Forum Replies Created
Hi Hybrid ,
Banks usually have a list of valuers they use . You can ask who is on their board of valuers and try another valuer . (will cost ) .The banks sometimes won't be too happy to do this . If you have supporting evidence as to what the property is worth it can help . If you can be on site at the time of the valuation it can also be worthwhile .Some valuers are very cautious particularly in circumstances like now. My experience is that Herron Todd White are very conservative . As v8 ghia said you could get your own valuation but using a valuer on the banks list .( they can't argue with that )
Rodeo
Hi Grease Monkey ,
The most common thought with realestate investing is that land goes up in value and buildings go down . The amount of land that you "own" with a unit is quiet small . Having said all of that units can be reasonable investments . There are hidden costs like body corporate fees that jump to mind . Other costs can be building maintenance and a sinking fund . Sometimes if you take all these costs into your calculations the returns are not so attractive .
One thing I would certainly look for would be off street parking, preferably a lock up garage . This will make it easier to rent and help to make it more attractive for resale .
You could do an RP Data search that would show the growth over the last few years .
Hope this helps
Rodeo .
Hi Lucky ,
Here is a breakup of one we have just done in Qld .
Sewer and stormwater to council specs (43 Metres ) $25000 .
Underground power $12000
Council fees $18000
Additional fencing (30 metres) $ 1800
Driveway (footpath crossing ) $ 2200
Surveyors fees .Then there is the cost to have the plan registered .
Hope this helps
Rodeo
Hi Picnic ,
I have done a few bathrooms , both reno and complete new ones . Your $2000 is probably a bit skinny but not impossible . The important thing is to be practical with the location of the fixtures . Think in advance about the sewer pipe and the drains from the bath ,shower and vanity before you start . Maybe talk to a plumber and get them to quote the job and ask for the most cost effective way and maybe the most logical way . It is easier if for example you have a house where you can get access underneath the floor. A concrete floor (slab on ground ) can be more of a pain. Make sure you set the bath into the wall properly . One house I bought had rot inside the walls from a bath not being set into the wall properly . It was a case of rip the bathroom out to fix all the rot and then put it all back together .
Good Luck
Rodeo
Hi TourMaline ,
To wait maybe 10 years to start is probably counterproductive for you . If your parents are agreeable you could use the equity in their house now . A line of credit on your parents property could let you do a deal with your parents and maybe not use any of your own money . If you bought in a cheaper area and did a renovate and sell or a subdivide and hold you could finish up with a much better bank account . The best part is you would use the banks money and potentially pull money out of fresh air . You could perhaps do several deals inside the ten years.
Good luckRodeo
Hi Kean ,
You are in such a strong position because of your age . That may sound funny but you can acumulate so much knowledge by the time you are 18 yo .
My son bought his first house at 18 . The things the bank look at are basicly set in stone . Do you have a permanent job . Permanent casual is ok . Can you make the repayments ? . General rule is that up to 30% of your wage can be used in repayments . The obvious thing is that you live at home and have no expenses . (this helps) . A rental property takes into account the rent you will receive as well so you get to buy a more expensive house . Do you have a deposit ? This can be an unconditional loan from mum or dad or anyone really as long as it is unconditional . The important thing is to have an exit strategy ( how do you make some money out of the deal ) . Don't get stuck with thinking that having your name on a property deed will make you rich . Understand the real costs of owning property . The rates and the managers fee , even some money for repairs . Learn to look for properties with a twist . Something you can add value to easily or change it's use . You have time to learn all your lessons well .
My 19 year old daughter has just bought her first house as well . It will cost her about $20 dollars a week in repayments after the rent . After a few renovations it will actually make a profit each week . Don't be afraid to go further out of major cities to get started .
When you are 17 go to the bank and ask them how much they will lend you . Listen to what they say but remember there are lots of banks . Set yourself up to meet their criteria . Remember you can make money with a $100000 house as well as a $1000000 house . Make sure you listen to people who actually invest in realestate .
When I was 15 my thoughts were the same as yours . I didn't realise then that I couldn't legally sign a contract anyway . It took me a few years to get my act together .
There is a fellow called Dolf de Roos he wrote a book called Real Estate Riches . It could be a good book for yourself to read .
Good luck with it all .
Rodeo
The Local council would be able to tell you for sure . Do you know what the easement is for ? Is it actually a registered easement ? Usually ,to build over an easement is a hassle to get all the approvals .
Regards
Rodeo
The agent can't legally rent it without a written and signed agreement . One way out maybe for them to drop their commission for 12 months . The commisson is normally 8% plus and they add postage and petties to this as well . You would come out about where you wanted to be . This maybe less painful for them than you going through the realestate institute. Not sure if you have been doing this for a while but I would only start a new tenant on a six month lease . As a matter of fact I only ever give 6 month leases . That way I can add another 5 or 10 dollars every six months .
Hope this helps
Rodeo
Hi Greenjoy ,
Have you tried ASAP Financial Services ? I have used them and found them ok
