Forum Replies Created
You might try the Lower North Shore – a 1 bedder older style unit will set you back that sort of money but you'll need $600k to get you something of quality with views around Kiribilli.
If your sister removes her name from the house that you partially own, then you will own it – why do you then need to buy another property when you will be increasing your ownership to 100% of this property? There is nothing stopping you selling this house and using those funds to purchase your next property (or properties). Alternatively, just sell this property and split the money to be used no-strings attached for your own investments.
As Richard points out, the guy may not be an REA but a marketer – watch out for 2 tier marketing. Do your own independent research on the areas of interest, spend a few dollars on getting a couple of property reports for each area, speak to some of the Local agents, view their websites and possibly engage a buyers agent to do the running around for you (unless you have the inclination to fly the 2000 km between capital cities).
Depending upon the issues it will pay to engage a town planner who will assess your issues and frame the argument.
What do you mean by a brick oven? Do I take it that they have a kiln? It would make a great pizza oven….LOL
Katelea, there are no penalties for (the vendor) not being able to settle on time – firstly, if you fail to settle the purchaser must issue a 'notice to complete within 14 days' ie you will get an additional 14 days grace before the purchaser can commence an action for specific performance.
Once the contract has gone unconditional, give the tenant the required period of notice. The tenant is free to leave with 7 days notice after you have given notice of the sale, so they may leave in the first week after notification or they may drag it out.
Go to Brisvegas:
Macrossans Lawyers Address: Level 23, AMP Place
10 Eagle Street
Brisbane QLD 4000
GPO Box 2763Email: [email protected] This Email address is being protected from spam bots, you need JavaScript enabled to view it Telephone: +61 7 3292 9777 Fax: +61 7 3292 9799 There are 2 levels of insured interests – one for body corporate, which covers the building, common areas, landscaping, garages etc, then there is insurance for office bearers, public liability etc, the second interest is that of the owners ie you and the other two owners – you must insure your 'contents' within your walls that is the kitchen, carpets, paint, light fittings, bath fixtures as well as your furniture & possessions.
It is not compulsory to attend the body corporate meeting however if there are only 3 units and this is the first meeting it is important to have your say on what is to be done by the BC, the appointment of a strata manager, the creation of budgets, how funds are to be expended, the extent of maintenance to be undertaken, the appointment/reappointment of contractors, effecting insurances etc.
You will find it very unlikely that the vendor will agree to extend the cooling off period – it is a statutory period. It would be more common that you undertake your full due diligence prior to making your offer then submit your offer wth a S66W waiving your cooling off period.
If you are not on the ground floor you may have to consider sound absorbing underlay. But check with body corporate first.
1) No – there is a shortage of valuers as it is not a 'sexy' profession
2) Fee is dependent upon the type of work undertaken, it is generally not a % of the property being valued but more directly related to the time required and complexity of the task eg purchasing 20 leases from LTO, research of comparables to formulate an objective viewpoint and the time time required to distill the report.
3) See 2
4) PL is generally quite low (as it is a low risk professional business) however the costs of Professional Indemnity will vary greatly depending upon the level of coverage that you seek, the type of client that you will be dealing with, number of staff employed, risk management systems utilised and the volume of valuations that you undertake. Workers comp is a % of wages (for vals it should be less than 1%).I wouldn't worry too much over the issue, try finding the approvals for a californian bungalow, federation or victorian house. Of more concern is whether it is sited on the correct block, within the boundaries and sewer/water services are approved by water board etc. If the building is 40 years old, it will predate any Australian Standard, predate Ordinance 70 (NSW) etc – your building report, survey etc will be more important (and the house has stood the test of time – if you consider the life of a house is 40 yrs anyway).
I am a great believer in small steps and minimum risk in the current situation. With little income (pension only) you will be exposing yourself to a major risk should the project not produce the expected returns. The downside risk is that you may well lose the lot and become bankrupt (if you are able to find a financier willing to back you).
Land prices that you indicate must be for a country town, so you would expect construction costs to be much higher than major towns/city locations. Land size is also a big factor, you would be hard pressed to find a regional council which would allow 3 units on less than 900 m2 (probably more).
Regional rents are very variable – often dependent upon seasonal workers unless there are major infrastructure/industries in the region.
I am not a great believer in the perpetual boom on the gold/sunshine coasts. I still believe that this market will follow its path of the 70's-2000's ie it will suffer a very long period of depression with little or no growth for 10 – 15 years (as it did up to the late 1990's when it started to pick up dramatically, to play catch-up with Syd/Melb, and has now crashed so dramatically as well). This market is subject to a much longer cycle than some other capital cities.
I was listening to an interview/discussion on 702 this afternoon/early evening. Bottom line (although they didn't say it) was forget about the capital growth and trends over the past 10 years it will take a very long time to get back to where we were just 2 years ago. It will pay to revisit growth figures around the great depression to review the time that it took to recover (about 25-30 years) .
Annan,
getting a building licence frees you up to undertake as many projects as you want to as Terry points out. On the downside though, project builders are very cost effective so you will struggle to beat their prices on a standard design as compared to your own 'one off' project, you will still be quite competitive when it comes to doing something which does not match their standard spec.
Having a licence gives you options – you can buy, renovate and resell more competitvely than a larger developer, gives you the ability to walk the walk/talk the talk without getting down and dirty.
As for financial viability, you have to do the numbers. Insurance – call a broker to discuss your business plan/intentions (play it up that you are looking to start a business now and they will be more than happy to provide a quote for PL, WC etc). You may have to contact one of the Home Warranty Insurance companies regarding HWI (some will charge to determine whether they will cover your risk, generally they will require to secure that risk against your assets – HWI is compulsory on contracts exceeding $12).
Take a leaf out of the share traders book – use dollar cost averaging, buy continuously on the up as well as on the down, at some point you are going to get it right.
There was also a research paper prepared by PRD Nationwide on their website (middle of 2008).
It depends upon what you mean by save? (If it is $$ then it might be 15-25% of what the tradies charge but this is your investment in having someone else take the time to call prices, organise the subbies, sit down and have meetings with yourself, do the running around to suppliers, prepare colourboards, prepare budgets, organise the site, provide bins, cleaning, meet OHS requirements etc). On the other hand, if your time is not of value (ie you don't have another job that you have to attend), then the cost savings may be justifiable (provided that you stick to your budget, are organised, are able to attend site to open, supervise, lock up, ensure site safety, do the running around, order materials, take delivery etc).
Being new cement render it should have been sealed with an undercoat first. (Read the can before painting). It may not peel next week however there is a greater likelihood that it will not last the distance. Did you do any prep work at all (like getting a broom to remove all of the loose sand from the wall?).
Why would you be using an enamel paint over cement render (except possibly in a bathroom)?
