Forum Replies Created
Hi Aptam,
My first thought would be, assuming that the 5 houses are all green title properties, would that sewer line be classified as a mains anyway and be the responsibility of the water authority?
The problem that you face is that even though the problem lies with your neighbour, they have the ability to give you some headaches as well. What if they go ahead to get the problem fixed and the sewer line is out of action for a week? Could start an even bigger s#@t fight so to speak.
As for what caused the problem initially, its hard to say. If the 4 properties up stream are draining properly and only the 5th that is experiencing problems, you can probably assume that the line hasn’t collapsed completely as then you would all shortly be having the same problems. Sounds like a blockage which most commonly is caused by tree roots.
My first port of call would be to contact your local water authority to see whose responsibility it is.
Hope this helps.
Dr X,
This was the point I was attempting (probably unsuccessfully as usual!!) in another recent post about Panic Selling in Sydney who are experiencing a crash of sorts. If you are prepared and can get cash, wouldn’t now be the time look at opportunities?
cheers
Jan
GR, thats more what I was talking about! Be it vague but there are strategies that work in property even when times are tough. Can’t remember which book it was but the line was something like, in good markets the rich get richer but its the bad markets where the rich stand to make the most. You get the idea!
In terms of typical residential investing I understand the sentiment of rental yields and CF+, however are these strategies valid in todays Sydney market, probably not. Is this now a market designed more for CG over the longer term with the expectation of a rebound. Obviously the contraints will be cash flow and an understanding of the cycle to rebound and not for everyone but then again, is waiting the correct strategy?
I am only asking because I like to look outside the square but my outside the square could be smack bang in the middle of someone elses!!
I tend to agree as well Foundation that the boom we experienced may well have been a once in a lifetime, all possible!
cheers
Foundation,
It would seem very little motivation at the moment however at some point the market will flatten and then rise again. All I am simply saying is that the market will rebound with the critical element being when. Is it 12 months, two years, 5 years, who knows!
What are people’s strategies for the NSW market or it just bury your head in the sand and wait for the peak of the next cycle?
Interesting topic Foundation.
I have been out of the Sydney market for about three years (perfect timing more by luck than design!).
I am curious if the investors that are cashed up are using this current period as a prime opportunity to grab some bargains? From what I read, there is also a glut of rentals on the market as well so IP purchases can be real money pits, at least until the pendulum swings.
So if this is a “rational depression”, how long is the cycle likely to be and what are the smart investors doing and predicting? Panic selling is never a smart tactic!
Just curious being an ex-Sydneysider!!
Hey Blondiie,
Agree with Dazzling that inspections can really be done by anyone as long as you know what to look for. If you can actually get under the floor and take a look at the stumps, bearers and joists, all the better!
The reality is that termites are everywhere and while there are “termite areas”, I wouldn’t let this stop you purchasing a property.
As for the “moderate” damage, again that in my experience is a tick in the box. It could mean that the skirting boards need replacing or replacing structural elements. I still get pest inspections done but don’t be afraid to get under the house and take a look if you can.
Also gives you a bit of insight into what is actually under that ugly carpet or lino!!
For me, its a work packaged 02 Ford Escape which gets me everywhere I need to go and someplaces I don’t need to but want to!
My partner has a 97 MG which isn’t particularly practical but jeez ,its fun to drive! At the time, had the choice between going for something standard and practical or this one for the same money. We think the choice was good but each to their own!!
As mentioned above, the first port of call would be via the website of the shire or city you are looking in. They often have zoning maps and descriptions of what they mean. Next avenue would be to call them up and should be able to send you a bunch of info. If thats no good, walk into the council and have a chat.
cheers
Jan
Hey MeMe,
If you do a search on the forum you will find a number of threads that discuss renovating and where to buy around Perth.
First place that comes to mind is Ross’s Auctions but there are heaps of other options out there.
cheers
Jan
And on that note Vogue, add contingency! Some say double the time and budget although this is probably extreme, but certainly add some just in case!!
If you are doing the work yourself or employing different tradesmen to do the work rather than one builder, have a general plan of what you are trying to achieve. No point going in gung-ho on a heap of little projects only to find out they don’t look good together!
Lastly, as someone else mentioned, don’t overcapitalise. Bear in mind what the property is intended for. No point putting in Granite benchtops for an IP that just will not see the return!
cheers
Jan
Forgive my ignorance here everyone, but I thought that LMI applied for every instance where you were borrowing over 80%??
I also go through Bankwest and don’t have any real complaints but have been told by every institution that I have approached that LMI always applies above 80%.
If this is not the case, can I technically use the equity in my POPR to look at other investments without incurring LMI?. Details as follows:
Mortgage – $405K
Valuation – $485K (2 months ago and assume around similar figure)
Assuming that serving is good and no other debts.Appreciate the input!
Jan
Hi Stuzzy,
Am not familiar with Low-Medium Residential Zoning but usually the council uses a zoning guide to stipulate how many dwelling are permitted for a block.
For example, over here in Perth we use R-codes which are R20, R30, R40 etc which denotes the number of dwelling per hectare. Any idea what the equivalent is in Brisbane??
The one thing I have encountered is that if you change jobs but move within the same industry, the rule of being in the same place of employment for less than 2 years does not necessarily apply. Ie they CAN count it as being continuously employed. For example, I was working as a Project Manager in construction then moved companies but doing the same sort of role so was deemed to be OK. Havn’t bought a house when I was on probation though so not sure about that part.
Hi Lisa,
Havn’t got experience with bagging or rendering directly but did have a similar predicament with my place. Older house with ugly yellowish bricks. We ended up just painting the bricks a colour called “mule” which is kinda greyish purple. End result, the place looks a million times better but think bagging or rendering would have been better. We were governed by dollars and cost about $100 for the paint. Not sure of the cost of rendering or bagging, although have been told that the latter is not that difficult to do yourself. Not sure of the truth in that!
I am going to have to put in a vote for the negative here.
Although I agree that most commercial programmes are complete waste of time and an insult to most peoples intelligence, there are some very good shows out there. I much prefer the ABC and SBS over commercial stations, not for the docos but more for the comedy. Yes, it is escapism but like most things, comes down to moderation and self control.
If the first thing you do when you get home is flick on the box and keep it going till you go to bed, then you probably have a problem. If you watch it for selected programmes that are of interest, I don’t see it as an issue.
I read a lot of books which I also consider to be escapism. Granted, you have to use your grey matter to visualise but ultimately there is no debate or conversation and you are visualising someone elses ideas.
Out of curiosity, have you questioned the previous owners as to why they allowed them to build on their (being the seller) land in the first place? Who else have you spoken to apart from lawyers and RE agents?
Nice post dazzling. The other saying is that the only winners in court are the solicitors! Keep it out of court if at all possible!
So, what are the real reasons for your concern? Is is because the title says the land size is Xm2 and you require that for future development or is it because you are buying land of that size and equates to $Y / m2.
Ultimately I would think that if the title says you are buying a certain parcel of land and are not getting what you are paying for, the onus lies with the buyer to either justify you ARE getting that, recognise that you are not and modify the price or for you to recognise that it dosn’t matter and will accept as is. Once you buy, the current owner has transferred responsibility to your good self and then the problem is yours.
It comes down to how much you want it, why you want it and does it make a difference anyway. You can fight it out with the neigbours later, but as said above, that could prove costly in time and money, not to mention causing disharmony from day one with your next door neighbour which can be painful.
My advice, determine the size of the problem first (through a surveyor) and take it up with the seller before exchange occurs. If you are not happy, walk away!
Hi Nici,
Welcome to the forum and keep the questions coming. Struggling a little with the first though.
As far as road constructions goes, sounds like they have laid the gutters and placed crushed road base (usually blue metal). normally, once they have poured the concrete for the gutters, you let it set (48 jours would do it but need around 28 days for full concrete strength.) In terms of gutters, I would think a week would be over the top. The road base is then laid in layers of coase material through to fines followed by a topping of bitumen. All layers are rolled by a compactor to get the right settlement.
When you talk of settlement, do you mean the legal process of when you get access or do you mean land settlement as in the natural process?? If the latter, I would say I need more info as it could be legit or otherwise.
What other info can you provide?
Cheers
Jan
Hey Xenia,
Ultimately, the fact that you are doing very nicely out of dealing in RE is immaterial. You are doing something that you love and suspect that will continue to do so even when you don’t have to.
I don’t think people really need to know how well you are doing, I can’t imagine the doomsayers telling you their salary. Even if they did, they are probably defensive about it as well.
Look them in the eye, tell them you have found something you love doing and be positive. If they can’t be happy for you for that reason, the friendship just aint worth it!
cheers
Are there any reasons that in these circumstances you wouldn’t just shorten the settlement period. My understanding is that it can be as long or as short as agreed by both parties. In the cases of deceased estates or where you are planning on doing major reno’s, you would have to assume the place was empty anyway. As I see it, the only benefit is to the purchaser who can renovate without having to pay a mortgage on the property, with the risk that the contract MAY fall through prior to settlement. The seller is paying a mortgage on an empty property!
