Forum Replies Created
Are you joint tenants or tenants in common? Joint tenants means that there is a right of survivorship and the property cannot be transferred to other parties whereas tenants in common means that you could sell your share to another person (and the last one standing does not get the property).
The main issue with subdivision is 'what half is yours?' – you own a non-descript portion of the whole (just like owning shares – you cannot identify particular assets which belong to you in BHP).
Approach one of the local agents to see what a comparable unit will cost to buy & how much you could achieve in rent ie do a property inspection on a unit without any intention of following through. This should give you the numbers, if not speak with a property manager with the intent of a new managemet for an idea as to what it would rent for.
Interest rates, pause before an election etc.
Owner building, unless you have the time & skills to put into the project, is a hap-hazard & high-risk process fraught with danger. (I don't say that lightly). As I have asked many clients in the past "how do you make money?" & they reply with whatever their line of business is ie their expertise. Why undertake something you have little or no expertise in, whilst taking away your capacity to earn your maximum income at work (other than for pleasure)?
As Chis points out – there is a massive input of time (or cost if you have to rent & pay interest on your development/house) this adds dramatically to your financial pressures.
Building professionals must comply with OH&S requirements and are ultimately responsible for ensuring that a site is safe for both workers, subcontractors and visitors (inspectors, people quoting, neighbourhood vandals etc) – as an owner builder you take on this risk (and it cannot be assigned under contract).
Richard alludes to the difficulty in accessing finance for OB, well worth taking note.
With regard to the quality of finish, it comes down to the design, specification, knowledge and supervision – consider engaging a licensed project manager or clerk of works (they will get paid a fee to supervise) however you will need to direct them as to what their scope will be: ie site supervision, site co-ordination, calling & recommending quotes, approving payment, meetings with designers, inspections by council etc. Possibly a cheaper option than having a builder on board but getting the knowledge & skills needed to get the project to run in an efficient manner.
AS wian indicates, units are the only choice in many parts of the world, planners in Aus are pushing that way. When the realisation hits that it is cheaper to live in/around the cbd, not to commute (by car) and that entertainment is at your doorstep – then the pros of city living will boost capital appreciation. As per usual, you need to consider location and keep in mind the strata levies which are payable (some are quite horrific ie $10k pa +)
Terry, if it is the 'Astor' that you are thinking of, then it has always been very exclusive (it is on Macquarie St afterall). Prior to Strata Title becoming law in the 1960's or thereabouts, Company Title was the only means by which you could give unit holders title to a property. I believe that it is no longer possible to create company title properties (laws were repealed with the Strata Act) – it generally lessens the value of the property due to the difficulty in financing and selling.
Read the information under FAQ on the OSR.nsw.gov.au website – if you are defacto, married and one of the partners owned or has previously owned property (excluding land or commercial) then you do not qualify.
Get a separation, live apart, buy the property in his name then reconcile a few months later. In the meantime, you go overseas for a long earned holiday (long service).
Further to Richard's point, only a Quantity Surveyor or Registered Valuer can provide you with watertight documentary evidence of cost for tax purposes – ie you can't get a real estate agent, builder, handy man, mate etc to provide this information.
I'd suggest a chat to a town planner or surveyor rather than a lawyer
calvinci wrote:Plumbing
-disconnect old kitchen piping.One visit, he probably won't get anything much else done, possibly cap off the gas but until the cupboards are removed won't be able to much, not even an accurate site measure
calvinci wrote:-install new piping for sink and dishwasher (2-3 meter away from existing location)
-install gas piping for cooktop (2 meter from existing location)?Chase walls, install new tees, tapware?, mini cistern cocks, terminate and extend underfloor drainage, confirm that a new vent stack is not required (or install new vent), return visit to fix-off tapware and plumbing to sink
calvinci wrote:-change 2 shower head and 4 tap
-install water tank (tank and pump not included)?Taps & showers probably 2-3 hours
Install water tank including remove existing, prime, test etc 2-3 hours.Sounds like 20ish hours @$75/hr + some materials.
calvinci wrote:2 stone top cutting, for undermount sink and cooktop, plus installation on top of cabinet
$850Diamond blades ain't cheap, cut, scribe benchtop, cutout for sink & cooktop – probably feasible without knowing if you'll need two people to lift & manoeuvre the benchtop to minimise risk of breaking it once you have the cutouts.
There is an advert running in the Sydney Morning Herald on the last couple of Saturdays looking for a person to assist in development works – the hitch is they want $35k. The advert is in the business section (business for sale – Property Developer).
I'd approach it with some trepidation (a developer who wants you to pay for the experience? not likely – this is 2008 not 1908).
You've lost me on the question…You can only claim the interest if it is an income producing property ie if it has been recently purchased and is vacant, you can't claim an interest expense until it is tenanted – doesn't matter if it is a personal or business asset (unless you have numerous properties and conducting property rentals is your business).
As for caital gains tax, cgt is charged when you sell, income tax or payg is annually. CGT is handled differently if you own the property personally as opposed to within a company (no discount).
The break fee is the cost of interest foregone by the bank in letting you out early – you'd have to find a pretty sweet deal to make it worthwhile. There was a post the other week indicating it cost someone about $100k to refinance/break, lower rates don't come cheaply regardless of what the goose might encourage you to do.
A quickcall to Vcat will solve that one. However in NSW you can have a mid-term increase written into the lease but you will have to give the relevant 60 days notice for it to be effective.
Some or all of those may apply – you can't put in conditions which are irrelevant.
eg if it is to be sold with tenant in place, condition 4 doesn't apply if the tenant is under lease, if AS 4349.3 does not apply/exist then this clause is irrelevant (delete the reference to the standard – what if the inspector doesn't carry it out to the standard?), who is going to inspect the building – is it your opinion or that of a registered building inspector as to the reasonableness of the condition of the premises?
Subject to business partner – if they are party to the contract, then they should be party to the offer.The developer cannot accept full payment prior to completion (it safeguards the purchaser). Why would you want to pay for it before completion (bank won't pay for something it cannot own/mortgage) as it will not have a registered title.
Depending upon the state, the contract for sale (or the agent) will have the details of the council rates, water rates, sinking & administration funds (levies) ie how much the unit must contribute towards running the block. Add your usual other outgoings to determine your net rent ie insurance, any refurb/mtnce, agent costs etc.
By owners corp, I am assuming you mean 'body corporate for a block of units/townhouses etc'.
1 – not sure if it is mandatory but it is required under the strata act – you may not need a strata manager but it is a requirement that some structure is in place to ensure that maintenance on the building is done, that insurances are current, that the leaves are swept up, gardens done etc and most people are too busy to do it.
2 – see 1, they do more than the above list.
3 – The body corporate (all of the owners) have a vote as to who they will engage to carry out the role of strata manager (the company engaged to organise all of the works (the executive commitee directs the strata manager).
Google strata manager and check out some websites/vcat etc
There are similarities between the two however an offset is more flexible – especially if you come to reuse the funds for a non-investment purpose. That is, if you have a LOC you need to keep track of your expenditure eg buy new curtains, fences, clothes, tv etc however if you have the same amount in an offset, you have not paid this amount off your loan/it is still your money, you can do with it as you will – you may even consider having a mix of LOC and offset so that personal expenses come from your working account and the building expenses go onto the LOC.
Overdraft?
