Forum Replies Created
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 you should do well with a water tank……but if this is the case you probably do not live in Oz!
Seriously, do some rainfall calculations before buying a tank.[grad]
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 inflation bites it will become more urgent to unload property. How confident are you that the following generation and migation will absorb this demand. I think property will continue to decline slowly. Those that do not have investment properties will have to resort to selling the family home or just ‘hunker-down’ and try to get by.What about this inflation business? With petrol prices this high we can all sense that there is an inflationary trend. The official measurement may not be all that bad but we know what is happening in the supermarket and the petrol pumps. Interest rates are obviously climbing! Inflation is biting!
If nothing else, it would be wise to be, at least, debt free and in posession of a debt free home.
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 property market. Without their input the property market may have continued at a more sedate pace. It is generally agreed that the boomers were born between 1946 and 1964, so they will be reaching 60 this year. The bulk of them will be retiring in the next ten years.
If nothing else, the removal of their influence from the property market will cause some sort or adjustment in property prices. If their tendency is to ‘cash-up’ in some way, there could be a bigger adjustment. Many will do nothing but others will move to less expensive homes in order to use the equity the may have in their valuable city homes. Look fo sea & tree change.
It is difficult to know exactly what will happen but they have influenced the property market for the past 40 or so years and they will certainly continue to do so.
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 the unit before fitting and cutting the counter top.
Saved a considerable amount of money and found it easier to co-ordinate the other trades ie electrician, plumber and gas-fitter.
The finish was great and the assistance from the store very good.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 needed to be approved. In fact all the safety issues were considered and approved.
I guess I missed the point or question but, in our case, because of the prefab nature erection was simple and everything went well.
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 as homes but they are hard to sell as anything but blocks of land. Most rural areas are also concerned about subdividing large farms. Councils see the need to retain these large farms as viable operations rather than small homes.
Quite frankly, if you were to put up a shed on land near my property and then started to live in it, I would be the first to complain to council.
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 and are able to deduct some depreciation etc. so keep track of expenses.
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 and electricity. We only had to run in the cold water pipe because the washer heated the hot water in the process. It was a very expensive little closet and I wish we had considered trying to sound proof things a bit more. However, the whole thing worked out very well!
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 doing a major renovation until the sheeting is removed. While the wallboards and sheets do not present a big worry, I would be very concerned about the loose asbestos insulation that was once used. It is probably safe if left alone but you get the feeling that the dust could be stirred up by the wind. It makes you wonder about a lot of the things used in house construction and I find that I now routinely wear dust masks while working/renovating. MDF and chipboard present a problem as well but the hazards do not receive the same notoriety as fibro. The dangers are not exclusive to fibro so ‘take care out there’!
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, you would have to be negligent in the handling of asbestos in order for someone to have a successful claim against you.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 always put a collection of photos on a web page to support any ‘out-of-town’ advertising. An ad with the web address in a Sydney paper will generate a lot of ‘hits’ but you better have somthing good in order to motivate buyers to take the next step and drive out to see the property.
We have an agent in one town who checks with me about the properties I have in that town if they appear to be what a current ‘buyer’ is interested in. They seem to have an unofficial list of buyers and sellers that they can pull out of the woodwork when necessary. In fact, many houses seem to change hands without any signs of them being on the market.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 unusual fittings that may have taken extra time.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. Clearly, if you can sell a property and make more money by putting it in a bank account, you should sell. When the decision is not that clear cut, you decision will be tempered by all the elements affecting the investment.
However, the state of the property market is not brilliant and, while it may suit some bottom feeders, many investors will find it easier to invest elsewhere for good return in the foreseeable future!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?
