Only problem with arranging your own val is that it won't be considered by the lender – and because settlement is so far out, the market could change between exchange and settlement.

Cheers

Jamie

Not sure if this helps but it's something that popped up last month http://www.propertyobserver.com.au/queensland/gladstone-property-market-cooling-with-some-20-price-corrections-htw/2013010858637

Cheers

Jamie

The inner west is heating up heaps – I had a few clients in the same boat this weekend. All went to auction to see the properties sell at much higher than expected prices.

Cheers

Jamie

I'm with you Ricksta – I don't know how they come up with some of these figures.

Cheers

Jamie

Asbestos is quite common.

I'm no expert but as long as it's not tampered with – it shouldn't pose any issues.

It can also be removed.

Cheers

Jamie

I'm not a huge fan of off the plan.

The single biggest issue in my mind is valuations not stacking up upon settlement – which can be a huge mess, particularly if the buyer has a small deposit.

For investors, there can also be an opportunity cost because needing to settle on an off the plan property in the future may mean that they are unable to…[Read more]

Hi Jessica

Best to have your solicitor look over the contract before committing to anything.

Agents, particularly in the Sydney market (not sure if that's where you're purchasing) can be quite pushy in getting buyers to sign off on unrealistic cooling off periods. I had one recently where they signed off on a 5 day cooling off period and still…[Read more]

Hello and welcome aboard.

What do you mean by a bargain? Perhaps that's the reason why you haven't purchase anything yet – maybe you're expectations are set too high in terms of purchasing something for a lot less than what it's worth.

I agree with Terry – no point in rushing in just for the sake of buying something. There's a lot of money at…[Read more]

I think a lot can depend on the state you live in and the type of property you're looking to purchase. There's some decent state govt. incentives out there that first home owners can take advantage of.

If finances permit – I'm a big fan of doing both. That is, purchasing the first home and getting into property investing. I've had quite a few…[Read more]

Hi Lisa

My brother in law is a cabinet maker in Canberra – his market is flat pack DIY kitchens. I think they ship interstate. Feel free to PM me for his details and I'll dig them out.

Cheers

Jamie

Hi Tong

Sorry to hear about your predicament,.

Perhaps it's best to sit down with a legal professional to discuss your options.

Where are you located?

Cheers

Jamie

Hannah998 wrote:

I've also got the number of a good valuer through my real estate contacts.

Hi Hannah

Unfortunately it's not who your appoint – but rather who the bank appoints.

Ask your previous broker for the report – or at the very least, the company that carried out the last valuation. I can't see why your broker wouldn't provide the…[Read more]

Yep, totally agree  – it's different strokes for different folks. 

If you need the reassurance, comfort and forward planning from a budgeting perspective, then fixed rates can be a good option – and at sub 5% now, it's not a bad offering. Will they go lower? Who knows.

Cheers

Jamie

ChrisA1 wrote:

I also like your comment about possibly placing it on the market and seeing how it goes. Just have to find out what the costs are if I go into the selling process but don't come out the other side. Of course, the other issue here is that I may lose my tenant in the sales process, then not sell… a few months without rental……[Read more]

ANZ will let you place the funds back into the loan – but if the balance of the loan goes to $0, the account is automatically closed so the borrower needs to leave a little bit owing.

Cheers

Jamie

Looks like we're communicating across a couple of forums

It's a tough one. Personally – if it were me, I'd reval and access equity rather than sell.

The timing for selling isn't right – and probably won't be for a few more years.

You've got decent tenants, it's not costing you anything to hold onto and it's relatively new so maintenance…[Read more]

Personally, I wouldn't want to be selling a unit in Canberra the moment. The market is inundated with stock – you'll be in competition with plenty of sellers. 

Cheers

Jamie

I won't comment on the area or dwelling type but I strongly suggest that you set the loan up as interest only with an offset from the start if this is going to become an investment property in the future.

This article explains the concept.

Cheers

Jamie

Better to place it back into the loan itself and redraw later – only redraw for IP purposes.

Cheers

Jamie

Hi xkfalcon

Negative gearing isn't an issue per se – providing the property goes up in value at a rate higher than the cost of holding it.

Personally, I'm not  a big fan of the one stop shop – particularly those selling off the plan stock. Off the plan rarely makes for a good investment – particularly in a market that's not currently…[Read more]