hi everyone, my hubby and I are thinking of purchasing our first PI on the redcliffe peninsula. The asking price is really good, not too far from the water etc. needs basic renovating (only the floors polished and a paint job inside), we were hoping to either re sell within 6-12 months or rent it out… can anyone give me some hints on the redcliffe peninsula (QLD)? Is it worth the risk? the prices in Brisbane are falling a little, however Redcliffe still seems to be ok. I thought that the area was still gaining value due to the work that has been done by the Council, plus the house is close to all schools, water, rsl, leagues club etc… any urgent insight on this area would be GREATLY appreciated. We need to make an offer by tomorrow as that’s when the last offers are being presented
As it is a plain brick lowset (700sqm land) my brother, who has renovated and made money on properties in the past, said that with a nice high private fence and a little landscaping it would just transform the place!
Thanks
Romina and Luca (and bubba Nicolas)Hi
What are the stats? Purchase price v yield? I’d also go to http://www.somersoft.com/forums and do a search because redcliffe has been mentioned many times there. Don’t rush, there will always be another opportunity if you miss out on this one. Make sure you’ve done your homework first…
Cheers
ri have pm’d you
Romina and Luca (and bubba Nicolas)
Dear R & L
Just remember that in Qld any work performed or co-ordinated by yourself over the value of $6600 requires a Permit and if the commercial value of the work is over $11000 then you are required to attend a OB Course.
The BSA are randomly auditing renovation work and the fines now being handed for unlicenced owner renovaters is getting higher.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
this is a new one!
Romina and Luca (and bubba Nicolas)
New one!!
Don’t think so you might want to check out the 1991 Qld Building Services Authority Act.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
hang on, don’t get me wrong.. it’s just that I am new at this and all the people that I have spoken to never mentioned it to me. Thanks I will check it out.
Romina[blush2]
Romina and Luca (and bubba Nicolas)
As licensed builders we come across this all the time. Customers think they are allowed to renovate their own home or an IP without the appropriate licenses.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
just a theory on the permit problem, obviously if you break the job into $6000 lots no problems should arise making sure all other permits are covered.
Fred
Hate to say the Act has made provisions for that.
Splitting the work up doesnt get you around it.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
made an offer… got the house, lets hope settlement goes through!!!
ROMY[biggrin][biggrin][biggrin]
Romina and Luca (and bubba Nicolas)
Hi Romina and Luca,
That is terrific news – Redcliffe will be a good long term investment.
What does Nicholas think about it?
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hate to say the Act has made provisions for that.Splitting the work up doesnt get you around it.
This has me intrigued and I just have to ask…
How would they even know someone has renovated their property? (And if they turned up to inspect it with the view of giving out a fine – how would they know what condition the property was in prior to renovation!?)
Allan.
JustAllan
If it is an IP, and you claim the renovation, they will know.
Congrats Romina & Luca on your first PI. Hope all goes well.Allan
If you wish to breach State legislation that’s a matter for you.
Personally, i am a believer of doing things by the book and consider if you act ethically in this world it will benefit you in the long run.
No i am not getting on my soap box just slightly fed up when i hear people want to cheat the system to save a buck or 2. Thankfully legislation in Qld also exists that if you owner build or renovate then you have to notify the seller of such fact should you sell the property.
This avoids purchaser’s being taken for ride by shoddy workmanship and i’m sure we have all seen enough of this.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Originally posted by Qlds007:Allan
If you wish to breach State legislation that’s a matter for you.
No i am not getting on my soap box just slightly fed up when i hear people want to cheat the system to save a buck or 2.
Oh, I wasn’t being unethical – it just seemed strange to me, as it wouldn’t even cross my mind to let the government know I was painting & carpeting my house. Admitedly, I wasn’t thinking far enough into it to consider tax deductions though.
Allan.
Hi everyone,
I am sorry I have been away for so long, but between the business, bubs and the house I have been hectic.
We now have the house and we are very happy!! talking about rennovating and saving only a buck or two.. well, I called yesterday to find out the cost of gyprock to re-do the walls of the house (masonite at the moment) and they quoted us (through a friend so it is much cheaper) about $2,000…. I called a company and asked how much they charged to do the work and they asked for $16,000…. provided that We took off the old masonite!!!! So I guess we are saving $14,000.
We have taken off the masonite already and it was easy and quite fun, my hubby has started putting on the gyprock and that is not hard either. Amazing what the mark up prices are in the building industry. Same goes for fencing, sanding and polishing of floors and tiling your own bathroom/kitchen. The saving, if we go ahead will be something like $26,000.
ONE QUESTION… as we quite like the house and perhaps would like to keep it, we have been told that we can get another loan to purchase a second property based on the equity on this house (after rennovation etc)…Is it really that simple???
Thanks
Romina
Romina and Luca (and bubba Nicolas)
[suave3]
I THINK RENOVATING.. BUILDING.. IS ALL SUCH GOOD FUN.. AND SATISFYING..
MY PARTNER AND I ARE BUILDING OUR OWN HOME..
AT LAST.. WE HAVE RENOVATED B 4 AND ENJOYED IT SO
MUCH!!![cigar]SO BUYING AND RENOVATING IS A GREAT WAY TO MAKE $$$ AND HAVE FUN TOO..
GOOD LUCK WITH IT ALL
GOLD COAST..
Thanks for your reply… We are kind of falling inlove with our little house… could it be because its our first home? That’s why I was wondering about the purchasing of a second home based on the equity of the first… if this is possible then we may be able to keep this one and make money from the second one onwards.
BYEEEEEEEEe
Romina
Romina and Luca (and bubba Nicolas)
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