Forum Replies Created
Hi Lisaa,
This is pretty simple advice….and due to the time limits and complexity(?) you are best to visit a broker or solicitor quickly. Sorry I cant help otherwise.
Hopefully others on the forum that know will respond in the mean time.
Goodluck
MattHi Max,
Do you have experience doing subdivsions? have you found that the local council makes a quick decision on simple sub divides? What sort of returns would you get on such projects and the time frame?Thanks in advance
MattHi loco,
are you in regional vic or in Melb? I'm in ballarat – need help with some brickwork…Thanks Matt
Hi Dj_seik,
Have you spoken to a Mortgage broker? You may be able to physically afford the loan repayments, but banks use a formula to work out what they think you can afford based on cost of living for you and your circumstances.(their formula) v's income.
Regarding Reno: Heard Steve Mckinght say something like: "Do you have an value in todays dollars of what the property will be worth after renovations regardless of whether market goes up or down? Work on a worse case cenario. "
Mortgage broker best option to see what the banks are after and how to best prepare so you are in a more favourable positon to be approved for laon.
All the best, Matt
Hi Lostie,
It is in your best interest to insure property should the unthinkable happen: ie burn down – there is a fine line between who is responsible for it (this is how it was explained to me) If their insurance company decides to use an out clause and you are not insured then OUCH! It is a deductable cost of course.
Here is a legal jargon explanation from a legal site:
Insurance:
When you purchase a property the risk of damage to the property normally passes to you on settlement if it is residential (unless you have taken possession before settlement). If it is non residential, the risk can be passed earlier. You may, however, in some circumstances be obliged to settle your purchase notwithstanding that some damage has been occasioned to the property between exchange and settlement. For this reason it is prudent for you to insure the property at the time the contract is exchanged.All the best
MattHi Nucopia, thanks for your post,
You make a good point about being relatable and finding a common interest & you want to have a win win situation.The property is very run down and no nice garden, the only way i can tell it has someone living there is a car in the drive way, so i would come across crazy with the nice garden approach LOL – I heard from a work colleague in general conversation that they know who owns it.
It has an old shop on it – maybe i could ask about the history behind it?? and go from there…
Thanks again for your suggestions
Matt
Hi Astrawan, Thanks for your reply
I was thinking more along the lines of those that have had experience approaching the owner of a property (that is not for sale) that you think may be a deal in the making: For example: you notice a house with a very large back yard, which is scarce in the certain area and want to approach them to see if they would sell.
Thanks
MattTerry,
Thanks for your help, this makes things clearer
Cheers Matt
Thanks for your replies,
I think i would have a tough time trying to get my head around the fake issue! It may not be that attractive to people that regulary see green lawn, but when in areas where the norm is brown or dirt it would be good to see some green! May not be good with the neighbours thinking that you are the only one not abiding by water restrictions…."There are a few waterwise lawn alternatives eg creeping thyme, dichondra, lippia, dymondia, corsican mint and creeping boobialla. They are also fairly maintenance free. "
K, thanks for the above suggestions – will look into it. We are in stage4 restrictions and only rely on tank or the heavens(which we have had a nice drop the last few days) first time in a long time.
Matt
Hi Artaud,
well done! Its good seeing a place come to life after a bit of DIY and the “percieved” value of what you have done may be 10x the actual cost of the reno in the eyes of the next buyer or tennant. I am yet to do my own reno, am currently waiting for offers on some properties to be accepted by the vendor. I like looking at houses that are in good areas but arent selling due to bad decor or bad use of space – and do some simple things to change the way a place looks and feels to the potential tennant/buyer.
Cant wait to start on the Reno path.
