Forum Replies Created
You're SO lucky to have IKEA in Aussie
it was one of my all time favorite places to shop when I lived in Canada. Unfortunately IKEA hasn't made it to NZ yet.Vicky — pining for an IKEA fix!!!!
Yep, I think it's a great idea. If you furnish it you may be able to get even more per room. In NZ, we are getting $120+ for a furnished room for students and/or transient types that stay a month or so. Make sure you have broadband in all the rooms and supply them with a big screen telly in the lounge room
Old furniture is fine, definitely don't give them your nice leather lounger to put their feet upon! I would also have a cleaner come in once a week, especially if you're renting to uni students (kids barely out of nappies, probably wouldn't know a vacuum cleaner or cleaning cloth if it hit them in the face!!)It's a great way to create good cashflow, providing you don't mind the extra management, i.e. keeping an eye on the place. Maybe keep charge of mowing the lawns so you have an excuse to go there every couple of weeks.
Vicky
Dunno guys, my crystal ball is definitely indicating "buy now"
Personally, if I had a spare $12K floating around looking for a home, I'd put it into SILVER. Stocks or physical…. educate yourself here for starters …… http://goldsilver.com/videos/?ss=07f43aeba99e54130997ca384d207813
and …… http://www.silverstockreport.com/index2.html
It's an amazing time to buy with metals so low at the moment and don't forget, Gold and Silver are counter cyclical to things like the US$ and economy tanking. Good times are coming
Happy learnings….
VickyYep Crashy, you're onto it!
That's exactly how a lot of traders doing flips and renos and investors doing lease options fund their next purchase here in New Zealand. You've got to remember though that the GST refund only applies to trades, NOT buy and hold properties.
Interest rates might be a bit higher than in Oz, but the savings on getting your GST refund, NO stamp duty and NO capital gains tax more than makes up for that.
The amazing thing is that the banks actually fund 80% of purchase price INCLUDING GST
. If you're really smart about choosing your settlement date you can have it all lined up so that you settle right at the end of your current GST period and you immediately claim the back, so you might only have to wait 2-3 weeks for the money!!Before the credit crisis property traders were getting funding at 80% of registered valuation, so if you'd negotiated really well you were realistically being funded 100%. I know a lot of deals that were done that way. That easy-money has all dried up now though!!
Vicky
My pleasure!! I'm delighted to hear you've had good learnings.
Vicky
Good question! I don't think there's any way of really knowing if there's a genuine buyer out there.
Have a go at it, if you get it under contract with due diligence then you can determine if it's even a good buy, i.e. how much under a new registered valuation it it.
Local council valuations really mean NOTHING, they really are only a "ballpark" figure. They are simply a rough guess at value, afterall they don't come around and physiclaly inspect the property so they can realistically compare it to recent past sales.
To truly know what the property is worth you need a qualified registered valuer to view the property and research its value, then you'll now if your contract price is sufficiently under value to be worth buying. That said, you could have three registered valuers through the property and you'd get three different figures! But, hopefully they'd all be pretty close.
In the end eldredni, the property is only worth the highest amount someone is willing to pay.
And, as lifeX said … "there is no law that prevents you asking… " however, you'll probably find there is a law preventing the agent from tellilng
Good luck,
Vicky
it was one of my all time favorite places to shop when I lived in Canada. Unfortunately IKEA hasn't made it to NZ yet.
Old furniture is fine, definitely don't give them your nice leather lounger to put their feet upon! I would also have a cleaner come in once a week, especially if you're renting to uni students (kids barely out of nappies, probably wouldn't know a vacuum cleaner or cleaning cloth if it hit them in the face!!)
. If you're really smart about choosing your settlement date you can have it all lined up so that you settle right at the end of your current GST period and you immediately claim the back, so you might only have to wait 2-3 weeks for the money!!
My pleasure!! 
