- give90Member@give90Join Date: 2007Post Count: 54
not sure if this post is in the right forum but here goes;
i am considering buying a block of units on a single title with a view to renovation, strata-ing and resale.
can anyone recommend good resources/websites with particular reference to pitfalls and errors to avoid.
i'd really appreciate any comments.
gracesallyannMember@sallyannJoin Date: 2005Post Count: 53
I would start by contacting the council and getting everything they have on this, and their requirements. Then inspect with a builder in this line of work for his view on the economics of the job. Do your sums very carefully.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Also rememember depending on the number of units in the block will determine the lvr you can go upto.
4 or less and probably wont have too much of a problem but more than that and max 80% LVR and more likely 65 -75%.
Richard Taylor | Australia's leading private lenderettyMember@ettyJoin Date: 2007Post Count: 23
fire walls and noise rated walls cost money ask your council and get it in writing cause you dont get any recourse on phone conversations
see your accountant you may be up for gst on the sale plus capital gains tax opps guess what you have just made a loss o and did you factor in a declining market
funny how they dont mention the basic stuff at the get rich quick investment seminars
etty the nearly burnt elfRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
GST will only be payable where the renovation work is described as "substantial in nature" a normal Strata and touch up will not incur this and GCT will only be payable if the development is not consider Trading stock.
Richard Taylor | Australia's leading private lender