Old post.

First you need an Architect, then Engineer and then Approval from Council before you deal with the builder.

As the slab is already laid it is most likely that no engineer will sign off on it, and that you will have to demolish it and start again, or it might not comply with your DCP rules.

Once you have the approval then contact the builder to give you a price to complete, once you are happy with the quote and want to sign the contract then you ask for insurances, references, licence number and so on.

Contract will be prepared by a Builder and should include Schedule of Progress payments.

Good luck.

Why cant you borrow against existing house and buy another 1 for renovation, get another personal loan to fund for reno and repayments and you will be fine, the quicker you renovate the sooner you will get out of debt, in first 2 properties it will be hard but once you build some profit it will be easier.

If you sell your current property you will have to move out, then go on rent, then you have to find block of land, get is approved and build it, it will probably take up to 12 months for the whole process, then you move in for 6 months and sell again. Not a pleasant life, specially if you have kids.

Plus there is not much profit in new homes, specially after you live in it,  it will sell as second hand property.

Most Councils will not allow pump-out-systems in NSW.

If your block is sloping towards the back then forget subdivision or court unless you can negotiate with the neighbors for the easement, and you cant force anyone to let you go through their property, you can only pay them.

Problem is not in 100ye, problem is for everyday storm water which can not go uphill to drain into the street gutter.

Basic rule is you never buy development block if its sloping away from the street, its a night mare.

I have seen cases where developers are paying between 50-100k to neighbours to get the easement in place.

Good luck.

My experience is over the years there was times when i had paid more GST then collected, and i was NEVER able to 'hold on' to GST. As i explained in my previos post, Gov. gives maximum $2,000 which you cant hold, you can only deduct it next time you make profit.

This is just my experience, you better talk with an accountant.

mark76

I think that is not possible, Builder is the one that will claim back GST on expenses, and ATO doesn't pay GST twice.

It works like this;

-You collect GST when you get paid (you wont make income, thats the problem)
-You pay back GST on your profit

If you go in minus in that financial year, like what you are saying you will do with your company, Government will not pay you GST to hold it, you can only claim i think 2000$ which will be reduced next time when you actually make profit, so instead of giving back 8,000 gst you will only have to pay 6,000 in the next financial year.

Companies don't 'hold on' to GST, you only take it from private entity, and give it back to Gov.

My apology to DWolfe and Jamie M,

No hard feelings guys, i didnt mean anything bad, i just didn't use the right verbs.

I really don't think you will make much profit if you spend 10k on your house.
Wombat you are right, good kitchen with stone and appliances will cost you 12k. If you start using flat pack kitchens, and painting yourself even though you never did it before, you are wasting your time and money.

My tip.
Buy cheapest house in the best area, and spend at least 50k and you will make 100k back.

I've just finished one reno, i spent 73k and i made 120k profit.