Hello everybody, I need your expert advise if you can.
I have 3 very good properties in Northern NSW and Gold Coast and I am trying to sell them all.
Because of my husband's work we had to relocate to England and although the properties are tenanted at the moment it's just too complicate and expensive to keep up with them, also with interest rates rising in Australia, we are just better off selling them and move on.
We have made some equity on one of the property when we bought in 2001, but the other 2 properties have not increased at all and in fact one of the property that we have built from scratch, we are just selling it at cost.
Anyway I was thinking as we don't have a great deal of advertising budget, to offer the special, BUY 2 PROPERTIES AND GET ONE FOR FREE!
I have post the following ad on Ebay to generate some interest (not sure if I'm allowed links, if not just do a search in the real Estate section):
BUY 2 PROPERTIES AND GET ONE FOR FREE GOLD COAST
First of all, do you know if it's legal to give a property away or are there any tax implication for the donor and the receiver.
Second I need some exposure that doesn't cost the earth are blogs a good idea, where do I start? Any idea or suggestions will be greatly appreciate.
I thank you in advance for any help.
Have you tried selling to the tenant.
Have you thought of rather than giving a property away provide vendor finance for the property. I saw recently an ad where the seller was asking for 10% deposit and was asking $100 a week in rent for 12 months with settlement in 12 months. The house is just round the corner from where I live that is why I noticed the advert.This web site may help you out with advertising
http://www.noagentproperty.com.au/
Total cost $240 AUDor
http://www.owner.com.au/
cost is freeIf you want some more places to advertise try this method
type in http://www.google.com.au
click on pages in australia
type in the search box the following search
free property advertisingthere are 212,000 web site results
P.S
I think you may be required to sell the property at a near market price for capital gains tax reasons.Another brilliant method I just thought up is to contact Buyer advocates in Australia and tell them about your property as they will match buyers with what you are selling.
See for an example
http://www.secretagent.com.au/index.php/Services/Sellers-Service.htmlhttp://www.queenslandbuyersadvantage.com.au/
http://www.australianhousehunters.com.au/buyers_agents_qld.htm
if you "gift" a property the recipient is responsible for paying stamp duty at the market rate for the house. Whilst your idea does attract interest, you may find it would actually cost the purshaser more.
I am guessing that you have increased the cost of 2 to cover the cost of 3 – yes? If this is so, the buyer would be paying stamp dutyon this higher amount for the two and then still have to pay stamp duty on the 3rd at market value even though there is no sales price. Also, you may need to consider what impact this would have tax (both now and CGT in the future) for your buyer. Of course, this is not your responsibility, but the more you are aware of potential drawbacks, the more you can tailor your sale to the investor.
Al lthe best
MickHello everybody and thanks a lot for your information and advice, I have already started to look into various options, I'll keep you posted which ones are the most successfull ones regarding, free advertising on the internet.
And no I haven't increased the other 2 properties prices to include the free one, I am really giving that away because I need a quick sale and I thought that maybe it may get some investors interested. Property one is B&B approved Retreat with almost 3 acres of land, 180 degrees lake views and only 10 minutes from Coolangatta beaches and Gold Coast airport, it's on the market for $2,200,000 recently reduced from 2,500,000, the second property is a 5 bedrooms next to the retreat on 2 acres, it will be put on the market this week for $699,000 and the apartment in the Mermaid Beach is worth $315,000 and I can even pay the stamp duty or deduct it from the sale. Our family have moved to England and we are trying to sell all our properties as a package or individually. It is actually heartbreaking for us to have to sell them, especially our own house which we loved so much, but it's getting too difficult to manage them from abroad.
It is actually heartbreaking for us to have to sell them, especially our own house which we loved so much, but it's getting too difficult to manage them from abroad.You must be logged in to reply to this topic. If you don't have an account, you can register here.
