Forum Replies Created
you do realise this is your property/business… not the agents….an IP we bought 3 years ago got an appraisal of $320pw rent from the local agent…. we felt it was possible to get a better figure & listed it at $360pw …. first people to see it on the internet took it straight away at asking figure… it's now at $400pw after a couple of rises… i stated i would do lawns etc as part of the agreement from day 1….I got to know the tenants as they would give me a beer if it was a hot day, after the first year we went private with the tenants direct as they were unhapy with their service (as were we)… thereby saving $25-30pw also… (bit like a rent increase reall,y without the rent increase). the agents gave us very little & that's exactly what we gave them back… the property has not been empty for 1 day since buying & have had some good capital growth with another growth spurt seemingly just started…. you reap what you sow… we bought a house with a warm homely feel… a little nicer than some rentals around (lucky maybe… maybe not)… & most importantly… looked after the tenants…not the agents!!!
hi ao,
full brick would probably mean you have a hollow brick or block which is then reinforced with reo bar approx every metre or so depending on engineers specs of course, especially when used for medium or medium/high rise construction for example & then core filled with concrete for strength… brick veneer is a skin of bricks surrounding a timber frame… usually used for residential house construction…
values wise I'm not sure if it values up higher or not but as 'generally' used for diffeent types of buildings (units versus houses) will never probably get to find out as units & houses are different productshope this helps a little
Mackar
hi Misty1
it could simply be a "spoon drain" designed to divert storm water during construction to avoid excessive run off & loss of top soil etc… Iwould take plans to council though to find out exactly what it is & whether it has any easements etc attached to it… if there is an easement you generally cannot build over it but if it is an old easement you can apply to get it quashed i believegood luck
Mackar
hi phorsha,
I believe that you have to honour the existing lease now… is it a 6 or 12 month lease agreement??
you can review the rental price when you renew the lease (or get a new tenant)good luck though & well done getting into property so young…
Mackar
ooohh… dangerous ground here… public liability…. commercial car rental insurance rates….. etc etc.
i am unsure of the rest of Aus, but in queensland now, when an agent appraises the value of a property he must also submit 3 examples of comparative sales in the area to support his appraisal value… if the property is listed at an inflated rate now it is usually the "vendors price" from my experience… we all think our homes are worth more than maybe they are…sometimes we're right (or snag a good price)… the "you never know price…??"
hi Tara,
personally I wouldn't waste money on geting a building & pest done…as the purchasers will want their own independent one done probably anyway… if there's a problem when you get to this stage.. maybe get one then…the agent you spoke about has been prospecting you… sure… but maybe that also shows she's active & willing to help.
interviewing agents is good & i would probably do that at another home open as a prospective buyer… i have met an agent at a home open previously & the first thing he said virtually was "they're getting divorced… could get a bargain here". not an agent i would employ myself.
be careful with your pricing too as you need to know what properties actually sold for … not what they're listed at…also a figure a valuer will give you may be the replacement value of your home but may not be the "street market value"…. they're often different…
I find that a good agent will probably not negotiate too much prior to listing… but during the negotiating stage if the deal get's really close you can offer the agent to dip into the commission a bit to get the deal together… when they can see the light (commission) at the end of the tunnel they may just help out… 90% of something is better than 100% of nothing if you catch my drift….
good luck…
Michael
I bough an IP from a "jenman real estate agent" a while back…. they wouldn't let me
'put my lowest offer in & negotiate"… I had to offer my best price & sign a stat. dec. declaring the offer was
my best figure….. I have a fair amount of experience with real estate (unlike many people fortunately) so signed the stat dec.
but still put in my starting offer…. I was not going to be bullied.the vendor then i believe had the unenviable position of an offer being presented to them with a stat. dec. declaring
this was my best offer…. not good for getting the "best price for the vendor" ….pressure is now on the vendor.the same agent then came back to me anyway then trying to get my offer "up"…. I said to him but i have just signed a legal document stating i cannot, as i have already presented my best offer.
a bit dodgey I thought… & told the agent so…
anyhow i did raise my price by a very small amount & was hapy to purchase at that figure…. poor vendors…
I would happily have paid up to $10k more…
I agree with Jon with his post, Jenman does some very good things but he (or his agents) seem to work from an angle of instilling fear in people… (as the agent infrequent flyers were nearly all "beware" type commentaries… & we are the only people that will look after your needs fairly & trustlworthily)… etc etc..
i would have more appeal for Jenman if his agents worked more from an "educational " type angle than fear.this is an isolated story, i know, but does mean that they haven't got it all right i believe…. they are not the real estate Saviours they seem to profess to be.
since then i have nurtured a relationship of trust witha local agent (not Jenman) & have contracted him to sell property & even recommended friends & family to use him… he's honest & that's all i need.
Michael
hI Matt,
with your existing capital & potential to borrow & then re borrow I would consider commercial property as an option… greater returns & less outgoings (as the tenant is also liable for costs that are usually borne by the vendor)…. also depending on your region in Australia some potential high capital gains too… good luck
Michael
hi misty1,
developers aren't really offering builders term s too much at the moment even to builders, as land is getting snapped up
by end users very quickly (in SEQ anyway)… and they can get their settlement in 30 days… '
builders terms' generally allow builders to proceed with developing the land without the initial
full expense of purchasing the land, merely a per centage deposit… you are right also as you will
have a great deal of trouble achieving finance to build on a lot that is not in your name.. as far as i know you will not get 'builders terms as a member of the general public…. sorry
Mmate… I could think of a lot worse problems to have…. but if the dog didn't work try having a bub…
that' ll keep you both busy… hahaha ..lol
I'd stick to my guns & my game plan for the property… I wouldn't want to spend any more
than is necessary to acquire a good tenant. lso i wouldn' t tell them you plans to demolish either
in case they then don't respect the existing structure & trash it…. who knows things may change & you
may decide to rent out for an extended time than you now expect….or even sell later to get in on a better opportunity
could be tricky renting to people you know alsogood luck
M
I know of gogecko realty & their cut price commissions… …. crashy… you decided to pay peanuts & got a
bunch of monkies…
I also believe it reflects on the vendor … you get what you pay for
if you had a rolls royce would you take it to the cheapest mechanic you could find??
yet your property is probably worth more than many luxury cars…. no sympathy here… sorryM
are agent's allowed to keep a portion of the .25% legally…. I don't know….
they are contracted to sell the property & are payable on settlement usually… if the property does not settle
can they claim a payment.??.. let me know… or should this be a separate topic???michael
hi luke,
I would look first at monies available in body corp's sinking funds first before considering purchasing
an apartment with potentially very expensive works needing to be done….Michael
"that I should not pull out of the contract until after 5 days and that I should pull out subject to finance."
well, I hope you do better next time… & by the way the agent should know
that you are not pulling out of a contract, as legally, it is not yet
a contract…. merely an offer… maybe find another agent??best wishes
hi Mat,
if you have a finance clause then you have no problem anyway… but as yet I believe you don't
have a contract so simply fax the agent notifying them that you wish to terminate your offer… if
they do say the vendor has already signed & try to keep pushing you into it which I doubt they would …
do not enforce your cooling off period to extricate yourself from the contract, simply get your broker to
write a letter stating your finance has not been approved & you shall have no repercussions…by the way why are you so keen to not buy something you were
at one time keen to buy??Michael
yes, never use the cooling off period if you can….but if they haven't responded in some way that the vendor has agreed in writing to your "offer" I believe there isn't a contract yet anyway…. so terminate your offer in writing asap & you should be ok
hi,
do you wish to pull out of deal altogether…. or to simply add finance & building clauses??
michael
I believe that if you had a valuation done when you moved in as owner occupier you may
have an argument to the ATO… but I am not sure though… best to get professional advice on
this I suggest… from a very good accountant… not an accountant in a shopping mall… no disrespect meant here…M.
