Forum Replies Created
thanks Grant. We have 100k in super.
the links you provided dont work…looks like ATO has changed its site and not linked pages correctly
insights fantastic as usual!
One point i am still struggling with is not being able to borrow against a property in SMSF, I see this as limiting your growth opportunities. Would you recommend buying a place, creating an offset account and putting any additional funds into that account so that it can be used to purchase another property down the line?
Thanks
Sam
they had some loan issues which isnt a big problem because there is a 7month settlement on the contract. they were just not advised by their lawyers properly and that is the issue.
the contract the lawyer wrote had no conditions such as "finance, building, pest"
very very frustrating.
they are now in a position where they have to go ahead with it, which isnt the worst problem in the world as they like the property, its just about getting the right approvals.
they are selling their house to a developer who has had council approve all plans in january, so if they decide to build in the next 6months then they are good to go, if not they will have to fort out mortgage insurance
Thanks guys.
Just to throw something in the works, they were told by the realestate agent that they will just lose their deposit if they dont go ahead by the cooling off period.
Also I read:
"NSW law provides for a cooling off period in contracts for the sale of residential property (fewer than 2.5 hectares) of five working days. The cooling off period ends at 5.00pm on the fifth working day. This means that after entering into the contract the purchaser has five working days in which to “cool off” (rescind). The seller is locked into the contract and cannot withdraw from the sale. If you rescind under your cooling of rights, it will cost you an amount prescribed by law – you forfeit to the seller 0.25% of the sale price. This means you lose $250.00 for each $100,000.00 in the purchase price (or part thereof). The contract is then at an end and neither party has any further claim against the other. Metro Conveyancing can explain the operation of and consequences of the use of the cooling of period.
Many vendors require buyers to waive the cooling off rights i.e. the purchaser agrees to sign without the right to rescind and is this immediately bound by the contract. This is done by having the waiving explained and by signing a s66W certificate declaring you have had the certificate explained and waiving the right to cool off. A cooling off period can be shortened or extended by negotiation with the seller’s solicitor or conveyancer and we can do that for you on instruction. A vendor, however, does not have to agree to extend a cooling off period."
what do you mean exactly with "trouble"
they have gone 1 day over.
unfortunately I was not around to take them through the proper process and deal with the lawyers
Hi Richard,
I guess its interesting to see how much money is spent advertising for our money, and secondly just seeing how the australian market is different to the US. While we look for longer term loans, 3, 5, or 10 year loans, global searches focus is more on the short term loans. Specifically they are looking at 1month or 12months loans, does this show people in financial distress?
Finally it seems debt consolidation is a big in this space more home loans are. I think this data and search behaviour shows the market sentiment
ive put all the sites i use on this blog
propertytools.info
there is a simple rule, if you are paying more tax you are probably earning more.
I dont know why anyone would try and sell something that everyone else is after
thanks michael
just found one….but under offer:
http://www.domain.com.au/Property/For-Sale/House/NSW/Penrith/?adid=2009264757in penrith
ive heard the talk about QLD, and with the way the market had been going over the last 3 or so years its probably reasonable to think it will have a spike. i guess similar to the share market once prices drop, its a good time to buy.
I am not the kind of person that will listen to the news about property prices dropping by some 25% over the next year, but curious what everyone here thinks will happen to the property market in the next 12months. Would you wait or buy now?
thanks Michael, more concerned if ill be able to develop rather than a deverloper. land is 980sq so even if i build a single story unit at the back to rent out id be happy
also depends on your lifestyle. i have a couple of ips i would never live in
wow i cant believe i just saw your post. I have an ip in orange and was thinking about granny flats last week. I havent started my research into it yet, but have a friend who is partnering up to build granny flats…not sure what the rental income would be though. any ideas?
north east not so good, but i bought in glenroi which is east of the station and getting a pretty good return. general discount is about 14% mine was advertised for 190 and negotiated to around 160, and took the rent up from $150 to $210
so really does depend on what you are after, west of the station price goes up but so does quality, though not necessarily rental
you can definitely get a positive cash flow property if you do enough research….there are a few areas i would watch out for as they are not pleasant even though they are extremely cheap i personally wouldnt go there, and im very open minded
have a look also at sqm research at the vacancy rates in the area and how low they have become
Have a property in orange which is going great, good return and the area is growing.. definitely recommend it
what are the rental returns in canberra, anything upwards from 7%?
i have always looked in the state i live in, but would love to invest in other states, just dont have the confidence…..have looked at vic, qld and sa….but i think its a very general question to ask as at the end of the day you need to drill down to suburb level.
hi DD can you send me your info pleasE?
