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yarpos
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March 15, 2008 - 10:47 am
they are usually wanting your nett position.   So all sources of incoming including prospective rent and all current comittments.   Your novated lease will already be taken into account , when looking at your nett salary…and as scott says its your answer when they ask about no car costs in committments/expenses.
yarpos
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March 8, 2008 - 8:32 am
$7k? you could just about have a new roof for that.   I tried to get a quote from a national brand re-roofer, roof finisher, roller blind maker and they tried to close the sale three times on the phone before they even sent someone out to quote. In the end I told them I was tired of the 1970s sales tactics and not to bother quoting. They got miffed and said they were only trying to make sure customers were serious as they were busy people (!?)   They appear to be successful so I guess there are enough people that put up with their BS or cave in to pressure selling
yarpos
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March 8, 2008 - 8:23 am
probably true as you say that the floor will take more wear,   only downsides I can think of are that the place will be cold if you are building in a place that has a cool winter (not your PPOR so care factor may be zero) and, if you want to replace the floor for whatever reason its a shit of a job compared to floating floors if you are fixing the tiles to the base flooring.
yarpos
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March 8, 2008 - 8:08 am
yes it makes the work quite easy, but (theres always a but isnt there?) if its an old place you will have an asbestos issue in regard to removal of the old sheets.    If its a newer place in post asbestos HardiFlex or similar, then its full steam ahead
yarpos
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March 7, 2008 - 9:26 am
hi,

plasterboard is on the inside, what is the outside wall made of? brick, timber, fibro?
We did something like this years ago and replaced two pokey little windows with a large window salvaged from a friends extension of a relatively new house, it made a dramatic difference. Not sure if it will impact value in your house but if well thought out it may help attractiveness and speed of sale.
We recently replaced existing windows in our house with good quality double glazed windows (Rylock) , that worked out about $800-1200 per window depending on size and configuration. If you are opening up the wall you will have additional carpentry work for framing and then will need to restore the inside and outside walls. Internal plaster board is easy , outside varies widely buy wall type (hence the first question). This could land between $1000-2000 buy the time all the dust settled (possibly more if its a difficult situation)
good luck with the sale
yarpos
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March 2, 2008 - 8:58 am
I've been round this loop and your concerns are valid….if children come into the equation you can actually lose more than half…oh yes and then theres your super which is also now on the table.   Putting the invest property in your name only is just good tax planning, it wont make much difference if the worst was to happen.    Get some good professional advice to see were you are on the sliding scale of committment.
yarpos
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@yarpos
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March 2, 2008 - 8:49 am
just make sure you are looking at it objectively. Do you really need to do the full reno to get a reasonable rent? add the cost of delayed rental to your reno, especially when doing it yourself. It always takes longer than you think…..we are renovating a small unit at the moment, similar distance out.    Its amazing what a difference some new taps , power points , a stove , a simple vanity and some paint makes to a place.
If its so old/crappy that its a rental stopper then you really dont have a choice. Agree with trakka re IKEA, reasonable cost with custom fit. If you are handy there are many newish kitchens on ebay and similar. Good luck with your project.
yarpos
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March 1, 2008 - 10:10 pm
blogs wrote:
simple wrote:
BOOM – sound of bobble starting to collapse… Here we go Lads and Gents, welcome to the era when conservative low geared people rule. As predicted by some, tipping over point is reached.
We are on the verge of a downturn never before seen!! Front page of Mebournes Herald Sun "Home buyers bolt" clearance rates down to 60% and this is just the begining!!! lol man am I guna enjoy sitting back watching all the mayhem when I was made to feel like an idiot any time I said the boom couldnt continue!!! Hahahahahahaah
60% clearance rates at auction is still quite healthy really, its the 80% that they were running at that was unusual. Personally I dont get much pleasure from the prospective hurt of others, but I guess we are all amused by different things. This whole thread is a pessimists paradise, if it keeps up for long enough (a couple of years now) it will eventually be true as we go through the boom bust cycle as before. We will just have to see how intense it is.
yarpos
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February 28, 2008 - 10:21 am
if you have a car and your girlfriend "insists" on a luxury 4WD , isnt that her problem ?
yarpos
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@yarpos
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February 28, 2008 - 10:16 am
possibly….liquid nails picture rails to wall, when dry add a couple of strategic screws to add shear strength to the rails.  Will need to drill through rail and wall but less can escape with rail in place(still use precautions)
re nailing options…are you using blunt ended fibro nails? they punch a clean hole in the fibro…normal pointed nails will be more likely to crack the fibro
best of luck
yarpos
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February 12, 2008 - 8:36 pm
depreciation is calculated by taking the construction cost of the building (not the pruchase price, unless you are building it new) and dividing it over the deemed useful life of the building.   A quantity surveyor can assist by determining the historical construction cost of an existing building, and providing a depreciation schedule.
yarpos
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February 5, 2008 - 9:51 am
Hi
the property doesnt have to be new to be able to claim depreciation. A quantity surveyor will establish the construction cost of the house in money of the day (note: for an established place this is not the purchase price). This cost is then spread over the nominal life of the structure (I think this is 40 years but not sure). You can then claim this annual amount as a deduction along with expenses.   If you have done renovations or replacements to things like heaters/stove/aircon you can also add these and depreciate these at a faster rate. I beleive the ATO has a recommended depreciation rate published on their web site.   Sounds from your questions that you really should talk with an accountant versed in real estate investment….may cost a few hundred but should make your life easier.
best of luck, another Steve
yarpos
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February 4, 2008 - 7:43 am
I dont think anyone can say you were right or wrong with your course, your on it now so be +ve and push for completion and tenancy. Most people with normal incomes are apprehensive and feel stretched going in so your basic concerns are not unusual. Just to show the other side of the coin (maybe belongs in the worst decision thread)….pre resource boom I withdrew from the puchase of an apartment in central Perth overlooking the Swan River….was 400k….seemed too much at the time……wish I had of gone big
yarpos
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February 3, 2008 - 9:45 am
yarpos wrote:
yarpos wrote:
thanks all, I will look at both solutions once we get access. I imagine battening the ceiling will involve some scrapping back along the batten line to get a flat surface to secure to.    Think I have the height to play with OK.
Found a lot of nice solutions for false cielings but as we are already at minimal hieght we decided to work with what we had. The ceiling was filthy (as was the rest of the place, its disgusting what people will live with and in at times), so we hired a steam cleaner today and cleaned it up to stage were we think it will take paint (working above your head all day is hard work I have decided). Durobond in Sydney make a specialist paint to cover and seal vermiculite. Have that in hand and will spray in a couple of weeks when I get something else out of the way. If necesssary it can be topped with normal ceiling white.   Will post again when its done (good or bad)
Well, the job is done and looks good. Starting looking like a badly run fish and chip shop roof in the kitchen area but now looks great.   For any other brave (foolish?) souls who try this, this is what we found works:
– Clean roof in worst room with a steam cleaner (rented through a company called Steam Australia)
– Apply Durobond in the steam cleaned area, went straight to ceiling white in other rooms that were in OK condition (note comment in the thread re Bondcrete may be an option). Finish coat in ceiling white (went on well after the Durobond)
– Used roller with 25mm nap, this greatly improved application and coverage. Use of normal shorter nap rollers makes it very hard work. Looked at spraying, but too messy.
– Used small sponges to get into corners and edges
– People say this stuff takes lots of paint…this is true….a rough calculation indicates a paint budget of 1 litre per square metre is what you need
Total cost has been about $800 plus our own labour (maybe 30 hours….made longer by the need to steam clean)
With what we know now would we do it again? for one in good condition yes…..for one in poor condition I would investigate removal via an asbestos removal service….probably more expensive once off but then the beast is gone.
cheers,   Steve
yarpos
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January 31, 2008 - 10:29 am
maybe read trakka's comment a few times
not sure how you value your own time and energy but it will take a long time at a few $ a month to recover what you have already expended……..how will you react when something goes belly up? (eventually something will) and you have to kick in a grand or two quickly to get the property back into shape for a tenant….unless of course you enjoy working at this level of detail.
good luck with the new lease
steve
yarpos
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January 31, 2008 - 10:13 am
what percieved problem are you trying to solve?…..how would this changes add significant value?…its hard to tell from a plan
re the ideas..
1. personally I am not sure combining those areas in a 4 bedroom home is a good idea. With lotso people traffic they can be used separately e.g. shower is not blocked cause the toilet is in use … or vice versa
2. maybe but there are already three living areas. I guess more space is usually better
3. move the kitchen to where? for what purpose?
why not just freshen up kitchen/bathrooms…or extend the deck to a large covered outdoor area…great for a family
good luck with your project
steve
yarpos
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January 27, 2008 - 9:24 am
hi
costs for extensions are usually at least twice the cost per square when compared to a project house. This is due to customised building and lack of economies of scale.   I cant be specific re price as I left Sydney half a lifetime ago and am not current with costs there.
local builders could propose a project. The specialists extension people can also of course but you will pay more for their sales people, adverts and nice offices.
A couple other things to consider are:
– check council rules to see if forward extension is OK, some have rigid rules about set back and alignment with other houses
– does it make sense financially? i.e. do you get a multiple of the extension cost in added valuation when done?
– if you are talking investment property, can you support finance costs during the reno (despite what the builder says it will be many months)
good luck with your plans
regards, Steve
yarpos
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@yarpos
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January 7, 2008 - 10:46 am
yarpos wrote:
thanks all, I will look at both solutions once we get access. I imagine battening the ceiling will involve some scrapping back along the batten line to get a flat surface to secure to.    Think I have the height to play with OK.
Found a lot of nice solutions for false cielings but as we are already at minimal hieght we decided to work with what we had. The ceiling was filthy (as was the rest of the place, its disgusting what people will live with and in at times), so we hired a steam cleaner today and cleaned it up to stage were we think it will take paint (working above your head all day is hard work I have decided). Durobond in Sydney make a specialist paint to cover and seal vermiculite. Have that in hand and will spray in a couple of weeks when I get something else out of the way. If necesssary it can be topped with normal ceiling white.   Will post again when its done (good or bad)
yarpos
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@yarpos
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January 5, 2008 - 6:51 am
Cattleya wrote:
All, thank you for responding.
I know I may have bitten more than I can chew, but house prices in Sydney – where we want to live in the future – is crazy. A friend of mine urged me to just jump into it and tighten the belt for a few years. He is in much the same situation. Hopefully things will get better…
Yes Marc, I'm saving and paying off religiously
Terry, I am paying PI because I did not, and still have not, the background knowledge. Besides my bank manager thinks I am precariously hanging on 3 fingers so he does not allow me to go on interest only or even fixed rate until I reach 80% LVR on my biggest loan.
Thanks a lot again… I'll keep paying off as much as possible and hopefully by this time next year I'm in much better position.
Gratefully yours,
Cattleya
errrrr….he does not "allow you" to go interest only, or fixed rate ?….. I would be shopping around and ditching that arrogant clown (just my opinion).   Dont be afraid to shop around , you will find some will cover exit fees if thats an impediment .   How a bank manager can block you from fixing interest (if thats your preference) beggars belief
good luck with your plans
regards, Steve
yarpos
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January 4, 2008 - 9:38 am
oneplumber wrote:
I want to find out answers to these simple questions to better locate a great Plumber & Gasfitter. ? 1 – How often do you call a Plumber / Gasfitter? 2 – Would you prefer to have a single phone number or website for all Plumbers / Gasfitters in your local area? 3 – What is important for you? fair price urgency quality answers phone trust service guarantee reliability on time neat & tidy l local tradesman keeps in touch gives free advice easy to remember phone number has a website OTHER……………………………………..
1. Once or twice a year (3 IPs +PPOR)
2. Dont really like searching, prefer word of mouth
3. Whats Important?   good advice, meet timing promises (doesnt have to be NOW, but when you say you are coming, then turn up), tradesmanlike quality work, fair price.
good luck with your project