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It is the branch of the main sewer line servicing the old house currently. It cuts right across the middle of the block at an angle, so it would have to be moved to be able to utilise the block.
I used BMT for an old house and report will pay for itself many times over.Surprised that the depreciation rates appeared to be correct also. (I am an accountant). Some QS get the rates wrong, then you just use their"cost" figure only.
Ask them if they are up to date with ATO ruling 2007/3 for 2008 year. If they are not, be wary.
Why wouldnt you?
Imagine you find out one day that the tenant has run and left the kitchen on the back lawn in pieces? Its all about risk, like any insurance. Its a small cost for the piece of mind. I went with GIO as some of the policies did differ from IAG (NRMA).Just shows the different tax results you can get depending on your intention AT THE START. For example gee, imagine if someone was paying GST at full rate and then finding out you could have used the margin scheme. Speaking with my accountant's hat on, these type of things need to be worked out at THE START. Also dont let tax run your life .
What sort of cost to strata units?
Does anyone know what sort of cost is involved to strata units? I have investigated, say a block of 4 residential brick units that seem to be a good price if sold separately, but need to be strata'd. Why doesnt the vendor do it? There must be a catch, so they want to sell.
Good property will make more money un the long run than the car. Remember more people will be interested in property in the future also, but those cars appeal mainly to ageing baby boomers who would have all bought their toy by now! what car is it, a walkenshaw?
Any risk of major future highway widening?
Also can they be strata titled? Could increase their value much.Thanks for that, I just thought also, wouldnt it be on the CONTRACT OF SALE!
How close to the coast? 10km?, 20 minute drive?
Some blocks with some sand will cost upwards of $600k.Ah, Northen Rivers, $350,000 will only get you a unit/villa near the coast, will need to go 45 mins+ inland to get a house. Average returns are approx 5-6%. If you can find something neutral, let me know, I’ll pay you for the info!
However, suggest you stay out of that area to reduce our competition!(Hint: new Tugun bypass, Ballina bypass and upgrade of pacific highway will cut travel times from N/Rivers to QLD.)
Can be a very tricky area. I am investigating doing a dual occupancy. It really depends on your intention. If it is to purchase with the intention to make a profit then the ATO could well argue thats its an enterprise and therefore subject to GST. It doesnt matter which entity it is bought in.
Best to get advice from an accountant you can trust BEFORE purchase as ,if you want to claim GST but you didnt register, bad luck.
If 10 years down the track the ATO wants 1/11 of the price and you didnt register, bad luck. GST doesnt take account of inflation. However, if you sold in 10 years, it would be easier to argue that it was simply a sale of a capital asset (ie a rental property), therefore you are not a trader and you could claim capital gains discounts etc (unless bought in a company!).
Really depends on your intention, and whether tax is most important or asset protection is most important.Please add a "c" to occupany!.
I have researched the Woodridge/Kingston/Waterford/Logan Central areas recently. They certainly were some cheap areas a few years ago. K still has some of the cheapest houses in Brisbane. It apparently had a rough reputation, but alot of areas once did! If you wait until its nice, its too late.They are well located, close to transport,there are job opportunities. I noticed Marsden seems to have cheaper pockets, maybe because its not on the train line. I was in Kingston last week and agents had nothing to show me under $200,000.
Keep all this a secret, because i dont want to compete with any more people than i have to!
I asked the BASIX people about this and was told that unless $100,000 or more was going to be spent on the removal home (excluding its purchase and removal cost) then BASIX would not apply.
Funny how some financiers will only consider a portion of the rental income , even when the rental history (as well as good rental management) can show no vacancies in the last 4 years? Yet they will still lend to people under negative gearing (which is a loss!) on the assumption that there will be some majical capital growth!
It makres the novice investor wonder; how to start!
But we must continue on without fear.thomas
Howc much of a risk is it that flood is not insured? Is it more a potential problem if a flood causes structural damage?
thomas
Yes, the area is a well documented flood prone area. The agent upon quick enquiry was able to supply a copy of the Council’s documented flood information for the property. The 1/100 year flood level would enter the interior. This occurred in 1954 and 1974.However, because this is a classic flood prone area, its 1/100 year flood levels are so high that in other areas the houses would probably disappear!
The property is raised up, ie a second story with garages underneath. Other properties in adjoining streets have been selling fairly quickly for good prices (no slump here), but they would not be affected by the 1/100 year, but they would be affected by the 1/10 year flood, this last happened in 2005 and 2001.
Sound difficult, but many buyers in this area’s price bracket would struggle to get 20% deposit. This property would be cash flow positive but I wouldnt want to almost die trying to get finance. If I struggled to get finance due to flood, anyone I would wish to sell to would most likely also struggle.thomas
There would be 20% deposit, but funded from other equity. Postcode is 2480. An independent valuation could be done if needed?
What relevance is size of deposit to floods?thomas
Apparently there are consultants/lawyers who can do a search of the body corporate’s minutes of meetings etc to see if they are being sued or they have decided to hit each owner $20k to render the building etc etc.
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Tax is a wonderful word, I would look forward to paying capital gains tax as it means I have made a real gain and not just a “Paper’ gain that you read about in those property magazines.The tax rate isn’t 100%!
But the above numbers I am walking away from, its too risky for me as the variables can change and leave me short.Do developers usually work with such tight margins, say 10%?
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