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Frankston is undesirable?
Pretty much the worst stereotype in Australia tbh.
Fantastic public transport, on the beach, freeways running straight into Melbourne, on the entry to the Mornington Penninsula.
I don't think there are any $6,000,000 property's in Norlane, but there are in parts of Frankston.
Hi, I'd love to see the floor plans, didn't seem to work.
Also what size block are you putting them on?
Chris.
Terry, do you essentially get a "double deduction"? Is that possible?
Say, draw from your line of credit to pay for new carpet.
You claim depreciation on your carpet, as well as the extra interest on the loan?
Do yourselves a favor and hire an airless spray gun from a hire ship
Or if you are doing alot of renovations they are about $5,000.
It will pay for itself in 1 job, I guarantee it.
If you are replacing the carpet in rooms, all the better, if not (or its floor boards/tiles) lay drop sheets.
Cut some builders plastic over any windows, just 2 bits of tape on the top architrave and let it hang over the window, do this over any windows and door ways where overspray may effect something (kitchens/windows/mirrored doors etc).
Try to stick to a neutral color to save time, and if your doing a modern house with square set ceilings, you can spray the wall color the same as the ceiling color. (I do it in older houses anyway)
These guns can be used to spray weatherboards etc as well, They can run 2PK paint, you can spray your roof tiles with it, fences, and if you put a fine tip in it,, you can gloss all of your internal doors with it as well.
The last renovation I did, I painted a 3 bdr house, inside and out (weathboard), roof, all the fences and all the doors. By myself, In 3 days, at just the cost of the paint.
A builder can supply you with a fixed quote, as it's over $12k, you'll be required to sign a contract on the job, and the builder will be required to take out warranty insurance etc.
As a builder, when I'm supplying a fixed quoted price on renovations you quote for the worst case scenario, a higher margin and often a bit of a buffer time wise, as all reno's throw up some curve balls.
I find it's better and usually cheaper if you undertake what is known as a "cost plus" rate.
Meaning you pay the for cost price of materials and labor + 20%. Meaning you only pay for the amount of the time the tradies are there (On a quoted job they might finish 2 weeks ahead of schedule, but you're still pay for the extra 2 weeks), and you only pay for the materials that go into the job (not the extra few thousand $$$ he might allow of each part of the construction to cover himself).
As for tradies working harder on quoted jobs, sometimes that is the case, but it works both ways, would you prefer they take a few extra hours and do it with time and care, and a quality finish, or rush it through because their margins are getting close?
Also you might hear of people getting the construction at cost price, because a builder may have under quoted it, you might get lucky, but people don't like working for nothing, and any little variation of the original build might be charged at a maximum of 100% cost if they don't like the way things are going $$$ wise.
It should be a win-win situation, and despite maybe paying 5% more in labor, you will probably save 20% on materials Quoted vs Cost Plus.
Something I hadn't considered, purely because I thought it would reduce my pool to fund deposits by 20%?
If I theoretically paid off the rest of my loan of about $181k with cash on my PPOR, refinanced to tap into the equity, wouldn't 20% of that be trapped as "lazy money" so to speak? Where if I kept it as cash, I would have an extra $30k or so to fund deposits?
Was more touching on the trust aspect of structuring, I know Steve mentioned it as a way of continually increasing your borrowing power forming companies as trustees etc But I've seen that opinion refuted on here by a few of you guys.
Thoughts on that Jamie?
– I've been self employed for around 2.5 years.
– In regards to the title question, I'll be looking at subdividing these blocks, the sizes I'm looking at, it probably won't be more than 2 on a site.
Anyone know a seminar worth while on this sort of strategy?
Aloha, loadbearing or not, most residential construction is covered by the Australian Standards, these are detailed structural engineering specifications on most "common" construction spans and loads.
If it's as simple as removing a stud wall (load bearing or not) and installing a beam to open a room up, if your builder sights a section of the Australian Standards, he's essentially supplying you with engineering specifications on the span of the open area given the relevant loads (Single story/tiles roof/concentrated loads) anyway.
I'd save your money and just trust your builder if he has reputable references.
To gear you with a bit more knowledge; To figure out if the wall is load bearing or not, have a peak into the man hole and have a quick look at the roof structure. If the roof is trussed (Single pre-made sections with no purlins and struts usually made in 90mm or 120mm pine) or a coupled roof (Pitched roof with individual rafters/purlins/struts, hanging beams and ceiling joists usually made out of hardwood) A coupled roof will appear alot "chunkier" as the members in these roofs usually have to be larger to cover the spans.
Trussed roofs are engineered to span from the perimeter walls of a house, and as such, usually, only the outside walls of the house are loadbearing, because the outside walls are 35mm higher than internal walls.
If the roof is trussed, and the wall you are taking out is internal, then it more than likely won't be loadbearing.
Chris.
