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Ask them for a list of properties they have sold in the last 6-12 months and check if they are similar to yours.
Then you can get an idea if they know how to sell/market your type of property.Talk to at least 3 different agents.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auHi Swifteagle
I’m assuming the house is your PPOR?
Why not purchase an investment property?
You could comfortably buy an investment property around the $500k mark with your savings, depending on your income level and how aggressively you want to borrow.
You would do this by:
1. Paying off your PPOR mortgage using your savings in the offset account.
2. Draw equity from your PPOR to fund the deposit for your investment property.If you directly use the savings in the offset account for the deposit then this would increase the interest on your PPOR. This interest will be non-deductible.
However if you pay off the PPOR mortgage and draw equity from your PPOR then the interest will be deductible.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auI wouldn’t say that wars or other bad things are caused by religion. It’s the people that use religion as a reason to go to war and do bad things.
Some people need to believe in something for them to lead a happy and fulfilling life. May that be religion or a way of living, etc. It’s hard for some to live life without having an explanation why things happen or why things are how they are. Religion offers an answer to these questions and removes fears and uncertainties for some people. This has led people to achieve great things in life.
Others on the other hand don’t need religion and have their own thought process and explanations of why things happen or why things are how they are. This has also led people to achieve great things in life.
I don’t think there is something bad with either way. It just depends what kind of person you are and what you need to live a happy and fulfilling life. Both religious and non-religious people can do good and bad things.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auHi BNS
Welcome to the forum.
To answer your questions, yes to 1. and no to 2. The interest on your PPOR is non-deductible therefore it’s better to reduce your PPOR debt or have no PPOR debt if possible.
3. depends on how much income you are generating from other sources, how many properties you are planning on purchasing in the future and your family situation. Based on just the info above then a family trust could be appropriate since your investment properties will be generating income. A trust can help you distribute that income to the low income earners in your family and thus lower your tax.
4. Put it towards property. Maybe a development.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auSounds like bs to me.
I wouldn’t change the offer. The price you offer needs to leave you with enough profit when you develop. If they want more then move on to the next property. It’s not worth it.
Don’t get emotionally attached. Just look at the numbers. If they don’t add up then there is no deal.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auDid the RE actually mention $1m+ for your block or blocks in general in the area?
The block of flats next door is most likely zoned MR for them to be able to build 6 levels. LMR is restricted to 3.
To answer your question: What prices do developers pay?
Like everyone else, the lowest possible. They need to keep their costs as low as possible and the land cost is a major development cost.It would be worth to get a valuation done on your property as englobo land. This would give you an indicator of the fair value of the land as a potential development including the developers margin.
Cheers
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auIf I find a site that is a decent size i.e. 700 sqm; don’t have any heritage overlay for demolition, not in flood zone and if the numbers stacks up, is there anything else I need to consider before making an offer?
Yes. That is only one part.
You also need to determine whether it is worth it to develop in the area the property is located. Is there an under-supply of properties? Look at vacancy rates and rental growth rates. What other developments have been approved or are currently being constructed in the area? Maybe there will be an over supply in the next 6 months. You have to keep in mind that a development will take you at least 1 year (including approval and construction stages) if not more. Especially if it is your first one and you haven’t established a team of consultants yet.
There is a lot more to think about than the few points I covered above. Here is quite a good book to give a summary of what is involved:
http://www.booktopia.com.au/profit-from-property-philip-thomas/prod9781742469461.htmlWho do I need to talk to about accessing the sewer and water for the new dwellings?
I’d recommend to find yourself a townplanner. He/she will be able to advise you on that. There are a few on this forum.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auThanks guys. Any positive and negative feedback is welcomed. It will help me improve the application.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auHi James
Welcome to the forum.
Yes. You can use equity in this property for the 20%. This would allow you to borrow 100% without LMI.
Cheers
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auPros: Interest and expenses will be deductible and it will generate income
Cons: CGT will only be partially exempt if you decide to sell it in the futureCheers
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auLike ramkisydney said, it needs to be at least 600sqm and LMR (Low to Medium Residential) Zoning. Also you need to check that there are no restrictions to demolish (DCP).
You can use this website to check the zoning and restrictions for the land.
http://pdonline.brisbane.qld.gov.au/MasterView/masterplan/enquirer/default.aspx
This one is the new interactive map and also outlines the zoning. You have to set to show the zoning on the left hand side menu.
http://cityplan2014maps.brisbane.qld.gov.au/CityPlan/That’s something to get you started to find the right properties.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auI know people that have sold in Hong Kong to buy in Australia.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.au1) App is assuming there is the Mortagage insurance, though, I borrowed 100% but it’s backed by my PPOR. It’s not allowing me to modify ‘Loan Costs’.
Fixed. Every time you adjust the loan rate it will recalculate the loan cost. If you change the loan cost, it will use that as the cost. However if you change the loan rate again it will recalculate the loan cost again.
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auCould it be due to the fact I was working off an iPad?? Or maybe the format I placed the details in?
It could be. I haven’t tested in on phones/pads.
I’m interested in giving it a go. You could include an example of how to add details to assist clients.
There is a step by step description of how to use it on the page. You pretty much have two options:
1. Enter the address in the following format: street, suburb, state postcode (note commas)
2. Copy and paste realestate.com.au url (this would be the easiest option)1) App is assuming there is the Mortagage insurance, though, I borrowed 100% but it’s backed by my PPOR. It’s not allowing me to modify ‘Loan Costs’.
Thanks will look into that.
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auHi BarbH
The business plan is not that important. No one wants to read 20+ pages. However you should still have one prepared. Here is a good website:
What’s more important is your attitude, passion and drive for your business. Also have a max 3 page summary of your business plan.
Cheers
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auwhat suburb is it in?
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auI recently put this together. It does not only do the calculations but also estimates the figures for you: rent, costs, vacancy, etc
http://property-analyser.com.au/
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auAm I in the wrong area?
Depends on the suburb. I would stick closer to Brisbane city (<10km)
will having so many new properties coming up affect me?
In the short term yes, but not so much in the long term.
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auThis can help you estimate your cost/income.
http://property-analyser.com.au/
Cheers
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auYou’re question is quite broad and there are a lot of factors to take into consideration. But in general, Brisbane would be the best capital city to buy an investment property at the moment and at least in the next 6 months.
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.au
