Forum Replies Created
It all depends on what service he is offering. A good draftsperson is worth the money, and an average one isn't.
Cheers,
LukeYou really should treat these statistics with a grain of salt. Just because a suburb grows from a small population base to a slightly higher (but still small and low density) population doesn't automatically mean it is the place to buy and is the next boom suburb.
Cheers,
LukeNo way would I be buying property here- miles and miles from the CBD, a probable oversupply of housing, the wrong demographic (i.e. young families and first homebuyers) saturating the market with little spending power to push prices up, no opportunity to add value, the list goes on.
Just my opinion though.
Cheers,
LukeI would seriously reconsider buying in this area if I were you. There is no housing shortage in this region- Vacancy rates are up around 10% if some threads on this forum are correct. If there is no shortage of housing in an area, then there is no reason for prices to be pushed higher (simple supply and demand economics) and so houses in this area will theoretically underperform in the medium term.
I would look to a well established inner ring suburb if I were you, even if it means buying a 2 or 3 bedroom apartment instead of a house. Properties in this area will likely grow in value due to a housing undersupply and proximity to transport, services and the CBD.
Luckily for you I saw the above post, as I definitely would not buy in Tarneit………..
Cheers,
LukeTry http://www.myrpdata.com.au- they have the sales history but you need to pay for each suburb report. Alternatively you could contact your mortgage broker or a realestate agent and request a copy of a suburb(s) reports as many of these people have a subscription to the service.
Cheers,
LukeYou will need to approach council and the body corporate about adding a loft. You will definitely need body corporate approval and you may also need a DA from council to make the changes. Also check fire rating requirements, egress routes in a fire, structural certification of the loft structure, BCA requirements for balustrades and stairs- there is quite a few things to check off.
The last thing you would want is for someone to fall down a flight of non-conforming stairs or get stuck in a burning apartment and sue.
Cheers,
LukeHi Spiz,
I don't think it is a question of ethics in regards to the agent getting commission on the sale- I am pretty sure it is the law (in NSW at least it is). If the agent has introduced the property to you (i.e. by all the advertising he did prior to the auction), then he is entitled to his comission whether it turns out to be a private sale or not.
Cheers,
LukeMichael- I thought it depended largely on what your occupation is (i.e. whether it is a stable industry with a skills shortage or an industry with an oversupply of workers) or am I wrong???
Cheers,
LukeIf that is the case then I would say that the highest valuation the lender will use is the purchase price minus the stamp duty.
Cheers,
LukeHeres a question for the lending gurus- Is there a legal requirement to disclose to the lender that the vendor is paying the stamp duty?
Cheers,
LukeIf you have totally paid off the loan on your current PPOR and then redraw that money to buy a new PPOR the interest on the loan will not be tax deductable. It is the purpose of the loan that determines whether it is tax deductable of not, and redrawing money from a loan counts as new borrowings. Because the purpose of these new borrowings is to buy a new PPOR, then the interest is not tax deductable.
It pays to set up your finance correctly in the first instance- If you had instead paid the funds into a offset account attached to your loan instead of into your loan itelf, you could have potentially saved $6750 per year (based on a $300k loan, 7.5% interest and a 30% marginal tax rate) ad potentially much much more based on your actual borrowings and earnings.
Cheers,
LukeI would think that an average real estate agent wouldnt make much, but a good real estate agent would make a killing. Same with most professions I suppose.
Cheers,
LukeIn Dolf de Roos' book "Commercial Property Investing" he talks about air space a bit- is this where the idea came from as he talks about using it to prevent future development on sites where the visibility of prominent billboards may be affected. Not sure how you would really go about it though, a lawyer who specialises in commercial property would probably be able to help. I would imagine that purchasing air rights for buildings in the CBD would be horrendously expensive though.
Cheers,
LukeYou would best to speak to a civil engineer or a hydraulics engineer as this is their area. It can be done by pumping to the main stormwater system or by using a sump in the rear of the block, depending on soil conditions and council rules. Either way, it is an expensive excersise and probably the reason why a developer hasn;t bought the block.
Cheers,
LukeHi Tamster- I tried to contact you but your PM is turned off. If you are still interested in getting a copy of the program, shoot me a private message as I have a copy.
Cheers,
LukeYes, I believe you will. You probably should get a loan agreement drawn up so it is fully tracable, but you could probably do one yourself as long as you trust each other.
Bear in mind that she will have to pay tax in the interest that she receieves.
Cheers,
LukeYou could always set up an LOC secured against your existing home to fund the deposit for your new home. The LOC would then be paid back when you sell your current home, which could be after settlement happens on your new home.
Of course you need to be able to service both the loans at the same time. And you also run the risk of not being able to sell your current home for a price you are hoping for.
Cheer,s
LukeI have a spreadsheet where you input your income and it works out the tax paid and the HECS you need to pay (if you have a HECS debt)- its just a whole bunch of if statements. PM me with your email address if you would like a copy and I will send it over.
Cheers,
LueNSW2011- I just sent you a PM.
Cheers,
LukeAlso can I ask what state the building is in? I am a structural engineer and the organsiation I work for does building condition reports all the time, and $20k sounds way too much to be paying for a report.
Cheers,
Luke
