Total Members: 150,109

Luci

  • Thanks so much for all your advice everyone. Obviously I need to think/talk many things through with other partner-to-bes (how to value each partners input is always going to be the most difficult and subjective), but the multilayered structured seems the best if we do go forward.

    Thanks again,

    Luci

  • Any exisitning house in my area (inner west Sydney) is likely to have a report of some previous termite damage. As yours is old damage, then you don’t have to worry about termites, just checking for damage.

    It’s true that this is an unknown factor, and can potentially become blown out to huge expense – but seeing as termites have some clear…[Read more]

  • I’d suggest you download council development requirements from your council’s website and go through it before talking to them. Anything you don’t understand in the document, or that specifies something different to what you want, ask about.

    A few things to check: how long it usually takes to receive development approval if all goes okay; how…[Read more]

  • Luci replied to the topic Help needed in the forum Help Needed! 14 years, 9 months ago

    Does QLD have different tenancy norms from NSW? In NSW the tenants would be paying for electricity and gas, not the landlord. If you are paying these, then you should be folding the costs into their rent.

  • I haven’t bought in Perth, but just a quick comment on expected cycle.

    Sydney led the field with the hot property growth, which then started affecting other areas of Australia, first the Sydney spill and then other capital cities, and then other capital city spillover areas…

    Then Sydney growth dropped and has had a couple of dud years… which…[Read more]

  • If you do decide to make an offer – in addition to others advice of including a clause about passing the building and pest inspection – offer a lowball initial figure. The worst they can do is say ‘no’, in which case you can increase the offer. On the otherhand, they may accept a lower price.

    Do a google search on the property address to see if…[Read more]

  • Luci replied to the topic Help urgently needed in the forum No Subject 14 years, 10 months ago

    It would be unwise to purchase without a building/pest inspection if it looks like it needs work (as there will be more to do than your eye will pick up on). Fixing up a place can be very expensive – especially putting on a new roof – but will be necessary if you own it.

    While it may currently be tenanted (in a ‘livable’ condition) the property…[Read more]

  • $10 per week cash flow positive might not seem like a lot of money (aprox $520 per year), but when you buy multiple properties, and overtime rental income goes up while your outgoings remain static, then it generates exponentially increasing cash flow. On top of this, most property over a reasonable period of time will go up in capital…[Read more]

  • Luke,

    Your topic “Buying off the plan: general info” suggests a fair discussion on buying off the plan.

    But your response to the potential concerns (that I posted to even out the biased ‘benfits’ listed on your link) would indicate that this thread is actually not an invitation for a fair and balanced discussion but simply an opportunity for you…[Read more]

  • Luci replied to the topic Taking the Plunge in the forum Help Needed! 14 years, 10 months ago

    Originally posted by plproperty:
    I say be wary of spotters. A licenced real estate agent should be well trained and is bound by law to provide a fair professional service.

    Real estate agents represent vendors, not buyers. They are salespeople and have a duty to try and sell the property on their list – which may not necessarily be the best…[Read more]

  • A google search can turn up all kinds of things you never expected, both good and bad.

    One thing I’ve found (usually through google) is if there is a business/development related site for the area. This is mostly for outside the state capitals, where smaller cities or areas are trying to attract business.

    Depending on which suburb, there may be…[Read more]

  • Usually you would only buy an option if you expected the property price to go up substantially before settelement – so you could sell for a profit.

    This might occur in a very hot market, or if you negotiated early access to the property and did it up before onselling the option.

    Because there are many expenses with buying and selling (even an…[Read more]

  • Aside from the mortgage info the others have suggested…

    Work some figures out on paper, and see if costs associated with selling Perth property and purchasing new IP will add up to greater expense than tax benefits.

  • In all fairness, you should add a list of the potential concerns of buying off the plan…

    *Property overpriced in the belief that property values will have increased by the time settlement comes round.

    *Property usually cash flow negative.

    *The depreciation schedule flashed round by the developer is only of full benefit to those who earn in…[Read more]

  • Luci replied to the topic Property statistics in the forum No Subject 14 years, 10 months ago

    Australian Property Investor publishes data from both Residex and Australian Property Monitors (this is written alongside the tables in the magazine). They both offer data on a user-pays system.

    Different states have government websites that give some data on the property in their state.

    One such site for NSW is…[Read more]

  • I would ask the vendor/vendor’s agent to show you the rental history case file. This should give you comprehensive information on all tenant dealings, including damage claims, complaints, tenant turn over, late payments etc.

    Check the contracts held with the tenants to see how much longer they are valid for, and under what conditions. This will…[Read more]

  • You might want to mention where the property is.

  • Ask to see the tenant’s rental file and find out how much longer they will be on the lease and under what conditions – as well as if there are any non-payment or property damage issues.

    Do get a building and pest inspection to make sure the property isn’t on it’s last legs and due for an expensive overhaul (or put a clause in the contract to that…[Read more]

  • If you have also lost money on the IP capital value, then I don’t believe there would be any tax on it either if you choose to sell (double check with an accountant).

    Seeing there are always both buying and selling costs associated with property, I would do some research before rushing to sell.

    Is is likly that your IP will continue to cost you…[Read more]

  • Didn’t the wrapee have a solicitor look over the contract and make sure it was legit? He certainly should now – under what circumstances could someone charge $3k up front for a standard rental agreement?! If he can’t fight under the fair trade practices act, then he should at least be able to use the tenancy tribunal to get some of his money…[Read more]

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Luci

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