Forum Replies Created
A very wide question james – most builders will carry out your required range of works (however you will need to spoon feed them your scope to see if they fall within your budget).
Some things that you will need to consider are: stamp duty & legals (add to purchase cost), time on market & settlement period, selling costs (agent & legals). All of these will make it difficult to sell and recoup profits in a short period.
lifeX wrote:Similar diseases will probably soon appear for fibreglass insulation products.
LifeX – fibreglass and asbestos are two completely different types of fibre, fg is a man-made fibre (glass), breaks across its length ie gets shorter and the size of the fibre is much greater than asbestos and breaks down/gets absorbed into the body within a relatively short period. Whereas asbestos breaks along its length and gets thinner each time it breaks, does not break down within the body hence its propensity to exist in the body for a long time.
As for requiring sealed work areas and showers, I do not believe this is the case either as this is generally classed as 'bonded asbestos' however the other precautions (proper mask & disposable dust suit) are required.
If they intend to leave at the end of the term, they are required to give the agent 21 days notice (from memory, but check the lease). The agent should be proactive however it usually pays to give them a prod. As the tenants are building their house, leaving is a given, the timing is dependent upon the building being finished, so holding over may be likely.
If they do hold over, then you will need to give 60 days notice if you are putting in a new tenant.
I have had an instance where the original val was very optimistic. We asked for a review, it was completely thorough including an independent review by a second valuer and the director of resi valuations for the company. I had extensive discussions regarding the rationale in order to satisfy myself of the sufficiency of the revision (decrease by 30-40%) however it was a valid revision (there was no market interest at the original price).
The valuer was very thorough in his review to his credit, he undertook consultation with the town planner at council, several newer sales in the housing estate, took account of the value of land resumed for road widening (still to be done). The valuer was concerned that he was still too high (I knew what the buyer was prepared to pay, obviously alot less than the original val, but I needed to justify the sale price).
Yanhong, in this instance, I would walk away. 0.25% is a small price to pay for the lesson learnt (however I would still approach the agent to see if they will forgo the penalty – no harm in trying).
As you did not complete the purchase or cannot prove that you are currently a property investor, it may be difficult to prove that you are an active investor (unless you actually go ahead and complete a purchase).
Playa suggests teaming up with a more experienced investor – good advice (or use & learn from a buyers agent).
SNM
You may need to get a da purely for storage of the house – I have previously been hit for requiring a DA when I was dumping fill on some land.
Speak to the Town Planner & get a feel for whether they will require a letter or a formal application.
Divide by $90k (as this is what you are putting into the investment).
Change your PM, there should be no difficulty in emailing the statement (most PM software has this capability).
You can't go past Campbell Parade at Bondi either. Although I did pass up a site on the NSW Central coast (heritage listed, waterfront reserve, termite infested, nestled between a train line & the pacific hwy).
The other thing to consider is that a kitchen is not a habitable room ie ceiling height requirements, ventilation, natural lighting etc may not match what is required for a bedroom/living room or other habitable room (you may need to put in a bigger window or opening window etc to comply with the BCA.
That's a pretty wide search and the time frame is irrelevant TM. You'd be better off getting your local REA to give you the printout for a specific radius for the last couple of years.
When you take into consideration the recent turmoil in the market, you can say that property is currently like other investment products and past trends may not reflect either the current situation or the future performance.
They only care about how it is used when it is an IP
When the property becomes a rental fees, interest charges, rates, levies, charges etc become expenses which should be deductible against income generated.
With regard to security of title there are no differences between strata titled property or torrens title – this should not raise any warning bells unless the management records reveal issues.
It depends upon how far you want to move it, whether there are services in the part of the house (ie sewer line, water), how hard it will be to get access (slab on ground or raised timber floor).
If you can get away with doing up the room without moving anything, this will be the cheapes option (consider sprayed epoxy over the wall tiles, respray bath insitu, new shower screen, new tapware & vanity and replace the floor tiles only if feasible).
There is no obligation to engage a strata manager – it is more a case of engaging a third party to manage and arrange several contracts and minimise any legal liabilities which may arise. Using a SM is most common in blocks where there are several owners whereas blocks under single ownership may not benefit from having external management (however the SM may be better positioned to negotiate better insurance premiums, maintenance contracts, budgeting etc). Alternatively, you could utilise your real estate agent to handle some of those items.
Pitto, I'll dig out my copy of Peter Butt's Property Law & get back to you..
Having previously owned a corner block, you must consider which is your primary street frontage & the setbacks that will be required by council (your preferred frontage may not be accepted, the council may want a 4-5 m setback on the side etc).
Corner blocks also have a lot more grass to mow (eg council nature strip, & due to lessened footprint due to setbacks)
Removal is probably the best solution (get it done before raising the house), this will minimise any risk of exposure if a sheet cracks during the raising process as old asbestos is quite brittle. Covering over the sheeting will lead to issues in the future if someone working on the house is unaware of the sheeting hidden under the plasterboard and drills into the sheets.
1 – yes, provided that you are not the builder. If you are the builder, then you may need an owner-builder's licence for a house or refer to state legislation if it is anything else (commercial builders and project managers are licensed in some states with proposals for other states to follow suit).
2 – you've got to be awfully lucky to get a qs to do a feasibility study on a property for nicks. They may float a budget at you but why would they do this without the prospect of a job at the end of it?
3 – You must use licensed subbies for several trades including all trades working on residential work. Plumbers, gas-fitters, air-conditioning, electricians are specialist trades requiring specialist licences.There are restrictions on owner-builders – one house every 6 years (hopefully you have a very wide family to rely upon for licences).
Nothing on those links about property development.
Do your own research into the area which you intend investing – beware of 2 tier marketing.
For resi or commercial property? If it is resi, then go with the standard document approved/published by dept of fair trading. Likewise commercial leases under 3 years can be prepared by your agent using a standard REI form.
