Forum Replies Created
Hi Tombola,
I’m in the eastern suburbs too. PM me if you’re setting up a meeting, I’d love to come along. Great opportunity to share experience and ideas.Leila
Thanks for the ideas guys. I’ve been doing a lot of reading of home magazines lately and partly why I started this thread is that it seems that typical “display home” style isn’t what people want any more – it’s becoming a little too common and therefore doesn’t really stand out any more.
My thinking is that you have to add some touches of home for people, because as Beck wisely said, people lack imagination, and my research tells me that the ‘nesting’/coccooning effect and love of outdoor lifestyle continue to spread.
I think the suggestions of adding colour, texture and character in the posts so far reflect the fact that savvy renovators understand this. The challenge is really in how to do this on a tight budget.
Interesting budget idea for the kitchen jhopper – I’m having a little difficulty imagining the plywood over the doors in the kitchen – so I’ll take your word for it that they looked great. I totally agree with using ikea for cheap bits and pieces too. I’ve been there pricing a few items recently.
I laughed when I read your idea about the fireplaces PK – the only fireplace in my new reno place is a fake surround (no actual chimney)made out of marble-look plastic which has been painted in stucco-like paint that is peeling off. God help me if I was stuck with it and had to resort to painting over it – I don’t think there’s a colour in the world that could improve it!! I’m looking forward to throwing it in the skip (along with a few other bits and pieces).
Keep the ideas coming, I’m sure I’m not the only one here who appreciates you sharing your experience.
Leila [biggrin]
P.S. If anyone has a suggestion of where to source cheap timber windows (new or secondhand) in Melbourne – please let me know …
Hi Spank, or is it Spanky? Hope that’s not the name on your loan application or you’ll really have trouble getting finance!! [wink]
I’m certainly no finance expert, but I’ve replied to your post because I know that the waiting can be hell, especially with a first loan application. It was quite a few years ago for me, but I remember it like it was yesterday. Hang in there – the first time with loans is always the hardest.
I had difficulty getting a first loan as I had been a temp (with consistent income) for a couple of years, and only just started a permanent job when I applied. I didn’t have any debts, nor did I have any significant assets. Basically, the bank came back and said I had to find a slightly larger deposit before they would loan me the $. I ended up borrowing an additional $6k from a family member – and then the loan was okayed.
However, there are heaps of alternative loan options around these days – lots of helpful threads on the forum – so if it turns out that the bank can’t help, I’m sure someone out there can.
Hope it all works out for you Spanky, and if you do get the loan approval, I hope you purchase a great property (assuming that’s what you have in mind).
Best of luck and hopefully Tuesday comes quickly for you!!!
Leila
Thanks for the great thoughts Milty, David and g7 – I really appreciate the input. [biggrin]
For anyone else reading this thread, please keep the ideas coming.
G7, I love the shaggy white rug idea – you’re right, now that I think about it – I’ve been seeing them everywhere in the design mags. Totally impractical to live with, but they add great texture when decorating. Good thinking!
Hi Noelsy,
If you are determined to do it yourself and not sure about how it all works, I would suggest doing a Real Estate Agent’s Rep Course, or similar, which includes basic training on Property Management – this includes info on all the standard forms (and how to fill them out!) and the legislative/ legal implications of managing a property. These courses are offered at a lot of TAFE colleges and at the Real Estate Institute in Camberwell (VIC). I did the one at Camberwell as part of my professional development, and would highly recommend it. From memory, I think it costs about $650. See http://www.reiv.com.au for more info.
Having said all that, I wouldn’t manage my own IP simply because I don’t believe it’s the best use of my time, as I aspire to be a professional investor, and while building up/ developing my investments, I don’t want to be organising tradies to fix the hot water services, etc. I think whether you choose to manage your own IP depends on your goals. If you’re thinking managing your own IPs might save you $, you could be right, but it might cost you in other ways.
Good luck with whatever course of action you choose, but don’t be afraid if you want to manage your own IP – it’s not rocket science [wink]
Leila
Hi Jules,
Forgive me if I’m telling you things you already know, but if in Vic the town planning and building permit processes are completely separate at most Councils (silly, I know). This means you will possibly need to consult with someone in each of these departments.If you want to do some preparation and feel more in control of your interactions with Council, your first step will be to check whether you need a Planning Permit. Don’t forget to check the planning certificate in the Section 32 of your sale contract for the zoning and any planning scheme overlays. You can also then check Zoning and Overlay details at http://www.dse.vic.gov.au/planningschemes – it can be a little time consuming at first, but keep your melway on hand, and you’ll get the hang of it.
Once you’ve got a little info together – i.e. whether or not the property is affected by any overlays, and the type of renovation you’re proposing, this will help you start a conversation with someone at Council – if you didn’t get any help at the desk, it can help to call ahead and try and make an appointment. If the service is really bad, ask to meet with the team leader.
In regard to building permits, your builder can probably provide some advice here. Also, a lot of Councils have lists on their websites of items requiring a building permit – Whitehorse Council is a good example of this. Start with the list and then ring with any queries. Just remember that for building permits it’s not mandatory to go to Council. This can be done via a private building surveyor in Vic, and you may find one of these more helpful than Council because they will want your business. Maybe someone on the forum can recommend a good building surveyor for you?
Good luck and let me know if I can help with any advice – it’s taken me a lot of learning and being ridiculed for asking the ‘dumb’ questions – particularly about town planning – to get my head around this system and I’m happy to share what I’ve learnt.
Leila
Hi BlackJack,
In this situation I would have suggested talking it out with your neighbour first to see if a compromise can be reached. Given that you’re calling them “Evil” I suspect this may not be on the cards.
I would suggest checking with your lawyer as to whether there is any possibility of making a claim on grounds similar to adverse possession, given that there has been ‘common’ use of the land for a long period of time.
Otherwise, you’re stuck with what’s on the plan, and have learnt a lesson for next time.
Good luck and I hope it all works out for you.
Leila
Howdy!
There are lots of good fact sheets regarding different types of Trust structures at:http://www.sjq.com.au/sjq/default.htm
Click on “Trusts”.
As a piece of general information, I am regularly involved in applying for land rezoning for land owned by my employer, in areas throughout Victoria. On average, a straightforward rezoning (i.e. has local Council support, no objections received from members of the public) will take approximately 1 year. This is a long time to wait – so you’d want to be confident of the success of your application and the financial returns downs the track.
Andrew,
I did the REIV Agents Rep Course (at the REIV head office in Camberwell, VIC) earlier this year and found it to be EXCELLENT.The course was delivered by current real estate practitioners, highly regarded in their industry, and the course material was current.
In particular, the section on the Residential Tenancies Act left me feeling empowered in regard to managing a property myself – or keeping my PMs on their toes!
I strongly believe in doing my research prior to any negotiation, and this is no different when it comes to buying or selling property. The agent’s rep course left me with an increased understanding of the framework (legislative and unwritten) in which real estate agents operate. So far it has been worth its weight in gold!
And, as with any training course, it’s a good opportunity to network, with many of those doing the course already employed in agencies across Melbourne.
Leila
Hi guys,
Thanks for all the suggestions. I really appreciate you taking the time to assist, and will research your suggested brokers/ leads. Today has been a really terrible day for my husband and I (issues outside of investing), and I’ve been feeling very disillusioned. Your willingness to help a complete stranger reminded me of the silver lining of life …Thanks again [biggrin]
Thanks Steve, I really appreciate receiving some advice from The Guru!!
I’ll look into the websites you’ve suggested.
Hi J-Rock,
I assume you know that if you’re looking for an investment property at Docklands, returns are looking fairly poor at the moment.Having said that, I actually think the Docklands environment is great – and is really well serviced with new infrastructure and the waterfront outlook is fantastic.
I know someone who has worked on a number of high-rise developments in this area and he recommends “Village Docklands” (not yet completed) as the best part of the Docklands ‘suburb’ to buy into, based on the reputation of the company behind this part of the Docklands for high-quality apartments and their intention to build a community within a community.
The Docklands website is a great resource, as previously suggested.
Good luck with whatever you choose.
Leila
[biggrin]
