Forum Replies Created
terry, do you mean liability for purchaser or vendor? Cgt for purchaser would be even greater if purchased at a large discount.
if you’re green & keen on a site, get your inspections & due diligence done. Not doing so is folly. Be prepared to spend money on sites that don’t come off.
A vendor going to auction wants closure on the day not a conditional contract.
A CMA is a computer generated report from rp data or other supplier, it should cost less not more than a val.
Htw may have done a mortgagee val or finance val, another valuer may be able to assist.
Depends on the area I may know someone who could give a more competitive CMA.
use 2 methodologies eg dcf & tdc. If they give similar answers, then it’s a goer.
Discount factor of 15%
I’d be seeking a 2nd opinion, whether from office of fair trading or another solicitor. The contract of sale is regulated by the OFT & you cannot contract out of some obligations.
Insurance is only required for a max of 6-7 years from commencement, not completion, so if the work is a few years old it is less onerous.
If the vendor is not forthcoming with insurances I’d be steering clear – it is all about risk management.
I like department of planning website, census data or bis shrapnel reports. Good indicators of what’s approved ie zoning changes, where the growth is planned & how long before it hits the fan.
no, but I have met a few cute ones over the years.
Seriously though, try bmt.
point of note: how long is the life tenant going to live? How long are you going to forego rent/outgoings/insurance/land tax etc? What costs is the occupant going to pay, if any?
You may need to enter into a lease with the occupant but for no fixed term, rights regards inspections, water usage etc – seek legal advice. Also what are your obligations in regards to maintenance?
Now you need to apply the appropriate discount to the market value to determine how much you are going to pay. You may need to engage a valuer & an actuary for guidance. Eg mv of $350K, rent foregone 20 yrs @ $15k so you’d only offer $50k.
This doesn’t fit the bill for normal ip so you are putting on the early demise of the occupier.
1 are the termites active or has it been treated? If active, I’d probably steer clear. Building inspection companies put many disclaimers on their reports to cover themselves as a requirement of their insurers.
2 termites are natives of Oz, they live all over the country. Active nests can be 50m or more from the point of entry.
3 vigilance is the best way to stop termites ie termite barriers & regular inspections
4 termites eat cellular, found in timber & paper etc.Technically yes, if you buying residential investment properties which you do not live in it should not affect your ability to claim the FHBG at some later stage (I know of at least one case where the person has bought several development sites but not a single dwelling and was eligible when the time came for their own home).
Practically, do you want to run the risk of purchasing your home in 2 or 3 years time when the grant may no longer be available or have been reduced or the stamp duty concessions removed?
The vendor may already have a depreciation schedule prepared for the building, ask the agent. The main depreciation that you will get benefits from will be work which was done inside of your unit eg kitchen, bathroom, carpets, painting, services etc. Depreciation on the structure is usually very low, only 2.5% pa but the building may not have had the benefit of depreciation due to when it was built.
grimnar wrote:Oooh, that's a neat trick…. will have to check it out.Nah the thingamagig replaces the wingwong, which is no longer in production… But what I really want to know, is why do gooses need bridges anyway???
Generally they don't but left handed ones never go astray & they are a special order on Tuesdays.
Daniel, why would you want an account at Bunnings anyway? I find Hardware & General (or other independents) are better priced & higher quality & still take my credit card or business accounts.
Starting at the kerb: new kerb & guttering & or layback, crossover, replace footpath, footpath security bond, driveway, landscaping, front fence, mailbox, street number, paths, clothes line, predesign survey & levels, site preparation, demolition (& asbestos removal), tree removal (arborist report), basix compliance report, stormwater drainage design, stormwater retention tank, silt barriers, new sewer and/or water connection, new power/gas/phone connection, fence replacement, plan copying fees.
Then you have the actual building…. carpets/other floor finishes, light fittings (many exclude these and allow one batten or point only per room), additional power outlets, alarm, tv aerial & outlets, phone sockets, intercom/doorbell, security screens, roof/wall insulation etc. Probably too many things to note but always a good place to start.
Extensions of time – you may be paying rent for longer than you budget.
In most instances including units, each property is individually metered (older units or those that may have been under one owner originally may not have seperate services).
Cl 5 of the NSW Residential Tenancy Agreement indicates what the tenant agrees to pay by way of services ie 5.1 electricity, 5.2 gas, 5.3 excess water, 5.4 water usage (no minimum charge), 5.5 excess garbage, 5.6 septic pumpouts.
morpheusbushy wrote:The $120k is the required insurance amount. I was able to get a figure on the 'entire valuation' as the bank said so I am assuming it is just for the house itself and does not include the land!Morpheus, the bank is not concerned that the land might burn (but it will always be there), it is concerned only with the house which if damaged needs to be rebuilt (on the land). The insurable value is generally either the replacement cost (much higher) or the depreciated value (lower sum), that is the bank wants the existing building to be insured for at least $120k even though it will cost you $150k to build a new house. Also be aware there are other costs that should be covered like demolition, architect/design fees, removal of rubble (if burnt down) etc.
Depends how close they are to the property.
As devo notes not everyone cares. A few trees which cover/block your direct views onto the towers/wires sure help as what people can't see can't hurt them (so they think).
The jury is still out whether there is a link between powerlines and any ill health effects (other than to your wallet), likewise mobile phone towers etc.
No and yes. You would need to consult with the town planner from council with regards to what is contained in the Local Environmental Plan. The plan may state a minimum land size required for a house which may mean that you need both blocks in order to build a dwelling (or you may be able to build a pair of joined duplexes but not two freestanding houses). In some cases, some lots may come with a building entitlement but others may not be able to built upon (in order to keep one house per original lot).
Unless there is a development approval in place for each of the lots there is no approval to build anything.
What are your instructions to the property managers? ie contact me everytime the tenant f@rts, if you need to spend more than $500 etc or is the property manager very inexperienced – you can ask the PM to use their initiative ie is there mouse/possum poo around, did your prepurchase pest inspection reveal TERMITES or other pests (have you done nothing about it)? Were these issues evident to the PM or to yourself prior to purchase/putting the house on the market?
ooops, I almost forgot:
7 – blame the government for not creating satellite cities outside of the majors which allow for decentralisation of industry/commerce
8 – blame the government for not creating/planning better transport infrastructure like a very fast train allowing people to live further away from town centres & viably commute
9 – blame the government for PPP's meaning it costs more for a family of 4 to catch a train to the airport than to park for the day.Check out the effect with the office of fair trading in qld – you may be able to charge the usage (if separately metered) or you may need to wait until a new lease is signed.
