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Hi everyone,
I am building a double storey investment property through Metricon at Sanctuary Lakes, Melbourne (South West area).
I have purchased the land the end of December '09 and manage to settle in mid Feb.
I am residing in Sydney and thus far it has been a painstaking slow process in getting the building finalisations on a roll.
I have done everything I can on my side to try and fasten the process.The finalisation of my colour selections, electrical and tiling appointments will conclude the end of this month. (reason being that Metricon is fully booked one month in advance, and this was the earliest available date)
Hopefully after this period, the process would move along alot faster.The snag with Metricon (and probably any other Builder) is that one cannot get 3rd parties involved to measure and install blinds/shutters etc, while Metricon is building. I have been told that once the keys to my IPar ehanded over, then only can I call them in
At the end of the day, one would never be sure whether building an investment property is the way to go?
I suppose each for himself and you only live once…
Paying 2 mortgages are no joke!I do hope that I would be able to get a renter into the house when all is done in the end.
CyaHi JacM
Thanks for the info once again which draws a clearer picture for me.
I am an Aus permanent resident, just new to the property investment side of things.
Cya
Excellent feedback which I shall cherish and make use of in the future.
I was unaware that one could claim quite alot when it comes to tax time wrt depreciation for a new home.When would you recommend I get hold of a Quantity Surveyor to do the report for me, once the place is completely built?
Any idea, whether there is a thumb rule for the percentage of capital gains tax one pay for in Australia?Cheers
Hi JacM,
Thank you for your reply – highly appreciated
I shall take out the Landlord insurance with tenant protection when the time arrives.
As you have mentioned, it is actually essential to have the insurance in place, just in case tenant issues arises.Take care.