Forum Replies Created
1 – blame the banks for making credit too easy
2 – blame the government for restricting the supply of land (supply & demand issue)
3 – blame the government for the tax system which allows NG (for all forms of investment eg equities which are also overpriced).
4 – blame the unions for restrictive work practices which limit wages
5 – blame the government for a tax system which does not provide sufficient revenue to provide more welfare
6 – blame the government for not providing enough social welfare so that everyone can afford one or more propertiesIt depends upon your market & whether you want to do all the work yourself. Local paper, domain.com.au, home.com.au etc are all good starting points. A little more expensive but peace of mind is using an agent – cost 1 week’s rent.
A pool’s a pool, for some it is a must, for others it’s a must avoid. It requires daily maintenance & filtering. Some tenants don’t mind others don’t want to know.
Fencing is mandatory, make sure it is compliant with the regulations & there are no climbing frames nearby.
these are generally two units with a common foyer & possibly a removable wall or door both on the same title.
Matt_Arnold wrote:Hi ScottOk, so i am not saying that i am a real estate law expert by any stretch…
I did however do my certification course in NSW for Real Estate (5 day course) a couple months back.This scenario did come up… the basic advice given by the teacher was that if the vendor / real estate agent knows of any planned development, major works etc that could affect the value of the property it has to be declared to the potential purchaser.
The teacher also made it pretty clear that if a vendor / agent withholds information, then that can be grounds for contract termination etc…
Proving that the agent knew is difficult but the vendor not disclosing may be a little easier if the council has undertaken neighbour notification (but this would only apply to those directly adjacent the property).
FWIW the site is spitting distance from the station. Directly above the shopping centre (anchor tenant is Woolies), rest of the centre is a dog's breakfast with very high vacancy rate. Site was mooted 2-3 years ago but fell into financial difficulties, developer couldn't even sell his own north shore prestige unit (offered at a 50% discount, now looking for only $14M, a bargain).
Do your research on the area (and the developer if the site has been sold), you should still be able to pick up a fibro shack on 550-600 m2 in the mid-$400's-$500k.
As you will be employing someone, you will take on all of the liabilities of an employer ie you will need to arrange workers compensation insurance (contact qbe or other provider), obviously super & payg will need to be paid (even a casual has a right to super), you will also need to determine the appropriate award that the person will be engaged eg construction industry labourer's award and hence the appropriate minimum wage rates (they may be skilled), travel allowance, tool allowance, minimum breaks, hours of work, training (oh&s, material handling, safe work method statements), construction industry 'green card' etc…….. Not as simple or cheap as you may have thought at first glance.
Post-divorce sales are always classed as a 'distressed sale' unless, like in your case you can afford to hold on until the market turns etc.
It may be worth your while to discuss your requirements with one or two of the local agents (or the property sales websites like domain/realestate.com.au) to suss out what has been happening in your area over the past 3-5 years (there may have been some positive movement).
You may still have issues with the payout figure if the fixed period of the loan has not yet expired.
Sale of the property does not affect the owner's right to the income, there are only provisions for the tenant where they seek to assign the lease to someone else.
Your responsibilty will be to provide receipts for each period that you recieve income, so it may be prudent to get yourself a copy of brochures from vcat/fair trading with regards to both renting a house and being a landlord to know your requirements.
Even though it has been agreed that there will be a rent increase at 12 mths, you are still required to give the tenant the appropriate notice of the increase ie 60 or 90 days depending upon the legislation.
up the ante, if they come to the party – great. If not, move on, there will be others.
buying new property tends to depreciate rapidity for 3-5 years as the price includes development markups, so you’re lucky if they all haven’t decreased. Making a capital loss can be offset against other future capital gains, so not all bad.
If you sell marsfield @ a profit, you’ll be paying tax on the adjusted price adding back depreciation claimed, so it may not be as effective as you think.Can you afford to recapitalise the others & buy nth ryde, saving yourself transaction costs?
Jac,
You’re looking at excavating about 180-200mm off the surface, so a bobcat & float, say $500, tip fees another $500 for venm.
Sand, 30mm about 0.5 m3 or 0.8t $100
150mm 25 MPa concrete 2.5 m3 allow $750 as it is a small load
F62 mesh, 1 sheet $100
Dowels, wouldn’t bother unless you’re on reactive soil or fill but allow $10 each @ 900mm cts
Labour 2 men x 1 day, say $750
edgeboards & sundries $100
Clean up $???So I’d be putting around the $3k mark.
But that would depend upon where you are in relation to suppliess etc
A little bit of research goes a long way. I have found sites which were 'clear'. Some additional digging found that there was a proposed rail corridor directly in front of this property, albeit 50 m below ground – so that benign bit of bush at the front of the block may one day be a major railway although far enough below ground not to cause a nuisance. If I wish to sell at some later date (post development), I will just make sure that either there is no election planned or talk of public transport initiatives around the time of listing. Do I need to disclose it? It is not on my block & the information is readily available in a waterfilled & crocodile infested basement of some government planning department.
So, it is time on the market? Is it the best price for the property? The outlay for marketing? or the best commercial deal?
Afterall, unless the agent keeps all of his contacts locked in a drawer in his office and only lets them look at that agent's properties, don't all agents deal with the same buyers (only with different properties)? Don't they all have shopfronts with displays?
What differentiates one agent from the next (other than the colour of the BMW/Merc/Audi)?
if there was a da submitted, then it was probably on display at council & on their website – so no excuses for you not doing due diligence. You may still be able to lodge an objection with the land & environment court but it depends on the date of approval.
Views are not protected under law.
not good news.
1 change tact & use one agent, what has driven you to 2 agents?
2 does the property lend itself to auction? Ie uniqueness or few on the market?
3 where is the property? Freehold or leasehold?
Tip 2 – don't paint at night when the lights will attract bugs.
also building contracts often contain provisions to allow the principal/architect to open up walls etc where works may be suspect however if works are to standard you are liable for reinstatement costs.
the residential tenancies act provides a degree of protection to tenants which cannot be voided by landlords wanting things their way.
A periodical tenancy is created once the initial lease term has expired ie after 6 or 12 months, the tenant is able to give a couple of weeks notice to vacate and you need to give 2 months.
Generally, a tenant requires a minimum lease term exemptions exist for boarders, boarding houses & caravan parks. .
The security of payments legislation protects builders from unscrupulous developers withholding payment. What you have been told is misguided & may lead to you breaching your contract. SOPL does not apply to single dwellings being built for the principal.
If you are concerned about the quality of construction, discuss it with the builder. If still dissatisfied, speak with the building certifier &/or get yourself a clerk of works to supervise.
