If your scheme is in NSW then the roof is usually an owners corporation responsibility (quite rare for it not to be). The strata manager should get quotes to replace the roof with the same as existing materials (unless something unsuitable like asbestos of course) as the new work needs to be in keeping with the appearance of the rest of the…[Read more]

If your scheme is in NSW then the roof is usually an owners corporation responsibility (quite rare for it not to be). The strata manager should get quotes to replace the roof with the same as existing materials (unless something unsuitable like asbestos of course) as the new work needs to be in keeping with the appearance of the rest of the…[Read more]

In NSW this can't be done, unless it is specifically stated in the agency agreement between the owners corp and strata manager, and it would be an additional item because it is not covered under any of the main industry agreements.

Hi Peachey1What state are you in, and is it a complex of villas, townhouses or community title? Each state is slightly different so need to know that first.

Actually, in NSW it is largely because of govt intervention that levies have been rising. For 40 odd years it was up to the owners corporation how much they contributed to their sinking fund (which is effectively the savings account for longer term, more expensive building maintenance). However very few owners corps were putting sufficient money…[Read more]

We have had a property in Moranbah since 2004. We have a larger portfolio so were comfortable with the level of risk. Our first lease was $320pw for 2 years which we thought was great. However during that time rents increased to $450pw. 12 months ago when our last lease expired there was quite a lot of places for rent and we had to take a rent…[Read more]

Hi mixedupTry books by Ron Forlee – "An Intelligent Guide to Australian Property Development", and "Australian Residential Property Development – A Step-by-step guide for investors".Wake

My understanding is that the ATO can reject your claim if it can't be substantiated. Unless you really know what you are doing I wouldn't risk doing it yourself. Some of the companies have a policy that if they look at the property and you can't claim at least the cost of the report in the first year they won't proceed ie they won't go ahead if…[Read more]

Hi

In order to sack the body corporate manager you would need a copy of the agreement to determine what services they have agreed to provide for their fee. If they are in contravention of the agreement then the body corporate may be able to serve them with a termination notice. If however they are providing the agreed services, but you are not…[Read more]

Hi MLV

When you say they “voted”, did they register a by-law setting out the conditions of the handing over of maintenance responsibilities to owners? If so, this should contain info that would determine the rights/responsibiliteis of both parties ie owners and owners corp. Your solicitor will be able to tell you if a by-law has been registered…[Read more]

We bought there in 2004 and have had good CG. Sales have slowed down recently, and returns are not as good as they were, but 8%+ returns are still available if you hunt them out. There has been a lot of new estate blocks of land sold, and therefore an influx to the market of new houses, which is impacting sales of older houses. Rental demand is…[Read more]

A trip to research, or look at potential properties is not tax deductible. It doesn’t become deductible unless you are inspecting one that you already own there.

Wake

If you are not yet that familiar with the town, you need a lot of research. As part of this, you could speak to as many agents as possible to find out such things as if there are less desirable areas etc. ask property managers if there are areas/streets where they prefer not to manage properties etc.

Once you believe you have a good feel for the…[Read more]

Hi

http://www.fairtrading.nsw.gov.au

Select the real estate & renting link on LHS and go from there. It tells you about the rights and responsibilities of the landlord and tenant, what is required to self manage etc.

Regards

Wake

You can definately get landlords insurace on a strata property. Landlords ins has nothing to do with the building itself, and therefore it makes no difference whether it is a free standing dwelling or a strata unit.

Make sure you understand clearly what the different types of insurances cover, so you are not left exposed anywhere.

Wake

Hi Tom

Body corp fees are paid for 2 purposes:

Admin Fund covers items such as cleaning, lawns, gardens, repairs and maintenance to buildings, pools grounds etc, management fees, common electricity and water and insurance.

The Sinking Fund raises money for the long term repair and replacement of the major items such as painting, fences,…[Read more]

We have bought 2 in the last 90 days. Both settled the same day.

1.Minor reno, tenant moved in 2 weeks after setlling, plans already submitted to Council to build a duplex at the rear.

2.Major reno, tenants moved in 4 weeks after settling, working on plans to build another free standing house plus a duplex at the rear. This buy consisted of two…[Read more]

Hi Frank

Just to clarify – a surveyor would prepare the strata plan for you ie draw up a plan showing the lots and common property, relevant measurements, UE’s and required notations etc. The solicitor would handle the registration of the strata plan at LPI (Land Titles Office). In between, someone would need to submit the application to…[Read more]

Hi Danhob

The local Council will be able to answer most of your questions, or maybe a surveyor familiar with the local requirements.

They will have minimum requirements for land size etc to determine whether you can subdivide the older house off. It isn’t necessarily a problem if they all share a driveway, as this can be addressed in a few…[Read more]

Unfortunately thats impossible to answer without more details. Depending on where the house is, you could get between $200 and $550 per week, and possibly even greater variance.

As a rough idea, if the house was built post 1985, you should be able to claim capital allowance (2.5% annually of the building cost) plus depreciation on fixtures and…[Read more]