Forum Replies Created
Our accountant was asked to clarify my husbands claim for meal allowances ie: how was it spent, how was it claimed ie: receipts etc. She rang to advise that they had asked the question and advised us of her answer and we hadn’t heard anything again (that was a couple of years ago).
Well, I only let emotion come into it once all other factors have been checked to be OK ie: if the figures work and the area has the services I want and I have say 3 houses that are similar price, with similar rent and are in similar conditions, then I let emotion be the final deciding factor.
For the sake of a couple of hundred dollars is it worth forgoing a termite inspection? Termites don’t read the certificate in the meter box and can move in fast when they see fit.
1HotValuer,
You explained this very well. Well Done.
PK
I don’t know the Melbourne market so can’t comment specifically on that. But my experience doesn’t agree with the RE’s thoughts.
I think it depends on what is planned for the area and what you plan for the house.
I wouldn’t rule the idea out completely based on the RE’s opinion, research it and then decide for yourselve. Some of the biggest gains are made my people not following the herd. As long as your research gives you good reason not to follow the herd.
Let us know what you end up doing.
Regards
PKYes, will be ringing Reece Plumbing. Actaully going to ring nearly everyone that’s been suggested so far and see how I go.
This thread has been wonderful for everyone that’s doing reno’s, the ideas that have come forth have been great.
Thanks again everyone.
PK
Chain Letters are illigal, can a moderator please delete the addresses this person has given so no-one gets caught in this scam.
Thanks
PKAll these hints are terrific, thankyou everyone. Will let you know how I go over the next couple of weeks.
Regards
PKPS. Redwing, I’m going to sound dumb here, but what does EPRDA stand for. I have a contact at Clipsal so will have a chat to them about the lights/fans as well.
Well I’m not a fan of wrapping so can’t comment on that score. But just pondering on your first comment that “the land has already appreciated”.
This being the case, perhaps visit your broker or bank manager and see if you can use the equity you have in the land as security for another laon. The new loan being to cover 100% of the porpeorty to be purchased plus the fees as well.
PK
Sean,
I agree with what you’ve said, the body coprate does cover the building insurance which should cover all the items listed if they have insured the building for enough.
But have you checked when the body corporate last had the buildings valued? If they haven’t done it in the last few years then how do you know that the insurance is enough to cover full replacment of the buildings (as well as removal of the debris etc)? If they are a good body corporate then they will check out the current value from time to time, but lets face it, how many of us are guilty of paying the renewal when it comes in without checking the current replacement cost? Who says the body corporate doesn’t do the same? It would be less work for them to “just pay it”.
I have had a unit in the past and 1 of my current IP’s is a unit. I have looked into this too and the insurance isn’t always enough to replace the whole thing, it should be as it’s their job to cover these things but it’s not always so I believe it’s worth checking out to ensure they are doing theri job correctly, after all, it’s your investment that you’d want replaced if something happened. I guess you could always sue them after the event if it wasn’t covered for enough, they have theri own liability insurance (hopefully), but it could be a long drawn out process. A few questions before anything happens or even a request at an AGM for a valuation for insurance purposes could save a whole lot of headaches later.
Regards
PKThank you both, will check out these leads.
Screamin, if your looking for small quanities of tiles ie: for doing up bathrooms, then try “World for Tiles” in Malaga. Ask to see the cheapies, they are in a small alcove off the main showroom, I picked up 10 square metres for $100.
Vanities – For a new one Bunnings seem the cheapest. “Not the Full Quid” didn’t used to do bathroom, but they are part of the Rick Hart chain so their product range may have grown as Rick Hart has grwon, so I will check them out and let you know if they now do bathroom stuff or not.
Hadn’t thought of antique places for the fire surround (sounds obvious now that you mention it) so will check that out and will also check out out Statewide Salvage.
Thanks guys and if you think of anywhere else, then let me know. And I’ll keep you informed of any finds as well.
Regards
PKWell, we’re waiting for one to settle at the moment, will need some work before renting. It’s +ve geared which will offset the -ve geared one, so don’t have out of pocket expenses anymore.
Will still be looking for another one this year (hopefully).
PK
Yes, go into “members”, find yourself and you’ll see a list of your most recent posts, you can then click on them there and it’ll come up with the whole thread ie: replies etc.
Hi Guys,
Well I’m going to add my two cents worth and make it even more confusing.
Yes, body corporate pays for building insurance but you need to make sure they have adequately insured the building eg: if you’ve added something to the building that then forms part of the building ie: security screens/doors and the insurance hasn’t been increased then if it all burnt down then the building insurance will replace the building but not necessarily the “extra’s” that have since formed part of the building. CommInsure allow you to take out a policy for “additional” building insurance on strata titled buildings if you feel that the building insurance is not adequate to cover more than the bare shell. I’m assuming other insurers may also do this.
Often building become underinsured when the bill is just paid each year when it arrives rather than aseessing wha the value of the units currenlty is first.
Also ask if there are any exclusions to the insurance. The first unit I owned had an exclusion for shower screens as so many seemed to get broken and needed replacing, the price of the policy dropped considerably with this exclusion, but it meant if you or your tenant broke one, then either you or your tenant had to replace it. Difficult call, when they are normally covered by insurance.
Regards
PKGood on ya Kay.
Regards
PKHas the equity dropped in value because she’s remortgaged to pay out his debts? So perhaps she came into the marriage with a $500K house and no mortgage, but due to his debts has a some point taken out a $250K mortgage leaving only $250K equity?
Ok, I agree it depends upon the perceived risk and the possible cost if the risk turns into the real thing.
However if you do self insure, how do you make sure you have the money available when you need it. OK, some are good at keeping funds separate to cover circumstances when they arise, but for many the money would be buring a hole in their pocket and it would be spent and then not accessable when needed.
So I think besides assessing risk, people also need to assess their own personal traits as to whether they could manage to self-insure.
Yep, we use it for some of our properties and we use CommInsure for others. Depends on price at the time and condidiotns of course eg. CommInsure will still give us Rent Loss insurance on a property we manage ourselves whereas RentCover you must have a managing agent. However, RentCover would cover for Rent Loss in a house that has an asbetos roof whereas CommInsure wouldn’t. (Not sure how an Asbetos roof affects the probability of Loss of Rent, but that’s their criteria).
PK
So Ken, did you make up your mind or did all this information make it more confusing?[blush2]
One other thing though Sonja, if you’re getting your proerties valued to get another loan, then make sure you use one of the valuers that the bank accepts and it’s assigned to them, otherwise they won’t accept your valuation anyway.
Regards
Pk
