Forum Replies Created
I'd agree with Jon on this one, if you refer to your strata plan (of the whole complex) it will reveal the area of each unit, garage/parking and storage. If they are on separate titles then you could in theory part with possession separately. If they are on the same title then unless body corporate consented and you paid for subdivision plans and registration of the plan then it will be difficult.
Jon also points out that you may only have exclusive access to the storage ie it is part of the common area but you alone have rights to occupy it.I usually sub it out. Unfortunately I am rarely on site when it happens. With the brush on compounds, they are quite viscous so the brush marks are usually minimal unless the product is starting to go off.
Or was that Kevin 07?
Or was that Kevin 07?
Do a search of the forums – there are plenty of threads.
Any particular state, city or pricetag?
I'd recommend a similar course of action: Make sure that you do have an agency agreement (they can't work on your behalf without one), then check the marketing strategy and the agreed price. Review the termination clauses.
Secondly, many markets are feeling the pinch at the moment – how realistic is your 'minimum' price and how long has the property been on the market. Quiz the agent as to how they will achieve the agreed price if they are advertising it with no room for negotiation (or is your property in a market which does not allow room for negotiation?)
Avoid option 4 – as the property is fully paid you would not have as many deductions as you would if you chose to rent the new premises.
Option 5 – weigh up the government's incentive to provide new rental accommodation below market rates. The $8k does not make sense on more expensive properties but it may tip the balance on budget accommodation..
2 other options – have the walls professionally sprayed with an epoxy based paint (lots of fumes but gives an effective change of colour) alternatively tile over the existing tiles (provided it won't interfere with tapware/fixtures).
To further your point Freya, the agent works harder in a downturn both to secure listings as well as in putting in extra yards to close a sale. Squeezing agents on price is not the way to go (see property market several years ago when offers of holidays,cars and other incentives were common place). Alternatively, consider providing vendor finance or rent guarantees.
Whilst you hold the property without income, it is not an investment yet you have to pay your rates, land tax, water/sewer charges. You will also need to pay levies to the rural fire service, undertake such measures as required to prevent the spread of noxious weeds on your land (eg pattersons curse), insurance (public liability in case someone trespasses and injures themselves) and the list goes on. The property costs, unless it is income producing are generally not tax deductible.
Buy, build and rent it out. Better yet buy in a few of the country towns where there is rental demand.
3 trains of thought – if you have a $20 rent increase and they leave, how long is it going to take for you to recoup 1 week's lost rent (let alone agent's fees and the rest of the vacancy period)?
What is the market price if the premises is vacant ie how much would a tenant pay for similar accommodation? – How much more will the tenant have to pay if they move?
What is the vacancy rate in the area? How har will it be to lease out the premises?In the current market, ie very tight rentals, you will be offering the tenant a payment based on the reversion of what it is going to cost them to occupy another premises for six months as well as removalists, lease costs etc. I know that'd be my absolute lowest point as the tenant – they have all the power for the negotiation in this situation ie you may own the property but they have possession under the lease.
If you are looking for house to live in for the next 12-18 months, this is not it – it is occupied and not available. Does it still meet your requirements?
Secondly, as soon as possible in this case is in six months time. Yes, you do lose some of your PPOR benefits regard to a full cgt exemption however if it is six months out of 2 years then you are only liable to cgt on 1/4 x 1/2 @ MRT. Unless the property is severely undervalued, you will generally not make a profit on sale within 2 years (property is a long term hold due to the transactional costs).
Same rules apply for all auctions – bidder registration, one vendor bid etc.
Is the property vacant possession or with a lease on foot? You will need to be aware of what net current rent is, net yield for comparables etc.
A buyers advocate brings to the table a wealth of property, negotiation and owner representation expertise which the layperson can only ponder. Would you design your own house? Design engineering components, submit complex tax returns (for your business etc)? No, of course not. That is why we utilise the skills of these bods. Others use them, like in your situation either time poor or distance poor. They are on the ball with a local area which they operate and get up to speed by listening to your requirements then sifting thru all the market.
You're perfectly correct tools, I misread it – that's why I'd be surprised that it was pebble crete as it is mainly used in pools or specialist applications and is quite expensive.
Your solitor won't charge to review the contract, it is a matter of good will. As for the building inspection, it is your insurance about the place you are buying – you then become very choosy as to which properties to have a paid inspection on.
I'd agree with Chopper – at the moment it is a hold.
Prices for sales are being hammered unless you are in the Eastern Subs or North Shore where the market has been quite strong or you have an exceptional/unique property (victorian terrace etc). If you aren't under the flight path (not many aren't) spend some money on noise abatement/insulation to make the house that little bit quieter. Also look at 'stick on' double glazing by companies like magnatite? (I think) – a layer of perspex fixed to the frame of the window to knock out some of the noise coming through the thin window glass.
Most chippies can do the benchtop without too many problems. The dill I used many years ago couldn't follow the template for the sink and cut the hole out too large (about 1mm cover all round) – use the template, not the sink!!!!
