I couldn't agree with you more foundation. We are drowning in our own debt. Borrowing more to pay for personal debt we can't pay.

I have vowed this year to get rid of all credit card debt that I have!! 

peterhutchy said:

Is it any wonder why drugs are such a problem???? “There’s no point in working your ass off so you might aswell so smoke some dope, inject some ice etc” you may not be with it but hey i’m sure in your own little world you were having a good time sure you’ll screw your life up as you get older but who cares you haven’t got much to look forward to anyway.

What a stupid thing to say! Let’s go inject ice because you haven’t got much to look forward to… that’s just lame.

Honestly, my parent’s came to this wonderful country with only 0.50 cents in their pocket. They struggled with their english and had little money to survive on, especially food. But they were always positive and full of determination. Today they have total property of 1.7m, not bad for only having 0.50 cents to begin with.

I too worked hard to save up for a deposit to purchase my first IP, and you should be able to do the same. It’s not going to happen over night so you should start saving!

Mortgage Hunter you are the Master of IP on this forum, you seem to have solution or answer to everything hahe.

The building is about 4 months old and does have lifts, swimming pool & gym facilities. I will definatley get a report done soon, thanks. If I decide to keep the apartment for just over a year I could claim for the entire refund?

Which firm were you referring to?

Thanks again for your help.

Hi nstellar,

It’s funny that I stumbled across this topic because I just had my first appointment with my Accountant today and the first thing he had advised was that I can claim depreciation tax & should get an appreciation schedule done. So you should drop the goose Accountant you have appointed heha because either he is not knowlegable or just plain lazy.

Below is a list of things you may claim which was provided by my Accountant today. Please note that some may not be applicable to you.

[Question] My Accoutant said you could pay a Quantity Surveyor to do the work for you and may cost from 350 – 500. Do these figures sound about right to anybody?[blush2]

Advertising for tenant
Bank Charge
Body corporate fees
Cleaning
Council rates
Electricity & gas
Garden & lawn mowing
In house audio/video service charges
Insurance
Building
Contents-landlords etc
Public liability
Interest on loans
Land tax
Legal Expenses
Lease costs
Preparation
Registration
Stamp duty
Mortgage discharge expenses
Pest control
Property agent’s fees & comission
Quantity Surveyors fees
Repair & Maintenance
Secretarial & book keeping fees
Security patrol fees
Servicing costs i.e. servicing a water heater
Staionary, postage
Telephone calls and rental
Tax -related expenses
Travel & car expenses
rent collection
inspection of property
Maintenance of property
Water charges

Hi Boon69,

I recently settled an apartment purchased off-the-plan about 3 years ago and even though the property has increased in value over that period, I still wish I did not invest in an apartment.

You have to watch out for things like management fees and also Body Corporate fees (mine $4500 p.a) which can be really heavy and as a result reduce your return. Council rates for the year ($1290) for the apartment I own is equivalent to my parent’s house which is higher in value than the apartment. Another disadvantage is I can’t really add value to the apartment’s exterior, any internal fittings must go through the body corporate.

Knowing what I know now, I would prefer to invest in houses. But if you have done your research, it could be a successful investment. I know a few people also have apartments included in their portfolio and are doing well.

Advice from a novice investor[blink]

Stephen, you should also look into the types of joint ownerships such as joint tenants or tenants in common.

Joint tenants means you have equal rights to the whole of the property, rather than a specific share.

If you die, the other joint owner automatically inherits your share of the property. This is the case regardless of anything that is said in your will.

Tenants in common could be suited for couples in new relationships and friends and/or relatives who are buying together often choose to be tenants in common. This means that you each own a specific share of the property. You don’t necessarily have to have equal shares.

If you die, your share of the property doesn’t automatically pass to the other legal owner(s). It will go to whoever is named in your will or, if you haven’t got a will, to your next of kin. If you want to leave your share of the property to the other legal owner(s), you can say this in your will. You can also change your legal ownership into a joint tenancy, but only if the other owner(s) agree to it.

[exhappy]

This sounds like a great idea!

I would love to here some success stories.[evo]