Forum Replies Created
It will only cause a problem if you do go overseas and use your passport. The Dept of Fair Trading regularly checks details (as does the ATO etc) to ensure that you are in fact living in your ppor if you have claimed the FHBG.
A poorly educated guess is not totally. The first 3 years it was a rental, the next 6 were OO, followed by a 6 yr allowable absence. Yr 7 and beyond again is a rental. Not sure if the regs changed (as they do every time the wind blows), however 4/16 yrs x MRT x 50% discount on the capital gain is possibly your liability (unless your extended absence voids the 6 yr rule). To lessen the impact again, if the property is in joint names, make sure that your missus is on a lower salary esp when you come to sell.
Can you fill us in a little more Kooz? Either the vendor is also the deposit holder or the REA/Vendor's solicitor is the deposit holder – which is it? In the former, in both instances the vendor can (virtually) walk away with the free use of the deposit as pointed out, and your only way of protecting your rights is by way of a caveat. Releasing the deposit means that the vendor gets to use the deposit for their own purposes eg deposit on new house elsewhere, pay off other debts, skip the country etc… The danger being, if the contract for sale falls over and the deposit has been released, then you stand little chance of getting those monies back esp if they have spent the money. Hence many investors try to get the deposit to be a token amount ie not worth requesting a release.
Jaffa, I know that the NSW Dept of Lands website has a portal which allows you to view the title details (although it does not allow access to owners names or dimensions of the block), other sites such as Dial Before You Dig also provide you with a heap of information. Check what info that you can find online, you may come across the title particulars that you're after.
SNM
It depends upon what you use eg 1 sheet of fibre cement 1200 x 2400 cut in half to face both sides will cost $25-$30, DAR hardwood will set you back $7/m and you will need 12 or so lengths @ 1.2 m, then you will have the choice paint or stain. You will probably have to get yourself a couple of posts for the gate to be hung off and to close up against, maybe a few expanding fixings (dynabolts).
The chippy/fencer sounds like a cheap option.
The general consensus is that it is dangerous to sign the waiver however if you have undertaken all of your due diligence (pest, building inspections & legals etc) and you are satisifed with all conditions (lawyer hasn't picked up any encroachments, or other problems) then it may be worth proceeding with signing the waiver.
The waiver is always put on the contract if the property is offered under auction conditions and is required to be signed as a safeguard for the vendor (so that if the property is taken off the market they do not lose any other potential sale).
jazz77 wrote:measure the height and width of the gate required and go to bunnings or similar. They have a range of un-assembled steel frames that can be assembled to almost any size. They are pre-hinged also. Cost $60 – $80. You will also need pickets or pailings to clad the frame, some screws suited for going into steel. And maybe a post to hang the gate off, concrete for the hole also.
When you account for your time to pick up and assemble the gate $250 might seem cheap.
Current Bunnings cattledog shows the steel framed gate (adjustable size) is $105. As pointed out elsewhere $250 sounds cheap & a no effort solution.
Generally, you may be fine – depending upon the type of loan that you have eg fixed rate or IO you may have need to refinance at the end of 5 years or so. You run the risk at that point of the bank revaluing the property, realising that you have negative equity and requiring that you either top-up your equity or decline new finance leaving you in the lurch to find a new financier/force a sale.
I can see the arguments on both sides of the fence for this one. The vendor (ie farmer or speculator who has owned the land for a couple or more years) reaps a windfall because the land is now zoned urban. Generally speaking a farmer is exempt from land tax, but not capital gains tax, other offsets apply as it is also a business. So charging $95k/ha is a big tax grab esp when the land, as stated, is worht $300-400k/ha (I'm not aware of what subdivisible land is worth in these rural areas in Vic).
On the other hand, it is developers who generally pay the contributions for subdivision, provision of infrastructure, services etc, so why shouldn't it be recouped from the developer (possibly at the time of purchase)?
The public servant who thought up this scheme must be dreaming if they can't see this cost being passed on to the purchasers of home sites, regardless of how small the impost ie 14 sites/ha still equates to $7.5k (incl gst) to the purchaser.
New tax laws in la la land
You should weigh up how much you land tax is costing you compared to how much your exit costs/cgt/legals etc will cost you before moving too quickly. However, diversifying into other states is a good strategy – just watch that some states do not have a land tax threshold.
PropertyPaul wrote:Thanks RichardMight try for an increase to my CC limit instead…
Only if you have a low interest rate (don't do it if you will be charged 16% etc – find a cheaper card or roll the debt over onto a cheaper card
There are a few companies which spray an epoxy over the tiles – this is much cheaper than retiling if the base tiles are sound. They can also respray your bath and floor tiles (with a grittier paint) so you don't slip.
Tugs, with regards to managing the property, as it is in the backyard, your coz will be seeing them regularly – it is not worth having an agent manage the property. I would recommend that she get a lease (standard copies available from the newsagent), lodge the bond and issue the reciepts. You might get an agent to give you an idea of the market rent if you were to lease out the GF.
As for how much is claimable, consider using a QS on both the house & GF and get them to apportion the costs accordingly.
House price recovery is very subjective at the moment from my dealings/discussions in various areas. The crunch which was felt 12 months ago in West/South-western Sydney is now filtering through to the more affluent suburbs (have been feeling the pinch for the last 4-6 months but have managed to withhold properties from the market), inner west is just as strong as ever with some good results at recent auctions (some quite surprising results).
The strength seems to be in the west where prices did drop substantially but the margins for negotiation are much slimmer with some noticable price rises/stability. Depending upon the price bracket, existing stock and type of property some sectors are quite strong eg LNS sub $500k units, mid ns Sub-$1m.
Short and simple, yes, in NSW you will require a licence. Refer to the dept of fair trading website for the requirements.
Karen, if you are interested in the block next door, don't make the approach yourself. It is better to get a third party eg an agent to make enquiries with the occupant/owner because by showing your hand you are likely to be hit for a higher price (as you have more to gain from the purchase than a newcomer).
It would be best to visit the councils website to get the LEP for your area to determine what you can build, as well as any building standards which may apply. A local agent will be best to advise whether 2 bedders or larger are in demand, don't commit to a design before you know what will reap the greatest rewards eg a mix of 2/3 bedders or what ever.
I look forward to the outcome. Good luck.
Any offer that I'd make would be gst inclusive, especially if you aren't registered for gst. This is a negotiable point, the vendor may wish to adjust (but I wouldn't agree to an adustment for gst). You will not be able to recoup the gst when you come to sell the property so it will inflate your costbase by 10%.
The valuation will take gst into account as it applies to residential property ie included in the price and the vendor pays 1/11th of the price paid by the purchaser. Speak with your solicitor & accountant to clarify if you need to.
To ask a blatantly stupid question who 'benefits' from the easement? When was it created? For what purpose? By Whom?
Pumpout systems are pretty standard (it is much harder to get one or more of the neighbours to agree to an easement on their land, excavation/reinstatement etc).
Fail safe just means that there are 2 pumps located in a pit at the lowest point of the development. Most plumbers are cluey enough to work out and provide the details (or use an hydraulic engineer when submitting the plans to be on the safe side).
If you are really clued up, you may be able to find a site with stormwater pit in the street which council/water authority may allow you to hook into below street level.
