Forum Replies Created
- maree_bradross wrote:I would I know of people who didn't do a final inspection and when they got the keys on settlement discovered all the built in wardrobes had been removed
I make sure i take pictures of the wardrobes.
Lalibella wrote:I certainly would. I've been burnt before and now I take a date stamped photo of every surface I can point the digital at. The tenants dont particularly require a copy as they will probably know you are doing it anyway.Thanks mate.
Any things that i should concentrate taking pictures of? i cant be taking every inche of the whole townhouse.
Cheers
NitResults1 wrote:Hi Nit,Not sure if you are aware and I have only heard and not read yet, but the insulation rebate for rental properties is apparently about to go up to $1600 – assuming your townhouse is a rental and not PPOR. May make a difference to your decision making.
Currently going to be PPOR for my townhouse, turning into IP after a year later.
Cheers
Nithydramax wrote:Nitro
All new customers with St George are able to apply for Negotiated Basic Home Loan. The idea is to attract new customers to the bank.
The 2 loans are exactly the same. The 09% discount is for the life of the loan. For current customers to be able to apply they need to increase their lending and then they can convert to the Neg. rate. Just remember a basic HL has minimal features.
But from my understanding it's there to attract new customers.Hydra
Thnx mate!
QGM wrote:Hi Nitrodrops You can download from the Qld Government website for free.Go to Departments – Look up Fair Trading there is a section for forms and you will find it there. If you have any problems send me a fax number and I'll forward one to you.
Thnx mate. Managed to get a soft copy this morning from my selling agent.
Qlds007 wrote:Nit you wont get it for nothing he will need to purchase it from the REIQ or get a friendly agent to provide him with one.Thnx Rich
Dan42 wrote:nitrodrops wrote:Btw, is the rental income taxed @ 50%, something similar to CGT?
Cheers
NitRental income is taxed at your marginal tax rate, the same as salary income etc.
Capital Gains are also assessed at your marginal rate, but if you have had the investment for over 12 months, you only pay tax on 50% ofthe Capital Gain.
Thnx dude.
Scott No Mates wrote:It is always best whether it is for old or newer units. You never know whether the body corporate is harmonious, whether it ends up in a fistfight or if there will be special levies on the horizon eg fire safety upgrades, broken sewers, new roof etcIn Sydney, there have been issues with BC being too cumbersome, unable to raise levies or totally ineffective – it is better to know what you are getting yourself into.
My solicitor's assistant just emailed me the full thorough inspection records on the Body Corp.
Is my solicitor supposed to look through and explain to me in layman terms, that everything is good?
Hi Guys,
Really thanks for all these guidance.
In fact, i am thinking to get a 2nd IP, will start looking into offset accounts.
Btw, is the rental income taxed @ 50%, something similar to CGT?
Cheers
NitQlds007 wrote:I am with Terry why would you go with the Base rate loan when you can go Interest only with the offset account.It is ot that the interest rate is that good.
Wouldnt be making any extra loan repayments off the principal unless you intend to live in the property for ever and a day as redrawn funds may cause you a problem if the property ever becomes an investment property and the funds were for personal purposes.
Hi Richard,
I am looking at 1-2 years for this basic home loan, afterwhich i will be going overseas to work. Once my income is sourced from overseas, i will convert the basic home loan to the foreign currency home loan, with a lower interest rate. Of course there is a risk of currency fluctuation, where i have to top up.
So during the 1-2 years when i am still residing, should i make any extra repayments? It will become an investment property once i go overseas to work, and convert it to foreign currency home loan.
Thanks for your help once again.
Cheers
NitTerryw wrote:I would suggest IO too. but it won't really work out the same if yu pay $360 pw extra as your loan will progressively be decreasing so the interest will be decreasing. if you want to pay it off like a PI loan you should pay the same $1610.46 each month.
Not going for the PI loan now, as i prefer flexibility, if i have more cash, i will do extra repayments.
So theoretically and technically does it works the same
'IO' ($1,250) + Extra Repayments ($360.46) = 'PI' ($1,610.46)
Terryw wrote:But, a better way would be to use the 100% offset and put your money in there. This should save even more interest as your lazy cash will be sitting there waiting to be used and saving you interest as well.Thanks Terry, i am going for basic home loan, thus w/o the offset feature.
Cheers
NitScott No Mates wrote:There is no way of negotiating for these items unless they were deliberately hidden and further inspection was required to uncover them. Your main areas which are negotiable are things like pest infestations/termites, poor building practices/non-compliance otherwise you would be whistling in the wind and any solicitor worth their salt would be telling you that (or charging you $350++ per hour for the privelege).Just curious, for negotation of repairs, that would be considered as an extra service by the Solicitor? and not included in the basic fees already?
Scott No Mates wrote:It is always best whether it is for old or newer units. You never know whether the body corporate is harmonious, whether it ends up in a fistfight or if there will be special levies on the horizon eg fire safety upgrades, broken sewers, new roof etcIn Sydney, there have been issues with BC being too cumbersome, unable to raise levies or totally ineffective – it is better to know what you are getting yourself into.
Thanks Scott, you have been marvellous.
I was thinking – already paid hundred of thousands $, what is another $150 – $250?
Cheers
NitHi Guys,
My solicitor just sent me a letter, asking me if i want to conduct a full inspection of the Body Corporate records, which normally costs $150 – $250.
Is there a need for this?
Cheers
NitScott No Mates wrote:There is no way of negotiating for these items unless they were deliberately hidden and further inspection was required to uncover them. Your main areas which are negotiable are things like pest infestations/termites, poor building practices/non-compliance otherwise you would be whistling in the wind and any solicitor worth their salt would be telling you that (or charging you $350++ per hour for the privelege).Thanks Scott.
I was asking my missus, do i look silly if i get my solicitor to speak to the selling solicitor just because of some cosmetics repairs (<$1K).
anyway, just emailed the Bldg & Pest report to selling agent, to try my luck.
Cheers
NitEvent Horizon wrote:hi,
Timber house might cost you $1000yr but how long is a peice of string really, I have a few timber QLDers, but most expenses are tennant related not maintanence and some years there are no maintanence costs.
Prices are soft in the inner areas from my observations right now . try inner south
450k for inner is a stretch but not impossible for 2 beds on a small block . In general you will get a better growth investment with a QLDer than a townhouse for obvious reasons such as;
limited supply
scarcity value
little depreciation on building
more land (core value for city property).
easy to add value, lick of paint, garden tidy up etc
character home, classic architectural style,
generally surrounded by other inner properties being restored therefore adding value and desirablity offertime to the whole area, highly desirable home type, which will increase overtime,
no oversupply issues.My qlders are pretty basic, with minor 80s 90s renos but they have been excellent performers as far as growth which I expect to continue longterm.
Hi Event,
Thanks for your reply. Should i consider post-war timber houses/cottages? As these will generally cost less compared to QLDers due to the type of wood used?
Cheers
NitThanks guys for your so many constructive replies.
Initially, i was looking at the bluechip areas such as Toowong, Indooroopilly, Taringa, Auchenflower. However lately, the prices skyrocketed to ridiculous prices. 2 bed 1 bath apartment going to $380K – $400K.
With this amount of money, i rather put in another $20K – $30K (~$420K) to go for a Townhouse (3beds 2 baths) in Coorparoo, Greenslopes, Holland Park, which are well linked to M3 highway, to reach city.
When considering Townhouses, again i am asking myself would it be better if i get a house, since land is the ultimate thingy which is worth the $.
I prefer 10km close to the city, as myself and my missus work in the city. Furthermore, missus is studying night classes at QUT, have to pick her up after class.
I have thought of looking for cheap-TLC Timber houses. But to TLC, it needs cash-out-pocket, which i try to avoid.
Q1.) BTW. how much will the annual maintenace for a Timber house like? If it is going to be a lot, i will probably stick with a Townhouse.
Q2.) Also, in terms of rental, both Townhouse and House will have no issues looking for tenants?
Cheers
NitP.S – Still lost with IP
Jaffasoft wrote:I think RE Agents have a standard form to fill in. I purchased the Buyer Beware product 5 yrs or so ago and have used that offer template a few times.That is not available again yet. Usually you include a 'subject to clause finance' or some other ;get out' clause and a sun set clause for the agent to accept the offer by a set time and date. This can cause the agent to act quickly on the offer if you think there might be competition.
If still unclear your solicitor or conveyancing person should know. Often it's just a verbal exchange of negotiations until you agree and then get in to sign the official contract.
Just curious, does the services for conveyancing includes the solicitor looking through the offer letter? I am based in Brissy.
The offer forms used are
– PAMD Form 30C – Warning Statement
– Proposed contract
– PAMD 27c – signed by agent
– Buyers Acknowledgementthe property is currently tenanted at $415/week.
Thus i think the reasonable price would be $430K? This suburb has a median price of $490K.
jazamite wrote:yes they are close to the airport only a couple of klms in a straight line away. the runways are parrallel to these suburbs so they are not under the flight path unlike more exlusive suburbs in Brisbane like Hendra / Norman Park etc which can get very noisy
Spoke to a mate, he said Banyo is pretty flat, prone to flooding, is that true?
