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Thanks for the replies. Between what you have said & my accountant, things are falling into place. I will do what grossrealisation says and read your previous posts Cata.
Cheers
KevinOne of the main concerns a vendor might have in allowing access prior to settlement is as you said, unfinished or dodgy repairs if the deal falls through. The other concern is if they give you access, how do they get rid of you if it goes sour. To get around this you could ask them to prepare a licence, and agree to vacate on a certain day if the deal doesn’t happen.
We just settled on a property where we got a licence agreement. The vendor’s solicitor wanted $200 per week rent, but the vendor said he didn’t want any rent, so we got the place fixed up before we settled and didn’t pay any extra. We painted & put in new carpet, but made sure we didn’t do any structural changes.
Brizza
One other common type is a wooden floor on brick, concrete or steel stumps (piers). On top of the piers are heavy wood beams (bearers and joists)The floor can be floor boards or sheets of particle board which are fixed to the joists.
The other method is a raised concrete slab, where brick foundations are built up, the area inside filled with dirt and then the slab poured on top.
Which you choose depends on what you want to achieve. Wooden floors are good if you want to get up high or have an extremely sloped block.
Another method is a suspended concrete floor where a metal tray is built up on stilts and the concrete poured into it. Just what you want if your house is overhanging a cliff!
I am not sure of the cost differences, there is a lot more work in a timber floor, but I think the materials are cheaper.
Richard,
The client lives in regional NSW. Houses are priced at 120k upwards where he lives. He is interested in something maybe up to $160k if he can afford it
Kevin
Not sure of the answer, but just do a search for First Home Owners on Google and see what the rules are for you state.
The sewer is connected to tanks means it is a septic tank system – most likely a pump out one. The costs to connect it to the sewer main would depend on the distance the new connecting pipes need to go. The work needs to be done by a licensed plunber, so you would need to get a few quotes. They will also tell you a time frame. You will also have a connection fee of some sort payable to the council or water authority. I have just priced this in one part of NSW & was told $15,000 for each house. This is to pay towards pipes, treatment works etc. I hope in your area it’s not so steep.
As for the pool – Sorry no idea!
Ian,
I have heard that 1% is reasonable to pay, but you can negotiate anything you want. I haven’t used options before, but that’s what I’ve been told.
We are currently buying a property with access before we settle. The vendors solicitor insisted we have a license to occupy, and drew one up. I can fax you a copy if you still need it.
But the way, we exchanged on that property on 16 March, have possession of it rent free, and it still hasn’t settled.
Oh well!
You need to get a valuation of the house when it changes from your home to an investment property. You then only pay GCT on any increase after that valuatio. Whatever it increased in value while it was your primary place of residence is not subject to CGT.
