Part of the problem is owner-builders think they can whereas Bob the Builder says "yes we can". The builder is professionally trained (well, most are), they understand the skills required in construction management (time, cost, quality), they know how to budget (or they go bust), they know how to stick to a program & the ramifications of being…[Read more]

Pretty much as Matt points out – most display homes are refurbished before hand over including carpets, painting and anything which has had excessive wear and tear (just think about 100 people each weekend opening & closing kitchen cupboards, turning on taps, slamming doors, sliding wardrobes etc.Areas to be wary of are the toilets (some are…[Read more]

Thanks Scott

That is precisely why you would engage a valuer – they have access to the full range of data (and if briefed properly, the right COMPARABLE data) for the market segment that people are looking at.It is of no value to look at median sales prices (which may include one, two and three bedroom houses) when you are looking at 4 bedders – it takes more…[Read more]

It'd almost be cheaper to rip it out and replace with new at that price.

Generally, lodging a planning application for the subdivision will only happen once the building has been brought up to comply with the BCA. The BCA upgrade, will in all likelihood, require a separate DA/CC. Councils are generally serving 'upgrade notices' or 'fire safety orders' on many buildings in order to bring fire safety in older buildings…[Read more]

By the time you have seen these median prices they are often already wildly out of date. I remember seeing something on Greenwich (Sydney) having a 2 bed unit median price around $365k last year saying it was a great buy & get in quick etc. Next issue of similar magazine (few months later) median was $450k. Following article for projections was a…[Read more]

Tenancy law varies from state to state so you will need to refer to the tenancy tribunal in your state.

It sounds like 8-10 months too long unless it is a difficult site (sloping, heavily treed, poor ground conditions, alot of siteworks prior to commencement, very complex design etc).

You will need to speak to your solicitor regarding the transfer of ownership (with input from your accountant etc if you are to hold the property in something other than your own name). You will also need to arrange your finance.

Usually the other way around, get the owner on a hook subject to finance & satisfactory building inspection.

Suggest that you check with the Dept of Fair Trading whether the builder has had any judgements against them. Ensure that the contract for sale included a copy of the Home Warranty Insurance, confirm the defects period (usually 13-26 weeks), have a building inspection undertaken (yes it is new but a building inspector can tell the difference…[Read more]

If you have another floor above you then it is very likely, a building inspection should confirm it though.

Try your local newspaper under marble/granite services. Hand polishing will be expensive

A strata search should show if there have been problems with the building and whether these problems have been handled through body corporate meetings with the strata manager or simply buried.The cost of the repairs should be part of the body corporate responsibility especially if this is a supporting wall however you will still be responsible for…[Read more]

Jules, nice to think that you can make money out of CBD parking however when you take into consideration that each parking space is a separate strata lot hence liable for rates & taxes, strata outgoings and of course the infamous Parking Levy (which seems to double every few years).

You mentioned that the rental comes from the pool – what is the occupancy rate of the hotel at present, how does the rental guarantee impact on the rental pool (ie are all of the other owners subisdising the rental guarantee)? What returns are being experienced by the other owners? Most importantly, as pointed out above, what are your expenses ie…[Read more]

Was VP a stipulation in the contract for sale? If it wasn't, then they do not have to give it to you as VP.Are the tenants still under lease? If they are, then it is unlikely that you will get vacant possession unless the place burns down or is otherwise uninhabitable.You won't get something that was not in the contract (even if that something is…[Read more]

BCA compliance costs would include items like fire doors & jambs to each unit, installation of linked smoke detector system (possibly thermals & or sprinklers with ongoing compliance costs), exit and emergency lighting, fire hose reels, hydrant/hydrant booster etc, fire rating of ceilings & all penetrations, noise separation and the list goes on,…[Read more]

I'm with Michael on this one. You are borrowing money for your own purposes hence interest wouldn't be deductible however you need to watch that you don't over borrow.