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Just curious, wouldn’t it make better sense tax wise to renovate it straight away and get tenants in as soon as possible? 12 months to renovate a unit is a long time, a lot of missed rent and tax deductions.
Evening all
Well after requesting an explanation in writing they came back and told me that since our last payment went through we now have the required 20% and no longer will need to pay mortgage insurance. Seems incredible convenient of them. I had a gut feeling if i pushed this issue it would go away.
Regards
Sam
The properties value has stayed the same according to the banks valuation. I will ask for the explanation in writing before i proceed any further. Thank you all for your input.
Sam
Hi Jamie
The loan is through NAB. They are asking for around $500. In regards to refinancing and external valuations, wouldn’t the money they are asking for quickly get eaten up by these other avenues?
Regards
Sam W
Thanks for the responses, greatly appreciated!
thecreast- The lease is up for renewal in May so i will be getting the property certified before then. I have asked the PM for a please explain from the tenant. Waiting to hear if anything comes from it. I am wanting to put rent up once this lease is up, is this allowed at the same time i include water costs to the tenant or do i have to choose one or the other?
Matt_Arnold- I believe in QLD it is mandatory to have water saving devices fitted and certification to pass on costs to the tenant.
