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First time i went to VCAT was only for $5400 (out of pocket after Insurers paid out the $20K) – it was easy as she didn’t even turn up.
Second time not so good.
CAV told me through all their correspondence that they effectively can’t ‘make’ a PM pay us any compensation….because they are saying that a rotten timber bench top is ‘wear & tear’ and we are obviously saying that it is neglect.
The tenants lied at VCAT and said that the kitchen tap was leaking and that is how the rot got there. That is why they got out of paying me any comp.
The kitchen tap was never leaking and there was never any report of that to the PM either.
Here lies our biggest problem!HI New2invest,
We bought an IP on the island in mid 08 and it has been revalued +30%.
Taking into account what the previous poster has said, it really depends WHERE on the island you buy. Not Cowes, not Ventnor, Not Wimbeldon Heights etc. If you stick to areas far from the GP circuit then you will be better off…Smiths Bch, Cape Woolamai etc are highly sought after and much higher increase in value of late. Even Newhaven is ok, nice area and more permanents/less bogans iykwim.
We watch the market there very closely and still reckon it is a hidden gem.True, the area is not easy to finance but if you can do it on equity from another property then it will be much easier (we did) as not many lenders are interested in regional.
Can point you in the right direction if you need…know the REA there quite well (good and bad!!)
Cheers
KTThanks guys, I did lodge a complaint with the Vic REA Service …this is handled by Consumer Affairs Vic who wrote to the Agent asking for an explanation.
The Agent FABRICATED a condition report and said that the damage ‘must have occurred after their last inspection’ which was completely untrue, it takes more than 4 weeks to get a rotten benchtop.
They may have done inspections over the 18month period but there are absolutely no written records of any of them. I have each maintenance request by the tenants in my posession and nothing was ever reported about the bench.
I think it is liar versus liar and we are just the suckers in the middle!Re the decking, agree – easy to fix but the kitchen bench will be very tricky.
We were told we couldn’t reject that tenant’s application (to rent) because the husband has Parkinson’s Disease and the wife was an anxiety suffering carer …so it would be ‘discrimination’ if we didn’t accept them.
VCAT are a big toothless tiger anyway!the4ofus
Hi there, we bought an investment property on Philllip Island in mid 2008, renovated it an have leased it permanently since then..with the view to use it as our holiday home in a few years.
We also thought of buying cheaply in town versus a house in a semi regional area and chose the latter for a number of reasons….cheaper buy in, more options for use (ie we could use it), more potential for capital growth (it is on a beach), population growth etc. Wonthaggi is a growing regional centre etc
The only downside is that the RE Agents in that area are on the most part very unprofessional – we have had 3 agencies manage our property and all 3 have done so in a staggeringly poor manner.
If we didn’t have 2 small toddlers we would list it on STAYZ for casual rentals…I would recommend you list the property on STAYZ website instead of permanent rental…. you can use it yourself when the place is not booked but still claim tax expenses at the same time.
Only hassle is that you will largely pay the full mortgage all year and have to wait for your losses to be adjusted at tax time.
Have you made a move yet?
Cheers
KT
