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So the best way to do it Anon is renovate next door during the 6 months whilst tenanted and then when you move out start doing that reno. I know its not ideal but the ATO are strict.
I paid $180k, and plan to spend $9k on renos. I have a family of builders to exploit for cheap labour , I had a building inspection done, and it sounds like the house is in good condition with most the problems being cosmetic issues. I have bought a good condition 2nd hand kitchen, I want to remove a wall, repair & polish the floor boards and renovate the bathroom. The house is quite small, so the scale isn't as scary as it sounds. That said, my experience has been when ever you start a reno, you always end up finding other unplanned things to fix!What price did u pay? And what reno's are you planning/how much will it cost?
What's the biggest price drop anyone has been able to get from making an offer?
Oh wow, thanks for the that. I just looked it up and you're right. For some reason I was adamant that it was the First Home Owners Grant which was being reduced and not the Bonus Grant.BTW Anon you mentioned the FHB grant being reduced 1 July. I was on the phone to Revenue SA and that is actually the Boost for New builds which is being reduced. The current grant of 7k for established homes is remaining at its current level. This might give you a bit more breathing room if you wanted to go beyond June 30.
Is this high for insurance or about right? It's through my credit union and with CGU who I thought would be easier to with because I bank and my loan is going to be with them also.
They want $877/year for a $136k property which includes a $329 premium (accidental damage) and $388 premium (non-accidental damage).
Is that for your PPoR?
By premiums do you mean the excesses? If it is, they're quite high...
If im buying the property for $136k, how much would you insure the building for? I was thinking of contents at $10k.
Is this always the case? I'm buying through my credit union who also insures using CGU and listed the building insured amount at $150k which seemed a bit strange considering I only paid $136k for it.Your lender will advise the amount of insurance required based on the valuers report.