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I used to own two townhouses in a strata situation (100 + townhouses). I think my insurance was through alliance (via NAB). Sorry I cant recall all the particulars, although I do recall when taking it out having a discussion about strata situations and believe my policies convered from the paint in (as that is all you own) with the building being under the body corporates insucrance, (always check there policy to see if it is current market values). One thing I do recall was my policy had a bit that gave you the option of taking the value if the building was destroyed, rather than rebuilding. If you dont have that, and lets say it burns down, yes your contents are insured but it is up to the body corporate to rebuild so what do you do in the meantime? A broker would surely be able to advise you of this clause.
Cheers
TammyIt is a residential dwelling, yes leased to a mining associated company. Long term leasees who will be there for a while yet. Also purchased a vacent block zoned multi dwelling which I will develop and hope to put back on the market with a 6% or better yield (depends on final build price). This should be attractive enough for investors as it also has the depreciation.
Cheers
THi John,
This is a bit of a moral question that only you have to live with so only you can answer. I see your point about wanting it to stay, I would love to have it!!! If the buyer were to purchase without this condition and then remove it themselves, the outcome is the same (ie tree gone) but you were saved the decision. If it were me, I would probably agree to removing the tree BUT they would have to put up a bigger deposit and waive the cooling off period. It is a tough call for anyone with half a conservation bone so I empathise with you. What happens if the contract falls over after the tree is removed? Any idea why they want it removed, if they are concerned about it falling on the house, would an aborists report help? My opinion to sell withthe tree removed is only because if it now doesnt sell in the next month (very quiet during that period here) then your bottom line is affected.
Just a few thoughts
Good luck
Tammy
vyaw2003 – it is a 3 bedroom house.
Tammy
Also try the microsoft templates page. From memory there is a template there to download for excel.
Cheer TammyI am in a similar situation with plans yet to come out of council for duplexes. I have contracts drawn up and have been advised by the conveyencer that the can go on the market "DA pending". Just after I was advised this, 3 adds appeared on realestate.com in the same town for other units/duplexes listed "DA Pending and subdivision pending". At least I have the subdivision approved!!
This is NSW, so not sure about other states.
Cheers
TammyI have recently settled on one in Qld. Price $257K leased to a corporate client at $450 per week. They certainly are around.
Cheers
TammyHear Hear Kiera!!!!
If only I could get a builder to build in 16 weeks!!!!!!
Standard here is 30-32 week contracts plus 4 weeks lead in time and also add at least 4 weeks for Christmas. And that is their "quick" contract time.
Add in planning and council approval time and I always work on a project time of 14 – 18 months.
Tammy
I agree with the previous 2 comments. I was under the understanding that the only way such expenses could be claimed as a tax deduction was if you were registered as a buisiness and were in the buisiness of realestate trading. (and I believe this is offest by the fact you no longer get the 50% CGT exemption).
Why not call the ATO and ask for clarification.
Cheers
TammyHi Lissteve,
Now I dont mean to sound trite or anything and I certainly do not know of your personal situation but have you considered hiring a storage shed for a while. Recently friends found themselves "outgrowing" their home and packed up alot of "stuff and put it into storage. Yes it is a bit inconvenitent but some "stuff" you dont need all year round. It has relieved their urgency to move house for a while. I agree, it is only a bandaid but it could be another option.
All the best
TammyHi Tim,
Take the time to learn. This isnt a race. I would suggest reading a few issues of API for a start and becoming familiar with the different types of investing strategies. Check out you local library and see what is on their shelves. When it comes to the books, you are right, there are many, with many opinions as to what is the best. Check out the publishing dates and look for reviews on the web. Often, there will be a web site attached (eg PI.com for Steve McKnight) that will add more knowledge to your shelf without a lot of cost.
Ask questions, to mortgage brokers, realestate agents, other investors etc. If nothing else, you will become practiced at picking the talkers from the doers.
Pick an area and "dummy" run a few places.Do the monopoly thing and buy, reno (or subdivide, whatever) and sell all on paper. Learn how to factor in things like stamp duty, rates, interest, insurance, commissions etc to evaluate profit. There are quite a few templates for this available for free if you do a search on google.
As Tim says, at the end of the day the choice is yours, but if you want to sleep at night, then be confidant with your choices.
All the best and enjoy.
Cheers
tammynice and light – thanks!!
anyone?
Chris,
Do you mean Wallsend on the west side of Newcaslte?
Tammy
Quite true Kerryn
Thanks raddles,
This still doestnat answaer the question of how is the and/or enacted easily and without cost as I was advised? Apparently it was because of the initialled change of name on the contract that raised the eyes of the stamp duties office. Why, especially given it was a computer generated form in the realty office, couldnt a new contract with same dates but different date have been printed off?
Cheers
TammyFisrtly, I am not an accountant……
Now my understanding of trusts (yes I have one) is that yes, the losses are offset against the priofit. Just like if in your personal name. The key difference is that only a profit can be distributed, not a loss. What that means in the real world is that on an ongoing basis if a property held in your wifes name is running at a loss, those losses can be offset against other income (ie tax deduction against a salary), however if those losses occur within a trust (discretionary reference here) then those losses stay within the trust until the property returns a profit and then offset. Is this making sense? At the end of the day, the outcome will be similar if your wife is the trusts benificiary, however you will need to fund those losses in the interim as they cant be claimed until the completion of the deal. The 50 % CGT reduction still applies if owned by the trust, and held for greater than 1 year.
Trusts offer other benifits such as asset protection and the ability to top up your income when distributing a profit to the best tax outcome as required.
Hope this helps.
Cheers
TammyHi Guys,
A couple of thought I had while reading you post.
1. FHOG – Your eligibility for this may depend on if you fiance has occuipied her property (ie PPOR vs IP), assuming you are living together and intend to purchas in both names. If you are not living togehter and purchasing in your name only then you should be OK – but seek further advice. You will still need to occupy it as PPOR sometime in the firts 12 months though.
2. PPOR – Obviously this would be in Perth. I assume you are renting? Are your intentions to buy a PPOR prior to an IP or the other way around?Is there any reason you would need you IP in Perth? You may find a better yeilding and growth property in other areas including interstate. A bit scary for the first time though, but if you do you homework that scary feeling may give you far better results than the safe in the backyard option. Just a thought.
Work out your budgets and how much you can use a deposit and ongoing repayments. Whilst you have a high income, dont underestimate the value of a budget. A lot money can go in a lot of little places and when there arent any great bills to pay it is easy to kid yourself that it doesnt matter. Track it all down and account for it. No jugements, but your current lack of savings on your salary suggests that you are yet to do this.
You are in a great position with you incomes and lack of debt. Now work on the savings and budget and you will be in the best position. In the meantime, read, research and ask questions. Talk to a few mortage brokers, realestate agents (phones work interstate so research on the web), check out Australian Property Investor, pick an area and research some more. It will all take time and hopefully you will have your budget and savings all sorted ready to hit the ground running.
All the best
Tammynot sure why this disappeared off the active topics page but I need to bring it back to see if anyone out there has any advice.
Cheers
T
