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What things are included in your contract of sale? If these items are listed in the contract then they are yours and you have documented proof of this. Do you also have any photos of the properties to support this? Do you have a copy of the contract for the property that you were unable to purchase? If so this would also have a list of inclusions.
You have said that the other people have been 'proactive' but that does not give them permission to be thieves, which is what they are, if they have taken these items. They also are trespassing by being on your property and they have also illegally accessed water supply from your property. this may be an issue for council to deal with.
You need to get all of this sorted before you settle on the property. Did the same RE agent sell their property as well as your? If so, they may be the people to speak to the other party in the first instance to point out that what they have done is wrong and illegal. Otherwise you may need to bring in solicitors and /or police. Be as nice as possible in trying to sort this out as they will after all be neighbours to your properties, but don't be too nice as they may continue to take advantage of you. They are also liable for cleaning up the stuff that they have pushed onto your property. Again, any photographic documentation that you have will be very important in supporting your argument to have this stuff cleaned up and removed.
Good luck
let us know how you get on
Sonya
My friend's house was up for auction on Saturday, was passed in, yet sold half an hour later. I have personally only bought one property at auction, yet have bought 8 properties (and counting). I think that what GOM and DWolfe have said is very true, auction clearance rates are not the be all and end all. Yet both written and electronic press make such a big deal about it. I prefer to have a bit more control when both buying and selling and not get caught up in the desire to purchase a property and go over budget, or alternatively make a rash decision to sell, when you may be able to get more thru a private treaty sale.
Sonya
I Hope Julia is able to manage the country's finances and planning better than she has managed the BER (Bloody Economically Rats**t) As a teacher and a parent i cannot believe the phenomenal wastage of money that this has been. I also believe that the companies that have been awarded these contracts should be tried for fraud. They quote on a certain design and building size then produce soemthing half the size and in a layout that is not practical or usable for it's intended purpose. Their fees are astronimical and the BER has done little if anything to support local builders. Additionally, private and catholic schools that were allowed to seek their own tenders for their building works are using local builders and are getting far more for the $$ and in a shorter time frame.
This BER money could have achieved so much more if it had been managed better, a similair, yet not yet fatal, result as that of the well intentioned, yet poorly managed insulation scheme.
I use realestate.com.to source suburbs or towns that are within my budget, and that have the type of properties that interest me. Then i speak to property MANAGERs in area that I am interested in. They will give a more honest appraisal of areas that will rent well and areas to avoid. They are the people that landlords have a long term relationship with and they would rather deal with happy tenants and happy landlords. This is easier to achieve if the property is a quality property located in a good area.
Criteria that guides where i start looking at is the size of the town or city, number of employers to support the town and projected growth in the area or upcoming development projects.
goldies,
i was motivated to invest by my mum who worked her butt off to pay off my parent's home. UNfortunately my dad was a very poor manager of money. My mum cashed in her super when she retired with kidney failure, to pay off their mortgage, Sadly my mum died four years later at the age of 61. I don't ever want to be in that financial situation. To work SOOO hard to only own their own PPOR and to not have the chance to enjoy it.
Perhaps you would have been better off waiting until july 1st where there are supposed to be new laws coming in to prevent banks gauging obscene fees from people when they payout or refinance loans. BTH why didn't you pay out the $20k on one day and then pay the balance on the next?
hi, Mave,
googled house restoration materials melbourne and this was one link that came up. No idea if this is what you are after or not!
http://pickwick.com.au/pro/jsp/product/ShopFoyer.jsp
Cheers
Sonya
Andy, you appear to ahve a good income and reasonable equity in both of your properties. However, to be able to give you definitive advice there is a need to know what other liabilities a person has such as credit cards car loans, personal loans etc I would suggest you look for a post or reply by Richard taylor and Pm him with your more detailed inf. he is a wealth of knowledge and knows how to hep people structure their loans for maximum investment benefits.
I would imagine that you should be able to refinance the investment property to pay out your relative without actually needing to put in any of your own cash as you would still be well under an 80% lend on the current valuation. make sure that when you restructure that you get an Interest only loan.
As far as other investment properties go, work out what your strategy is buy and hol, buy low, renovate and sell etc. Then do your research for towns/cities that have good growth prospects/ a variety of employment etc. Don't feel that you have to be limited to your own home town, although this can make it easier to inspect the property and know whether it is a town that meets your criteria.
cheers
Sonya
if you look into the option of putting a granny flat in the backyard, be sure to look on ebay ( i love ebay) because there are often good quality granny flats listed for sale on there for really reasonable prices.
have you also looked at the option of having international students? They stay for shorter time frames, so if you don't get on its not as long to endure, but they also pay heaps more for their room. They may also be good contacts if you ever want to travel overseas
Have a look at ANZ i ahve an IO loan with a full offset account and a good interest rate. I have had the loan for nearly three years now, so not sure if the same deal is currently available or not. But it oculd be worthwhile making some inquiries.
Cheers
Sonya
The oher factor to consider is the need for more water in a spa to get the full 'benefit' this ,may be an issue in areas with water restrictions. Also how many people who have spas actually use them? Mos people don't have the time to fully utilise and appreciate them. If using the spa for children's baths would bubble bath affect the piping etc? Will i lead o a build up of 'gunk' in the pipes which then needs to be flushed out before the next use?
have you ever lived in Melbourne? If no, it may be worthwhile renting or boarding for six months (renting)or three months (boarding) to get a feel for the place and to decide whether melbourne is where you really want to be. Are you going to be a long way from family and friends? These issues may change your mind. Also if you are actually living in Melbourne you will be able to visit potential suburbs and check out the propertoes available, get a feel for the streets and amenities etc. Rent your Brisbane property out and use the income from this to offset your living costs in Melbourne, buying and then discovering you miss Brisbane or dislike the area where you are living could be a very costly mistake.
Good luck, Sonyaif you choose to refinance with NAB be sure to make it clear that you do not want the properties to be cross collateralised. This becomes really messy if you wish to sell one of the properties.
I am not sure of the ramifications of redrawing the money and tax etc, however i know similair questions ahve been asked and answered before, you might want to check older posts. If you redraw the money and sit it in an offset against the current loan, then you are still getting the benefit of paying interest on a lower total loan, but you have access to this money when the time comes to buy a new property. Also if you switch the current loan to interest only you may find that it is cashflow positive or neutral. I would be having all of the rental income and perhaps your job income paid into this offset account. Whilst it is an 'investment property' earning an income you want to ensure that you are not paying it down and then pulling money out to pay for a new PPOR as this money will not be tax deductible.
I hope this post makes sense
cheers
Sonya
Cheers, glad to know that you now know that he is bluffing, now hope he backs down on his claims and revises his bill. Also nice to know that my limited understanding was correct. I haven't done any renos on my properties, but my late dad was a builder for over 40 years, i was one of his offsiders when he built or home.i must have been paying attention at some stage!
Great minds think alike. I would call this dude's bluff. Especially if he has added in things to the contract that were not requested and/or failed to deliver on items that were a part of the contract.
Check with the bulilding tribunal if there have been other complaints about this builder. be sure to retain any and all documentation regarding quotes, signed contracts etc, just in case you de end up in court or some other building tribunal. The more documentation you have, especially if it supports your claim/s the better.
I don't know a lot about renovating, however, i thought that if you were not making structural changes and/or changing the purpose function of a room, then you don't need to have a development application or approval from council. However, if you remove walls make external additions or change the function of the room such as coverting a garage to a bedroom then you need council permission. I think from memory there is also a dollar value atteached to how much work you can carry out before council needs to be involved.
it may be worthwhile making a 'what if?' call to council to ascertain what the regulations are. If there were all these regulations and things then i wonder why Bunnings would run regular DIY workshops. Surely half of the things that they teach would fall into the category of work that you say you have carried out.
You may also want to search on this site for previous posts on a similair topic
Good luck
Sonya
I read that article and it was so selective in which suburbs of the cities it included. it also did not compare apples with apples. the sydney family bought a five bedroom two bathroom house, the price of this was compared with a two bedroom apartment in some of the other major cities. What a load of bollocks!!!
the cost fro tree removal sounds fantastic, tree removals in the blue mountains cost minimum of $2000
palmer, the property you mentioned sounds like a good buy if you plan to buy and hold. Also are you planning to pay principal and interest or interest only? Water rates usage are generally paid for by the tenant only sewerage and supply by owner. Check with the real esate agent what these fees and charges are. i own a number of regional properties and the rates and water rates charges that duckster quoted are much higher than what i pay for my properties. Insurance is also much less on a property of that value in a regional area. You can calculate stamp duty, loan repayments, etc on real estate.com click on 'calculators' on the left hand side of the screen.
cheers
Sonya
