Forum Replies Created
Policy probably has some coverage for public liability – it would be a claim on that part of the policy. As to the insured, you have not changed only your occupancy of the property, being a rental should not make a difference.
There are legitimite reasons for the information to be provided (to valuers & real estate agents) beyond that there can be little reason (possibly developers) to access such information. I had not heard of such a restriction but will follow up closely with the valuers that I am dealing with on a number of sites.
Vals generally donot provide the full details of the transaction to their clients only the date and relevant particulars of the sale – owners do not need more than that and privacy restrictions as they are restrict the distribution of this information.
Why ruin exposed aggregate? It costs more than plain concrete and will again have its day – it attests to the quality of the concrete used in the drive. You would only consider replacing it if it were unsightly, poorly done, severely cracked etc not as a fashion statement. FWIW stamped concrete too will have had its day soon and they will be looking at the next thing.
Consider spending the money somewhere where it will have more bang eg paint, carpet, respray bathroom tiles, landscaping etc.
If the property is residential, already on the main drag then the effect will be minor (detriment) due to the additional traffic generated. If you are facing the loading dock or on the street where all the deliveries/braking/accelaration of trucks is to occur then it will be a little more (say 5-10%).
If you are in it for the long haul, what does the councils draft LEP hold for you? Is there a rezoning in the wings ie medium density or commercial? Does your block lend itself to that sort of development (size, width) or does it need to be amalgamated with adjoining sites?
Where? On an island? Syd/Melb/Perth? Bourke? It varies. Bottom of the range or Exec?
Tenants ALWAYS pay the phone rental, water consumption (unless it is not metered), power & gas. You pay rates, land tax, building insurance, sewer/water service, initial phone system connection in a newly built premises.
If it is a commercial rental, then you may get rates, taxes & insurances back if it is a net rental.
davidcball wrote:Sorry Scott i don't quite understand. Wouldn't the vendor going into foreclosure mean that even if i did exercise my option they don't really have the capacity to give it to me – because the bank is now in control over what happens?Regards,
DavidIt would depend upon what is in the option contract whether there is a provision for the loss of the option due to the mortgagee taking possession (the mortgagee would have had to have consented to the option if a caveat was placed on the land).
If you have a caveatable interest, have it registered for peace of mind.
Look for facilities, proximity to transport/shops etc. On the LNS you could consider some undervalued areas such as Meadowbank, West Ryde, Ryde, North Ryde, Macquarie Park – these suburbs have a wide variety of apartments for all budget, close to trains (and future train/metro), good shopping facilities (Macquarie Centre, Top Ryde under construction), close to University (soon to have private teaching hospital) and TAFE.
It all depends upon what else they are bringing with them – locally they are building a small shopping centre (15-20 specialty stores, Supermarket & Gym).
As the local council has 'bent over' and accepted a few shiny beads, they have approved an oversized white elephant with major concessions for parking (net loss from existing levels) and exceeded the permitted size of the development.
The addition of a full scale supermarket (3000m2+) will kill small retail in our centre, shifting the focus away from the high street into the new mall. Vacancies are already high about 5 long term and 4-5 newer vacancies exacerbated by the lack of parking caused by the development works. Rents away from the centre will suffer (new leases or market reviews).
Rant off
SNM
Getting rid of the tub would reduce its rentability – 1/2 the population is female, many 2 bedders are sought after for small families etc. Look at what is available in electric instantaneous hws. The second bathroom would be great as it does provide an added feature compared to the traditional older style 2 bed units.
What are the chances of putting the washer/dryer into the kitchen (yes another mod but worthwhile) it will free up the bathroom.
Alternatively, if you were to exercise your option it would be at the agreed price – you can't have your cake and eat it.
The selling point is proximity to the beach, not the view. Hammer the lack of covenant, distant views are almost worthless.
Oh, you mean 11/9 not 9/11!
If it were in Sydney I'd suggest Tim Green Commercial, in Melbourne, you'd be looking at one of the more boutique *(smaller) commercial agencies.
There are a few commercial websites: commercialproperty.com.au and others.
Next step, sue for specific performance. Speak to your solicitor as this is now in the realms of breach of contract.
If you have signed an exclusive agent letting/management agreement then it is just that, the agent pockets the fee regardless of who finds a tenant ( you may have to pay another agent the fee as well if they find one before the exclusive agent did). This is the most common type of residential agent agreement.
If the agent does not have exclusivity eg does not manage the property and the exclusivity period has expired then the fee would not be payable.
As it is your PPOR it is generally exempt from cgt – the only thing you need to watch is whether there is a limit on the time between purchase and moving in which may trigger some cgt liability.
What happened on the 9th of November & what year?
1 – it is the vendor's contract, as such there are no penalties which can be imposed on the vendor.
2 – see 1
3 – this could be possible if the property is vacantHave your solicitor serve a notice to complete ASAP, that is the only power you have to force them to settle.
The answer is a yes, no and maybe.
If you have bills to prove that you were living in the residence for the first 2 months (ie water, rates & power) coupled with not having claimed any other place as your PPOR then it may be possible that you could get away with it.
If you have any other PPOR during this time, then this property will have ceased to be your PPOR even if absent (you can't have 2 ppor).
It might pay to speak with your accountant with whatever documentation you can provide if you are looking to take the risk.
