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It is no good having a DA for a development which either does not optimise/maximises the use of the site, is not what the market wants (ie 2 beds where 3 or 1 are required), too costly to build etc.
Seek a special resolution & get exclusive use of the area. Similar to how some parking spaces/garages are attached to units.
If you have seen a property on domain.com.au etc then the agent is entitled to their commission (providing that there is an exclusive agreement) – the marketing has worked. If it is no longer exclusive, go for it.
Owners do not inflate prices to cover the commission & marketing as it can compromise a sale.
Agents are obliged to pass all offers to the vendor, if you have proof that they have not, take it to fair trading. VCat
I’d be very surprised if an agent was charging $10k on a $270k sale, halve it and you might come close.
Before proceeding, make sure that the RL of the slab is above the flood level.
You may be able to get away with putting the house up high, laying the slab, stairs & connection of the services. Ie making the relocated house habitable & having the downstairs ready to be enclosed.
If anyone can get a residential builder’s licence (if they have bothered) without formal training in construction, engineering, design, cost control, contract administration, quantity surveying, estimating, services coordination, programming, site establishment, ohs&r and more, then I really worry about the future of the industry & how or why legitimite contractors would stay in the residential building sector.
if you aren’t on the sales agreement already, there may be stamp duty/transfer issues.
cons: high transaction cost – selling costs & possible new purchases, loss of security of ppor vs renting, relocation costs.
Why can’t you redraw the $400k equity for investment without selling?
I’d say he knows what he wants from the site. $35k/acre isn’t ridiculous but the timing has to be right. I think you’d have buckley’s of getting an option which would require him to subdivide & reduce the development potential of his site unless you were prepared to pay above market to secure the additional land & compensating for lost development potential.
Free agistment is your bonus enjoy it while it lasts.
PS: hilly & rocky are what rural residential is all about – the degradation of farmland & loss of productive land for the satisfaction of developers.
I’ll be the first to admit that I haven’t read it (or any) of this genre of books – nor do I intend to either.
Your home/ppor is an asset, you can leave it unencumbered/do nothing (passive investment) or leverage it & make it work for you ie not just capital growth & cgt free.
Your IPs, your choice: cap growth or income? Income is the instant gratification (you could liken it to a bank deposit account paying weekly interest), cap gain is delaying your profit but also increasing the risk of no profit or cap loss if markets turn/you have paid too much.
the regs only state the owner can’t require an upfront payment, nothing about tenant voluntarily paying it.
Do the rounds of the agents in the areas that you are looking at, repeat, repeat, repeat. Then they'll know you are serious (well as much as you can be with a $200k budget).
Might I suggest: "don't stay in dodgy accommodation".
You have to understand what is behind the numbers because they will only tell the story that the author wants the reader to hear!
Median prices, like average prices are someone's interpretation of how/what has been reported as sold but generally does not include the analysis of how they have determined those averages/medians. What do I mean? Has the author included all sales? Should they have included all sales? What rigor have they used to cull out non-comparable properties ie related party transactions, old stock vs new stock, similar sized premises (2 or 3 beds, parking vs garage) etc.
A typical scenario, as pointed out above: if normal sales are 50 units/year for older style 2 or 3 bedroom units with a median price of $300k. Then the developers get onboard releasing 100 units/year for the next 5 years @ prices 40-50% above the (old) median price (say @ $450k). Supply has dramatically increased and the total value of sales has increased hence the average and median prices would also be draggeed up (probably nearer to $400k). It doesn't mean that the bottom end of the market (old property) has moved but the quality of stock at the other end (new property) has improved. All too many believe the numbers don't lie – they don't, you just have to know what to look at to compare apples with apples.
Everyone can find similar stories in a suburb close to home – but if you understand what is behind those figures then you may have more information next time around.
Do they comply to Aus Stds? Are they from one batch? How is the range of colours between packs? More than just the usual questions need to be asked when purchasing some goods over the net.
likewise I’d suggest you contact an independent broker who can have direct access to underwriters like arrow etc.
Try brookvale insurance brokers, austbrokers, oamps etc
Bullmarket wrote:Derring Lane Pty Ltd v Fitzgibbon [2007] VSCA 79 where the valuer was again held liable despite the existence of a 'disclaimer' on the valuation.You'd have to read HDY's case summary on that one Bull. HDY Newsletter Get your facts right! The case related to a claim by a purchaser who relied on the vendor's valuer's calculation of GST liability using the margin scheme. The valuer was acutely aware of the purpose of the valuation and who was to be reliant upon it (ie the purchaers) even though they were not named specifically on the valuation. The same would have applied had the calculation been provided by an accountant or other professional.
Bullmarket wrote:Of course nothing in law is ever completely straight forward and every case will turn on its merits but generally speaking you can assume that a property valuer owes a duty of care to a prospective property purchaser such that should they act negligently in preparing the valuation and the purchaser subsequently suffers financial loss the purchaser can recover that loss from the valuer and his firm. This duty would normally exists whether the valuer places a disclaimer on the valuation or not.The real issue is what constitutes negligence in this area.
The only arguments that I can see are who, foreseeably, is going to rely on the valuation and for what purposes. A val is created for a specific user for a named person/s based on the instructions provided by that person. It may be foreseeable that the purchaser may wish to rely on the valuation but the extent of that reliance would not be known to the valuer as the purpose of the val was for mortgage purposes (of the bank). How someone could then wish to rely on that valuation for another purpose goes outside of the scope of the original instruction. In the above case, the purchaser was reliant upon the vendor's valuation as it was liable to pay GST on the property based on the margin scheme calculation provided by the valuer.
The above case is extraordinary and foreseeability is an issue. Generally, would the purchaser (ie the person who sued the valuer) have been in the same predicament had the valuer's report meant that the purchaser would not have secured finance? Hence, was the valuer liable as the comparable evidence used was insufficient to cause the deal to fall over? (In this instance there is no comparable data as it is purely reliant upon the information provided by the vendor to the valuer in the determination of GST payable).
The case does not highlight the liability of Valuers or how they skew or determine prices in the market.
Great strip of brothels along the main street. Plenty of run down & vacant shops along there as well. You might be better off somewhere around Warrawong which picks up on the housing comm crowd but also has a Westfields.
wblack wrote:… can a body corporate stop you from leasing a unit out, and can they have any say in the who the tenant is?If the property is company titled rather than strata titled, then not only do the other directors have a say as to the tenant but also whether you would be a suitable buyer.
No , the question is ‘to whom does the valuer owe a duty of care’ & that is generally ‘their’ client (the bank) & whether the valuer has consented to the DOC being extended to others who have sought consent to use the valuation for the instructed purpose.
if the condition of the property has changed since executing the sales contract you may have grounds to delay settling or break the contract. Speak to you solicitors/Conveyancer & get them to notify the vendor accordingly.
