Forum Replies Created
Thanks for the prompt replies!
IP Freely: Looking in to that as an option now, thanks!
We are happy with our current contract except for the fact the vendor has returned it to us with some changes and granted the original buyers an extension of 1 week to meet the conditions.
Our contract has a clause that says if the original contract is not unconditional by a certain date then our contract takes precedence.
Our issue is that we believe our contract should take effect in a few days if the conditions are not met by the date specified and now that we are asking questions we have been told the original contract is now unconditional….we are not sure if we are being told the truth.
Thanks for any help.TerryW: A large risk for us? The original buyers contract has supposedly become unconditional. We are just going to get a conveyancer to have a look at the back up contract and confirm that the original contract is now unconditional.
We'll get a conveyancer on Monday to have a look at the back up contract.
REA has told us the contract has now become unconditional…. shortly after the conditions in the contract have been extended….
Will look in to it further.
Hi,
Thanks for the replies!
It's a difficult situation. Lets just say the three parties involved do not have common goals in regards to the IP. One party has moved in and is currently the tenant, as they believed the property could not be tenanted in it's current condition. It was left empty for 9 months because of this. I have inspected it, and feel that it is fine. They make assumptions that the possible $10K per year will be used totally for maintenance! etc etc….
There is a minimal mortgage on the property so it should be cash flow positive. However, the motivation I guess is that they realize they could just sell it, pocket the proceeds and move on.
My suggestion was they find a property manager, look for good long term tenants, and leave it be, while looking at ways they can release equity for their own situations. However, I am unsure if this is possible, unsure of future growth, if they release equity, it may no longer be cash flow positive. If it was negatively geared, I am unsure how that may benefit their individual situations.
Also it is a difficult property to find comparable sales for, it is an acreage property but in a size that is in between properties in the area. It looks like properties in the area stay on the market for a considerable time, there seems to be plenty of different properties available. The few appraisals they have received have had has ranged reasonably.
I was hoping to get a snapshot of the local area and the property itself as there may be some useful information for them that might help them.
Any advice on this? I'm thinking it's best to let them be. I just see their situation as a good start to getting them on their way with their financial future, and as a friend, just trying to help if possible.
Also, what other options can people suggest to obtain a true valuation of their properties? Comparable sales I guess has to be one of the best ways, but how do you obtain this info on the web?
Cheers
Thanks for reply Terry!
I had a quick look at bantacs site. I think you are correct. Will just have to crunch numbers for each option to see if we can obtain the desired outcome.
Cheers
Cheers for the report! Prompt reply, very much appreciated!
PeterThanks Morty,
Will give him a call.
Just bumping this post. We are still looking at having our block of land subdivided. Can anyone recommend some one in Adelaide, preferably who has experience with West Torrens Council who could complete this process for us?
Feel free to PM me if you can help.
Thanks
Hi Morty,
The property is in the City of West Torrens. The zoning here allows for a min 270m2. Our block is 697m2 with approx 15m frontage. We plan to keep the existing house and go for a hammerhead division. We have approximately 4m wide driveway, so I believe that should be wide enough for access to the back. Supposedly we can go up to 3 stories high, but with a maximum side wall of 9m.
We are hoping to build something with a small footprint with possibly 4 bedrooms two bathrooms, thinking that two stories would be doable.
We are looking at the easiest way for us to get this happening as we do not have the time or experience to manage this process ourselves yet.
Hi,
We are currently renting out the property and have moved interstate. So far it seems like we will be able to subdivide the block. I am considering using a large reputable builder to oversee the whole project. What sort of premium would we expect to pay for a 'turn key' finish?
We are looking at possibly a two storey 3 to 4 bedroom 2 bathrrom home/townhouse.
Cheers
Thanks for the replies!
Ross: What do you recommend as the steps to follow in finding out whether our property is subdividable?
Thanks
