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Mick C
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May 12, 2011 - 11:52 am
Since your applying for the loan in July, it’s fine. It’s well past the cut off date- and if the bank does ask ( most likly wont) just make sure you keep the statements or the “closure of your account letter”
Regards
Michael
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Mick C
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May 11, 2011 - 10:12 am
ferdinandch wrote:
I read a magazine, conveyancing fees can cost $1,000 to $2,000. That is pretty big range in my opinion. How much is standard for conveyancing fees? And if it is just a basic purchase transaction, how much it will cost ?
ferdinandch -Since you are based in Sydney ( so am i ) i will quote the prices based on the Sydney market-
IT depends if you go to a solicitor Or a conveyancer, the later is usually more cheaper and adequate for simple residential property but they normally can not deal with complex situations ( should it occur)
Average cost is $850-$1000 + any extra ” building/strata/ pest report ” you want to carry out ( which they will organize on your behalf)- average cost of a report is $250-$400.
Some advertised as the “package” and it range from $1400- $1700 and this price included all report required( pest,strata etc…)
So a average “transaction” for conveyancing is around $1000-$2000 depending what report/search you require.
Regards
Michael
Mick C | Shape Home Loans
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Mick C
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May 10, 2011 - 4:39 am
WOW!! that’s cheap as chip!!! must have been an Asian builder lol
Angel, ill PM you; as im very interested in this sort of property.
Regards
Michael
Mick C | Shape Home Loans
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Mick C
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May 7, 2011 - 6:57 am
I’m note 100% sure what your property is like, or where it’s located etc…BUT i strata titled my block of 4 units in Rockdale ( which was single title before)- Total cost was around $55k + 15k for professional fee and DA approval
1. Separate water meters and plumbing -$25k Plumbing took up most of the cost.
2. Separate car port and new concrete foundation- $15K
3. Re lined the drainage and side alley ( for water flow)- $10k
4. Another minor changes – $5k
4. Professional fee and DA approval – $15k
I think my place required more work then normally-well that’s what i was told by the engineer hydrologist anyway…
Regards
Michael
Mick C | Shape Home Loans
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Mick C
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May 7, 2011 - 12:32 am
St George bank don’t work on a BDM model …even if your on the flame Dragon broker.
The Dragon has a few valuers on their panel- so ordering your own would only be helpful for your own “research” as the dragon will not accept self ordered valuation;
1. It must be ordered and instructed by them
2. the valuer is randomly chosen. So may not be the same as yours.
3. Even if it’s the same valuer, they will only honor their instructed one.
To be honest, im not sure when lender you could go too for this purpose…even if you go to a bank that allows self-order valuation like NAB and ANZ – The bank will only accept current valuation based on current condition- not for”future” prediction etc…
My suggestion, order private valuation ( tax deductible) – If the figures comes up right, then it should n;’t be too much off from the “real thing”
Regards
Michael
Mick C | Shape Home Loans
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Mick C
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May 7, 2011 - 12:19 am
Sounds like you got much more exiting and important things to think about then a pre-approval….
Congratulation on the wedding!!
Just make sure you get a loan before you start poping kids ( they can be a killer in any approval) ahah
Congrate again. Where’s the honeymoon? Good aus dollar now
Regards
Michael
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Mick C
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May 6, 2011 - 1:15 pm
Johnny clap clap i would say the say…buying 10 prop in a short amount of time is not to everyone’s fort’e.
However i personally would pay out a IP properties outright, unless im over 50 and going towards the retirement age etc….Because buying IP using bank’s loan is considered as an “good” debts –
1. Interest payable is tax deductible
2. Ability to grow faster financially – capital growth etc..
3. Save your own cash for “emergencies”
4. Leveraging power
But i have to agree 10 prop in 3 years, is possible not def NOT for everyone. there’s are such thing as having too much “good debts”
Doesn’t hurt to Dream- that’s what life is about
Regards
Michael
Mick C | Shape Home Loans
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Mick C
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May 6, 2011 - 9:56 am
There 2 type of under the market value property:
Renovations:
Most common type because it’s not “DONE UP”. ie
1. Require a bit of TLC
2. Repairs, paint work, renovations.
3. Doesn’t look as good.
Risk:
1. The home might have some “building issue ” after a building report is done
2. Strata issue – common Ie high strata.
3. Stigma related to the home – Someone might have died in the home, the property is near a known ex-criminal etc..
Most sellers, would NOT sell under the market value- but if the 2 above conditon exit then you may get your self a bargain….but will require some work/ Time.
Regards
Michael
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Mick C
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May 6, 2011 - 6:10 am
Bank normally ask for last 2-3 statement for Credit card…so depending when you submit the loan- you might have one statement stating $31,000 and the another $12,000 – conflicting.
So:
1. it depends when you submit the loan
2. Even if you submit now- would be beneficial to declare the higher credit limit ( since you can afford it anyway)
Regards
Michael
Mick C | Shape Home Loans
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May 6, 2011 - 1:02 am
How how did the mezzanine cost you to build?
Regards
Michael
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May 5, 2011 - 5:24 am
You can’t get the approval done first – because EVEN if council approves it …it needs to go strata for approval as well and strata would not look at any request that’s NOT from the “owner” of the strata scheme
Yes i took a risk, but i had a builder to come and look at the place too make sure any changes i made did NOT touch or affect the common walls ( any walls you share with your neighborer – Floor boards, roof, side walls) or plumbing.
The unit i bought was lucky; because i changed Laundry ( which was 2.7 x3.8 m) into a room; and i took out the dish washing and replaced it with a washing machine instead ( Very European + HK style) – > easy approval at the cost of $4,000
—-
In your case for a studio it’s a lot hardier! because it needs to meet a Min space requirement- i know Sydney of city council allows a “partition wall” to be added as long as it meet’s building standards, fire standards and it’s strata approved But it’s not easy especially the strata part!
Regards
Michael
Mick C | Shape Home Loans
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Mick C
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May 5, 2011 - 3:26 am
Scotts- great link! i learnt a few things today
Regards
Michael
Mick C | Shape Home Loans
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May 5, 2011 - 12:49 am
That’s fine. It happens and all you need too do is explain to the bank + give in your last 2 years tax return + tax notice from the ATO and it’s all good.
Regards
Michael
Mick C | Shape Home Loans
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Mick C
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May 4, 2011 - 1:39 pm
Hi woody,
In that case, your insurance may ( but most likely wont) cover the pergola. What i know for sure is they wont cover the pergola for legal liability ( ie if it fell onto someone) .
Your situation is very common for “shared driveways” – in your case you would either:
1. Find a separate insurer who will JUST cover the pergola for legal liability etc
2. Find a strata insurance to cover both place + pergola ( a bit stupid and expensive, and may degrade the value of your home)
3. Get the pergola OFF your side or make it free standing. lol
Either way, there be some cost involved that you and your neighborer would have to look at.
Regards
Michael
Mick C | Shape Home Loans
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May 4, 2011 - 7:32 am
SO how much is this “Telsta” guy asking for
Mick C | Shape Home Loans
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May 4, 2011 - 7:16 am
Not sure where your are…but a few council in Sydney allows granny flat to be built without “full council” approval ie..no need for DA. as long as it’s under 50 squ meters – which a lot of the “off the shelves”: granny flat company offers for $80,000
Regards
Michael
Mick C | Shape Home Loans
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Mick C
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May 4, 2011 - 7:13 am
I bought a corner place 4 years ago.
1. it’s easier to split title and for subdivision as you have 2 access point no need for a “driveway” as such.
2. they are normally larger in size
3. Can be rezoned as 2 address instead of 14 A Smith st and 14 B Smith st ….it can be 14 Smith st + 11 Ryde road…etc = better selling potential
Regards
Michael
Mick C | Shape Home Loans
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Mick C
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May 4, 2011 - 6:29 am
Ummmm i think i ll give it a miss…have never been a fan of “property talks” they all tend too be the same etc
Regards
Michael
Mick C | Shape Home Loans
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Mick C
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May 4, 2011 - 6:26 am
Do you own both home?
If you dont – then the insurance would NOT cover the pergola as it’s consider a common area
If you do own both properties then speak to your insurer to get it added to the insurance.
Example:
You own house A, you share a driveway with House B…the drive way is consider a separate entity called “AB” and your insurance docs will only state it insures Home A only!
P.s the above answ is based on the home being torrent title and no body corp. Every insurance policy is different so best to ring your provider and find out as well…
Regars
Michael
** i use to be a insurance broker…before going to the “greener” side of things of becoming a finance broker
Mick C | Shape Home Loans
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Mick C
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May 4, 2011 - 6:17 am
Congrate on your investing so far Nathan!
My investing style is different to Nathan- mine is more similar to Richards one….Rather then buy a place that’s +Ve already..i tend to buy a property with potential to create this “+VE + capital growth” …
So block of units, subdivision and Muti rent ( students, 2-3 family etc..)
I currently have only bought in the Sydney Metro area ( all with 25min drive to Sydney CBD) so i find if i bought a property that had rental yield advertised at 6% + the price of the place is just simply NOT worth it.
* I bought a Unit in Chippendale 2 years ago for $410,000 – I changed the inside to allow for Another bedroom ( council and strata approved) at the cost of $4,000 it nows rents for $670 PW.
* House in Cheltenham – Bought 4 years ago, subdivided with split title and 2 road access — the vacant land at the back has $390,000 capital gain ( not yet sold) . Main house still rented out for $550 PW.
* Currently in the process of buying Block of 4 units in Rockdale.
So i tend to buy to expand and “Create” growth and Yield. I’m still learning so may change my strategy as i progress; but my current strategy has worked well for me so why change
Regards
Michael
Mick C | Shape Home Loans
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