Forum Replies Created
Hi Lesia
Too many variable for someone to answer this question without them being experienced with extensions or trade qualified. I think that your best bet would be to ask a couple of builders to come and have a look and give you an estimate to build to lock up stage. If you have the homes original plans available (especially footings) so that they can determine soil type etc it will help as a slab price can vary considerable depending on the type of soil it is laid in. Some builders will give you a meterage price based on area but no-one will give you a quote unless you have some plans drawn up. Best to find out from council, architect or building inspector that you will be able to do it first. I hope someone from Sydney responds to your post.Julie Fisher
Daryl Fisher HomesHi all
I am going in to see my solictor tomorrow regarding, among a couple of other things, setting up a Hybrid Discretionary Trust. When my accountant asked me why I would want one of those, I felt that it was time to educate myself and take some control. I’ll let you know if the solictor is much better tomorrow….Originally posted by Qlds007:Hi N Brown
Based in Brissie but have a few clients in Toowoomba and be happy to assist.
Mind you i guess it is upto my clients to say whether i am a good MB – lol.
References please.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Hi rpbrown, Consider this a reference for Richard! We’re in Victoria so distance is no barrier. Cheers Julie
Originally posted by new investor:if u build a house as a owner builder and get back the gst as u build, wat happens wen u sell after u built this house
at say 300,000.
does this price include gst and u have to give back the 30,000 to the government?
if so then u really sold it for 270,000
and wat else is taken from this price?
tax capital gains tax?
so if the block was 100,000
and u spemt 100,000 to build?
after selling wat profit will be made?If you are an owner/builder you are acknowledging that you are building your own home so as the final consumer you would not be entitled to claim back the gst from the materials and labour you purchase. You are therefore paying the gst component as you build your home thus making your total of $300K gst inclusive. If you then sell your home it will no longer be deemed new and will not incur gst but you will incur Capital Gains Tax and will not be able to go owner builder to replace your home for a few years (depends on which state you live in).
You can only claim back GST if you are carrying on a business enterprise and have an ABN. You would also have to live in your home for at least 12 months to avoid tax complications associated with business. I would suggest that you talk to your accountant as you need some help to understand the basic principles of gst and cgt. I know that it was probably just a figure that you used as an example but if not then I need to let you know that you will not be able to build a house for $100000 unless it is tiny and you are very handy. Good luck.Hi leahwat
I will only answer the last part of your thread as I have nothing to add to what AmandaBS has already told you with the process. One thing I will add is that a qualified removalist isn’t just someone who is a member of an association like the HIA or MBA they are licenced with the Department of Fair Trading in NSW and the Building Commision in Victoria. In our area only one of about 6 relocators has insurance to protect his clients so ask your removalist if he is licenced or check with a building inspector on the best contractors to do the job.We are builders in Victoria and NSW so while the reasoning behind the warranty may be similar it won’t be exactly the same so if you need further clarification call a building inspector.
When a builder constructs a dwelling or extension he has to provide the owners with warranty insurance to protect them against any defective work or materials in the job. This insurance in varying capacities lasts for 6.5 years (differs b/n States). When an owner/builder constructs a dwelling or extension (or in your case transports a dwelling which is still structural work) you only need to provide warranty insurance when you sell the home and only then for the amount of time left to serve out the 6.5 year warranty period. This protects the new owners for defective workmanship and materials that you may have engaged or provided.
The restriction on owner builders was brought in for a couple of reasons ,firstly to ensure that the building industry was protected as many people were repeatedly building homes for themselves and then selling them. Like builders, these people are carrying on a business enterprise and should have to comply with the same rules and regulations (probably moreso) that qualified builders have to comply with. Also the other reason was to protect the owner/builder themselves. Many of these people engaged ‘cheap’ contractors who often took advantage of the fact that they could provide concreting, bricklaying, carpentry and roofing without providing individual warranty to the owner. If the work was faulty then the owner had to fork out the dollars and not the insurance company if he couldn’t provide documentation that each structural trade should have provided to the owner/builder. Of course all these insurances add to the cost of a home and this is why many owner/builders tried to sidestep builders thinking that they would save some money. Many found that it wasn’t worth it in the end and obviously the Governments etc agreed. These laws have been put there to protect consumers. If you want to make some money in the meantime while waiting for your timeframe to lapse find some structurally sound ugly ducklings and tart them up a bit and sell them. Not as stressfull and a quicker turnaround. You probably would make more money too. Take it from one who knows!Julie Fisher
Daryl Fisher Homes[exhappy]Hi Ibergin
You should subscribe or at least buy the monthly magazine Australian Property Investor. It discloses potential hotspots with why they are worth watching and also have many articles about successful investors. The back pages list lending rates from many institutions as well as the median rents, house prices, unit prices and growth etc for each state from month to month (3 monthly cycle on the figures from what I can see). You should also get on websites for councils and states and see where govt spending and large scale private spending is happening and they are the spots you should start looking. I was exactly where you are 4 months ago so be prepared to research alot before you jump in and get your financial set up organized beforehand as well. Heaps of finance wizz’s on this forum to point you in the right directionJulie
Daryl Fisher Homes[biggrin]Hi there
I am in the middle of reading ‘Don’t sign anything’ by Neil Jenman (ex REA). All I can say is ‘DON’T SIGN ANYTHING’ until you are happy with the contract. In order to be fully happy you would want to know that you have had legal advice from a lawyer, you have been able to do all of your due diligence by viewing rental agreements etc. If that means you have to walk away then do it! Although I could imagine that the REA won’t let you walk away, he would be just testing the water to see if you know your stuff. I don’t think there is any set legal amount for the deposit but the REA’s like to know there is enough in there to cover their own fees. As Neil says “it’s better to offend someone than to fight someone because you said yes too soon”. Good LuckJulie Fisher
Daryl Fisher HomesPlus if someone sues your business then the house is up for grabs as well!!
I went to a property investing seminar on the weekend and one of the speakers was Melanie MacDonald a commercial property investor. One interesting point that she made was that a valuation on a commercial property will always be lower if the property is valued while vacant. This is due to the high vacancy rates in commercial property. So check whether the property is/was tenanted or not when the valuation was done. If it was tenanted then I would suggest to find out how long the current lease has remaining, if the current tenants intend on moving and what the lease details where (will they take their fitout or not?), as you may have some negotiating power if the commercial property is now vacant.
She said that you can also get a commercial valuer to conduct a valuation on a commercial property and the recent price she paid for a commercial valuation was $1000 per $1,000,000 of property value (Melbourne). I know it seems like a lot but I suppose you would spend a similar ratio of money to get a residential valuation done and there’s not as much money at stake probably. Better to know that you’re paying as close as possible to the market value.I went to a property investing seminar on the weekend and one of the speakers was Melanie MacDonald a commercial property investor. One interesting point that she made was that a valuation on a commercial property will always be lower if the property is valued while vacant. This is due to the high vacancy rates in commercial property. So check whether the property is/was tenanted or not when the valuation was done. If it was tenanted then I would suggest to find out how long the current lease has remaining, if the current tenants intend on moving and what the lease details where (will they take their fitout or not?), as you may have some negotiating power if the commercial property is now vacant.
She said that you can also get a commercial valuer to conduct a valuation on a commercial property and the recent price she paid for a commercial valuation was $1000 per $1,000,000 of property value (Melbourne). I know it seems like a lot but I suppose you would spend a similar ratio of money to get a residential valuation done and there’s not as much money at stake probably. Better to know that you’re paying as close as possible to the market value.Thanks Marc and AmandaBs
Have bought today
Rich Dad, Poor Dad (seemed to be popular). R. Kiyosaki
Don’t Sign Anything (need to know the tricks). N.Jenman
0-260+ properties in 7 years (couldn’t find other one) S.McKnightI will check out the library for some of the others in time. I am also keen to find the property development book you mentioned AmandaBS.
Thanks all!
Julie.Hi Fatman
If you are only going to renovate at a later stage have you just considered removing the remains of the existing grout and regrouting then remove/replacing the remains of the silicone which should be down every corner (instead of grout) and between the base and the wall tiles. I haven’t seen the shower of course but we acted as assessors for IAG (CGU RACV GIO etc) for the north west vic for a couple of years and most leaking showers we saw had cracked grout (small cracks can have a capillary like action on water even on a horizontal crack) and nearly all had deteriorated silicone seals. The silicone in a shower should be replaced every 2-3 years. If the tiles feel solid and aren’t cracked then this may be all you need in the short term. There are also franchise companies who can seal the area; but I dont know much about them (just seen the advertisements)
The other option is to remove tiles and line the shower with ceramilite or similar laminex sheet which then you will only have to silicone between the sheets and the screen. Mouldings come for internal and external corners and cappings. Doesn’t look as nice as tiles but is quicker with less maintenance.
Be careful with either option if you have a polymarble or acrylic showerbase with a showerscreen; if you use tiles or sheet of a different thickness to the original tiles you may not be able to reuse the original showerscreen.
If you sheet it you have to glue the sheet to the plaster wall and brace for 24 hours and if you tile you would have to leave between tiling, grouting and siliconing for up to a day at a time depending on the weather.have fun Julie
daryl fisher homesGood luck
Julie Fisher
Daryl Fisher HomesOriginally posted by cathy38:Thank you v8ghia and Julie. I forgot to mention that this flat is an IP in Qld.
The shower is next to an internal wall opposite the window so probably a few meters from the external wall. If some sort of exhaust is directed through the external wall or window I guess I will need to talk to the body corporate first but it sounds like a better idea than just venting into the ceiling space. The property in which I am a tenant has a kitchen exhaust that discharges into the roof cavity – I hate to think what it must be like up there.
I will check out those links and see what all the options are, then talk again with my property manager.
Thanks again
Cathy[biggrin]
Hi Cathy38
If you are concerned about the kitchen rangehood some kitchen rangehoods are able to be converted to recirculating; they suck up the air from under the canopy, filter it and blow it out the front. You can change them over by removing the front fascia panel and there is a section that is pulled out, reversed and placed back inside, fascia panel placed back on and job’s done. Before you touch anything though, have to look in the instructions for that model if you’ve got them or check out the specifications on the website to make sure it is changeable. Obviously the rules in Qld at the time of construction allowed it to be vented into the roof cavity.Julie
Thanks v8ghia, millions, sanjivgupta and pursefattener. I really do appreciate your recommendations and after pursefatteners reply I think that a great idea would be to borrow as many of those books (as possible) from a library and then purchase the ones that I would like on hand. Thanks heaps guys.
I suppose people could still reply as there would be many more like me that would like to know which books are great and why?
[exhappy]Julie[exhappy]
I can’t help with location; its just a matter of being in the right place at the right time but you can maximize the chances of securing a good one when it becomes available if you’re ready to go. New prop’s come on the market all the time so have your finance organized so that you can snap it up when it becomes available. We all would like to know where attractive renters are that don’t cost alot; not sure how many would share that info though…I would suggest regional areas but you won’t get great capital growth. The more research you do into what is happening in different areas the easier it will be to narrow down your search area..then just wait.
Julie
Thanks Sam, have seen the first two in a bookstore before I was found this forum and wondered if they could possibly help. I looked at all the books when I first decided I had to do something and thought ‘I wonder if these people are REALLY property investors..or they like property investing but are successfull authors?….The third one I heard about in a thread and ended up getting the investment software which I need to find a little more time to teach myself to use. Appreciate your response…and would really love some more….please guys!!
Hi Cathy38
Here are a couple of links. You can get direct wall exhaust fans and if these links aren’t any help speak to a local electrical supplier as it seems most of these fans are sold through those outlets. Good luck.http://cat.impel.com.au/view_category.php?id=109
http://www.jpmark.com.au/Text/1097032776460-2906/pC/1097025963011-3540/Venting-and-DuctingRegards
Julie FisherHi Cathy38
You will have to start with giving the walls and ceiling a really good clean with something that will not only remove the visible mould but kill any residual spores not able to be seen by the naked eye; otherwise it will grow back. Vinegar is a great non-toxic antifungal etc spray it one with a trigger nozzle lightly and let it sit for a bit. Shower enclosures can be cleaned with a vinegar/bicarb mix (fizzy) and a toothbrush will get into the grout well. You can use a very weak bleach solution (and rinse well) but I have stopped using that since I found out that it makes grout porous, strips the glaze off tiles, causes glass cancer on shower screens and breaks down rubber sealant on shower screens. It also even can make paint surfaces powdery.
Mould will grow best in a moist environment which is why the most effective deterrent is a well ventilated room. While you are deciding how to tackle your problem you could ensure that you open your window and door immediately after you’ve finished in the bathroom to disperse the moist air before it settles on you walls/ceilings.
If your ceiling cavity is a shared floor to an upper flat then pushing moist air into a confined space will ultimately cause moisture to settle back onto the top of your ceiling and cause further damage. In Victoria new homes able to be built which allow rangehoods and exhaust fans to discharge into a roof cavity but in NSW you have to have it ducted through the roof cavity and discharge to the outside of your roof or the underside of an eave or even directly through an external wall to the outside of the house. How close is your shower to an external wall? I will try to find some products that you could retrofit which will remove the moist air in the meantime and get back to the forum with the info later.Julie Fisher
Daryl Fisher Homes.If you’re in a major city or regional centre, look up some local cabinetry makers and see if they have any post-formed laminate bench offcuts or slightly damaged benches that could be cut to fit your job. You may get a cheap benchtop that will suffice. You would be suprised how often a benchtop is accidentally damaged on job sites; we have had to replace a couple of bench benchtop blunders!
Julie Fisher
Daryl Fisher Homes[/quote]
do you know if there is any logic or reasoning behind whether garage will be on the right of the house or left? i have seen quite a lot of plots where the garages are adjacent. So in my case i can get the same house but with the garage and bdrms swapped. Infact the plan that i sent you was completely the opposite of the actual house that i had seen last week. Can you shed any light on this?
[/quote]SMTM, I think you are describing what I am referring to as a ‘mirror image’; where the layout of the house is the same but reversed (as it would be if reflected in a mirror) Is this what you mean? If it is, this is what I suggested that you do if you are keen on this particular block of land, as it will mean the garage is now where your master bedroom is with all the other rooms in line behind as they are now?
The reason that the henley group would do this would be purely why I am suggesting that you do it; achieve a better/easier rating and more comfortable home for clients. It may sometimes be that clients have a view on one side and not the other that they want to reverse the plan (mirror image).Regards Julie
