Forum Replies Created
Have thoroughly enjoyed reading this thread. Have had a good laugh and discovered that others are on the same waive length as myself.
Can I just add one of my favourite pet hates to the brainstorming list:-
Can people please get back to basics and take responsibility for their own actions and circumstances ie the push for paid maternity leave for mothers. Who is going to pay for this? The Government only uses the taxpayers money, there is no Government money without taxpayers. There is also not much Government money without small business – who should not be required to fund peoples decision to have children. In my opinion, there are too many handouts/benefits these days and people have been conditioned into believing that they are entitled/deserving of taxpayer funding – my parents taught me long ago ' you make your bed, you lie in it'.
Now, how many of you have been tempted to actually check out http://www.Costa-RicaRealEstate.com ?
Thank you everyone for your constructive view and comments.
I feel that I am a reasonable person, meaning that if the situation was reversed I would expect the girl to protect her assets and would fully understand if she was concerned about losing them to a relationship that may not last.
It concerns me that in this day and age there is a great deal of stress on couples, some self inflicted due to wanting the biggest and the best straight away, and this I feel is one reason why couples go separate ways. Bearing this in mind, in my view it is only reasonable for anyone to protect what they have worked hard for, male or female, as it is extremely hard to start all over again financially.My son has made an appointment with a solicitor and hopefully a Contract the like to which Elkam refers is adequate and available in this situation.
It is a shame that today people need to be concerning themselves with these types of financial issues when they first start out , as years ago most couples commenced their relationship on a par financially.
Once again, thankyou one and all, your replies have been very helpful.
Thank you very much Millie and Yellina for your comments and suggestions.
I think the idea of renting out the house and getting another place to live in (rental) is a great idea to find out if the relationship will work. Unfortunately he has to live in his new house for 6 months as he got the First Home Owners grant. But this could definately be something for him to consider, bearing in mind the tax deduction if he were to make this house an IP, after the six month period.
I also believe than an oral agreement would not stand up in court and will strongly suggest to him your advise to see a solicitor to discuss with him the legal ramifications of setting up house.
Thank you both for your comments and suggestion. They have been a great help.
Thank you Qlds007 (Richard)
I think option (1) is the best way to go to avoid LMI.
I was thinking i might pay off the $26,000 owing on the IP and put those mortgage repayments as extra payments towards the new house. This would mean $10,000 to avoid LMI plus $26,000 pay out IP loan – leaving approx. $44,000 in hand. Does this make sense?
Yes I do use an off-set account at present on both the IP and Land loans with other monies – this fluctuations $20,000 to $45,000 monthly.
Thankyou Angel_babe for your comments.
I thought as much but just want confirmation of my gut feelings.
Thanks again
[specool]
Yes – Capital Gains would still apply.
I am not qualified to give financial advise so the below is just my thoughts!
If you have held the property for over 12 months then you would only pay Capital Gains Tax on 50% of the Profit.
Depending on the way in which you contribute to Superannuation
also makes a difference ie Self Employed person would use contribution as a Tax Deduction thereby cancelling out some or all of the Captial Gains Tax. Also depending on your Tax Rate and amount of Profit from sale of property makes a difference to amount you would contribute to Super and method of contribution ie deductible amount, undeductibel amount or perhaps even salary sacrifice for the remainder of the financial year to balance up the amount needed to contribute to best cover Capital Gains Tax.There are a few Tax items to consider before making contributions to Super – however Super is a very Tax effective vehicle to retirement – especially since the Budget.
I strongly suggest you speak to your accountant before proceeding any further who advise you on your particule situation regarding tax.
I agree with Dougiejg
You are expecting a builder to cover the 6 and half year warranty on the construction of two units which you will sell and walk away with a profit, leaving the builder to cover the warranty for the duration on works which you carried out!
I personally cannot see any builder falling for this option as there would not be enough in it for him to cover the 6 and a half year headache! [wacko]
Thank you Grossrealisation
I look forward to email!
Appreciate your time.
Cheers
Hi Vernon
I purchased a coastle IP in 2001 which had paddocks up to the back fence. Approx. 12 months after purchase these paddocks were turned into a new estate with very nice water views.
Since my purchase the value of my property has doubled.
I believe that the capital gain has been helped along by the new estate and as long as I maintain my property (as if I lived in it myself) then its value will continue to rise due to its coastal location.
My purchase price (house and land) is approx. 70% of the price of the new land alone.
I believe it has more to do with location and general maintenance than the establishment of a new estate.
Just my view!
Thank you all for your opinions and advise. Much appreciated.
The property is in Victoria.
I have checked the contact and ‘Debtdogg’ is correct, the developer has placed in the contract a clause which stipulates that the purchaser cannot request payment from the vendor (ie developer) to contribute to the cost of fencing.
Hopefully, spring will bring new home buyers out of the winter hibernation to purchase adjoining vacant blocks.Thank you once again for your thoughts.
