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Now I have sold properties with Ceilings under 2.4m for older dwellings, they cannot be classified as bedrooms and technically are not to current code.
now I would want your insurer to confirm they are covering this (if your renting)
I would want to be appear this is and isn’t an issue.
The main thing is your going to have to raise it to get it to comply with code.
hope this clears a little bit up for you Frances
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
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There are no differential standards for buildings on the basis of when they were constructed, or how many units they contain. However, compliance with the Building Code of Australia is not retrospective. Under the Environmental Planning and Assessment Act 1979, a building only has to comply with the Building Code of Australia at the time of construction. As a result, the Building Code of Australia does not require you to continually update your windows, balcony railings and fire doors etc.
ince 1998 all Commonwealth States and Territories have had building construction regulated by the ‘Building Code of Australia’ (BCA). As noted in the Housing Broadsheet, 10 September 1948 above, the lack of uniform building regulations created a confusing variety of specifications between states.
In 1965 the Interstate Standing Committee on Uniform Building Regulations (ISCUBR) was formed. They released the ‘Australian Model Uniform Building Code’ (AMUBC), however this was not uniformly adopted across Australia.
It was the establishment of the Australian Building Codes Board in 1989 with the aim of introducing uniform building regulations across Australia that resulted in the adoption of the BCA.
Minimum ceiling heights for habitable rooms is currently 2.4m.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Mate so stoked and happy to here that for you Tom, great outcome.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Pleasure mate,
look you can take as far as you want, but for me the above has proven to be enough.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Really for expenses its just what you will have generally, yes you can add and allocate extra costs but its all personal preference.
So main ones are
-repayments
-BC
-Rates (land and council)
-management fees
-Insurancethat’s about it from my perspective, depending on property etc.’
So you workout income – expenses = yearly return.
then yes there will usually be some Tax incentives but I see this as gravy personally.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
42 Cohuna Street Income breakdown
Name Expenses Income Weekly Total Yearly Total Total
Rental Income 240pw 240 12480
Mortgage Repayments 110 110 5720
Rates 24.9 24.9 1,294.86
Home and Landlord 13.59 13.59 707
Management Fees 21.13 21.13 1099Total Income $240 $240 $12,480.00 $12,480.00
Total Expenses $169.62 $169.62 $8820.86 -$8820.86TOTAL $70.38 $3659.76
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
https://www.finder.com.au/capital-gains-tax-selling-property
Main place of residence
You can avoid paying CGT if you sell a dwelling that’s considered your main place of residence. You can only ever have one main residence at any given time unless you’re selling your old main residence and buying another. In this case you’re entitled to an overlap period of six months as long as the new property will be your new main residence, you lived in the old property for at least three continuous months in the 12 months before you sold it and it wasn’t used to produce rent in this same 12 month period. The ATO doesn’t give an exact description of what constitutes a main residence, but gives the following points to consider:You and your family live in the dwelling.
Your mail is delivered there.
You have your personal belongings there.
You’re registered to vote at the property’s address.
You have connected a phone, gas and electricity to the property.
If you’ve lived in your home for the whole time you’ve owned it, haven’t rented it out either completely or to a lodger and the land is smaller than two hectares, you’ll get a full exemption on CGT when you sell. This is helpful if you plan to live the renovator’s life: selling your home, moving into another, renovating it and then selling the renovated property. And while you won’t make a rental income if you go down this path, all profits made from the renovation are exempt from CGT.Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Joe if its your first Sub Div,
go into your local town planning office, try sit down with a planner and learn,
usually a private certifier can do the whole process for you and will be worth having until you learn the in and outs of the requirements.
I say this is the simplest way to get started and get an idea of costs.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Really simple Terry, I am not a lawyer and do not claim in any way to give any legal advice, as to explain what a trust is, explaining some trust have tax incentives (of which you have to seek accounting advice) or general comments in relation to the fact there are different trusts all falls under general, given advice as to what someone should do, well I cannot comment for any legal path in any way.
Really easy I realised the way I worded it could possibly be misleading, after re-reading I wanted to rectify it, I appreciate your input as I do not want to give any comments in any way that could be seen as “professional advice” that can be taken and used without first seeking a lawyer.
plain and simple
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
To disclose in case it already wasn’t, please seek legal advise obviously for specifics
for myself I feel the above advice is appropriate for me, you should obviously seek legal advise for your own situation as there are many variables, the above is merely an overlying simplification and is not professional advise.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Adam every step you make should serve a purpose,
now for me the only real benefit is you can change a family (discretionary trust) ownership and payments at your own discriection, this is huge value under the right setup and I feel mainly pointless really while building a portfolio.
to be honest why pay for a complex or even simply trust structure if it does not achieve any major win for you or serve a very important part of your goals.
Happy to chat about this and more anytime mate, but I am in no way a lawyer and can in no circumstance provide legal advice.
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This reply was modified 5 years, 8 months ago by
Jaxon.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Mate Pm me, lets chat
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
you or your spouse (including de facto spouse) have never held a relevant interest in any residential property in Australia prior to 1 July 2000
But if you own a property your not compliant, its only on the first purchase, did you receive stamp duty waive off your IP?
(to be fair the wording on the NSW website isnt that clear)Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Good luck Tinpotdeveloper.
Ethan means the buyer incurs fees on the way in and out, even a guaranteed rent isn’t great. unless you guarantee to buy back at same price or market value.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
1.Considering that long term goal is to get capital appreciation, which is a better type of property? An established property or new house and land package? And why?
The Devil is in the detail, its the exact property that mattes more than new or old.
2.Why are suburbs like Padbury, Heathridge, Duncraig and Craigie have negative annual growth since last 10 years? It is close to beach with good schools and shopping centres.Suburbs literally 5 mins away by drive are twice expensive.
demand and a million other contributing factors, so even if there is strong demand, if the culture dictates being slow and waiting that can impact, and the overall stats hide gems and glamorize silly buys. once again devils in the details
3.What suburbs are expected to do well in Perth and what should one specifically look for when aiming for future capital appreciation?
Buy a problem sell a solution, once again its the deal, people argue over each suburb while someone buys a property at auction $200,000 under value and makes a killing. learn how to find deals.
4.What type of blocks should be preferred when looking for a depreciated house with large land component and why?
depreciated? you mean old, or your thinking from a tax perspective?
5.How to asses whether a property is fairly priced, expensive or undervalued?
study area, RPDATA, sold prices, rental return, etc etc etc
6.How to verify the condition of the property?
Pest and building test, other professionals, by testing everything yourself.
Great to see your wanting to move forward and get ahead
It seems you have a lot of things to really work on, I have sent a PM and would be happy to have a chat and answer these questions in the depth in requires.Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Mate be happy to run through any and all ideas to assist you move forward financially.
PMed you and texted you
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Suri sent you a PM if you want to chat,
So you have entered into an agreement and it sounds like they have got planning approval on provisions which is stepping forward.
Call them, clarify every step (to the end goal having the property to produce income)
then workout all associated costs.call other companies for the same offerings.
find the best product/price for what you need.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Suri,
Really Simple.
contact every builder within a reasonable distance, asking for quotes, some of these may even include these cost (rare but can happen)
Also you have completed pre approved plans? what went through Council exactly?
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Vyaw,
loan structures are different (you will generally need 30% plus for put down)
setting leases is more difficult but more lucrative (potentially)
yields are generally higher
Multiple options to get a tenant yes making the price competitive is a must.have a clear strategy, understand the demographic and have enough CF to survive the time it takes to get a lease in force.
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
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This reply was modified 5 years, 8 months ago by
