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Haven’t heard much about Acacia Ridge – it is industrial / residential mix. Steady supply & demand with prices pretty steady the last 12 months. Not a place I’d be investing either – but that doesn’t mean it wouldn’t suit other investors.
You would have to seriously crunch the numbers: the cost to move the house (removalist, tradies to do disconnection) plus council permits, may need building approval (at least it does in Qld). Then you need the block of land, restump (more cost), reconnect (various trades) – and may need council approval (depending where you are & what the zoning of the property is) & might need engineering to make sure it’s sound. In addition to that you may have to renovate anyway to make it habitable.
You may find that adding up all those cost that you might as well build new. It’s a numbers game like everything else. And to top it all off – if it is a good 3 bedroom house some removalists are even willing to pay for it so you’d be up for competition. And if they don’t take it for free – there is a reason for that too.
I wouldn’t consider it unless I already owned a property with a good house on it I’d want to move. And even then it might not stack up.
Hi, I can’t help you with the figures unfortunately as I am not licensed to give any form of financial advise – but who suggested this loan structure? You can either go back to this person / organisation and ask for clearer explanation or seek professional help else where. Don’t get pressured into anything you do not understand or feel comfortable with.
You also have the option to seek another opinion, someone you are more comfortable with and who is willing to take the time to explain everything to you.
I am sorry that you got advise that is confusing you – that shouldn’t happen. Do ask questions at any stage, it is your right.
Let us know if you get this sorted. Good luck.First advice: get a second quote. If you really don’t have time for that, get references from the builder and ring his former clients. If possible, even go around to see his work.
Second advice: make sure you spell everything out you want done. Don’t assume the builder knows what you expect, that’ll cost you. If you are not sure, sit down with him and discuss in detail. Make sure your contract is a fixed-contract, that way you can only be charged for additional work or change in scope.
Can’t say if it is a lot because location is a factor, size and current state. And if possible, do as much work as possible yourself. Good luckI think it is more the matter of what kind of investment you are after. If it is value adding it would be the old tired one; for instant return and rental income the renovated one. But if you set up the retirement portfolio, have the funds you might as well buy off plan and go for brand new. And it also depends what kind of investor personality you are. Risk vs safe rental return for example.
And of course don’t forget the location. An old tired one in a premium location would always beat the off-plan one in an established area. Especially if it comes with a bit of land to play with.
Long painful road ahead – unless they wanted to move it anyway. Check with a town planner – even try to talk to Council. They do offer onsite assessments (against a fee of course). Is there no other alternative? Like a shared driveway – easily done with easements. Might be less painful though. There are so many variables that a town planner should always be the first stop when considering a development.
RE 1. the post codes you have picked are quite different areas – price wise and demographic. From your description I’d say 4005 is your area. Stick with a 2 bedder – even professionals like having space. Especially in this day where more of them work from home. A lot of developers here have a 1:3 ration for 1 vs 2 bedders in developments.
2. If you don’t know Brisbane a buyers agent is a good option. Of course there are black sheep – just like in every industry. But they should be able to give you a fixed fee – either in hard $ or as percentage. The other alternative are the websites and that will take time.
3. I had advise re buying a shelf company – all up it was about $800. So less $1000 is correct considering their time input. You can do it yourself if you under stand what is required. That would save you the fee but it’s still around $500. I am not sure I understand what you want from an account – you already know what you want (ltd). So do you want tax advice? if it is legal that’s the lawyer talking not accountant. And if they tell you what you can’t do that should leave you with what can be done. And I can’t blame them for charging for detailed advice – that’s how they make their money.I guess it also depends what kind of investment you want: keep, flip or build & flip, land / house or unit. Check out suburbs / areas you are comfortable with and you can afford. Driving around to have a look at what happens is as important as checking on the website. No point looking at the high end if it stretches you.
Subdivision for 25K – what state? I’ll move. Here in Brisbane I’d calculate about 80-100K for a 1 into 2 – that’s including DA, infrastructure and contributions and so on. Can be a lot more.
Moreton Bay different kettle of fish. Different city plan. I’d suggest to go to a town planner for advise – they shouldn’t charge for initial consultation.
Depending where your property is located you might not be able to do the 1 into 3 – check the city plan and zoning of the property.
Fully agree with both. Additionally – make sure you do a proper walk through yourself and lodge both the building inspection and your defects / comments with the developer. No matter how small you think it is or not worth noting – write it down. That way at least it is on record for the follow on defect inspection (which should happen within 4-6 months of practical completion). Hope you enjoy the property.
