Forum Replies Created
Not sure if your partner will be able to claim the grant as you have owned and lived in the property as your principle place of residence. Fairly certain that you both have to not have owned a PPOR.
Do you live at the current property and will you and your partner live at the property?
Yep that sounds right. Look into the specifics but I read a thread somewhere here just few days ago about it.
Absolutely, I second that! Not only the vendor but he knows he gets a pay check if it sells.
Others opinions might be different but I don't see enough in this that i would buy it.
I'm looking at at 65k purchase for a larger sized block in a bigger country town that will rent for 140, i could probably put someone in at 160 but l'm not sure for how long as they don't have anywhere else.
I've seen similar or better houses go at auction in town for 71k that will rent for 180 (needed 15k Reno). A beaut corner block that i would have liked at 115k which would renovate and value somewhere near 120-130 on the lower end of the renovation finishes and have a back sub-dividable block that would either sell separate or a nice unit would go on there.
You will be out of pocket if you renovate and won't make the extra capital if you sell and it's not the time to buy and hold, not for something like this IMO. Think $10 ahead each week with IO is a little out i think you will be more like $20-30 out of pocket. It might be your thing to own a property but i need to be able to make some cash or create some cash flow somewhere. Check out the calculators in my link to see the numbers correctly.
Not sure if it has commercial development potential, im not into commercial stuff as yet? If anything at all I would not accept to buy it unless it was 75k max and I could increase the rent some more. Myself I'd say "No Deal".
No you are only required by law to reside at the property for 6 months.
Note: Beginning at any point within 12 months of purchasing.
So you can rent it for 364 days and move in for the 6 months starting from the 365th day. It's the old rule that most people keep referencing to when it was 12 months living at the property. That has long changed!
Depending how creative you are there is other solutions as well, such as owner builder and claim the full 29k for building new on a cheapish block out bush as you city folk refer to it as (Country town). Don't have to be owner builder to get the 29k FHOG in Vic either.
Also you can rent a room or two while living in the property to generate income to service the mortgage debt. Other creative ways such as vendor finance may be harder to find but getting the seller to fund 20% and you borrow 80% and or a delayed time until you pay the 20% back to the vendor.
An example of this would be if a property was 100k you talk with the vendor to pay them 20k starting in five years time or less, more even. The vendor gets 80k cash now.
Maybe you might find a lease to buy option where you don't need a bank loan.
Hi Katri,
What part of Australia you in? Country or City will have varied prices and effect how much you might be able to loan.Will it be your first home therefor you could use the grant of up to 17k as the deposit if (in Victoria) starting with a simple place in a country town with a 100k or so purchase price.
Does not appeal to me as it is negatively geared. Meaning it costs you money out of pocket each week to own it. I prefer to create positive cash flow.
If i we're a negatively geared investor i would also look for a better yield then this. Which would basically mean less money out of pocket to own it each week then the above example.
I think you have the right. Business days is what it is counted by.
What are your rights as far as extending the settlement period? In the contracts I have been in the settlement has been set but because of circumstances changing have been a floating thing. Though one was for a DA approval time extension and another because of a title measurement error on title which has and is now a floating settlement date as we don't know how long it's going to take to find the neighbors to sign off on it. they can't find them. It's working in my favor a.t.m.
Best thing to do is ask. Seek an extension. Either ask the agent about it or your conveyancer or solicitor can send a letter requesting an extension. Your paying your solicitor or conveyancer…go down and see them. I've been to my conveyancer at least 15 times, i'm paying him $1000 and I get my moneys worth.
Yep just seen that Qls007!
Come on Wayne take not of other posters and brokers to follow examples of acceptable posts.
Mortgage Broker you seem to be putting duplicate replies in to every post. I've seen seven in a row!
Can you be a bit more genuine with replies and create something different instead of it seemingly being a blatant advertising campain for your services and web site.
Also would you mind trimming a heap of those links from your signature I'm sure one link in the sig will be enough to let people know where you are and what your about.
Otherwise your doing OK, just a caution….'Cyber Cop'. Drive carefully on the roads.
There needs to be a property manager black list as well. I've found plenty of times when they have been very much in the wrong and they get away with it because they are in a position of power and considered to be the goody goody angles that are supposed to be doing the right thing.
I'm inclined to give you some help myself. However i think you are looking to renovate in a capital city. When the area i could help you is in smaller to large regional towns. And if it was a little closer to home would be in Victoria.
The $140 a week for the flat should go in your pocket.
I would begin by having a chat with them and saying that, "this is my investment" and any returns coming from the flat in future I need to collect and or the flat is not allowed be used. Then when they move out rent it separately to someone else.
This would be a good start. If it is too awkward to ask them because of the circumstances suggest that you might employ the services of a professional property manager and they might suddenly pay the rent up and do as you request. Whatever way you are an investor and deserve to increase the rent.
Will collecting potentially $9880 extra cash per year help your mortgage?
Currently – $300 x 52 weeks in a year = $15600 per annum
You could be getting – $350 for house and $150 for flat x 52 weeks in a year= $25480 per annumIngredients:
90ml X 35ml x 2400ml studs at 450 centers (upright studs spaced this distance!).
Nails ( I borrowed a nail gun and a compressor) but a good old hammer is OK as well just slower.
Electric Saw or Hand saw ( i recommend electric) i borrowed one.
Plaster Board surprising cheap!
Plaster Joining Tap
Plaster crews
Plaster Joining Compound and Trowel (plastic ones are cheap and work well for small jobs). $20 a bucket of compound and will do a two or three small walls.
Cornice $2 per meter ( can be tricky perhaps get a plaster to hang this if having trouble)
Cornice Powder to glue cornice to plaster and ceiling.
Arcitraves
Electric Sander for plaster or a hand sander is OK for small jobs. $4.50 for three pieces of paper and two packets will do a few walls.
Paint Undercoat $50 x 6 litres will do two three walls
Paint $50 x 6 litres Acrylic will go lot further then undercoat (i have only used one top coat over undercoat)I might have missed something but i think that's everything.
Let's see, one meter of wall uses about 3 upright studs at a standard height of 2400ml and then a top plate (same sort of boards that run across the top of the wall) and bottom plate (obviously the bottom board) and two noggins, these go half way up about at 1200ml between the upright studs. So total amount of stud length there is:
Studs per meter say $3.00 x 13 metres of board = $39.00 per square meter of wall framed and ready for plaster. Best way is to measure the total wall distance and divide it by 450 that will give you the stud amount needed and then get the woodstore to cut the top and bottom plate to measure when buying or near enough to it. And get a third for the nogs and or use of cuts from studs and doorway offcuts etc. Remember you use double studs for wall joins at right angles.
I get enough wood to do most the frames then just go down and buy the last few peaces that way you have the exact amount and what little bits left use to light your fire.
Things to consider:
Is there power points going in the wall?..if so they can be sourced cheaper then in the stores. You can prepare one side of a wall with plaster and pre drill wholes for the electrician and mount brackets etc to save on time and costs. Then have the electrician come for quick laying of wiring then you finish the other side of the plaster and get the electrician back to finish. You can get the power points and mounting brackets half the price on ebay. I priced them in store for $14 a double PP and got pack of 10 single light switches and 10 double power points for $74 delivered to the door. I put the plaster on all the sides that have the power points and cut the wiring holes and nailed the mounting brackets etc.You got me on the wrong day as I can't give an exact cost per meter. I just done a few walls buying and saving on as much as i can and doing all the work except cornice and electrical wiring and have not calculated all the receipts yet.
The problem with these things is trades people, you don't need to be a brain scientist to build a wall. At 50 an hour the less the trades people do the better if you have the time and have a go you can do it for a pretty cheap cost. I've got a lot of material, screws and bits left over so will save again on the next job.
Also for newbies search stuf on youtube you can find heaps of good tips on hanging plaster and painting, framing wood etc.
Right! Thanks crashy and Scott. It's interesting info.
Well this Reno is just a low to average standard finish and is going to be a rental in the low low end of the market, so if I take the paint to the paint shop can they add an anti-mould?
Is Gloss something that can be added as well? It does not really bother me if it does not look glossy.
I've heard of http://www.RPData.com mentioned a lot when it comes to that…not sure of Victoria, perhaps try them. Otherwise a search of Google or this forum will yield results!
I would advise you to give them a call and explain your situation 13 21 61. It's been quick to get through when I've called. Or send an email [email protected].
I think the deck would appeal more to people from an emotional point of view. But also landscaping is important to produce a complete package.
A lot of landscaping can be done on a shoestring budget so perhaps try to do that as well. If the paving is looking like a big cost then maybe do as much landscaping you can by just being resourceful and using your own time. Instead of paving look to cost effective alternatives.
I have a small rear access double driveway & yard area that i would like to pave but it will not be worth the cost for the area this property is in. So only blue metal is getting put down to clean and tidy the area up.
