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Yes Jamie, that is right. As the house is a bit small for me to move in currently with all the rooms congested, i am thinking of renovating by going for single storied and moving the bedrooms upstairs.This would make the house a bit spacious with downstairs and upstairs. If the budget gets too big for constructing 3 bedrooms upstairs then i may have to think hard about it.
My point is, if i live in the house for 2-3 years and then sell it off, then i could avoid the CGT to some extent.
Any thoughts on this.
cheers
pks
Hi guys
Thanks for getting back tome. I have the house in Reservoir and there are lots of blocks with single storied. Checked with the council and they dont have any objection. I was under the impresstion that any house which is single storied gets some value added up. This house is on the block of its own which is about 290 sq size land. So there is no body corporate for this. The owner earlier subdivided his backyard on the corner block and set up a seperate entrance for my house. So both my house and the orignal owner have entrance on different roads.
Jamie, why do you think that there may not be any value in this. Arent single storied houses have more value than the ordinary ones.
Regards
Pks
Hi cowenan
How much did it cost you with Chatsworth for building the second storey. I am looking at doing the same thing for my house but just wondering the cost involve.
Can you pls put an update on this
regards
pks
Try this person who helps many in this forum with free reports. You can probably chat with him for a start and see how you go.
Hi Mike
thanks for the report. That was pretty quick. Got some good info about properties in Epping and surrounding areas from the report. Very concise and clear.
Thanks
Hi Mike
Thanks for sending me the apprisal report for my primary property. It was extremely helpful. I appreciate your time taken to figure out the land costs in Carlington estate. I believe the land titles have to be registered for REIV to record the purchases. The estates have been taking deposits from investors and registering the titles after an year. Hence the reason for REIV not having details of the land deals.
Thanks for all your help. I shall speak to you soon with regards to my intention of purchasing a new property.
regards
Hi Mike
Thanks for taking time to work out the Carlingford Estate in Lalor. It is a new suburb and hence i think the issue with figuring out the property value in the new estate. I anyway appreciate your time spent on this.
Thanks for your help
regards
pks
No, i dont think so. On an average 2000 people are coming over to Melbourne every week and they need some place to live. This would boost the economy with their productivity. So i dont think there would be any more falls in the house prices. They need some place to rent or buy. Rental properties would be in more demand and would rents would proportionately go up along with interest rate hikes.
You would probably see the property values picking up again in next 2 years by another 10 – 20 %
Hi,
I dont know if you have already worked out your situation. I had a friend of mine who had a similar situation. The best way they approached the issue was transferring the property in Husband name.
This is how they worked out their situtation.
They had already paid off more of their PPOR house (roughly about 20 k left) in the loan
The property which was in joint name was gifted by the wife to husband to avoid stamp duty.
They converted the PPOR to investment property and moved into another property (which was an investment property earlier) to PPOR. They took 100 % loan on their first PPOR (which has been converted to Investment Prop now) and paid off the new PPOR property. So this would help with their negative gearing as well when they give the first house for rent
But i believe it is very difficult to convery a PPOR to IP without the help of finance brokers. They may help in making the process simple.
Good luck.
Hi Mike
Thanks for sending me the report. It is an excellent report with an overall view of the suburbs and projected growth and comparitive sales of properties in the suburb. Even though i have paid more for the property, atleast i understand how much is the inflated value. It is a pity that i did not come across this posting before i made the offer.
Your help is really valuable. I cannot believe someone is taking so much effort to serve the community. I would surely pass on your name to several of my work colleagues and friends who are planning to make an entry to the property market.
I appreciate your help.
Thanks
