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As you have sizable debt on your ppor, you could always look to move to qld without selling but consider renting thus turning your existing loan into an investment loan. Sure you will be paying rent but in regional qld that shouldn't be too bad. You still have a chunk of equity between both properties (owing $580k/$800k or around 30%).
A bath is generally seen as a necessity for families with small kids, so it does knock out one segment of the market.
Little known fact: the development of units at Homebush Bay, adjoins Silverwater Prison…ooops high security housing development/secure environment.
Would be a little tricky however you would need to agree (with a documented valuation of the before and post development values – from an independent valuation firm not an REA).
You would then both share in the development profit (with both parties contractually bound for paying for the development costs & well as just in case breakup etc).
You will be up for CGT if the land sells for more than the purchase cost (incl stamp duty/purchaselegals etc). A concessional rate may apply if the period of 'ownership' exceeds 12 months (between dates of signing contracts of sale).
I had one site cross my desk the other day, about 40 units @ $67k/site located at Merrylands (near Parramatta).
Can't say I've heard of the college (though I know it exists). Certificate of registration for real estate usually takes 3 days (intensive). There is no curriculum listed on the ICM website (though they have associations with MCU) and the end result is you will qualify for a real estate licence.
There is an advert which is run often in the Sydney Morning Herald (self-employment opportunities etc) by someone looking for an equity partner asking $35K in return for providing you with 'training', you'd be best advised to steer clear of them/that style of advert.
You'd be best served reviewing your strata by-laws and council zoning to confirm that you can use the property for short-term rentals before sticking your hand into your pocket for what will end up as a furnished flat.
dr house wrote:Unless of course, you find a licensed agent who can list you there, but allows you the freedom of a private sale.That is why there are companies which assist you to sell your own house (provide all the marketing back of house, signage etc).
Go for the double whammy, buy something off the plan or a house/land package – it will delay your costs, comply with the requirements, may get any additional state govt bonus $ etc.
Terry, there are many statutory requirements for the preparation of a contract for sale of land. These include consumer protection requirements (like the 5 day cooling off/S66W waiver), provision of sewer diagram/full property description/description of inclusions/period for completion of the contract etc – the back of an envelope simply won't do anymore.
Plenty of options out there: POSH, Property Manager Pro (both from Mannacom and available from Harvey Norman/Officeworks/Online). I wasn't too impressed by POSH as it could not handle multiple owners ie wasn't suitable for my purposes, PMP I used for several years and was very easy to use & create reports. I currently use Rentmaster (http://www.rentmaster.co.nz), this is a scaled down version of what you'd get in a commercial package – I have been using it for 2 years and won't go back to using a 'toy system'.
Quickbooks/Quicken/MYOB are accounting or bookkeeping systems, not a property management systems. They are not designed to handle property matters only transactions (costs/income) but property systems track your tenants, bonds, expiries, rent reviews, contact with agents etc.crj wrote:If the property is not available for rent in the peak season the ATO will not necessarily regard availability as an appropriate apportionment method but might consider actual period rent was received for as a more appropriate apportionment method. The issue being whether the characterisation of the house is as a means of earning income or whether it is a personal lifestyle choice where some income is received to offset expensesIs it still the case if the property is partially used in 'peak season' however is CF+?
How many people/households on the average income buy a median priced property?
newbi2 wrote:… I once had 2 properties with the same agent, a vacent block comission $2300 and a house comission $17600. When I asked if there was any difference in the work (ie will you work the same to sell the cheaper one) the answer was, "we work the same on all listings"……..SO…….Why then do you charge so much extra for the same work???????…
Is it really the same work? Selling a vacant block, you see what you get, you are buying development potential etc. There are no 'open houses', ensuring that the owners have prepared the property for sale before each OFI. You only get a certain cross-section of the market interested in buying land.
The comment that the agents work the same on all listings refers to the 'sales process' – marketing, getting prospective buyers interested, arranging inspections, fielding questions/offers, conditioning vendors/buyers, closing the deal. The amount of work ie time required varies significantly.
dr house wrote:….One of the difficulties we have, is not being able to list on the realestate.com.au web site privately.
I think this is extremely anti competitive and have wondered if this can be reported as such to ASIC….How can it be anti-competitive? Competition exists between real estate businesses which advertise on the site. This is an agent's portal which allows all licenced real estate agents to advertise.
I use OP's. That is, if I am dealing with an agent, they want the sale and will provide me with a 12-24 month printout of all (or selected) sales in a given radius of the property selected. If the agent isn't obliging, they're not going to get my $$.
Eddie, multi-listing shouldn't be the only option considered, the use of a lead agent and one or two other agents working in conjunction can be much more effective (marketing in unified, there is more strategy in the sales process etc).
As PS points out, there is no way of coralling all expenses before turning the first sod of earth. The best that you can hope for is to engage a QS to carry out the cost planning and brief them appropriately with regards to the non-construction costs (ie council fees, legals, stamp duty, planning costs, agency fees, marketing etc).
I'd recommend getting someone to regrind & polish it – it is all the rage (just like polished concrete).
1 – the trust is a separate entity to yourself. There is nothing stopping you leasing a property from a different entity however you cannot rent from yourself, so a trust with a corporate trustee can lease to you as a person without any issues.
2 – Maree, no-one mentioned the word 'super' but a smsf can purchase any type of property however restrictions apply to purchasing residential property from a related party.
