Forum Replies Created
Unfortunately you cannot get 2 supplies onto one property – major safety no no.
More info if you want it: REIQ – Blog
After reading today's AFR, anyone with non-complying funds will be hammered by the ATO. Remember, it is not the auditor who gets penalised.
Unfortunately it is open slather with regards to outgoings – consider trying to negotiate a 'gross' rent ie all inclusive except water usage or limit your liability only to increases in outgoings over a base year. Outgoings will include strata levies (admin & maintenance only not capital works), common area power/security/cleaning/insurance/land tax/rates/sewer charges/stormwater levy etc.
If it is non-compliant, who is going to take the risk, you or the auditor?
Worst case scenario, it could be a leak which is shorting out the power, new hws – had this recently. Unfortunately, there is no way of getting the previous owner to pay anything towards the cost of repair or replacement – this comes down to your due diligence. If you had picked it up before you made an offer/during building inspection you could negotiate. If you picked it up on Friday last (assuming it was working when the building inspection was done), you could have refused to settle until it was fixed. You have now taken possession, either get used to cold showers or get it fixed, either way it is up to yourself.
Not so much risky but costly to change, I'll back you guys as well.
DW, the caravan park/mobile home park idea has already been done.
I'd prefer to visit the 'Logans Run' model
Interview 3 or 4 agents Including the one who manages the property, by the sounds of it you have spoken casually to one agent who is out to maximise the commission and is well outside the normal parameters of fees – it is a recession afterall.
A conveyancer does the legal work relating to the sales contract.
Would you be suggesting a move back to 'granny flats' W4L ie multi-generational housing with grandparents, parents & grandkids in one extended nuclear family household? Krudd is advocating a ponzi scheme for Australia, import young people to pay for older ones forgetting that the young ones too will grow old and will also need to be paid for by future generations.
Selling privately is always fraught with danger: not in a physical but in a financial sense.
Companies which 'assist' you to market a property may give you little more than 'how to market' the property and access to some of the major advertising portals. They do not assist with setting the sales price, local area knowledge, negotiations, strategy, presentation etc.
A good real estate agent brings with them a wealth of knowledge about recent sales, their own sales, a database of buyers (agent's networks) etc which you do not have access to (nor does a diy sales outfit). The agent then can bring to the fore their skills in negotiation to achieve the best price for your property – you will need to be open with the agent as to what you want to acheive, even if it is to minimise your losses.
Buying your own home is often the biggest single investment most people make, it is worth the money spent on a good agent to handle the sale of your property. Where did you get $16k in agent's fees from? Unless Qld agents are asking horrendous commissions, it should cost you less than 3% inclusive of advertising (at least in NSW).
If you set your sales price too low, you cannot negotiate upwards. If you set the price too high, you disenfranchise a whole group of buyers.
If you want to save a few $, use a conveyancer rather than a solicitor for the legal work, generally much more cost effective esp on sales.Have you considered leasing out the unit and moving back home? This may be a viable alternative.
In the traffic?
Absolute b*&)^%* of a block, below grade (how do you get rid of stormwater/sewerage). Construction cost will be horrendous (looking at prestige house price for a basic home unless you get a really switched on engineer.
I'd steer clear unless you have deep pockets (or it is waterfront).
I wouldn't say smaller houses W4L, all the info that I see is indicates that house size has been growing (regardless of block size). In the 1980's it was 4th bedrooms. 1990's 3 car garages and 2000's the media room. Over that period, block size has decreased from 600-720m2 down to 450-500m2 becoming more common. 14 or more lots / ha.
akirk wrote:Should there be an order of execution that I'm looking at – specifically – is there any way to guarantee no problem with the strata titling prior to purchasing?Yes – (well almost). You will need to engage your consultants including a surveyor, town planner, solicitor, BCA consultant to undertake a full due diligence on the building, corral the full scope of works for all necessary BCA compliance (eg firedoors, fire/noise separation of units/stacks etc, glazing compliance, smoke alarms/thermals as required, FHR/hydrant systems….). There is no way of being able to guarantee that there won't be issues however your consultants should be able to pull the project together.
akirk wrote:What are th things that I should consider adding to the contract – subject to valuation for instance?You'd best be served by taking out an option to buy (with little money down) but sufficient time to undertake due diligence and achieve the DA/CC for the work. You will not get new titles until the work has been completed to council's satisfaction and you have lodged you DA for strata.
I too doubt that there is any way around it – you cannot get 2 lots of power lines onto your property. In some states it is possible that the LL is able to be the provider of power to premises eg SA & QLD and onsell the power to the tenants (this is usually done on commercial premises/shopping centes/large unit blocks etc). Doing a one-off tenant would not be worthwhile.
1 thing to note about the Packers, Kerry was never able to make serious money in property so he stuck to the things that he knew best – business, media empires & polo. James has had a little more luck but nothing to write home about.
Ivi, is this site leasehold/when does it expire? What is the status of the hydro upgrade? How accessible is the site? How are you going to handle leasing or will it sit in the pool?
After using Property Pro (from the same software house) I required something a little more powerful. I only trialled POSH, then I bought Rentmaster.
What exactly are you buying Lowy? To answer GoM, the leasehold is only buying the 'business' of the cafe which operates under a lease to the owner ie the business owner works (sells coffee/food etc), runs the business & pays rent/outgoings to the building owner – end of commitment at the end of the lease (hence 0 residual value at the end of the lease).
If you are buying freehold including fixtures & fittings, then you may find someone to lease the shop (or yourself as a different entity) to run the 'business'.
