Forum Replies Created
You can get the Vic Planning & Zoning from this site. You can also use their measurement tool to measure area (close enough).
http://services.land.vic.gov.au/maps/pmo.jspYou can also measure area using Google Maps. I used to use it a while back but I think it's now discontinued by Google itself…………….but still available via 3rd parties such as this site. I just measured my own block and I got it within 1mt sq.
http://www.acme.com/planimeter/Similar here………Central Goldfields area, not Gippsland yet.
Thanks Jamie…………will have to keep Wagga in mind for next year.
Chickster01 wrote:The outside of the house is the 'lookalike' weatherboards that don't need painting (does this stuff contain asbestos too?)And what's under these "lookalike" boards? I've seen cladding go straight over the top of an asbestos sheet house!
Chickster01 wrote:Since asbestos seems so widely spread – does this really put people off buying a house?I reckon it'll always reduce the price and the buyer pool……by how much, who knows.
Tarli wrote:Anyone out there in a similar boat?
thanks
TarliWe are not 55 yet (49), and have only recently started buying IP's. We've managed to acquire 4 in less than 5 years and will certainly be looking at more. I haven't worked (for a wage) since we purchased our first property, and the missus is only on an average wage (works in not for profit area). We only look at neutral or positively geared property since we don't pay much tax to negative gear against (due to the not for profit) and plan to keep purchasing into the future (past 55).
I think it's possible for you, but as Jamie mentioned, you need to look at your own goals and expectations.
Our goals are to have 10 properties by the time we're 60, but they certainly won't be prime stuff like your 500K units as they'd require too much tax requirement on us (that we don't have) and we like the flexibility of not having to work to pay for our properties at this time in our life. Make sure you take all things into account or you could be caught off-guard. We have a couple of outer metro (Cranbourne) and couple in the vic regional areas but are now looking at other states for our next purchases, possibly QLD (maybe Logan) due to land taxes now coming into play with the Vic properties.
Not sure, but if you were given a "notice to fence", it might have to be declared in the section 32 (vendors statement) when selling your block.
Anyone know about that?
As far I always thought, you are generally required to pay 50%.
I think this is the legislation you're after.
http://www.legislation.vic.gov.au/Domino/Web_Notes/LDMS/LTObject_Store/LTObjSt2.nsf/DDE300B846EED9C7CA257616000A3571/CA2CBD776B601A5ACA257761001FC271/$FILE/68-7733a065.pdfNot sure if it's in the legislation, but if your neighour is the local council (and possibly some other authorities), you are required to pay the full amount.
Yep varies widely.
I've always built my own into the house…….plastered, corniced, sliding doors etc. Has always looked great as part of the house, but price can tend to be similar to purchased ones. I'll be buying some Ikea ones for the curent reno at around $700-$1000 due to the time involved. Will still have to build myself, but will go in quick (a few hours).
No idea for price of someone else to install though.
I've always painted myself and therefore buy my own paint.
I've really grown sick of it but can't bring myself to pay for professional painter pricing, so recently purchased a spray unit and have already trialled on a friend's new extension and will be doing the complete inside of my current rental reno in a few weeks or so.
mirandakennedy wrote:Thanks for your input tvproperty, sounds like you are doing exactly what we want to do. Do you mind me asking what areas you look at?Currently, I'm in Maryborough (Vic) but would also look at others like Ararat, Hamilton, Ballarat (& surrounds)
mirandakennedy wrote:Do you live regionally and are you close to your projects?No, I do not live regionally, I live near Westernport Bay. Our other properties have been on the edge of metro (Cranbourne) so were only 15mins away. This time I am living away from home and coming home weekends (3hr drive) for the son's footy…….and wife of course. lol
mirandakennedy wrote:Do you do a lot of the work yourself or do you project manage most of it?I've been doing most of the work myself and only have trades in to do certain things like gas, electricity, carpets, carport building etc. I've been doing all other stuff like plastering, painting, tiling, small plumbing, general carpentry stuff like building BIR's, new doors, conversions to sliding doors etc. This current house is getting a new kitchen that I have put together and installing. I'm also putting a complete new bathroom in this one and all new plaster.
Personally, after tackling these two, I'll be looking for something either in a little better condition (quick paint) or much closer to home as it's a tough gig to do this type of thing. We purchased both these houses on the same day, so it's been one hell of a long reno job as far as I'm concerned and am ready for a rest.
I've just completed one reno and am in the middle of another one in regional vic. Both are buy and hold for the long term as I don't see any decent profits in selling at this entry point price. First house cost 97K and around 15-20K reno & interest – so owes us around 120K. Haven't revalued yet, but expect value around 150K, but as mentioned the average sell time in some places can be quite long – say at least 6 months, so we are renting it for $200 pw.
Personally, I don't like the LaTrobe valley due to what might be happening with the power industry soon – but then again, I guess all areas will have their little issues.
Hmm………looks like a lot of the $300+ pw properties have been listed for over a month – some even 2 months.
Without knowing your property, I'd be going along with reducing the rent to a realistic (market) level.
Personally, I'd need to have a good reason to go all the way out to Sunbury and pay metro rent prices. I'd suggest the pool of tenants living out there wanting to pay 300-450 pw would be smaller than in the metro and it seems that there's a glut, and is why so many other properties sitting on the market for so long.
Better to reduce the price for a quick let and slowing increase it in time once you have a tenant locked in.
ksherwell wrote:To work out good areas to invest in, I use the newspapers to see what new infrastructure is going in.
It's one of the principles how i base my decisionsYep………….these are great. I tend to use these every single day. I read online all around Oz, esoecially where my current stuff is happening.
You can find the most of the local papers online here => http://www.newspapers.com.au/VIC/
Just choose your state or type into the "town" search box at top right and you're away.
And once you've nailed down your area, you sometimes need to go deeper, depending on what type of investor you are.
After deciding the rough area I want to go into, I tend to start using all the zoning and planning overlay maps to pin down areas even more!
Because I've been buying in Vic, I use this site a lot to learn more about flood zones, development potential etc etc.
http://services.land.vic.gov.au/maps/pmo.jsp
I also tend to use local govt sites a lot too to check what plans there are. Some sites like my own local one has every little DA listed and you can check exactly what is going on and where……and for that matter who is doing the building etc.
http://www.oldlistings.com.au can also give an indication of the previous history of listings for sale (not sold price)
Might be helpful – it is for me.
Jamie M wrote:Nice work tvproperty – just shows it can be done. What sort of renos did you carry out for the $10k? Cheers JamieActually, just added it up a bit more accurately Jamie and it's more like 15K or so. In any case, I'm happy with the result. This house had a recently reno'd kitchen so nothing done there except the tiling and paint.
Tiles 1500
Split System 3.5kw 1500
Carport c/w Roller Door 2200
Shower screen over bath & vanity 1000
Carpet 2500
Window Furnishing 1500
Paint & Plaster 700
Robes to 2 of 3 BR 1000
8 internal doors, h/w & Various other odds & ends 1000.
Interest of about 3000All labour done by myself except for a little electrical & plumbing.
I will be starting the next house soon and It'll get the same type of treatment plus a complete new kitchen, stove etc (already there waiting for me). It also needs a little more attention outside as it needs some weatherbaords replaced and a rear steps area fixed and oh yeah it also needs a fireplace iremoved in kitchen. Buy price was 81K so the price was good, but I've decided I'll need some extra help on this one as I'm sick of living away from the family during the week (about 3 hrs from home), so ending price could end up higher.
BTW, they are both exactly the same type, design houses and were auctioned by the Housing Comm on the same day.
I've been watching the property there and nothing comes near these prices since we've purchased. The closest was another ex commission 3br brick (ours are w/board), that went for 122K late last year. It had no floor coverings, needed the full works, kitchen, bathroom, plaster repairs etc I went to the auction and would have bid if under 100K but the first bid went over 100K straight off. So I just sat by and watched………….This year it seems prices (rent) just keeps heading north.
If you can buy at the right price, it can work for you.
I've purchased 2 x ex commission in Central Vic and have just finished reno'ing the first one.
Purchased 97K reno'd about 10K will rent for $200 pw.Property has started going up around town and now very little at this price – they're mostly around 150-200K+ starting price – even unreno'd.
You mentioned that moving to regional was not your thing, but I think it can be a realistic option.
I just purchased 2 properties in a regional town (population approx 7,500), about 45mins to Ballarat and Bendigo (both under 100K each). I've travelled longer than that to work "within" Melb so I personally wouldn't mind the drive.
Good for a first home and much cheaper than any rent you'd pay in the big smoke.
Terryw wrote:Yes, that is a way around it. Pay for cash, reno and revalue. The only problem is convincing the valuer.Yep……..My intent is to try and make the place look much better from the outside – perhaps a carport, gardens etc. – maybe an actual "full inspection" valuation rather than the usual "drive by" look might help. I suppose we'll see soon enough.
Terryw wrote:Not so lucky. The banks work on the lower of valuation or purchase priceTerry – I would be interested to know if this would be the same case if I purchased a property via my LOC, did some reno's and leased out. Then approach the bank to re-finance as a standard IP loan 3 or 4 months later.
I was hoping in my case that they'd be only looking at the valuation. What do you reckon?
