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jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 19, 2010 - 7:49 pm
Ok well the Required Insurance Amount can differ greatly from the Valuation.
Imagine if you own a shack on a very expensive piece of land on the coast. The Valuation may be $1.5mil but Required Insurance Amount – $200k ? See what I mean… Required Insurance Amount only takes into the account of rebuilding the house and doesnt include the land value.
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 19, 2010 - 7:39 pm
Hi Frankey,
Thanks for giving me a Tenants perspective. I will be a Tenant myself for the first time in a couple of weeks so it will hopefully give me another view on things. You sound like a very good tenant putting on felt protectors on everything, your welcome to stay at my new place! haha
Daniel,
Thanks again for your helpful advice. Its all very confusing for me having never renovated before and being told different things but I think I will likely give the polished floorboards a go & stick with carpet in the 3 bedrooms. I will be getting 3 coats of polish so hopefully doesnt wear down too fast!
Also appreciate the blinds website you gave me, I will get the measurements hopefully today and see how they compare. How long did you have to give for shipping? I live in regional NSW?
I forgot to mention earlier – The details of the contract have changed again, now $200k with 28 days and we will no longer be doing early access and tenant will pay his legals as normal. Previously I was going to pay his if we had early access. It was starting to become too risky as one of his friends/or family members was in his ear telling him not to let us touch it until after settlement and I did not want to put my money into renovating the property if it fell through or a caveat was put on the property .
I have taken Catalyst's advice and just started planning everything first and will then get in there straight after settlement.
Once again thanks to all people that offer there advice, I really appreciate it.
Jac
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 19, 2010 - 7:45 am
Hi Anthony,
Was the $120k the Bank quoted to you the Valuation amount or the Required Insurance Amount? Normally on a valuation there is a figure which estimates the amount you should insure the property for if you had to rebuilt it.
Jacqui
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 19, 2010 - 7:30 am
Hi Leonie,
Thanks for your reply. I spoke with the floor sanding guy again today and it may still be possible to get them done we will just have to scrape some of the glue off prior so it doesnt make a huge mess of the sander. Shouldnt be as bad as first thought and price is half the cost of vinyl tiles/planks or ceramic tiles.
Are polished floor boards easy for tenants to destroy?
I'm sorry for all the questions, just trying to learn as I go. I didnt realise all the different floor options available!
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 18, 2010 - 8:38 am
Hi Daniel,
Thanks for your reply, very desperate for advice at the moment. Only have 2 weeks to get it sorted before I go so a little under the pump.
Is laminated flooring those clip in floorboards? I have heard they buckle up if waters gets on them? I went to Carpet Choice and got a quote for vinyl tiles and they were just as pricey if not more expensive than ceramic tiles?
In the eyes of a Valuer do floor covering have a big impact in price or not? I dont plan to sell after renos but I do plan on having it revalued to use the equity for more IPs.
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 18, 2010 - 7:49 am
Need help with deciding on flooring on new IP purchase..
Currently has lino in kitchen and carpet in lounge room and bed rooms. Bedrooms are all being recarpeted however what I cant decide what to do in the kitchen. The situation is there are good floor boards in hallway and lounge room however boards in kitchen (under lino) have glue residue on them and can cause problems when sanding. I was advised I could try using kerosene to remove the glue however it is highly flamible and dangerous. Anyone had a go at doing this??
The questions I have are, if this was your investment property which you intended to have revalued and held as an IP what would you do.
1) Polished floorboards in lounge and hallway and either tiles/ vinyl tiles / lino in kitchen
2) Carpet lounge room and hallway and use lino in kitchen which look like fake floorboards
The property was purchased for $200k and Bank valued it in its current (poor) state for $215k. I plan to do a renovation to add more value and also be suitable for a rental property.
The kitchen will be getting replaced and I have currently bought new omega stainless steel oven, omega ceramic cooktop, rangehood canopy and stainless steel dishwasher all for. Will be a modern looking kitchen and wanting to keep with the theme without cheapening it.
I got a quote for vertical blinds for the property today – 11 blinds – $1540 no cost for installation. Is that expensive or OK?
ALL HELP IS REALLY APPRECIATED!!!!
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 18, 2010 - 7:33 am
What would you do in this situation…………. Needing help with what flooring to use in kitchen/living area and hall way.
Currently there is shitty lino and ugly carpet in lounge room and bedrooms. I will definately be replacing carpets in the 3 bedrooms however I originally was going to tile throughout kitchen and living area however a friend who is a tradie looked at some of the floorboards and said it would be alot cheaper to sand them back and polish them up.
I called a floor sanding place and he checked them out today. Only problem I am facing is the boards under the lino have glue on them and he said he cant put the sander over it. He said I could get a kerosene on it however it is highly flamable and he wouldnt be able to sand it for another 4 weeks. He thinks it would get the glue off but did not want to recommend it due to the dangers.
My options are :
Do polished floor boards in lounge room
jacqui_03
Participant
@jacqui_03
Join Date: 2010
Post Count: 142
October 18, 2010 - 7:33 am
What would you do in this situation…………. Needing help with what flooring to use in kitchen/living area and hall way.
Currently there is shitty lino and ugly carpet in lounge room and bedrooms. I will definately be replacing carpets in the 3 bedrooms however I originally was going to tile throughout kitchen and living area however a friend who is a tradie looked at some of the floorboards and said it would be alot cheaper to sand them back and polish them up.
I called a floor sanding place and he checked them out today. Only problem I am facing is the boards under the lino have glue on them and he said he cant put the sander over it. He said I could get a kerosene on it however it is highly flamable and he wouldnt be able to sand it for another 4 weeks. He thinks it would get the glue off but did not want to recommend it due to the dangers.
My options are :
Do polished floor boards in lounge room
jacqui_03
Participant
@jacqui_03
Join Date: 2010
Post Count: 142
October 18, 2010 - 7:33 am
What would you do in this situation…………. Needing help with what flooring to use in kitchen/living area and hall way.
Currently there is shitty lino and ugly carpet in lounge room and bedrooms. I will definately be replacing carpets in the 3 bedrooms however I originally was going to tile throughout kitchen and living area however a friend who is a tradie looked at some of the floorboards and said it would be alot cheaper to sand them back and polish them up.
I called a floor sanding place and he checked them out today. Only problem I am facing is the boards under the lino have glue on them and he said he cant put the sander over it. He said I could get a kerosene on it however it is highly flamable and he wouldnt be able to sand it for another 4 weeks. He thinks it would get the glue off but did not want to recommend it due to the dangers.
My options are :
Do polished floor boards in lounge room
and
jacqui_03
Participant
@jacqui_03
Join Date: 2010
Post Count: 142
October 18, 2010 - 7:33 am
What would you do in this situation…………. Needing help with what flooring to use in kitchen/living area and hall way.
Currently there is shitty lino and ugly carpet in lounge room and bedrooms. I will definately be replacing carpets in the 3 bedrooms however I originally was going to tile throughout kitchen and living area however a friend who is a tradie looked at some of the floorboards and said it would be alot cheaper to sand them back and polish them up.
I called a floor sanding place and he checked them out today. Only problem I am facing is the boards under the lino have glue on them and he said he cant put the sander over it. He said I could get a kerosene on it however it is highly flamable and he wouldnt be able to sand it for another 4 weeks. He thinks it would get the glue off but did not want to recommend it due to the dangers.
My options are :
Do polished floor boards in lounge ro
om
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 14, 2010 - 7:09 pm
HI v8ghia
EBM who LL policy is underwritten by QBE – Malicious damage or theft by tenants as well as Accidential damage to both building & contents or any unauthorised home alterations is up to $50k.
Although always best to go through PDS and compare between insurers.
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 12, 2010 - 7:16 am
Hi sportz43,
I'm in a similar situation, on my 2nd IP which I am in the process of purchasing I have been advised by a PM to get a Depreciation Schedule completed on the property in its current state after settlement before I renovate it even if I think the current fixtures/fittings arent worth anything due to being in an poor-average condition. She then told me just to keep all receipts of renovation costs and take it all to the accountant who will then depreciate items. I asked if I have to get a Quantity Surveyor out there again and she said it wont be necessary as they are normally used when the value of an item is not known.
Is this the best way to go?
Jac
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 12, 2010 - 6:59 am
Thanks black hotel and Simon.
Just one thing with the LL policy – The up $50k contents cover on fixtures and fittings is automatic with the Landlord Policy so my insurance is only in the $300 price range.
I agree with you Simon – Always best to get cover with 'accidential tenant damage' as alot of insurers wont pay up if you only have 'malicious damage' as they try to weeze their way out of it on a technicality.
Thanks for the opinions guys.
Jac
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 11, 2010 - 10:51 am
Terryw,
If I decide to start investing in a company/trust structure I wouldnt change my current IP's due to the costs involved so how do I know if it will be beneficial on the next IP purchase or if I should just stick to buying in my own name?
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 11, 2010 - 9:36 am
Hi blackhotel,
I know its an old thread but just wanting your opinion on EBM as I currently have 1 EBM policy on a strata unit and considering using them again on new purchase with is a house – approx $650 p.a which includes Landlord, Building, Contents up to $50k. Price is cheaper than competitors, I looked at Terri Sheer for LL and NRMA for Building and it was a far bit cheaper. Is the cover comprehensive enough to cover houses? I have looked at the PDS and it seems to have more inclusions than other insurance providers.
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 11, 2010 - 9:17 am
Sorry for the late post Television I did not subscribe to the thread so I didnt realised you replied until now.
I didnt formally advertise through a newspaper or online, I was lucky and met a customer who was in the process of applying for rentals. I also had some interest via word of mouth etc. I might not be so lucky in another 12 months when his lease expires and may need to advertise or hire a PM. I was happy the tenant as he had a secure job in the Defence and was paying above market rates. He looks after the place well and always pays on time.
Good luck!
Jac
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 11, 2010 - 6:50 am
Yeah thought so. It is about half an hour out of Wagga. I live in Wagga and wouldnt think the retail demand who be high in that area. Value of land is cheap though but leasing it could be a problem.
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 10, 2010 - 11:13 am
Are you referring to Currawarna in NSW? Mangoplah area?
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 10, 2010 - 11:10 am
I am in the same position as I am wondering when is the necessary time to change financial structure into a company/trust set up. I own 2 IPs, one in my name and the other in joint names with my partner. My current accountant does not think it is beneficial at this stage to form a company and discretionary family trust. When is a good time to make the change?
jacqui_03
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@jacqui_03
Join Date: 2010
Post Count: 142
October 8, 2010 - 9:47 pm
I agree with Banker. You don’t need every investment loan with fully transactional offset account. I think it’s important to have a fully transactional offset account on your non deductible debt but the MISA still works fine if you just want to park money in there to save interest. There are no monthly fees attached and minimum deposit and withdrawal is $500. I have both products and I like features of both.