Forum Replies Created
Thanks SMTM,
I was leaning towards @ $10 per week, hopefully they go for that but I guess I would probably keep them regardless. A good tennant is worth keeping even at a little discount to the market.
Cheers,
Benson
Sorry James I meant Summer, now where is that edit button ?
I am leasing it privately and the rents for the area vary a hell of a lot so its a bit difficult to judge.
I’m sure I could rent the property again at around the $260 p/w mark, but I just wanted to see what other peoples thoughts/experiences were.
Cheers,
Benson
What a great idea, Ive always liked Batman !
Benson
The revenue office asks you to advise if the sale is between related parties, if so they will value the property and assess duty based on that value not the sale price.
Benson.
Great to have you back Bill, the forum definately lacked something in your absence.
Benson
RIP Hooksey,
Used to love watching you bat.
Manofaction,
I think that Ottens claims are somewhat over the top, Wraps should only used by experienced ethical investors not mass marketed as a panacea to the general public who have little or no experience in property.
I personally don’t favour wraps because I beleive there is insufficient protection to the prospective purchaser. If this was legislated for then my opinions may change.
Benson.
Celivia,
If you are not logged on you wont be able to access your PMs.
Benson.
Westan,
<edited out> see post below.
Great idea Sooshie,
Id like to single out Bill for all the wonderful help he provided and the time he took to help everyone.
Good on you Bill it was greatly appreciated.
Steve,
“I re-read my post and didn’t see any point about buying now… just the need to take a position and act accordingly.”
This comment indicated to me that you were advocating that now was a good time to buy –
“Call me simple, but I would have thought that property prices coming off record highs would single the start of “buying season” for astute property investors. “
Possibly a mis-understanding, I am a little concerned that people may have over exposed themselves over the past few years and there is now no doubt that a cautious approach is necessary.
Cheers,
Benson
Steve,
I agree with your sentiments about buying in gloom etc but surely you are not suggesting that at the first slight downturn in the market that now is the time to buy. Why would you jump in just as things fall off their highs when we dont know to what extent the market will correct ? Your comments seem ill conceived.
Benson.
Daisii,
Stamp Duty laws vary slightly from state to state but the information I have is correct for WA.
You would be liable for stamp duty on 50% of the value of the property because that is the amount of the property being transferred ie 1 party already owns 50% and is acquiring the other 50%.
If you gifted your 50% to your partner or vice versa the duty is still payable only the liability shifts from the acquirer (person who would usually be liable for the duty) to the person gifting the property, it would still however be dutiable.
As it is not an arms length transaction the revenue office would get their own valuation to determine the duty payable.
Hope this helps.
Benson.
You have to pay stamp duty on 50% of the value of the property if you own it equally.
line of credit
Thats a good question BDM and I guess historically rents are lower in cheaper houses which would indicate that the rate of growth in rent for these properties is less than in the cities. Mainly due to supply and demand.
The other point to consider is that as interest rates rise less people can afford to be buyers and this could mean people rent longer and therefore vacancy rates decrease and rents increase. So it is still possible to get rent increases as interest rates rise.
Other factors such as population increase/decreases in an area would also alter the supply/demand ratio for rentals and could act independantly of house prices and interest rates.
Ben.
Luckyone,
You would definately not incur a stamp duty liability by simply changing your name. It is only triggered by a change in ownership.
The Titles Office would have the details of costs etc, you could expect a small admin charge.
The office resposible in WA is the Department of Land Administration not sure if it has a diifferent name in the ACT. Check the State Govt website.
Ben.
Hi Soleil,
I have fixed the rates on all my properties in the last 6 months for between 3 and 5 years at rates between 5.95% and 6.39% as insurance against rising rates in the future.
Adds certainty to your position and makes it easier to sleep at night.
It depends on your level of exposure, what your short term plans are and whether you can comfortably withstand rates rising 1 or 2 % in the next year or two.
Ben.
Jon,
Stamp Duty laws vary slightly in each state.
In WA you could not tfer property without the instruments (O&A) being stamped.
An exemption does exist for the PPOR held in one of the married couples names to get the other on the title. All other transactions except for ruling by the family law court (divorce) and through a will would be subject to duty.
Ben.
Wayne,
Through reading many of the excellents posts by the Mortgage Brokers on this site, I am under the impression that credit through traditional means is available to a vast majority of people who may not realise this. The point being that they could achieve their dream by purchasing the same property at a cheaper price and a lower interest rate than in a wrap. Would you advise your potential wrapee’s to let one of the mortgage brokers on this site explore this possibility before you went into a deal with them ? Or would the dash for cash cloud your thinking.
There may be genuine cases where wrapping benefits both parties I agree, it is just not an area I would like to get into.
Ben.
