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you can also use the stamp duty calculator on the realestate.com website. One benefit of buying in a number of different states is avoiding paying land tax when land values exceed each states free threshold
i bought it thru Pow wow, even better it was heaps cheaper than what the ex paid for it when he bought it a few years before.
http://www.powwowevents.com.auMy kids love it, especially my youngest daughter who always kicks my proverbial!
Hey what is it with having kids and a menagerie. I have a son, twin daughters, a dog, rabbit and six cats and we are all barking mad. My kids are learning about the difference between having a house and a home as they have been with me to inspect properties for sale. They also all beat me at Cashflow for Kids, which is a bit sad for me but great for them!
I still love property as i am too stupid to understand shares. i made some good money in currency trading then lost the lot in the GFC.
i have just had my tax done, i have four investment properties and am a single parent of three primary aged children, i do not have my income and expenditure on a spreadsheet. My account for having my tax done this year was $250 with over $4,000 tax return
margaret Lomas has some good books that offer advice relevant to australia.
too funny kooz!!
My brother and i bought a property together and then seven years later i bought him out. As ai recall i did not have to pay any stamp duty etc. We got three valuations of the property and then i paid him his share. Bear in mind this was about eleven years ago so my recollection may be incorrect
another interesting site is walkscore.com where you input the address of the propperty and it rates the amenities that are withing walking disatce, the higher the score the better.
Your plans will also depend on how much you have in savings, where you wish to buy and what price properties are. Also, does your partner intend to return to work, and what would be the time frame for that?
Are you currently paying an interest only loan or a principal and interest loan on her property? is the property in both names or her name only?
Just a few more things to consider when making your decision.
cheers
SonyaWow, you have been busy!! The kitchen is looking great, keep us updated.
i think this is very steep, i would try someone else. let forumites know where you reside, (suburb only LOL) and they may be able to recommend someone near you who they currently use and are happy with
The oher thing i just thought of is, look into the possibility of leasing to international students, they generally pay a lot more for their room and can stay anywhere from a few weeks to months or even years. They are screened by an agency and it may also be a nice wat for your chidlren to learn more about different cultures.
Good luck
Sonya
MissMolly why can't you refinance the loan? Is i locked in to a certain rate or is it a relatively new loan? have you spoken to your lender about other options such as extending the length of the loan or similar, this would reduce your payments for now, when you get on your feet or as more cash becomes available you can increase your repayments.
i like Robert's books and i have the children's version of the cashflow quadrant game. my children love playing this game and are enjoying learning the value of a dollar. My ten year old son was talking the other day and said that he wants to start working part time as soon as he can and buy a house. My seven year old daughter always beas me at this cashflow game!! Sad for me, but i know that they are learning some great financial lessons.
Two of the most important lessons are delayed gratification and research, if they want or need something, comparing prices from all sources before buying.
Make sure the paintwork is clean and not an offensive seventies toning, same goes for kicthen benches and tiles, if they are in a sound condition you may be able to resurface them, or if the cupboard caracasses are good, simply remove and replace the benchtops. Same goes for carpets, go for hard wearing, smooth rather than textured carpets. Does i have built in wardrobes? These are something that most tenants want and need.
Wih regards to the bedroom can you get a new doorway cut into a common hall? I may be nice, depending on room layout, to still have a door out into a 'private' sunroom. Make sure that there are no electrical cables within the wall where you are putting the doorway.
A carport or garage would be a good idea.
good luck
Sonya
Hi Miss Molly, i am also a single mum with three children so i know how hard it is to do this on your own. If i were you I would look into renting another, possible smaller house and leasing your own house out. The reason this may benefit you is as a single mum you may be entitled to rental assistance to offset your own rental costs. The rental income from your property may be enough to cover the costs associated with holding it. Without more detailed info it is difficult to know this for sure. It is a bad time to be selling and rental demand is strong. Where are you living at the moment? Can you find a suitable property to rent? feel free to PM me if you want I rented for a while whilst getting on my feet after my marriage broke down.
Good luck
To be honest you don't need to speak to someone face to face to get good advice. There are some very experienced property investors who are also financial planners on this site. My last three mortgages have been set up by mortgage brokers in Qld who i am yet to meet. ( I live in central NSW) If you find someone you trust you can email relevant facts and figures to them such as income, age, years until you wish to retire etc, ect and go from there.
I would reiterate previous posts to avoid inner city small units. Even though they may ahve high rental yields it is often difficult to secure finance for them, be wary of rental guarantees and the extra costs such as body corporate costs etc that all eat into your income.
good luck
Sonya
james if you google names like margaret lomas you may find a link to a website detailing upcoming seminars. Pow Wow events also offer different investment courses, not just in property, may be worth a look.
Shane i would personally view $30 per month as an unnecessary expense. i do give presents to my tenants at Christmas, usually movie passes, but i could not justice paying $30 per month. Remember tenants are contracted to pay their rent on time, so they should be doing this as a matter of course. I also have three of my properties rented by single parents and their rent is direct debitted from their centrelink payments before they recieve it. therefore my rental payments are never late.
These payments can also be direct debitted from all pensioners, aged, unemployed etc.
Cheers
Sonya
NFBP.
You neglect to realise that most peopl do not pay $500k for a $500k property. They only pay a ten or twenty % deposit. So your figures of losing $107K on a $500k property is inherently flawed. personally i would not be putting money into the stockmarket. it is way to unstable and i don't have the knowledge or time to be watching the market trying to determine whether i should be buying or selling. if you aren't interested in investing in property then why the heck are you on a property investing website. Feel free to leave this site and the buying of property to those of us who are interested in property investing.
SS
