Agree with Solomon – it can add quite a bit of value. We’re getting our latest property rendered in a couple of weeks time – I’m confident it will add a fair bit of value.

Ours is being done by a friend so can’t really comment on how much it should cost.

Cheers

Jamie

Hi Jlillian

Keeping in mind that I’m not an accountant and would always insist that you seek professional assistance, I believe a valuation would only be necessary if you lived in the property and converted it into an IP down the track. If this were the case, then a high valuation at the time it becomes and IP would be beneficial.

Cheers

Jamie

In Wagga, the DOH properties are auctioned off by LJ Hooker (I think they might have an exclusive agreement with DOH). I’ll try and track down the last email I received from LJ Hooker with their upcoming DOH auctions.

Cheers

Jamie

Nice one Steve. Are the 10 other properties in the Wagga area as well? Hopefully the renos increase the val to around the $160k mark which will give you around $40k in equity to access….enough for a few more 90% lends on $100k properties

Cheers

Jamie

Hi Steve – I’m confident it will. What was the initial LVR and are you carrying out most of the work yourself?

Cheers

Jamie

I must admit – Musswelbrook has been popping up quite a bit these days. I think Terry Ryder gave it a mention recently in one of his many reports.

Cheers

Jamie

As an expat it’s possible to take out a 90% loan (meaning you require less of a deposit – this should help you reach your goals).

Some BA’s charge a fixed rate, some charge a percentage of the purchase price. Try Andrew Allen who posts on here – he’s a buyers agent in QLD and is a regular contributor to this forum and others.

Cheers

Jamie

Hi Debbie

Do you anticipate ever turning your next PPOR into an IP? If so, I wouldn’t pour too much money into the loan at the start (it will reduce the level of deductible debt – which isn’t ideal if this property is ever converted into an IP).

I’d also look to keep some of your cash in an offset account – just in case cashflow is an issue, it’s always good to have some money available.

Cheers

Jamie

Hmmm….personally, I wouldn’t be rushing out to buy another IP right now and I can totally understand why the idea isn’t all that appealing to you right now.

To answer your question, yes – you’d have to disclose all liabilities whether you’re purchasing an IP or a PPOR. Having two IPs under your belt (one if which is so negatively geared) will impact on your borrowing capacity when purchasing your PPOR. Obviously it’s also dependent on your income and any other liabilities.

Jamie

That’s a pretty good buy. It should be worth a fair bit more after the tidy up as well.

Cheers

Jamie