Body Corporate woes...

Hi all! Long, long lurker, first time poster. A bit of an odd first post, but I was hoping some of you here might have experience with this...

My body corp sent me a letter asking me not to hang my laundry on my balcony. Technically the balcony is a "shared" walkway, but as I'm at the end of the property, there's nobody walking past. Doesn't actually face the street either, just faces a communal garden area. They claim it breaches the "model rules" (?).

I've always hung 'presentable' clothes (never undies), only shirts/pants on a small portable rack. Much better than a clothes dryer, both for the environment and for the condition of the clothes.

I live in a rather small apartment, 10 residents in all. Unfortunately, I'm the only one who does it. I think everyone else just uses dryers. Although nobody's ever spoken to me about it before.

Is there any way I could fight this? I'll probably reduce the number of times I hang the clothes, or even get some sort of cover for the balcony. Or if I just ignore the letter, or drag my feet, can the body corp do anything against me?

Body Corporate woes...

Land as investment in Melbourne

Hi guys

First time poster, been lurking for a month and a bit and had to join up.

Right, I have a house in the Williams Landing area in the SW part of Melbourne. My house has 4 bedrooms, 2 bath and 2 car garage on 500 sqm approx block of land. Similar houses around me sell for about $450k - $500k (older part of Williams Landing). I have equity of about $250k built up. I dont intend to sell this house for the next 2-3 years.

I do not have enough savings to shell out the deposit to build a house, rent it out for 2-3 years and sell it hopefully before the bubble bursts (yeah I know we've been expecting it for 10 years now). So I'm thinking of buying a block of land in the Truganina area for about $220k ish, sit on it for just under 18 months and sell before the 18 month mark (after which they want you to start building around here). I know buying a house and renting it out is better.

Now I know there's the CGT + the interest + council rates + other bills + maintenance to pay. My question is - is this a good idea? Anyone done this in this area? Prices of land around here have been climbing up like there's no tomorrow (which is why I'm thinking of this).

Please give me some honest and real world advice, I could use some!

Thanks.

Land as investment in Melbourne

Borrowing Costs?

Hi Guys,
My understanding is that borrowing costs can be deducted over 5 years or the life of the loan (whichever is shorter).

I know this includes mortgage insurance however had a few bank fees at settlement I wanted to query:

* Land Titles Fee ~$1100
* Settlement Fee $200
* Bank Cheque Fee $70

Can you confirm that these are deductable under borrowing costs over 5 years.

Cheers.

Borrowing Costs?

prediction: no chance tomorrow

I'm calling it with almost 100% certainty. No change tomorrow in rba rates.

prediction: no chance tomorrow

Converting electric cooktop to gas cooktop

Dear all,

My IP currently has an electric cooktop and I am planning to change it to gas cooktop. Currently there is no gas pipes fittings in my IP. I was told by my agent that I may need approval from Brisbane City Council to ensure that's allowed.

I rang BCC today and they transfer me to AGL, and then when I spoke to AGL, they said they could help me with such matter.

Would you guys know anything about the process/approval related to such matter?

Thanks

Kingsley

Converting electric cooktop to gas cooktop

Question about stamp duty and depreciation

Dear all,

I am currently renting and own two IPs. Due to some change in circumstances, I have to move into one of the IPs I bought in March 2015.

Just a few questions for you all:-
1) I paid the full stamp duty when I purchased this IP in March 2015. I plan to move in latest September 2015 or earliest in July. This place will become my PPOR for the next couples of years. Would I be able to get some of the stamp duty back?

2) I haven't got a depreciation report for this particular IP. And I plan to do some renovation of the kitchen and bathroom after I move in, but the renovation won't happen after the financial year ends. Should I get a depreciation report before and after renovation so the time between March and June 2015 are captured?

3) I am planning to rent out one room, am I entitled to a portion of tax benefits including the cost I will pay towards the renovation in the next financial year?

Thanks for your time :)

Kingsley

Question about stamp duty and depreciation

Greensborough/Montmorency/Eltham

Hey guys,

I've been researching suburbs over the past few months around the Melbourne region and have been tracking a few places which have higher owner occupancy rates, not huge amounts of growth over the past few years, decent public transport, good vacancy rates and within the $500-$600k median house price range.

I come from WA so have minimal knowledge of the areas unfortunately. However, I have landed upon a few areas which have sparked my interest.

Greensborough, Montmorency and Eltham.

They have had a bit of growth (~5% growth in the past year), however they have the train lines, good owner occupany rates and within my price range.

What is the suburb like? A bit old? Lowish yields that could hurt my cash flow? Any negatives?

It also appears to have some large blocks, so later down the track (10 years or so), there could be possible opportunities to sub-divide possibly? I'm bit of a rookie but my strategy is to buy which won't hurt my cash flow too much (not fussed if I'm $300-$400 a month out of pocket for now), hold for 10 years (hopefully get some decent growth), and then subdivide when I've got the skills and expertise to go about it.

Thoughts?

Greensborough/Montmorency/Eltham