle Bob has less knowledge on the subject than you and, is also not wealthy via the property vehicle.  So probably not much point listening to Uncle Bob as he will only be spouting off about a topic he knows nothing about, and in the process, confusing you as to what decision to make.

Jamie and Richard who have both posted above on the other had are very knowledgeable and conveniently are also a brokers who know full well how to use property and mortgages to get ahead in life.  Seldom do you need to meet a broker face to face these days… it's all phone and email.  Why not give one of them a call and get him on your team to help you achieve your goals. 

Thanks heaps for sharing this info Richard you're a star

Not to offend anyone, but can't say I like the bird-named streets in Norlane.  There are very few streets I would consider in Norlane.  Loosely, they are bordered by Donnybrook Rd (but not including Donnybrook Rd itself), Anakie Rd (but not Anakie Rd itself), Thompson Rd (but not Thompson Rd itself) and the rail line.

There are parts of Norlane that are very dodgy places to live, and as such you would expect only to attract the type of tenant that is comfortable living with such "activity" around them.  I think it's Rose Avenue that real estate agents will not go to after midday.

janinewool – I don't know how the couple of hundred layoffs at Ford would "affect Corio".  Of the people that live and work at Ford, not all of them live in Corio.  Further, of those that do, if they lose their jobs, they will simply go on Centrelink Benefits and can carry on living very comfortably.