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Hi Carlin….
Please be wary, whether or not it is legal, i had an agent exchange a contract i had signed almost a week after i was told i was out bid.
Yes the agent was dodgy but this is what happened… the agent REFUSED to submit any offers to the vendor unless it came in the form of a signed contract accompanied by a 10% deposit. Yes, this is definately illegal practice. After many arguments with him i made my decision that the property was worth it at that price so i did as i was asked after being told by the agent that my offer would definately be accepted. Next day (after much stuffing around to get everything in order including the 10% bank cheque) i was told sorry, you've been outbid. I was furious and refused to raise my bid. I thought that was the end of it until the weekend passed and on the following Tuesday i received a call from said agent saying, "Congratulations, you just bought the unit!" Not only had i talked myself out of the purchase but i was totally unprepared as it was now 5 days later. I had to continue with the purchase which thankfully, turned out to be my 1st successfull reno project. However, i was still unhappy with the way i had been treated. I complained directly with the agent's proprieter and got laughed at (me 27 year old single girl, him 50's male) and then he proceeded to invite me to the snow WITH him… !!!! His employee now works elsewhere but is still a real estate agent. I don't want to be unfair but for anyone who would prefer to steer clear of these people, this experience was had at Remax Prestige in Randwick NSW and the other agent now works at Ray White Randwick.
If it was me, i would definately be retrieving the contract so that you can stay in complete control. These days i only allow my solicitor to exchange on my behalf too which stops this from happening. You never know, if the other buyer drops out again, you might be in a position to submit a lower offer? Good luck
Hi pinknic20,
I agree with Scott, it can cost anywhere from $5-$50k depending on your taste, style, re-plumbing and amount of labour you want to contribute. My biggest expense on the 2nd was the plumbing work to re-route some plumbing and the 'built-in" toilet which caused my plumber a bit of grief. I have now renovated 2 bathrooms, the first costing under $5000 including pluming and washing machine and the 2nd cost under $10,000 and both looked fantastic and expensive on completion.
The way i achieved this was primarily 2 ways…. by buying the majority of hardware, (tiles, tapware, shower screens, vanity) at auction and then by doing the 'demolishing' myself. It is quite easy to strip the bathroom yourself. Invest in some good gloves, goggles and dusk masks then buy a cheapish hammer drill from bunnings and go for your life on the tiles. Just be aware of plumbing and electrics when doing so. I purchase the majority of tiles from an auction house. I managed to buy 100×100 glass tiles for $36/square m which retail for anywhere between $100 & $300/m at a tile shop. Most people will tell you to be wary of auction tiles however a lot of the time the stock is still 1st quality its just over supply or liquidation so you can pick up some great stuff. Same with vanities. I purchased a vanity for $250 then when i got it home and unwrapped it, it had a harvey norman sticker inside for $1900!!!
Long story short, if you want to save money, do the easy (but hardwork) labour yourself, scout auctions and internet such as ebay for good quality bargains and design it yourself. If you have the money, hire a professional to do the lot!!! Places such as domain, harvey norman, reece etc can do obligation free quotes and give you design ideas in the process which can also help. Hope this helps…..
DraconisV wrote:It seems like what I am proposing is fraud, it doesn't make me feel good that this is the truth. hmm, if they can't catch me(small chance) then why not give it a go. quote] What you are proposing, have no doubts, IS fraudulent. You are on a website promoting your intentions to use the FHOG in a way it is not supposed to be used!!! If you think there will be no consequences if you get caught and all you will have to do is pay back the $7000 then think again. A friend of mine got caught last year for not living in his property for the required 6 months. He not only had to pay back the $7000 but also the stamp duty (did you think about that?) of around $15,000 and THEN he had to pay around $25,000 in court costs. BUT IT GETS WORSE…. He now has a criminal record….. for LIFE. How does that sound?Did you realise that if your first purchase is an investment and you dont live in it, you may still be eligable for the FHOG when you choose to buy a PPOR? I'm not sure where you're from but there was recently an article on FHOG fraud in the Sydney Telegraph. They are pursuing more cases than ever and prosecuted around 6000 people this year. (Not exactly sure on the exact number but pretty sure it was around 6000, someone please feel free to correct me if i'm wrong)
Sorry to be the bearer of bad news but you are blatantly flaunting your intentions to do something illegal on a free investing website. I'm sure many of us are NOT here to find out ways to rort the system, rather to succeed without having to stoop to those levels. I know its hard getting a foot in the door, but most of us are in the same boat. And won't you feel that much better succeeding without having to always wonder if at some point you are going to get caught????
I am no expert but it would say it really depends on your reasons for buying. Are you buying as an investment to rent out or as a PPOR to live in yourself. If it is a PPOR it comes down to personal preference and what you can afford. If it is an investment property, you should really compare prices of similar sized apartments and the rents of both. Townhouses are usually still strata titled so you still have to pay strata fees and still have to comply with strata laws. In my experience, townhouses seem to fetch a higher price however whether or not their capital growth is any better than that of a unit in the block right next door, i couldn't say.
I really think you have to look at the overall return you would get and the fees you would have to pay on a quaterly basis. Good Luck
Hi. I have one RIP and am in the same boat, i’m starting to look at Commercial and industrial as the returns seem to be more secure and better overall. However, on approaching my current lender, they wanted 100% security on a business loan… YES you read correctly… 100%!! I explained to them that i would not be running the business just buying the building and they INSISTED it didn’t matter and i would require 100% security! So my question is, who are the lenders who are lending 80%? I will definately be going to see them soon! Thanks
Thanks all for the responses! Today i managed to get out of the deal that required mortgage insurance, turns out the exchange hadn’t happened yet and i got a get out of jail free card! BIG lesson learned there. As for the CGT, i am only renting at the moment so look forward to receiving 100% profits, very happy indeedy! Thanks
What you are proposing, have no doubts, IS fraudulent. You are on a website promoting your intentions to use the FHOG in a way it is not supposed to be used!!! If you think there will be no consequences if you get caught and all you will have to do is pay back the $7000 then think again. A friend of mine got caught last year for not living in his property for the required 6 months. He not only had to pay back the $7000 but also the stamp duty (did you think about that?) of around $15,000 and THEN he had to pay around $25,000 in court costs. BUT IT GETS WORSE…. He now has a criminal record….. for LIFE. How does that sound?
