Hi Terry,

Not correct Benny

A valuation is only needed if an existing main residence becomes income producing.
In this case an investment property is moved into so a valuation can’t be used.
The CGT will be worked out on the portion of the time that the property was a rental.

Of course – I had it the wrong way around !! Thanks for the c…[Read more]

Hi Jon,
Welcome aboard this good place !! I can’t help with spreadsheets, but regarding meeting others to learn, here are a couple of links that let you know what is happening from time to time. You might wish to make contact with the two posters who advertise these meetings as I think they also conduct them.

They pop up every two to…[Read more]

I think Terry is meaning the property will only be exempt from any further value increases from the time you move into it as your PPOR. But you will likely be up for any Capital Gains above original purchase price up until the date you move in. You will likely need to get a valuation as you move in – gains from that value upward would be exempt…[Read more]

Hi Steven,

After talking to a few agents, I was told basically the local council put this phrase on literally every property’s report and it looks like the council put down this as a “blanket to cover themselves as result of earthquakes in Christchurch”.

Hmm, so this is a Council Report then? I had thought it was a Building Inspector’s repor…[Read more]

Hi Steven,
An interesting phrase for sure. On one hand it might be as realistic as having someone reporting of a car for sale “Possibility of an accident if driven on roads”.

On the other hand, if this property was in Chch (or a similar area where that actually HAS happened previously) then it would certainly be worth heeding. Further due…[Read more]

Hi Kevin,
I don’t know of many on here who would know India well enough to even hint at an answer. From my personal perspective, I would baulk at buying something that doesn’t have the required permissions in place.

My answer would be NO – because I don’t know enough about akrama sakrama nor any penalty amounts that might apply. Perhaps…[Read more]

Hi Kevin,
I don’t know of many on here who would know India well enough to even hint at an answer. From my personal perspective, I would baulk at buying something that doesn’t have the required permissions in place. Others with much knowledge of legal things might have more strings to their bows.

Short answer – no !! (in my opinion)

Benny

Hi Sarah,
… and welcome to this good place. Just so you know, I removed the second thread you started – so we don’t get people replying in two different threads, all saying the same thing. By keeping it all together, I think you will find it easier to keep track – and so will we.

Re the question, I would be looking closer at “buying…[Read more]

Hi Sarah,
… and welcome to this good place. Just so you know, I removed the second thread you started – so we don’t get people replying in two different threads, all saying the same thing. By keeping it all together, I think you will find it easier to keep track – and so will we.

Re the question, I would be looking closer at “buying…[Read more]

Hi Muzza,
Welcome aboard. That’s an interesting suite of questions, but in thinking around them, they lead me to question you even more – take a look at my thoughts:-

1. You don’t mention current value or rent of a 2bdr in Wooloowin. But you said $250-300k to lift/expand it to a 4bdr. I took a quick look at re.com.au and it tells me a few…[Read more]

Hi Ithelien,
One part of your due diligence would be to have a Building Inspection done, yes? For the few dollars it takes, having their report on THE actual house would be good to have for your peace of mind.

I believe there could be extra charges for “more than usual” inspections – e.g. If you required them to take a long, hard look at…[Read more]

When you said about it being quicker to pay down our mortgage using equity growth, do you mean equity growth in an investment property obviously?

Correct. e.g. let’s say your wage has a bit of excess and you can find an extra $200 a week to put toward your mortgage. Roughly, that’s $10k in a year. Pretty good, right?

But what if you…[Read more]

Hi Barlow,
I’m not sure just exactly what you mean by this:-

We are now looking at possibly doing a house and land option

The main thing is this – if you are thinking of going to someone who is going to sell you a H&L package, DO read this link…[Read more]

Hi Andy,
I can understand your wife making that comment, and from one angle she is correct (i.e. property investments are typically long-term investments). Perhaps the point she is missing though could be this – if an investment sours, it is often better to “cut your losses” than to hold in hope. Without any actual numbers though, an…[Read more]

Hi Lenka,
It would be good to provide a bit more info re “where you are”. I did a quick Google for “Occupational Certificate” and had a number of possibilities pop up. A couple of these mention NSW – is that where you are from?

One in particular mentions Bushfire Consultants issuing an OC after an inspection by them. Is THIS what you are…[Read more]

Hi Lenka,
It would be good to provide a bit more info re “where you are”. I did a quick Google for “OC” and had a number of possibilities pop up. A couple of these mention NSW – is that where you are from?

One in particular mentions Bushfire Consultants issuing an OC after an inspection by them. Is THIS what you are wanting to get? The…[Read more]

Hi Kenif,
Usually, water only flows downhill. One exception would be “capillary action” (think of a sponge, which can actually draw water UP). Now, if the water from your courtyard has been fixed previously, is it possible that the problem might be porous materials drawing water UP from underneath the building – up the walls, or through the…[Read more]

Hi Kenif,
Usually, water only flows downhill. One exception would be “capillary action” (think of a sponge, which can actually draw water UP). Now, if the water from your courtyard has been fixed previously, is it possible that the problem might be porous materials drawing water UP from underneath the building – up the walls, through the…[Read more]

Brian,
I think you should take that settlement document back to the conveyancer/solicitor who DID the settlement, and ask them to explain to you just what went where, and who should now be paying the rates. I am guessing here, but it seems to me like you are endeavouring to understand the settlement adjustment document on your own. I found I…[Read more]

Hi Brian,

“our vendor did not pay the council rate that we have agreed to the settlement adjustment sheet.”

Now, I am not someone versed in all the ways of property and the legals surrounding them, but I have a bit of experience. Still, if others more wise can offer extra thoughts, please do so.

AFAIK, settlement involves a lot of agreeing…[Read more]