Speak with your accountant about buying it within a SMSF, provided you are still working enough to pass the employment testn (so your super is still in the accumulation phase there may be some benefits for you both).
You will need to consider how you will fund the property, why without knowing your previous track record you would want exposure to a higher risk property asset (so close to retirement) – higher risk meaning greater likelihood of long-term vacancies which is not good for repayment of interest etc.
Remind them that he works for a bank, not DHA, he is not a financial advisor, just a loans officer, if they haven't disclosed their interest in flogging DHA property, what's in it for them (other than it would probably mean taking out a bigger loan),
If you dig beside the slab, you should come across the plastic – it wraps around the slab to stop ground moisture entering the building.
A habitable room is defined in the BCA (it covers lounge room, bedrooms, dining/sun rooms, studies etc but non-habitable rooms are halls, bathrooms, kitchens, storerooms, garages and the like).
… I cannot count how many people have asked me to lend say 100% of a project because it will be worth more on completion. There are not too many business transactions outside of property either that allow you to take your profits, or offer them as security before you've made / earned them…
And some people think banks are stupid, tight or use low valuations – it is a measure of risk management.
It depends upon your intentions – are you buying to resell once built or buy & hold? A project home will be much cheaper than a one off design, more streamlined process thru council & building phase.
As for a land/house package vs land/project home – this is purely up to you. If you are happy with the location of l/h packages available fine, otherwise buying land in the more desirable area could be to your advantage.
Some builders choose to save money by not laying plastic under the slab in the garage/carports. If this is the case with your property, you may find issues with rising damp, and may have issues getting certification
This is not 'a cost saving measure' but it is not a requirement for a non-habitable room. Likewise, external walls may be only single brick which is also susceptible to water penetration – you don't mind in a garage but in your bedroom, it is a worry.
I need some clarity here, is the insurance company paying out for an injury or are you paying your premium?
Recently I received an insurance payout for damaged plant, the payment was exclusive of gst. Their expaination was your accountant will know what to do.
Do you know anything abouth Fiji's legal system, the stability of the government and the number of coups that have happened in the last 20 or so years?
If you think Indian students have it hard in Oz, look at Fiji.
In my latest electricity bill I noticed that electric hot water units will be phased out from 2012 for existing dwellings. The only exceptions will be where gas is not available. That means the price of electric units will probably rise once they become scarce.
Get another couple of years experience under your belt then move in to commercial RE, it is ever only 5 days per week, very little overtime but has big highs and bigger lows.
Gats, every REA is a seller's advocate ie you appoint an agent to perform the duties of listing and selling your property. It is not a prerequisite to use the same company which manages your property to do the sales work (although often it is more convenient rather than having an uncooperative agent not arranging access for opens).
If necessary, terminate your management agreement, take the management on yourself in the short-term.
One word of warning, a laundry has usually not been built to meet the requirements of a 'habitable room' – ie it may have lower head height, poor ventilation, waterproofing etc so without major work may not comply with the building code requirements for a bedroom etc.
As with any purchase of land/house package or land and spec house, if you buy and hold it will take several years for the property to commence appreciating (the first few years it will depreciate taking up the developer's margin, site development costs etc).
Hi Bat, not sure on the tax/gifting situation (whether you mean Aust or Swedish), however with the appliances you will need to ensure that your appliances can run on 240V 10 amp 50 cycles/sec AC power with neutral/earth/active (not all countries are compatible).
Rates of return on commercial property vary widely ie I'd be expecting around 12-13%+ net for rural industrial property whereas it would be slightly less for retail (9-10%+) and somewhere inbetween for office space.
You will need to pay some consideration to the size of the property (nett lettable area) and hence the net rent $/m2. If the rate looks high, it is probably unsustainable (something stinks), if the land value looks high (after deducting the building cost), something stinks.
Do your thorough due diligence.
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