Forum Replies Created
Hi Jessica,
We laid laminated flooring in our own home a few years ago and am not happy with it. We’ll probably replace it with boards in the future which will be our 4th floor replacement.
We replaced an old timber floor last year in a kitchen, with new boards. It was bad, holes, missing boards, etc under masonite and vinyl. We buy 2nd grade boards, not select, which means you get a few notches, or maybe bits you have to cut out. Cost is about $1.80 per lineal metre. You can sometimes buy slings of boards at auctions. Check it out if you’re in Sydney.
We’re currently doing up another old house, a 1880s brick workers cottage, which will have all timber boards as would have been there originally, laid over particle flooring sheets which had been laid before we bought it (in March). We took out the awful old carpet. To do the floor will cost about $2500 timber only, and that is 3 bedrooms, hallway, combined kitchen living area. It is easy enough – I am the labourer for hubby.
Anna
Hi Snowflake,
We put a shower bath in a reno last year, 900×900 and it looked great and catered for people with kids too. Cost about $125.The space we had was 2400 so the loo, a 600 vanity and the shower were in one line. As you look in the door the loo is in the left hand corner, then vanity and between the vanity and showerbath is a shower screen. We added a shower curtain for ease of bathing kids. The room became a combined bathroom/laundry (2400×2400) as is popular in Cairns in some properties we have there. As you walk in the door, the laundry tub and space for w/m is on the left.
We also moved a kitchen back to it’s original spot (we think) instead of being in the loungeroom, put a new floor, polished boards to suit the rest of the house which is an older house, tidied up the paintwork, took out a door off the kitchen and replaced it with a glass sliding door, allowing more light and creating a small dining area.
We get $40pw more in rent.
Anna
For a start, maybe you could check with some project home builders as to their plans and specifications for duplex units. There are sometimes ads in the real estate section of the paper showing a plan and price for a duplex. Get in writing from the council that the block is suitable for a duplex, work out how much money you have to spend, look at duplexs, decide what you want to build, 2 or 3 bedroom or whatever, how upmarket depending on the area and buyers you hope to attract, also enquire at the real estate agents as to prices duplexs are selling for in the same location. Plans have to be drawn up and submitted to the council for approval. Take your plans to a builder and get quotes. Think about whether you intend to market them off the plan, or when they are completed, or rent them, live in one, rent the other, etc. Talk to your accountant re capital gains issues if you are going to sell – maybe sell one this year, one the next year to minimise your tax.
I found a block about 6 months ago – my son who is a builder was too overloaded at the time and my circumstances have changed, but the idea is still an option if the right priced block comes up. He has done some great townhouses in a coastal area.
Anna
The management agreement you signed should have the number of inspections that will be done per year. You should receive a copy of the report. Having 8 properties both in NSW and Qld, I look forward to the inspection reports and any comments as to what may need attention now or in the future. Also having worked in property management, inspections were always scheduled and the tenants advised in writing a week or so prior to the inspection. Everything should be in writing. You can’t just inspect properties when you feel like it and tenants deserve their privacy and notice of inspection as well. Sounds an odd PM, a bit too friendly.
I think it is a matter of choice as to whether you go for gloss or satin when doing your floor. After taking out old carpet, ex and I did two older houses with gloss which look really good. A third already had floorboards, with the lounge and two bedrooms done in gloss, the third bedroom in satin. The gloss looks better I think. There doesn’t seem to be any difference in wear and tear but tenants are moving out of one of them in a week so it will be good to check, having been done for nearly 2 years.
Anna
I agree with Jan that you should talk to the council as if you constructed the carport according to building requirements, they may issue approval retrospectively. Submit a plan of what you have constructed – I imagine you drew up a plan and spec. It would have to be unsafe or over an easement or have other problems for a demolition order to be issued. It’s pretty costly to have to demolish a structure and remove all the rubbish.
We purchased a house some years ago where a deck did not comply, fixed the problem, advised council and had no further worry about it.
Anna
Check with managing agents in the area your investment property is in as to whether is is worthwhile to furnish it. I have 4 properties which included furniture and whitegoods when purchased. They have never been untenanted and many properties in the same area are furnished. At the same time, some furniture and white goods have had to be replaced due to age, eg a couple of clothes dryers, fridges, a dining suite and lounge suite. You can buy presentable furniture to suit the property, area and situation without overspending.
Anna
Have bought ceiling fans for own home and other investment properties over the past few years from electrical retailers and even Bunnings. None have cost over $50, all have been 4 blade and with lights. None have given any trouble, look good, are white and have a rattan look on the blades, and are quiet. A couple have been Martec as someone else mentioned. I wouldn’t put a remote in an investment property – tenants ruined a remote for an air conditioning unit in one property – replacement cost of $200.
Anna
It sounds like it will be a great relief for her to be debt free. She could put the $100k or whatever on fixed term deposit while she is researching her options or else in an account on call, eg ING. Financial advisers cost money so I wouldn’t suggest that (got caught once). But get the term deposit rates from all the banks and building societies and compare them, short term, longer term etc.
Yes, for the future a duplex might be a good idea too, or a townhouse with a courtyard and not much ground maintenance. Being in RE she would know the prices. As long as her money is earning interest while she is considering her options, she can relax.
Anna
Dazzling, when we purchased a house we inherited tenants who were friends of the owner and had rented privately for 7 years. Prior to settlement, the property was given the agent who manages other properties for us. The rent was assessed at $30pw more, the tenants tried to find something else and couldn’t at their previous rental and 14 months later, are still there. When a lease agreement is drawn up, when the rent is to be paid, either weekly, fortnightly, monthly in advance, will be stipulated in the lease and you will need to get 4 weeks bond as well which should be lodged with the appropriate authority in your state.
I wonder what property costs you think they should pay. I guess as they didn’t own the property, they had no need to chip in for any costs or improvements relating to the property as they’re the owner’s responsibility. But then some tenants might request permission to do a few things at their cost but you would have to be pretty careful that they are done in a tradesman like way. I wouldn’t like the thought of it. One of our tenants asked if they could redo the gardens at the front and did a good job. Another changed the curtains with permission, the originals to be put back when they moved out, etc.
Eviction is unpleasant and takes months anyway, with tribunal hearings. I am surprised that your solicitor didn’t state vacant possession on the contract of sale if that is what you want. That way the tenants have to vacate when it becomes your property, you can then tidy it up and have a rental assessment from a few agents. Anyway if they’ve been there 15 years, they must be good payers.
Anna
I agree with Junkers. Look at Spotlight/Curtain Wonderland type stores. Usually you can pick up ready made, eg. tab top curtains under $30 a pair and even Big W and K Mart have them too. Rods are cheap enough and maybe up to date ends on the rods as well. Go for neutral colours and the tenants’furnishings won’t clash. If you have a good managing agent (as we have and who has done such a purchase) it is easy.
$20,000 is a big reno. You would want to be sure you are getting value there. Even paint and carpet wouldn’t cost that.
Anna
Congratulations on your purchase. You have made the first move and the next will be easier. I think you have done well.
We bought a 2 b/r unit over 2 years ago and since sold, for $95,000 and it was getting $250 a week. The reason we sold was that B/C went up a lot and more money was wanted for updating the 15 year old block. That was in FNQ where we still have 4 units all doing nicely.
Five years ago we purchased one unit which was negatively geared, then two years ago purchased another 10 properties using equity and L/C. I have found it is easy to have a line of credit available for purchasing which can then be financed later. That way, the money is available up front for deposit etc and when you finance you can include the costs.
Anna
We have pulled up old,old carpet in two houses and found good floor boards so we polished them. No trouble renting and no complaints as tenants can have their own colouring in rugs. Currently we are just finishing renovating a house we have had for 3 years which was in need of tidying up. It already has floor boards which we have to seal as some of the no more gaps or whatever has come out. The floor has worn really well and looks good with gloss estapol. We did a unit with floating timber floor in the kitchen area and carpet, mainly because it was an upstairs unit and would be quieter and it looked great. In another unit, we tiled the kitchen area and put a good modern sisal carpet, looked fantastic.
It’s a matter of choice but I always think of durability as our places are tenanted. We put a medium, but good quality carpet and tiles to suit the house or unit and type of renovation.
The laminated flooring we put in our own house a couple of years ago is disappointing and I would not use it again. There is a problem with a couple of edges where there has been moisture and some scratches from furniture that were not supposed to happen. I am careful too!
For Hugo, the flooring is available at any carpet/flooring outlets, Harvey Norman, even Bunnings but get all the information you can on the different types. Preferably don’t get one that has to be glued, just clicked together. We have done both.
Anna
A thought – find outlets, stores/suppliers, who are offering say 12 months interest free terms on whitegoods and buy the HWS, sink and stove and instal them. That way you can find a tenant and start the rental money coming in.
Anna
If you aim to be a millionaire by 30, you need to write down your goals and strategies and look at them every day – what you visualise you will achieve. Work at it. Start off small, buy property at the cheaper end of the market, buy good shares. Deposit your cash into a 5%+ on call account. I had a stragey – 12 properties in 18 months – worked at it and achieved it.
Anna
The vendor cannot list a property without having drawn up a contrac with their solicitor or conveyancer. You obviously have a solicitor or conveyancer and have negotiated with the vendor so you can ask your solicitor or convenancer to include whatever you and the purchaser have agreed to, in the contract, eg, early settlement, longer settlement, inclusions, furniture to be left, but always subject to pest and building and finance. Be aware of the cooling off period after exchange. You can exchange on an agreed deposit, not necessarily 10%.
Anna
I think you will find that once an owner has listed a property with an agent for say a 6 month listing (Agreement for Sale), then the agent can claim the commission in that time.
Maybe look around for properties that have had signs on them for several months, and find out from the council who the owner is. You could then make your offer direct to the owner if it is outside the agreement time. The agent should submit all offers, first to exchange buys the property. Agents don’t like you to talk to the property owner, but there is nothing stopping you from contacting the owner direct – and some owners of course want to deal only through the agent. Always ask how long has the property been on the market.
Anna
I wouldn’t take much notice of the rental guarantees unless you visit the area, check around with real estate agents and see for yourself what is renting and for how much, types of properties, etc.
I can only talk of my strategy for my own reasons and time frame in looking at the cheaper end of the property market and also units, bought 11 (houses and units) in 18 months. But then it is up to you to decide what type of property and where you are comfortable about investing, meaning near your own area, your own state, or interstate. Hypothetically it seems like you could afford a property up to say $200,000 using some of your funds for deposit and expenses. Check out houses and units and their rentals, rates and b/cs. I hope your money is in a bank getting 5%+ on call, not just sitting there!!! Anyway, good luck and congrats on baby.
Anna
Another option may be to secure a loan in both your name and your parents, that way you have more borrowing power. Start off in the cheaper range of property. Do your research. You can still buy units for under $100,000 returning say $130pw in rent, and furnished, with low body corp fees.
We helped our daughter at same age the above way, and as soon as she got on her feet, the loan went into her name.
Anna
Under $20,000 to gain the $60,000 in value. That was a complete strip out as the unit was in the worst condition, eg old chipboard cupboards rotted away, everything untouched in 25 years and nothing was useable. Even the sliding window tracks were worn and didn’t slide. We did sooooo much work ourselves together with the help of our son who’s a builder and did what we couldn’t. The agent said they used to call it the bat cave as it was so dark and dingy. Looks fantastic now, modern paint, kitchen – white with that granite look laminate, cost just over $2000 (son installed) plus new stove of course, s/steel light fittings, all new switch plates and dimmer switch, timber and s/s wire round stairwell, great carpet at medium price, new built-ins, venetians, really nice bathroom and fittings. Had to have a new front door as well as metal architrave which had been rusted but this was paid for by B/C. On the market a month, hope it exchanges in the next day or so.
With the market though and the time we took due to circumstances, price is less than we hoped but ok. Looking for the next one.
As to pelmets – like a boxed in thing to hide say sliding door fittings at the top, some look ok, but we removed one, a painted timber one over a sliding door between kitchen and hall in one of our houses. We removed the door as well and it made a real improvement, uncluttered.
Anna
