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As a three bedroom townhouse naturally it will be targetting either of the following groups.
– Young family
– Professional couple
– Retirees downsizingAs you have mentioned above a large bedroom is 3.6 x 3.6. Well what would a large downstairs living area be deemed to be a large/spaciouse area?
Cheers,
I do agree. Do you know what the standard size would be for a 3 bed townhouse?
Hi Luke,
The property is in inner city Melbourne approx 8-10 kms from the cbd. The main goal is for capital appreciation however a re development will increase the yield and my affordability to service the loan.
It seems as though on average in the inner city suburbs rental yields are around 3% for a house. What would be classified a high yield?
I know this question might be hard but I am just looking for peoples opinion on what yield they try to target post a development.
G'day,
I am preety sure the shoppign centre is goign ahead but not 100%. Could confirm at the council.
Given this is my first property I can afford to buy a 3 bed house incraigieburn and I am familiare with the area as many freinds and family live there.
Bundoora is probably the closest suburb to the CBD that I can afford on this side of town. That is a 2 or 3 bed unit.
I like the fact it is surrounded by quality suburbs, good schools, uni etc etc.Craigieburn is cheap and experiencing growth at the moment.
I feel as though bundoora is the best option as it is without a doubt in a better location. It's just a questions of do you go for the 3 bed home or the 2 bed unit.
Dont know much about Watsonia but I will have a look into it. what does it have above Bundoora?
Hi fword,
Thanks for your response.
The above scenario is for investment purposes. The prices will be similare however the yield in craigieburn will be higher as it will be a 3 bedroom house rented.
Bundoora ticks all the boxes in regards to amenities ( 2 unis, tram, ring road, neighbouring suburbs reservoir, watsonia)
Craigieburn however is growin extremely rapidly due to first home buyers. There is a new shopping complex which they have plans to build also.
Is there any other information I should be looking at to help with my decision?
Ok Richard.
Is there anyone that can please elaborate as to why the cgt would need to be payable?
Hi Guys,
Thanks for your response.
Unfortunetly, I dont understand the reason why I would have to pay any cgt?
Lets say I lived in a home for 2 years with a large block and then decided I didnt need half of it. If i subdivided and sold I thought I would not need to pay any cgt for the period in which I owned that portion as part of my PPOR.
If I held the subdivided block and then built on it and used the proprty as an investment then the cgt would be calculated from that date or close to?
Can shed some more light on the above.
Cheers,
Mav
Hi Joel,
The benchtops look great.
What was involved and what type of paint did you use for the bench top. Did you require any special skills in order to make sure it looks the part.
I am thinkign of possibly doign this also but dont know where to start/
Cheers
Hi Guys,
Thanks for the feedback. I do agree with you both.
I would be looking at renovating this just to bring it to a more modern and comfortable place to live. It is barely livable at the moment. I just think that these period homes look really good with the decorations and ornaments, it's what gives them there character and value. Without this I think they loose half of there appeal (similar to the pic above). Within saying that if I was going to renovate and add things to the property which were not consistent with the style of home or era it was built, I think it will look stupid. I would assume that most people purchasing a period home like this would like to know what it is and possibly be aware of the features it should or should not have. I might be wrong though. I would be interested to know what you guys think.
Cheers,
Mav
Hi Guys,
Thanks for your help.
I have asked the agent who is sellign the property and he is unsure of what it is exactly. He said he will do some research and get back to me but I thought I would try figure it out on my own also. It is a strange one, I cant find anything else that looks like it. Will need to know this in order to restore to its original nature.
Anyone know of any places in Melbourne were you can purchase the period ornaments on these homes?
Thanks,
Mav
Hi Guys,
Thanks for the response!
I am currently looking through the case studies. Some good outcomes. I like the fact many of them are based in Melbourne and I am familiar with the suburbs.
Cheers,
Mav
Hi Viv,
Yes, I can understand that will happen sometimes.
Nevertheless, thanks heaps for the feedback!
Hi Viv,
Do you think you will get a response from your friend attending this weekend? The feedback would be fantastic.
Seems as though not many people have done it already. I think this is only the second year they have been running.
Hi dnh83,
Thanks for the response.
I agree with you. Money spent on education is never a waste.
I would just like some feedback from somebody who has actually done this before I commit such a large amount of money.
It sounds great but the best way to know is by speaking to people who have done it directly.
If anyone has done this your help would be very much appreciated.
Hi Viv and Jess,
Thanks for the response.
I have also watched the 2 hour DVD which was very informative. The workshop sounds really great I am just finding it hard to justify at this stage. I am sure it will be informative but will it be worth $5,000? I am worried that a lot of the things learnt are things I have considered or would have figured out myself anyways.
I would love to hear the feedback from your friend. As I also am thinking about going to the Melbourne one. Hopefully you will know soon how it went. The Melbourne one is in June 12th.
Jess – I have sent you a message in your inbox
Anyone else got any feedback on the workshop??
Thanks in advance.
Thanks Terry and Graham
I have considered some of those things I would definitely like those clarified if anybody knows the answer. Mainly the determination of running a business and also renovation limits for needing a building licence or not.
Terry, I was referring to GST.
I was told that this needs to be payable on your profit if you are deemed to be running a business. I am still unsure how it works. I know GST is 10% but if it is charged what is the 10% applied to. Can anybody shed some light on this also.
Thanks for the help guys!
Hi Terry,
Thanks for the reply.
Lets say for example after the first 1 or 2 as my PPOR I then decide to continually buy renovate and sell (2 properties a year). Obviously this will then not be classified as my PPOR. Will I need to pay GST on my profit as it is deemed to be operating a business?
If so how does this work and is there anyway of reducing/ avoiding this?
You help is very much appreciated.
Thanks mate you are champion!
I will read through them tomorow.
Thanks mr501
I appreciate your help.
Just to confirm so when a property is deemed to be your principal place of residence, for example after 6 months, then you can sell tax free regardless. 12 months has nothing to do with this, it only relates to investment property to get a 50% discoutn on CGT?
I would be very interested to read both cases to compare differences. Do you know how I might be able to obtain these?
I will be living in the property while renovating so I should be able to tick most of the boxes above however I would obviously like to keep the time frame as short as possible.
Thanks again!
