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Or if you do buy, ensure that you have control ie not a managing agent assigned to a complex or a hotel group etc as there are too many other factors to consider.
and remember to go and collect the mail too. It costs nothing to get the power connected to the property but make sure that the hot water and everything else is turned off.
And that is why Victoria is moving ahead of NSW. Everyone knows NSW needs a second airport in Badgerys Creek but it is too sensitive and a hot potato for either the Feds to admit we need it & fund it or the State to accept the costs in providing the required infrastructure to get there.
Providing they can show the new premises is their PPOR eg water & council rates notices (possibly sent to the address) or electricity account in their name should be adequate proof.
One big advantage of an IO loan is that in a rising market, come the end of the loan period if you sold only a small portion of the portfolio, the entire loan portfolio could be paid off. Also time effect of money means that in 20 years if you borrowed $1m today it would only be the equivalent (in today's $ of say $234k (@ 7%) when you come to pay it out in 20 years (or $115k in 30 years).
Exemptions usually only exist for adding spouse or removal (divorce) not for asset protection purposes but check the OSR website.
To answer some of your other questions: how hard is it to get a licence – try a cert IV in building or a 4 yr apprenticeship in a trade might be able to get time off for good behaviour. Alternatively, you might be able to employ someone as your licensed supervisor and hold the company licence.
You will need to be a separate entity from the ownership in order to look above board to the ATO when claiming expenses. Yes you will need to do a fair proportion of your work for other clients (outside your group of entities).
What is the FHOG worth to you compared to the net rent that you will get (forget about the tax advantages in the first instance as the fhog is not income so would need to be compared as an after tax figure).
Will you be paying land tax in Tas or is it only applicable over a threshold? Check the office of state revenue website/google land tax in tassie.
They'll be down to ten fingers and toes in next to no time
Yes but local investors have the advantage of the crown guaranteeing the land title, the advantage of one of the most stable political systems, safest banking systems, no risk of currency fluctuations, ability to research purchases online (through land titles office, RP Data, legal services providers…….
Not a gamble in my books – the risk that you expose yourself to are based on your own research and the level of risk that you are prepared to accept (cf+ or cf- is only part of the equation).
Even the Brady Bunch had a bathroom like that – with six kids in the house did it ever cause a problem?
Providing that you are not breaching anything under the Builder Licensing Act in your state ie you are not carrying out building work or undertaking works which require holding a trades licence or carrying on a building business or the value of works does not exceed the threshold requiring insurance – not a problem.
Always a daunting task investing in a country where you have no familiarity with the local customs – rental laws in every country differ and the rights of tenants are often almost superior to the rights of owners. Get familiar with the tenancy laws, learn the language, get top notch solicitors (and not just the recommendation from the agent – who is biased). All I can add is research, research, research. Then cross your fingers, throw some salt over your left shoulder, spin around clockwise twice……and pray.
I was going to comment that it is now spring and they won't need it until next year but after today's weather with snow in the Blue Mountains, Northern Tablelands, Southern Highlands and around Goulburn they might be within their rights to expect it to be working.
Any way you cut it, it will be an expensive exercise to redo your strata plan to encompass different buildings and common areas. You risk having to do a complete building upgrade to current standards – which nobody is going to be happy about, you will also need to prepare new plans of subdivision, lodge DAs etc. So it is not a small task.
If you were to set one up today on a new building it would possibly be a stratum development with each block and common areas in different stratum.
Levies are based on your unit entitlement so of the townhouse has more land (& value) the unit entitlement and your obligation would be larger.
It’s surprising that there aren’t at least 2 schemes for your block ie one for units and one for townhouses.
The costs that you will incur include: Agent's commission, say 3% inc gst, advertising, legal fees (contract preparation, searches, petties), surveyor (possibly), payout of any mortgage/discharge fees. (You may be able to get the agent down around 2.2% incl gst)
If you have been paying to maintain the property you should deduct these costs from the sale and get reimbursed (provided you have invoices to back the costs up).
As a rough rule of thumb, the only capital growth in many of the new suburbs is because of new house sales not resales of 2nd hand homes (check the stats for resales).
If the adjoining areas have higher prices on face value (yes skewed because of new construction), then QH will look like the poor cousin creating its own market as it is perceived to be cheaper (only because the houses aren't new).
Don't get attached to the place ie don't put in a floating floor as it will get stressed then so will you.
While you're at it, throw in a new vanity in the bathroom if the rest looks OK.
Tax in the smsf is limited to 15% or zero once you reach conditions for retirement (so there goes CGT once you retire). Remember that you cannot live in any of the properties you buy (like it sounds like you want to).
You can still contribute up to $25k each annually to the fund (so within a year you can have all your existing balances from your other funds plus up to another $100k).
Small funds are unviable so the more money you have to kick it off the better.
