Forum Replies Created
Unfortunately it is a sloping block with part bushland and won’t fit more that one house. But this is what makes the site unique… bush at the back and city/ocean views at the front.
Your option is definitely something we have considered. I have done this in the past but the question for us now is is at what point in time do you say no to the renting game. With the kids in school stability becomes an issue and the last thing we want is to have to move out of a rental because the landlord wants to sell it or something.
We painted, carpeted put new curtains in, new kitchen in and created a new living space. When we asked the bank for a new value they simply drove past and said ours was worth the same as the house across the street that sold for $500K recently. That was a bit sad when we are about to go to the market with an asking price of $580K now.
So maybe you could let us know how you get your place valued after your completed your works.
Paul
Thanks all for your comments.
If we get the property we are after I will probably sell my investment property, pay of my non-deductable debt and then begin looking for another investment property when we are settled.
I know all those players of the property game who believe in never selling are probably screaming right now but we believe we are getting our new house for about 15% below its true market value and any capital gain accruing in my investment property is comparable with the extra interest payments on the new property.
Thanks Terry,
We have seen our settlement agent today and had her review the conditions we were thinking of using.
Posting this question on the forum was to get a feel what other people do. I must say how surprised I have been as to how few replies it has had.
Regards
PaulThanks Scott,
I have adjusted the conditions as suggested. The property is currently tennanted and their lease has expired. They are now on some sort of open ended lease. So, should I keep clause 4 in?- Subject to building and substructure, internal and external walls, internal and external roof, guttering and downpipes, windows, doors and frames, ceilings and floor coverings, plumbing, electrical and gas fittings, wet area damp proofing, pergola’s, sewer and water mains being visibly, audibly and physically in fair and reasonable condition given the age of the building as considered by the purchaser.
- Subject to pest inspection revealing no signs of active or dormant termite activity, timber pest attack, timber fungal decay or wood borer activity in any internal or external timber structures for the building.
- Subject to no council unapproved structures or alterations on the property.
- Subject to all tenants and their effects being vacated from the property before settlement.
- Subject to finance approval of the purchaser’s choice.
- This offer, unless earlier withdrawn, will lapse at 5:00pm 31 Oct 2008.
Hi again,
I have just been searching the forums and I think this will keep me out of trouble. Any comments.
- Subject to building and substructure, internal and external walls, internal and external roof, guttering and downpipes, windows, doors and frames, ceilings and floor coverings, plumbing, electrical and gas fittings, wet area damp proofing, pergola’s, sewer and water mains being visibly and physically in fair and reasonable condition given the age of the building.
- Subject to pest inspection, carried out in accordance with AS 4349.3, revealing no signs of active or dormant termite activity, timber pest attack, timber fungal decay or wood borer activity in any internal or external timber structures for the building.
- Subject to no council unapproved structures or alterations on the property.
- Subject to all tenants and their effects being vacated from the property before settlement.
- Subject to finance approval of the purchasers choice.
- Subject to purchaser’s business partner approval.
- This offer, unless earlier withdrawn, will lapse at 5:00pm 31 Oct 2008.
Regards
PaulHi all,
I am in a very similar situation and I look like using a Unit Trust to put our old PPoR and buy a new PPoR. The catch is the capital gains. So make sure you factor this into your sums. I can recommend a good book if you would like to email me offline. It explains the concept in a very easy way.
