Keep it as a 2 bedder which is always more valuable than a single even though small. Sounds like a unit/townhouse which may make it difficult when you start knocking out walls, you may need Body Corporate and council approval. If the price is right it may just be a good way to start……learn to live small until the next one!

Water tanks are only effective if you get adequate rainfall. If you have no rain to fill the tank you go back to the bucket. If you get your rain at a particular time of the year then you need a tank big enough to catch a lot of water in order to carry you through the rest of the time. If you live in an area that benefits from regular rainfall…[Read more]

C’mon F get on with it ………whats next?

‘Cashing up’ or simply the attempt to, is going to have the greatest impact of all! There will be many in the boomer generation trying to exercise their plan to supplement their retirement income with their property investments. They will probably see if the rental income is adequate and, if not, they will try to unload IPs or even their PPOR.
As…[Read more]

The important thing about this forum is that we can express our opinions to allow others to follow with their ideas. The accumulation of ideas makes it possible for us all to formulate plans for our investments.

The one important element about the boomers is the realisation that their large numbers were sufficient to cause a real impact on the…[Read more]

I have used a flat pack from Magnet Mart in Canberra(Gungahlin).
It took a long time to plan but everything else went well. It was simple, flexible and looks excellent. The one complaint was fitting the stove top to the unit they had available because of the way it was made. When fitting the sink or stove top plan ahead and cut out the opening in…[Read more]

Surely we do not have to debate the need for ‘development authority’ before building or subdividing. To build a house you get council approval and away you go!

We have built a class1 accomodation on our property to accomodate visitors etc. Had to be finished to approved standards and within a fair timeframe. Septic tank capacity and position…[Read more]

Most councils will allow the erection of ‘rural sheds’ on rural land without council approval. They do stipulate that they are not for habitation. Ok for cows but people are not allowed. Approval is needed to construct a house or shed in which you are going to live.
This approval is not always easy to get!

There are some unapproved ‘sheds’ used…[Read more]

If the property is a ‘weekender’ the answer is no. You are allowed to claim if you are looking for a tenant but this, clearly, is not the case. If you rent it out on a casual basis you can deduct expenses related to that period only.

Use it and enjoy it as a weekender. The time may come that you grow tired of this and you eventually rent it out…[Read more]

That sounds like a brilliant idea! It would add value with an additional bathroom. We did somthing similar by building a closet arrangement in a large bathroom and installing a front end loader and condensor drying. This allowed us to use the larger than usual laundry as another, albiet smallish, bedroom. The hard part was instaling the plumbing…[Read more]

It doesn’t make it right but in Canada they are still mining and manufacturing sheeting with asbestos in the make-up. There is a danger but it appears to be low. My understanding is that these homes are safe but avoid working the asbestos by sanding,drilling, and sawing. Water pressure cleaning is also to be avoided. It is probably best to avoid…[Read more]

The usual ‘tenants’ insurance covers loss of rent, tenants damage and the usual fire insurance on the building etc. I do not feel a great need to have protection from asbestos that may be lurking in a building I own somewhere. Even fibro houses are not going to rear up and zap some unsuspecting tenant with an asbestos problem.
As I understand it,…[Read more]

Don’t write off the value of the local agents. Even small towns generate their own buyers and the locals may be the easiest to sell to! If I wanted to buy in a certain area I would check with the local agents first. The internet makes it a very small world and all agents would have some sort of internet link.
When selling in the country I have…[Read more]

Thanks Tools for all the info, greatly appreciated. I can honestly say that I have never heard of or had the need for an electrical certificate!
Our recent rewire on a 150 year old house cost $2000 which included new switchboard. So COFGOLD’S price may not have been so expensive. However, the electician had to take extra care and had to devise…[Read more]

units4me indicates these certificates are required in Victoria! I have had places in Vic but have never had a need for an electrical certificate. What are they?

What does all this mean? I often do some of the small jobs myself, like changing switch plates etc. but major jobs are for the electrician. I recently had a house rewired by a qualified electrician but he did not hand out ‘certificates’, just invoices!

Why would you lose out on income in order to keep a tenant? I thought we wanted to make money!

I think that the most important consideration when the ‘buy/sell’ question comes up is what the property market is doing. You may have to decide if you will make money on the proposition, whether it is to buy or sell! As an investor, you are operating to make money on your IPS–What happens to you own home is a completely different matter.…[Read more]

You can buy policies that combine both forms, that is, building as well as landlords. AAMI, NRMA & CU provide combined insurance cover. It seems a less expensive way of doing it especially with AAMI.

IT would be worthwhile having the protection and it is an expense.

I suspect that this area is questionable and might be like waving a red flag at the ATO. It is best to avoid the gamble because there are many tax deductions available….capital depreciation,special bldg right-off etc. The next question may well be what if I borrow money for renovation/improvement, is the interest a tax deduction?