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Admittedly there are no federal taxes otherwise i’d say there was a vested interest.
Get yourself a copy of the Building Code of Australia, read it from cover to cover.
You will need to fire & noise separate the two tenancies to comply with Australian Standards. Get a DA/CC even though you aren’t building additional space, provide parking ….
Is there any decent property going for sale in Whistler BC? One of my contacts bought a skifield property years ago for next to nix and it wasn't distressed at the time.
Looking at today's Financial Review, they had wild projections of 15%+ total over the next 3 years for locations like Darwin – Defence Housing is big up there and if there is growth to be had you might want to be part of it.
I would only recommend tile on tile once only, beyond that the amount of tile on the wall becomes quite heavy and not the best if you have compressed sheet walls or plasterboard as it may pull the lining off the walls.
You will also need to allow for site costs, preliminaries, demolition, clearing site, landscaping, driveways, mailboxes etc.
You can always sign a non-exclusive or open agency agreement for the letting this way you can use a couple of agents to lease the property and wave the carrot of whoever leases the property to a suitable tenant gets the management.
Saw the article in the SMH link to the West Australian newspaper.
Thinking of following suit?
The DA does lapse if works aren’t commenced but the timeframe differs between states.
Check your lease as it is quite specific as to which cpi figure you have to use and how to calculate the adjustment.
The cpi data is on the abs.gov.au website or see the link below.
It depends on your goals – if you are after a worry free investment ie low risk with consistent income, then go for it. If you want a property that you can learn from go for a mainstream ip.
You are paying a premium in many cases for this type of property yet your returns are limited however the trade off is maintenance, vacancies etc are all looked after in the management fees charged.
You might consider something like this inside a smsf for the stable cashflow.
The only thing I’dsuggest is putting smoke detectors in each bedroom (hard wired & linked together).
Have you ever lived in a share house?
Provided you aren’t resorting to splitting up bedrooms lounges and dining rooms to create extra bedroom areas ie you aren’t building any rooms there should be few issues.
Check out the list of registeted valuers on the Australian property institute website.
Just get someone else to sign as POA. The licensee has his head up in the clouds not.
It shows the power of doing your numbers up front. If you could have purchased the property on an options contract then onsold you have reduced your exposure and risk substantially.
What do you think you need for retirement? Is it more or less than your current income?
There may also be discharge of mortgage and registration of mortgage fees as well.
If you are applying for a loan whether it is ppor or ipod the banks are concerned about serviceability. If you are changing job or newly employed you may have to wait out your probationary period before approval of finance.
Well, it looks like you're stuck with Jetstar for a little while longer. Just wait until you find out how much the charges are to use the special rail line, the platform access charges and the fact they won't have carriages suitable for carrying luggage before you jump for joy – they made all these mistakes in Sydney so the thing is too expensive (ie more expensive than a cabfare) as well as inconvenient.
As a single frequent traveler, it is feasible but with a family the equation soon swings the other way.