Avoid costly property repairs

    Staff Writers
    news.com.au
    February 15, 2013

    Four in five home sales completed without proper inspections
    Restumping, roofing and termites among the most costly
    Inspections can avoid financial pain



HOPEFUL property hunters heading out for a weekend of open inspections are being urged to inspect homes thoroughly before they whip out their wallet.

It’s estimated around one in three older Australian homes contains potentially expensive flaws, according to Archicentre, the advice service of the Australian Institute of Architects.     :(

But despite this, 80 per cent of buyers will sign on the dotted line before checking a property for major faults like termites and structural problems.

General manager Ian Agnew said it’s difficult to comprehend that buyers make their largest financial purchase without the right checks.

“We’d never dream of buying a car without having an NRMA inspection. You need to know before you put those rose tinted glasses on to really check it out from a structural perspective,” he said.

“We’ve seen situations where homes need upwards of $100,000 for repairs on places worth $300,000-$400,000. That’s increased their loan by 30 per cent purely because structural defects weren’t priced up.”     :o

Some of the most costly repairs include re-stumping the property, putting on a new roof, re-wiring and pest management, while dealing with rising damp and poor guttering can also leave you out of pocket.

“We’ve even inspected houses with major termite infestations and said to people ‘don’t buy it’ and they’ve bought it anyway,” he said.   

“Termites will eat away at structural foundations, the eaves, the trusses. They don’t take holidays, they go 24/7.”     :(

Mr Agnew said it’s particularly important buyers hold their nerve now that confidence is returning to the property market and competition is heating up.

“Don’t falter, make sure you still do your due diligence,” he said.

The top 10 most expensive property repairs.     :(

Re-stumping: Potential buyers can get an inkling of this fault if they hear glasses rattle in the sideboard or flowers shake on the table when they walk through the home.

Roof: The roof receives scant attention from most homebuyers despite roof faults costing tens of thousands of dollars to repair. The most common cover-up is a quick paint fix for a rusty roof, often with the rust re-appearing soon after settlement.

Wiring: Blackened areas on power points are one of the first give-away signs that all is not well with a home's wiring.

Pest management: Termite eradication and damage costs are expensive, and some people decide instead to sell their homes and in some cases take steps such as nailing shut access hatches in the ceiling and floor to conceal the problem.

Plumbing: During an inspection, test the water pressure by turning on a couple of taps at once to see what water pressure is available and whether the water is discoloured.

Painting: If you buy a home where painting has been a quick cover up exercise and there has been a lack of preparation or skimping on undercoat or quality of paint, you can face a hefty bill to repaint the affected areas.

Plastering: Plastering repairs can vary from the filling of minor cracking to major patch-ups where re-stumping is concerned, or where a home has been inundated with water.

Rising damp: Damp walls encourage the growth of moulds, which with high humidity can lead to health problems for occupants.

Guttering and downpipes: Rusted out, poorly maintained or badly fitted guttering can lead to major problems during storms when water can enter the home, causing damage.

Stormwater drains: Stormwater drains and sewer pipes play a vital role in the home being able to function and can be costly to repair.

Source: Archicentre

Read more: http://www.news.com.au/realestate/investing/avoid-costly-property-repairs/story-fndbarft-1226578826274#ixzz2L04qxSHL

Its the great Australian dream.     :(

wrote on Feb 16^th, 2013 at 7:07am:

Its the great Australian dream.     :(

not for losers like you. for you the limit of your 'dream' is welfare and govt housing with a 20yo car in the drive - unregistered and uninsure of course.

in the meantime, those of us with vision have great homes, great cars and great potential.

loser.

Great homes that need $100,000 spent on repairs.  Then again if crooks like you sell them, it becomes someone elses problem.     :(

longweekend58 wrote on Feb 16^th, 2013 at 8:41am:

wrote on Feb 16th, 2013 at 7:07am: Its the great Australian dream.     :( not for losers like you. for you the limit of your 'dream' is welfare and govt housing with a 20yo car in the drive - unregistered and uninsure of course. in the meantime, those of us with vision have great homes, great cars and great potential. loser.

Crook drives a late model car.

forgiven for false statements

namaste

wrote on Feb 16^th, 2013 at 8:49am:

Great homes that need $100,000 spent on repairs.  Then again if crooks like you sell them, it becomes someone elses problem.     :(

nothing wrong with buying a home that needs $100 000 worth of repairs as long as you are aware of it at the time of buying , it usually gives you room to move on the price ... and if you haven't done your checks and sign away to spend several hundred thoudsand dollars worth of property than you're an idiot and deserve to get stung.

Well it certainly seems that a lot of people are getting stung.     :( 

wrote on Feb 16^th, 2013 at 9:24am:

Well it certainly seems that a lot of people are getting stung.     :(

their own fault .... when you sell a car do you tell the buyer that you think the transmission is playing up, and he can expect the dif to go in the next few months, or do you say take it for a test drive and let me know what you decide?

it's up to buyers to do the required checks ... in the case of termites many owners aren't even aware that they have them (although I'm sure in may cases it's probably why they put it on the market) ... do your checks BEFORE you sign. It's relatively simple and not even that expensive.

Buying a Property? Get an Architect’s Advice BEFORE you Buy.     ;)
Your new home is one of the largest and most important investments you’ll ever make. It makes sense to get the experts on your side.

Have you found your dream home but you’re concerned about the affects of a nearby development or a neighbour’s construction? A nearby development can cause serious cracking or undermining of the building or other hidden faults that are invisible to the untrained eye.

If you’re uncertain about some aspects of the construction or design of your new home don’t go it alone - just ask an Archicentre Accredited building expert to help you and get the best professional advice available.
Our Archicentre Accredited Architects are amongst the most highly qualified experts in the building industry.

Archicentre Accredited Architects are completely unbiased and independent in the advice they give. It’s an easy, low-cost way to get the best professional advice about your new property, potentially saving you money and hassle in the long run.
An Archicentre Accredited Architect can advise you on every aspect of your property:

    Independent advice on building issues including cost effective solutions
    Advice on planning matters and local council requirements
    Enhanced home design opportunities
    Environmental considerations
    Sustainable designs and construction
    Design and building faults

Your Archicentre Advice Report

Following your consultation, you will receive a comprehensive Archicentre Architect’s Advice Report. This report will include a description of the problem and a suggested solution(s), so you’ll know exactly how best to deal with it along with a broad estimate of costs and additional technical information.     :)

John Smith wrote on Feb 16^th, 2013 at 9:20am:

wrote on Feb 16th, 2013 at 8:49am: Great homes that need $100,000 spent on repairs.  Then again if crooks like you sell them, it becomes someone elses problem.     :( nothing wrong with buying a home that needs $100 000 worth of repairs as long as you are aware of it at the time of buying , it usually gives you room to move on the price ... and if you haven't done your checks and sign away to spend several hundred thoudsand dollars worth of property than you're an idiot and deserve to get stung.

Bullshit !! You don't get time to do the checks !!

In Europe, property inspections are mandatory before a joint can be sold so that someone can't end up with a termite infested dump that at the very least is unlivable and/or dangerous. Of course the most important thing when buying a house in this country full of scammers is the real estate agents ripoff commissions and the bank loan to stitch you up for the rest of your life. Who cares if you have forked out millions and ended up with something that you can't live in :(

Sir lastnail wrote on Feb 16^th, 2013 at 10:49am:

In Europe, property inspections are mandatory before a joint can be sold so that someone can't end up with a termite infested dump that at the very least is unlivable and/or dangerous. Of course the most important thing when buying a house in this country full of scammers is the real estate agents ripoff commissions and the bank loan to stitch you up for the rest of your life. Who cares if you have forked out millions and ended up with something that you can't live in :(

Your insane rants always brighten up my day  ;D

John Smith wrote on Feb 16^th, 2013 at 9:20am:

wrote on Feb 16th, 2013 at 8:49am: Great homes that need $100,000 spent on repairs.  Then again if crooks like you sell them, it becomes someone elses problem.     :( nothing wrong with buying a home that needs $100 000 worth of repairs as long as you are aware of it at the time of buying , it usually gives you room to move on the price ... and if you haven't done your checks and sign away to spend several hundred thoudsand dollars worth of property than you're an idiot and deserve to get stung.

Reminds me of Swan and Gillard, signing up to the mining tax without checking what write-offs they were actually allowing.

Sir lastnail wrote on Feb 16^th, 2013 at 10:49am:

John Smith wrote on Feb 16th, 2013 at 9:20am: wrote on Feb 16th, 2013 at 8:49am: Great homes that need $100,000 spent on repairs.  Then again if crooks like you sell them, it becomes someone elses problem.     :( nothing wrong with buying a home that needs $100 000 worth of repairs as long as you are aware of it at the time of buying , it usually gives you room to move on the price ... and if you haven't done your checks and sign away to spend several hundred thoudsand dollars worth of property than you're an idiot and deserve to get stung. Bullshit !! You don't get time to do the checks !! In Europe, property inspections are mandatory before a joint can be sold so that someone can't end up with a termite infested dump that at the very least is unlivable and/or dangerous. Of course the most important thing when buying a house in this country full of scammers is the real estate agents ripoff commissions and the bank loan to stitch you up for the rest of your life. Who cares if you have forked out millions and ended up with something that you can't live in :(

what a load of rubbish .. do you just make this up as you go?  .... one can tell you've never bought a house ...

you get all the time you need to run all the checks you want ... most building and pest inspections only take a few days to organise, a week at the most besides, you can always have the option of asking your lawyer to add a clause to make any agreement subject to satisfactory pest and building inspection results .... 

did you also make up that stuff about Europe?  I know I didn't need to provide any building or pest inspection when I sold a property in Italy ..... last time I  checked Italy was in Europe wasn't it? .. unless it's moved.

Bertram wrote on Feb 16^th, 2013 at 10:59am:

John Smith wrote on Feb 16th, 2013 at 9:20am: wrote on Feb 16th, 2013 at 8:49am: Great homes that need $100,000 spent on repairs.  Then again if crooks like you sell them, it becomes someone elses problem.     :( nothing wrong with buying a home that needs $100 000 worth of repairs as long as you are aware of it at the time of buying , it usually gives you room to move on the price ... and if you haven't done your checks and sign away to spend several hundred thoudsand dollars worth of property than you're an idiot and deserve to get stung. Reminds me of Swan and Gillard, signing up to the mining tax without checking what write-offs they were actually allowing.

not really .. they simply didn't foresee the drop in commodity prices .. did you?

John Smith wrote on Feb 16^th, 2013 at 11:33am:

Sir lastnail wrote on Feb 16th, 2013 at 10:49am: John Smith wrote on Feb 16th, 2013 at 9:20am: wrote on Feb 16th, 2013 at 8:49am: Great homes that need $100,000 spent on repairs.  Then again if crooks like you sell them, it becomes someone elses problem.     :( nothing wrong with buying a home that needs $100 000 worth of repairs as long as you are aware of it at the time of buying , it usually gives you room to move on the price ... and if you haven't done your checks and sign away to spend several hundred thoudsand dollars worth of property than you're an idiot and deserve to get stung. Bullshit !! You don't get time to do the checks !! In Europe, property inspections are mandatory before a joint can be sold so that someone can't end up with a termite infested dump that at the very least is unlivable and/or dangerous. Of course the most important thing when buying a house in this country full of scammers is the real estate agents ripoff commissions and the bank loan to stitch you up for the rest of your life. Who cares if you have forked out millions and ended up with something that you can't live in :( what a load of rubbish .. do you just make this up as you go?  .... one can tell you've never bought a house ... you get all the time you need to run all the checks you want ... most building and pest inspections only take a few days to organise, a week at the most besides, you can always have the option of asking your lawyer to add a clause to make any agreement subject to satisfactory pest and building inspection results ....  did you also make up that stuff about Europe?  I know I didn't need to provide any building or pest inspection when I sold a property in Italy ..... last time I  checked Italy was in Europe wasn't it? .. unless it's moved.

Try germany mate.

It should be provided by the seller and not the buyer as a matter of law. Why would a dozen interested parties all waste money on duplicating an architects report when the one report should be provided by the seller ?

When you sell a car over a certain amount you have to provide a road worthy certificate so why not for a more expensive item such as a house ?

Sir lastnail wrote on Feb 16^th, 2013 at 11:40am:

John Smith wrote on Feb 16th, 2013 at 11:33am: Sir lastnail wrote on Feb 16th, 2013 at 10:49am: John Smith wrote on Feb 16th, 2013 at 9:20am: wrote on Feb 16th, 2013 at 8:49am: Great homes that need $100,000 spent on repairs.  Then again if crooks like you sell them, it becomes someone elses problem.     :( nothing wrong with buying a home that needs $100 000 worth of repairs as long as you are aware of it at the time of buying , it usually gives you room to move on the price ... and if you haven't done your checks and sign away to spend several hundred thoudsand dollars worth of property than you're an idiot and deserve to get stung. Bullshit !! You don't get time to do the checks !! In Europe, property inspections are mandatory before a joint can be sold so that someone can't end up with a termite infested dump that at the very least is unlivable and/or dangerous. Of course the most important thing when buying a house in this country full of scammers is the real estate agents ripoff commissions and the bank loan to stitch you up for the rest of your life. Who cares if you have forked out millions and ended up with something that you can't live in :( what a load of rubbish .. do you just make this up as you go?  .... one can tell you've never bought a house ... you get all the time you need to run all the checks you want ... most building and pest inspections only take a few days to organise, a week at the most besides, you can always have the option of asking your lawyer to add a clause to make any agreement subject to satisfactory pest and building inspection results ....  did you also make up that stuff about Europe?  I know I didn't need to provide any building or pest inspection when I sold a property in Italy ..... last time I  checked Italy was in Europe wasn't it? .. unless it's moved. Try germany mate. It should be provided by the vendor and not the buyer as a matter of law. Why would a dozen interested parties all waste money on duplicating an architects report when thge one report should be provided by the vendor ? When you sell a car over a certain amount you have to provide a road worthy certificate so why not for a more expensive item such as a house ?

Sure, as in Norway ... but you didn't say Germany, you said Europe .

Also, I'm not sure what state you're in, but I'm pretty sure you don't HAVE to provide a road worthy certificate in NSW  .... sure, buyers usually ask for them, but you are not obliged to provide them, I know I've sold cars in NSW without roadworthy certificates  ... unless your a motor dealer of course.

BigOl64 wrote on Feb 16^th, 2013 at 10:52am:

Sir lastnail wrote on Feb 16th, 2013 at 10:49am: In Europe, property inspections are mandatory before a joint can be sold so that someone can't end up with a termite infested dump that at the very least is unlivable and/or dangerous. Of course the most important thing when buying a house in this country full of scammers is the real estate agents ripoff commissions and the bank loan to stitch you up for the rest of your life. Who cares if you have forked out millions and ended up with something that you can't live in :( Your insane rants always brighten up my day  ;D

Jeez road worthies on a car must be a bad idea to you as well :(

f.cken idiot interjection as usual.

John Smith wrote on Feb 16^th, 2013 at 11:42am:

Sir lastnail wrote on Feb 16th, 2013 at 11:40am: John Smith wrote on Feb 16th, 2013 at 11:33am: Sir lastnail wrote on Feb 16th, 2013 at 10:49am: John Smith wrote on Feb 16th, 2013 at 9:20am: wrote on Feb 16th, 2013 at 8:49am: Great homes that need $100,000 spent on repairs.  Then again if crooks like you sell them, it becomes someone elses problem.     :( nothing wrong with buying a home that needs $100 000 worth of repairs as long as you are aware of it at the time of buying , it usually gives you room to move on the price ... and if you haven't done your checks and sign away to spend several hundred thoudsand dollars worth of property than you're an idiot and deserve to get stung. Bullshit !! You don't get time to do the checks !! In Europe, property inspections are mandatory before a joint can be sold so that someone can't end up with a termite infested dump that at the very least is unlivable and/or dangerous. Of course the most important thing when buying a house in this country full of scammers is the real estate agents ripoff commissions and the bank loan to stitch you up for the rest of your life. Who cares if you have forked out millions and ended up with something that you can't live in :( what a load of rubbish .. do you just make this up as you go?  .... one can tell you've never bought a house ... you get all the time you need to run all the checks you want ... most building and pest inspections only take a few days to organise, a week at the most besides, you can always have the option of asking your lawyer to add a clause to make any agreement subject to satisfactory pest and building inspection results ....  did you also make up that stuff about Europe?  I know I didn't need to provide any building or pest inspection when I sold a property in Italy ..... last time I  checked Italy was in Europe wasn't it? .. unless it's moved. Try germany mate. It should be provided by the vendor and not the buyer as a matter of law. Why would a dozen interested parties all waste money on duplicating an architects report when thge one report should be provided by the vendor ? When you sell a car over a certain amount you have to provide a road worthy certificate so why not for a more expensive item such as a house ? Sure, as in Norway ... but you didn't say Germany, you said Europe . Also, I'm not sure what state you're in, but I'm pretty sure you don't HAVE to provide a road worthy certificate in NSW  .... sure, buyers usually ask for them, but you are not obliged to provide them, I know I've sold cars in NSW without roadworthy certificates  ... unless your a motor dealer of course.

so it's ok to sell a termite infested old dump for an exorbitant price to anyone and it's a case of buyer beware !! And the scumbag real estate agent has no legal liabilities except to help themselves to their greedy commissions. Sounds like a great system we have here :(

Sir lastnail wrote on Feb 16^th, 2013 at 11:47am:

John Smith wrote on Feb 16th, 2013 at 11:42am: Sir lastnail wrote on Feb 16th, 2013 at 11:40am: John Smith wrote on Feb 16th, 2013 at 11:33am: Sir lastnail wrote on Feb 16th, 2013 at 10:49am: John Smith wrote on Feb 16th, 2013 at 9:20am: wrote on Feb 16th, 2013 at 8:49am: Great homes that need $100,000 spent on repairs.  Then again if crooks like you sell them, it becomes someone elses problem.     :( nothing wrong with buying a home that needs $100 000 worth of repairs as long as you are aware of it at the time of buying , it usually gives you room to move on the price ... and if you haven't done your checks and sign away to spend several hundred thoudsand dollars worth of property than you're an idiot and deserve to get stung. Bullshit !! You don't get time to do the checks !! In Europe, property inspections are mandatory before a joint can be sold so that someone can't end up with a termite infested dump that at the very least is unlivable and/or dangerous. Of course the most important thing when buying a house in this country full of scammers is the real estate agents ripoff commissions and the bank loan to stitch you up for the rest of your life. Who cares if you have forked out millions and ended up with something that you can't live in :( what a load of rubbish .. do you just make this up as you go?  .... one can tell you've never bought a house ... you get all the time you need to run all the checks you want ... most building and pest inspections only take a few days to organise, a week at the most besides, you can always have the option of asking your lawyer to add a clause to make any agreement subject to satisfactory pest and building inspection results ....  did you also make up that stuff about Europe?  I know I didn't need to provide any building or pest inspection when I sold a property in Italy ..... last time I  checked Italy was in Europe wasn't it? .. unless it's moved. Try germany mate. It should be provided by the vendor and not the buyer as a matter of law. Why would a dozen interested parties all waste money on duplicating an architects report when thge one report should be provided by the vendor ? When you sell a car over a certain amount you have to provide a road worthy certificate so why not for a more expensive item such as a house ? Sure, as in Norway ... but you didn't say Germany, you said Europe . Also, I'm not sure what state you're in, but I'm pretty sure you don't HAVE to provide a road worthy certificate in NSW  .... sure, buyers usually ask for them, but you are not obliged to provide them, I know I've sold cars in NSW without roadworthy certificates  ... unless your a motor dealer of course. so it's ok to sell a termite infested old dump for an exorbitant price to anyone and it's a case of buyer beware !! And the scumbag real estate agent has no legal liabilities except to help themselves to their greedy commissions. Sounds like a great system we have here :(

what has the agent to do with anything? Do you blame the sales girl at Hardly Normal when you buy a dodgy fridge? get real ... you just want to blame anyone and everyone for your problems ..... even if I own a termite infested dump, I am allowed to sell it for whatever the market is willing to pay for it, if you don't want a old termite infested dump don't buy it.  ... I personally wouldn't pay for a tattoo but i'm not about to blame tattoo artists if my son got a tattoo once he was old enough ... 

yes it is a case of buyer beware ... since you seem to be aware of the concept you have no reason to get stung ...

Sir lastnail wrote on Feb 16^th, 2013 at 11:42am:

BigOl64 wrote on Feb 16th, 2013 at 10:52am: Sir lastnail wrote on Feb 16th, 2013 at 10:49am: In Europe, property inspections are mandatory before a joint can be sold so that someone can't end up with a termite infested dump that at the very least is unlivable and/or dangerous. Of course the most important thing when buying a house in this country full of scammers is the real estate agents ripoff commissions and the bank loan to stitch you up for the rest of your life. Who cares if you have forked out millions and ended up with something that you can't live in :( Your insane rants always brighten up my day  ;D Jeez road worthies on a car must be a bad idea to you as well :( f.cken idiot interjection as usual.

Yes exactly, I was totally referring to road worthies for cars with my comment.  ;D



I'm surprised you can get out of bed in the morning without someone doing most of the work for you.

You sad little bugger.  ;D

I may be wrong, it's not unknown, but in NSW I thought that you couldn't issue a contract for sale without supplying an inspection report by a licensed building inspector.
But I haven't sold a home in 30 years so I could have it wrong.

hadrian_now wrote on Feb 16^th, 2013 at 2:57pm:

I may be wrong, it's not unknown, but in NSW I thought that you couldn't issue a contract for sale without supplying an inspection report by a licensed building inspector. But I haven't sold a home in 30 years so I could have it wrong.

I don't think so, I sold my property in NSW 2.5 yrs ago and it wasn't required .... it is up to the buyer to get a building and pest inspection and no buyer can ever say they didn't know because the first thing their lawyer will tell them is to get a building and pest inspection ...

a nearby neighbour of mine bought his property on the Gold Coast without an inspection, property has extensive termite damage which is obvious to anyone who knows what to look for .... he accepts it's his own stupid fault for not getting the inspections done at the time of purchase.

John Smith wrote on Feb 16^th, 2013 at 11:52am:

what has the agent to do with anything? Do you blame the sales girl at Hardly Normal when you buy a dodgy fridge? get real ... you just want to blame anyone and everyone for your problems ..... even if I own a termite infested dump, I am allowed to sell it for whatever the market is willing to pay for it, if you don't want a old termite infested dump don't buy it.  ... I personally wouldn't pay for a tattoo but i'm not about to blame tattoo artists if my son got a tattoo once he was old enough ...  yes it is a case of buyer beware ... since you seem to be aware of the concept you have no reason to get stung ...

because they should do something for the money they get instead of telling lies and ripping people off.

Like I said why would ten interest parties each get an independent architects report on the one joint ?

Wouldn't it make more sense that the seller get one and make it available for any prospective purchaser ?

What you and the corrupt real estate institute advocates is brain dead but you always whinge and whine about being short changed a few hundred bucks on a transaction that could be in the millions :(

The whole real estate industry in australia is full of crooks after a slice of the action from doing little or no work and the government is just as guilty in perpetuating it :(

Sir lastnail wrote on Feb 16^th, 2013 at 5:30pm:

John Smith wrote on Feb 16th, 2013 at 11:52am: what has the agent to do with anything? Do you blame the sales girl at Hardly Normal when you buy a dodgy fridge? get real ... you just want to blame anyone and everyone for your problems ..... even if I own a termite infested dump, I am allowed to sell it for whatever the market is willing to pay for it, if you don't want a old termite infested dump don't buy it.  ... I personally wouldn't pay for a tattoo but i'm not about to blame tattoo artists if my son got a tattoo once he was old enough ...  yes it is a case of buyer beware ... since you seem to be aware of the concept you have no reason to get stung ... because they should do something for the money they get instead of telling lies and ripping people off. your assuming that they lie ... based on what? a dream? How do they rip you off? you don't pay them the seller does. They do their job, which is to bring buyers and sellers together . You can always chose to go it alone ... you don't have to use an agent Like I said why would ten interest parties each get an independent architects report on the one joint ? because ten parties would not ..was that another dream?  ... one usually gets the reports done after an offer is made an accepted ... since a seller can only do that once, it is impossible to have 10 people asking for the same report, it is illegal for him to accept another offer after he has already accepted one . Wouldn't it make more sense that the seller get one and make it available for any prospective purchaser ? nope, you want it you pay ... as a seller I have no need for a report What you and the corrupt real estate institute advocates is brain dead but you always whinge and whine about being short changed a few hundred bucks on a transaction that could be in the millions :( you do realise the money people pay for the house goes to the seller and not the agent don't you?  and since agents take their commission from the money before they hand over the moeny to the seller, I doubt there are many cases of someone being short changed .. we'll just notch that one up to another dream why don't we. The whole real estate industry in australia is full of crooks after a slice of the action from doing little or no work and the government is just as guilty in perpetuating it :( little or no work? fine, get a job as a real estate agent . I'm betting you wouldn't last 6 months

just as an after thought nail

you do realise that the agent works for the seller and not the buyer don't you?  you can of course hire a buyers agent to act on your behalf and look after your interests, but I'm betting you won't want to pay for it .

John Smith wrote on Feb 16^th, 2013 at 9:30pm:

just as an after thought nail you do realise that the agent works for the seller and not the buyer don't you?  you can of course hire a buyers agent to act on your behalf and look after your interests, but I'm betting you won't want to pay for it .

that's debatable. Many unscrupulous agents falsely quote just to sign the punters up to their books and then proceed to find anyone to buy it even if it means selling it a greatly reduced price. Agents are all in it for their comissions :(

John Smith wrote on Feb 16^th, 2013 at 5:41pm:

Sir lastnail wrote on Feb 16th, 2013 at 5:30pm: John Smith wrote on Feb 16th, 2013 at 11:52am: what has the agent to do with anything? Do you blame the sales girl at Hardly Normal when you buy a dodgy fridge? get real ... you just want to blame anyone and everyone for your problems ..... even if I own a termite infested dump, I am allowed to sell it for whatever the market is willing to pay for it, if you don't want a old termite infested dump don't buy it.  ... I personally wouldn't pay for a tattoo but i'm not about to blame tattoo artists if my son got a tattoo once he was old enough ...  yes it is a case of buyer beware ... since you seem to be aware of the concept you have no reason to get stung ... because they should do something for the money they get instead of telling lies and ripping people off. your assuming that they lie ... based on what? a dream? How do they rip you off? you don't pay them the seller does. They do their job, which is to bring buyers and sellers together . You can always chose to go it alone ... you don't have to use an agent Like I said why would ten interest parties each get an independent architects report on the one joint ? because ten parties would not ..was that another dream?  ... one usually gets the reports done after an offer is made an accepted ... since a seller can only do that once, it is impossible to have 10 people asking for the same report, it is illegal for him to accept another offer after he has already accepted one . Wouldn't it make more sense that the seller get one and make it available for any prospective purchaser ? nope, you want it you pay ... as a seller I have no need for a report What you and the corrupt real estate institute advocates is brain dead but you always whinge and whine about being short changed a few hundred bucks on a transaction that could be in the millions :( you do realise the money people pay for the house goes to the seller and not the agent don't you?  and since agents take their commission from the money before they hand over the moeny to the seller, I doubt there are many cases of someone being short changed .. we'll just notch that one up to another dream why don't we. The whole real estate industry in australia is full of crooks after a slice of the action from doing little or no work and the government is just as guilty in perpetuating it :( little or no work? fine, get a job as a real estate agent . I'm betting you wouldn't last 6 months

so if I bid at an auction and get the house and then I waste money and get an architects report only to find out that it has lots of asbestos in it. I don't want the house now because I may want to do some renovations later on. If I had of known this I would never had bought the joint in the first place and saved time and money and looked for another place. Seems stupid and counter productive that you have to waste time and money when the seller could have provided this information in the first place ?

Typical scam operators in this country always looking to hoodwink people:(

Asbestos
Unions have campaigned for decades about the dangers of asbestos and have successfully banned it from Australia and helped secure long term compensation for people affected by asbestos-related disease.

Australia had the highest per capita use of asbestos in the world from the 1950s until the 1980s.  About every third domestic dwelling built between 1945 and 1987 (when manufacture of asbestos products in Australia ceased) is thought to contain asbestos.     :(

Australia’s union members have been hit hard by the asbestos epidemic. Many have lost their lives through their exposure in the workplace. Miners of asbestos have been badly affected but also many other tradespeople, workers and even family members of workers.

Waterside workers who loaded asbestos onto ships, mechanics that worked on asbestos-filled brake pads, electricians and technicians in power stations that used asbestos, as well as builders, carpenters, roofers and other tradespeople that used ‘fibro’ building products.

After many years of concerted union campaigning, the use of asbestos in Australian workplaces was banned at the end of 2003.

But more than 500 Australians die annually from the asbestos disease mesothelioma, that rate is still increasing and the number of deaths each year are still to peak.  Even after the projected peak number of deaths each year, people will continue to die from asbestos-related diseases for many years to come.  And now, added to all these deaths, there are serious concerns that the boom in DIY renovations will expose more people to breathing in asbestos.  Home renovators contracting asbestos related diseases are already being call the ‘fourth wave’ of sufferers.     :o


Asbestos-related disease
The inhalation of asbestos fibres can lead to asbestosis, a severely disabling respiratory disease, and to asbestos mesothelioma, an incurable form of lung cancer.

Mesothelioma is a disease that occurs in the lining of the lung and causes extreme pain and breathlessness.  Australia has the highest per capita incidence of mesothelioma in the world. 

There are no cures for mesothelioma and it is usually fatal within about 9–12 months of diagnosis. Up to 18,000 Australians are likely to die from mesothelioma by 2020 and historical figures suggest that for each diagnosed case of mesothelioma there are as many cases of lung cancer and non-malignant asbestos-related disease.     :(

Sir lastnail wrote on Feb 17^th, 2013 at 10:21am:

John Smith wrote on Feb 16th, 2013 at 9:30pm: just as an after thought nail you do realise that the agent works for the seller and not the buyer don't you?  you can of course hire a buyers agent to act on your behalf and look after your interests, but I'm betting you won't want to pay for it . that's debatable. Many unscrupulous agents falsely quote just to sign the punters up to their books and then proceed to find anyone to buy it even if it means selling it a greatly reduced price. Agents are all in it for their comissions :(

falsely quote what? I didn't realise they quoted for anything .... if you're referring to the price they esitmate your house should sell for, than thats an estimate based on recent sales activity in the area and contrary to what you believe, not guesswork based on their horoscope.. of course as every house is unique, it is only a guide... in the end the market will determine the price

Of course agents are in it for their commission .. I work for my income, not because I enjoy the crap that comes with it ... you work for your pay, as does everyone else who works .. if you didn't get paid you wouldn't do it

and what greatly reduced prices? weren't you whinging earlier that they sell at overinflated prices ... you're all over the shop and have no real line of thought other than to disagree .. you're just making it up as you go.

Sir lastnail wrote on Feb 17^th, 2013 at 10:30am:

John Smith wrote on Feb 16th, 2013 at 5:41pm: Sir lastnail wrote on Feb 16th, 2013 at 5:30pm: John Smith wrote on Feb 16th, 2013 at 11:52am: what has the agent to do with anything? Do you blame the sales girl at Hardly Normal when you buy a dodgy fridge? get real ... you just want to blame anyone and everyone for your problems ..... even if I own a termite infested dump, I am allowed to sell it for whatever the market is willing to pay for it, if you don't want a old termite infested dump don't buy it.  ... I personally wouldn't pay for a tattoo but i'm not about to blame tattoo artists if my son got a tattoo once he was old enough ...  yes it is a case of buyer beware ... since you seem to be aware of the concept you have no reason to get stung ... because they should do something for the money they get instead of telling lies and ripping people off. your assuming that they lie ... based on what? a dream? How do they rip you off? you don't pay them the seller does. They do their job, which is to bring buyers and sellers together . You can always chose to go it alone ... you don't have to use an agent Like I said why would ten interest parties each get an independent architects report on the one joint ? because ten parties would not ..was that another dream?  ... one usually gets the reports done after an offer is made an accepted ... since a seller can only do that once, it is impossible to have 10 people asking for the same report, it is illegal for him to accept another offer after he has already accepted one . Wouldn't it make more sense that the seller get one and make it available for any prospective purchaser ? nope, you want it you pay ... as a seller I have no need for a report What you and the corrupt real estate institute advocates is brain dead but you always whinge and whine about being short changed a few hundred bucks on a transaction that could be in the millions :( you do realise the money people pay for the house goes to the seller and not the agent don't you?  and since agents take their commission from the money before they hand over the moeny to the seller, I doubt there are many cases of someone being short changed .. we'll just notch that one up to another dream why don't we. The whole real estate industry in australia is full of crooks after a slice of the action from doing little or no work and the government is just as guilty in perpetuating it :( little or no work? fine, get a job as a real estate agent . I'm betting you wouldn't last 6 months so if I bid at an auction and get the house and then I waste money and get an architects report only to find out that it has lots of asbestos in it. I don't want the house now because I may want to do some renovations later on. If I had of known this I would never had bought the joint in the first place and saved time and money and looked for another place. Seems stupid and counter productive that you have to waste time and money when the seller could have provided this information in the first place ? Typical scam operators in this country always looking to hoodwink people:(

I wasn't referring to auctions .. you don't like auctions don't buy at auction ... lots of properties for sale that don't go to auctions, with auctions you need to do your homework beforehand ... I personally have never bought at auction .. I don't like them.

in the case of auctions I would actually agree with you that it should be done beforehand and provided to all interested bidders ..

John Smith wrote on Feb 17^th, 2013 at 11:44am:

Sir lastnail wrote on Feb 17th, 2013 at 10:30am: John Smith wrote on Feb 16th, 2013 at 5:41pm: Sir lastnail wrote on Feb 16th, 2013 at 5:30pm: John Smith wrote on Feb 16th, 2013 at 11:52am: what has the agent to do with anything? Do you blame the sales girl at Hardly Normal when you buy a dodgy fridge? get real ... you just want to blame anyone and everyone for your problems ..... even if I own a termite infested dump, I am allowed to sell it for whatever the market is willing to pay for it, if you don't want a old termite infested dump don't buy it.  ... I personally wouldn't pay for a tattoo but i'm not about to blame tattoo artists if my son got a tattoo once he was old enough ...  yes it is a case of buyer beware ... since you seem to be aware of the concept you have no reason to get stung ... because they should do something for the money they get instead of telling lies and ripping people off. your assuming that they lie ... based on what? a dream? How do they rip you off? you don't pay them the seller does. They do their job, which is to bring buyers and sellers together . You can always chose to go it alone ... you don't have to use an agent Like I said why would ten interest parties each get an independent architects report on the one joint ? because ten parties would not ..was that another dream?  ... one usually gets the reports done after an offer is made an accepted ... since a seller can only do that once, it is impossible to have 10 people asking for the same report, it is illegal for him to accept another offer after he has already accepted one . Wouldn't it make more sense that the seller get one and make it available for any prospective purchaser ? nope, you want it you pay ... as a seller I have no need for a report What you and the corrupt real estate institute advocates is brain dead but you always whinge and whine about being short changed a few hundred bucks on a transaction that could be in the millions :( you do realise the money people pay for the house goes to the seller and not the agent don't you?  and since agents take their commission from the money before they hand over the moeny to the seller, I doubt there are many cases of someone being short changed .. we'll just notch that one up to another dream why don't we. The whole real estate industry in australia is full of crooks after a slice of the action from doing little or no work and the government is just as guilty in perpetuating it :( little or no work? fine, get a job as a real estate agent . I'm betting you wouldn't last 6 months so if I bid at an auction and get the house and then I waste money and get an architects report only to find out that it has lots of asbestos in it. I don't want the house now because I may want to do some renovations later on. If I had of known this I would never had bought the joint in the first place and saved time and money and looked for another place. Seems stupid and counter productive that you have to waste time and money when the seller could have provided this information in the first place ? Typical scam operators in this country always looking to hoodwink people:( I wasn't referring to auctions .. you don't like auctions don't buy at auction ... lots of properties for sale that don't go to auctions, with auctions you need to do your homework beforehand ... I personally have never bought at auction .. I don't like them. in the case of auctions I would actually agree with you that it should be done beforehand and provided to all interested bidders ..

just make it law to provide a report and stop making excuses not too !!  If you have got nothing to hide then you won't mind spending a bit of coin on a proper report !! Surely it's not that difficult for the return you are expecting to get !!

And you know damn well that most of these houses would be condemned if they were in germany that's why you don't want to do it !! The whole property industry is run buy scammers and crooks with the governments blessing :(

Mandatory checks, hogwash. well established point of law is "caveat emptor". People need to take some sort of degree of personal responsibility in their lives. Seems some here like Lostnail would have everyone wrapped in cotton wool living in a nanny state.

rusty, you have an inherently suspicious and skeptical mind. It's a wonder you are not a climate skeptic.
There are good & bad, honest & dishonest people in the real estate business as there are in every business.
The good ones stay around through the good times and the lean times because mostly they are known to do a good job.
The bad ones are usually weeded out by the downturns but, like weeds in the garden, they pop up again when the weather comes good.

Sir lastnail wrote on Feb 17^th, 2013 at 2:18pm:

just make it law to provide a report and stop making excuses not too !!  If you have got nothing to hide then you won't mind spending a bit of coin on a proper report !! Surely it's not that difficult for the return you are expecting to get

actually it is .... you want the report, you spend the coin ..... surely a couple of hundred dollars to protect your $3 - 4 hundred thousand spend is money well spent?

I suppose it's a bit of a risk management scenario buying without a building report.  You can end up out of pocket if you're unlucky, or you can get the property you want at a good price if you are lucky.  We were looking at a property at Glenhaven and put in an offer on it (a reasonable amount above the asking price - it was one of those "Offers Above $......" sales) but said we wanted a building inspection before paying the 10% deposit.  So far so good, but within 24 hours someone else made an offer on the same property and paid their 10% deposit without having an inspection done.  As much as I liked the place, I wouldn't have done that - it was in pretty good shape, but there was moss at the foot of a couple of external walls.....

Frances wrote on Feb 17^th, 2013 at 9:02pm:

I suppose it's a bit of a risk management scenario buying without a building report.  You can end up out of pocket if you're unlucky, or you can get the property you want at a good price if you are lucky.  We were looking at a property at Glenhaven and put in an offer on it (a reasonable amount above the asking price - it was one of those "Offers Above $......" sales) but said we wanted a building inspection before paying the 10% deposit.  So far so good, but within 24 hours someone else made an offer on the same property and paid their 10% deposit without having an inspection done.  As much as I liked the place, I wouldn't have done that - it was in pretty good shape, but there was moss at the foot of a couple of external walls.....

you can always make the offer subject to building and pest inspections .... pay the deposit, if it doesn't pass the inspections you get your money back ... maybe talk to your lawyer about it beforehand

John Smith wrote on Feb 17^th, 2013 at 3:59pm:

Sir lastnail wrote on Feb 17th, 2013 at 2:18pm: just make it law to provide a report and stop making excuses not too !!  If you have got nothing to hide then you won't mind spending a bit of coin on a proper report !! Surely it's not that difficult for the return you are expecting to get actually it is .... you want the report, you spend the coin ..... surely a couple of hundred dollars to protect your $3 - 4 hundred thousand spend is money well spent?

Why would a dozen interested parties all pay for the same report to be done ? That doesn't make sense :(

And why pay for a report after you have agreed to buy the joint when you have no idea of its true condition prior to purchase ? Would you buy a car like that ?

What you are advocating is totally absurd and it's obvious that you want to be able to hoodwink some sucker into buying overpriced rubbish full of termites and asbestos and this is typical of the property scam industry where quality does not count :(

John Smith wrote on Feb 17^th, 2013 at 9:44pm:

Frances wrote on Feb 17th, 2013 at 9:02pm: I suppose it's a bit of a risk management scenario buying without a building report.  You can end up out of pocket if you're unlucky, or you can get the property you want at a good price if you are lucky.  We were looking at a property at Glenhaven and put in an offer on it (a reasonable amount above the asking price - it was one of those "Offers Above $......" sales) but said we wanted a building inspection before paying the 10% deposit.  So far so good, but within 24 hours someone else made an offer on the same property and paid their 10% deposit without having an inspection done.  As much as I liked the place, I wouldn't have done that - it was in pretty good shape, but there was moss at the foot of a couple of external walls..... you can always make the offer subject to building and pest inspections .... pay the deposit, if it doesn't pass the inspections you get your money back ... maybe talk to your lawyer about it beforehand

I thought that was the standard way of doing it. How strange that frances didnt. Also i thought it was law you had to have a building report or is that just in QLD?

SOB

Sir lastnail wrote on Feb 17^th, 2013 at 11:02pm:

John Smith wrote on Feb 17th, 2013 at 3:59pm: Sir lastnail wrote on Feb 17th, 2013 at 2:18pm: just make it law to provide a report and stop making excuses not too !!  If you have got nothing to hide then you won't mind spending a bit of coin on a proper report !! Surely it's not that difficult for the return you are expecting to get actually it is .... you want the report, you spend the coin ..... surely a couple of hundred dollars to protect your $3 - 4 hundred thousand spend is money well spent? Why would a dozen interested parties all pay for the same report to be done ? That doesn't make sense :( And why pay for a report after you have agreed to buy the joint when you have no idea of its true condition prior to purchase ? Would you buy a car like that ? What you are advocating is totally absurd and it's obvious that you want to be able to hoodwink some sucker into buying overpriced rubbish full of termites and asbestos and this is typical of the property scam industry where quality does not count :(

I've already explained it to you but you seem to not want to listen ... go back and re read the theead. Otherwise, keep paying rent and shut the fck up.

Sir Spot of Borg wrote on Feb 18^th, 2013 at 5:33am:

John Smith wrote on Feb 17th, 2013 at 9:44pm: Frances wrote on Feb 17th, 2013 at 9:02pm: I suppose it's a bit of a risk management scenario buying without a building report.  You can end up out of pocket if you're unlucky, or you can get the property you want at a good price if you are lucky.  We were looking at a property at Glenhaven and put in an offer on it (a reasonable amount above the asking price - it was one of those "Offers Above $......" sales) but said we wanted a building inspection before paying the 10% deposit.  So far so good, but within 24 hours someone else made an offer on the same property and paid their 10% deposit without having an inspection done.  As much as I liked the place, I wouldn't have done that - it was in pretty good shape, but there was moss at the foot of a couple of external walls..... you can always make the offer subject to building and pest inspections .... pay the deposit, if it doesn't pass the inspections you get your money back ... maybe talk to your lawyer about it beforehand I thought that was the standard way of doing it. How strange that frances didnt. Also i thought it was law you had to have a building report or is that just in QLD? SOB

We did make the offer subject to building and pest inspections.  In NSW it's the purchaser and not the vendor who has to get the inspections.  What happened was that the other person said they would pay the 10% and sign a contract without getting any inspection done.  Whether it is mandatory to have an inspection prior to settlement I don't know.

I thing there is not a big issue to but the homes that are required $100k to renovate this.If you have enough experience to make repair to make the homes good and well conditioned so it would be so helpful and will make you the better profit of it.

Lavy_123 wrote on Feb 25^th, 2013 at 4:00pm:

I thing there is not a big issue to but the homes that are required $100k to renovate this.If you have enough experience to make repair to make the homes good and well conditioned so it would be so helpful and will make you the better profit of it.

and if you don't think you able to make good the repairs don't buy it .

lastnail just wants to make it a big issue because he likes to rent.

If you buy a house for say $950k that needs $150k worth of repairs (a couple of Californian bungalows we looked at last weekend would be in that category) and you ended up with a house worth $1.25m afterwards, wouldn't you be coming out in front?

Frances wrote on Feb 25^th, 2013 at 10:37pm:

If you buy a house for say $950k that needs $150k worth of repairs (a couple of Californian bungalows we looked at last weekend would be in that category) and you ended up with a house worth $1.25m afterwards, wouldn't you be coming out in front?

Especially if you found a way to do that $150 000 worth of repairs for $100 000 .....

The one we liked needed totally rewired, new kitchen, new bathroom, new laundry (admittedly not expensive compared to the kitchen and bathroom), new floorcoverings and from the condition of the house I would guess the plumbing might need a bit of attention - and I wouldn't want to park a car in the garage without replacing the roof and doors (of the garage that is, not the car).  The house needed repainted throughout and the garden was overgrown, but those are things we could do ourselves.  The auction is a bit off yet, but the agent said he thought it would go for something in the low to mid 900s, and that seems a reasonable guess.

Frances wrote on Feb 25^th, 2013 at 10:54pm:

The one we liked needed totally rewired, new kitchen, new bathroom, new laundry (admittedly not expensive compared to the kitchen and bathroom), new floorcoverings and from the condition of the house I would guess the plumbing might need a bit of attention - and I wouldn't want to park a car in the garage without replacing the roof and doors (of the garage that is, not the car).  The house needed repainted throughout and the garden was overgrown, but those are things we could do ourselves.  The auction is a bit off yet, but the agent said he thought it would go for something in the low to mid 900s, and that seems a reasonable guess.

those things will be reflected in the price (although I'm not a fan of buying at Auction ... auctions are designed to drag emotion into a decision that should be made soley by using the brain, not the heart)

if you do buy at auction set your limit and hold to it, no matter what. It should be treated in a strictly business manner, if you miss out, so be it, try again next week ... if you get it, then you can let the emotions go crazy  ... good luck with it

John Smith wrote on Feb 25^th, 2013 at 7:41pm:

Lavy_123 wrote on Feb 25th, 2013 at 4:00pm: I thing there is not a big issue to but the homes that are required $100k to renovate this.If you have enough experience to make repair to make the homes good and well conditioned so it would be so helpful and will make you the better profit of it. and if you don't think you able to make good the repairs don't buy it . lastnail just wants to make it a big issue because he likes to rent.

no I prefer to invest in high technology but then you wouldn't know about high technology and running a business would you ;)

and as for your property ponzi scam I can give you an update on it's progress ;D

check it out for yourself. The debt never goes down ;D

http://www.australiandebtclock.com.au/

Good eh ;)

---

Sir lastnail wrote on Feb 25^th, 2013 at 11:02pm:

John Smith wrote on Feb 25th, 2013 at 7:41pm: Lavy_123 wrote on Feb 25th, 2013 at 4:00pm: I thing there is not a big issue to but the homes that are required $100k to renovate this.If you have enough experience to make repair to make the homes good and well conditioned so it would be so helpful and will make you the better profit of it. and if you don't think you able to make good the repairs don't buy it . lastnail just wants to make it a big issue because he likes to rent. no I like to invest in high technology and use this dump as my office ;) and as for you property ponzi scam I can give you an update on it's progress ;)

like I've said before, you keep putting that up like it's supposed to mean something ... It doesn't . Nothing wrong with debt if it's used properly


Sir lastnail wrote on Feb 25^th, 2013 at 11:02pm:

no I like to invest in high technology and use this dump as my office

you'd better hope their is a spare power point near your local park bench .... you'll need somewhere to plug that technology when you're homeless

John Smith wrote on Feb 25^th, 2013 at 11:06pm:

Sir lastnail wrote on Feb 25th, 2013 at 11:02pm: John Smith wrote on Feb 25th, 2013 at 7:41pm: Lavy_123 wrote on Feb 25th, 2013 at 4:00pm: I thing there is not a big issue to but the homes that are required $100k to renovate this.If you have enough experience to make repair to make the homes good and well conditioned so it would be so helpful and will make you the better profit of it. and if you don't think you able to make good the repairs don't buy it . lastnail just wants to make it a big issue because he likes to rent. no I like to invest in high technology and use this dump as my office ;) and as for you property ponzi scam I can give you an update on it's progress ;) like I've said before, you keep putting that up like it's supposed to mean something ... It doesn't . Nothing wrong with debt if it's used properly Sir lastnail wrote on Feb 25th, 2013 at 11:02pm: no I like to invest in high technology and use this dump as my office you'd better hope their is a spare power point near your local park bench .... you'll need somewhere to plug that technology when you're homeless

So what happened in Ireland Spain and the US ? They used debt properly didn't they ? How come they can't get themselves out of their economic mess by buying and selling property ? How come John ?

And I'll be right but I can see a few generations to come having their homes repossessed and being kicked out on the street. Who's paying off the 1.3 trillion housing credit card debt ? So much for creating real wealth by owning a property :(

http://www.ozpolitic.com/album/forum-attachments/debtclock_001.gif

Sir lastnail wrote on Feb 25^th, 2013 at 11:09pm:

I'll be right but I can see a few generations to come having their homes repossessed and being kicked out on the street. So much for creating real wealth by owning a property

homes are only repossessed if you've made a stupid decision somewhere down the track ...... when you buy a business do you consider only the best figures, or do you consider worst case scenario as well? buying investment property is buying a business.. ... if you aren't prepared for worst case scenario you are asking to get repossessed.  It's not the fault of the property market .. it's the idiot who thought he was invincible

Sir lastnail wrote on Feb 25^th, 2013 at 11:09pm:

John Smith wrote on Feb 25th, 2013 at 11:06pm: Sir lastnail wrote on Feb 25th, 2013 at 11:02pm: John Smith wrote on Feb 25th, 2013 at 7:41pm: Lavy_123 wrote on Feb 25th, 2013 at 4:00pm: I thing there is not a big issue to but the homes that are required $100k to renovate this.If you have enough experience to make repair to make the homes good and well conditioned so it would be so helpful and will make you the better profit of it. and if you don't think you able to make good the repairs don't buy it . lastnail just wants to make it a big issue because he likes to rent. no I like to invest in high technology and use this dump as my office ;) and as for you property ponzi scam I can give you an update on it's progress ;) like I've said before, you keep putting that up like it's supposed to mean something ... It doesn't . Nothing wrong with debt if it's used properly Sir lastnail wrote on Feb 25th, 2013 at 11:02pm: no I like to invest in high technology and use this dump as my office you'd better hope their is a spare power point near your local park bench .... you'll need somewhere to plug that technology when you're homeless So what happened in Ireland Spain and the US ? They used debt properly didn't they ? How come they can't get themselves out of their economic mess by buying and selling property ? How come John ? And I'll be right but I can see a few generations to come having their homes repossessed and being kicked out on the street. Who's paying off the 1.3 trillion housing credit card debt ? So much for creating real wealth by owning a property :(

How the bugger would i know what happened in Spain ... I don't care about Spain, I can only comment on the Australian market.

Can you stop putting up that debt clock on every post, it makes it difficult to follow the conversation ... I've already told you it means nothing to me

how old are you nail? and if you don't mind me asking what do you pay in rent?

John Smith wrote on Feb 25^th, 2013 at 11:18pm:

how old are you nail? and if you don't mind me asking what do you pay in rent?

He probably won't tell you John, you might 'use the information to track him down'... :D :D :D

John Smith wrote on Feb 25^th, 2013 at 11:14pm:

Sir lastnail wrote on Feb 25th, 2013 at 11:09pm: I'll be right but I can see a few generations to come having their homes repossessed and being kicked out on the street. So much for creating real wealth by owning a property homes are only repossessed if you've made a stupid decision somewhere down the track ...... when you buy a business do you consider only the best figures, or do you consider worst case scenario as well? buying investment property is buying a business.. ... if you aren't prepared for worst case scenario you are asking to get repossessed.  It's not the fault of the property market .. it's the idiot who thought he was invincible

yeh and I'm sure the 1.3 trillion used to inflate the bubble  has been made by lots of responsible borrowers ;D

maybe this might put it into perspective ;)

http://www.youtube.com/watch?v=CB2SluAUWJA

Sir lastnail wrote on Feb 25^th, 2013 at 11:25pm:

John Smith wrote on Feb 25th, 2013 at 11:14pm: Sir lastnail wrote on Feb 25th, 2013 at 11:09pm: I'll be right but I can see a few generations to come having their homes repossessed and being kicked out on the street. So much for creating real wealth by owning a property homes are only repossessed if you've made a stupid decision somewhere down the track ...... when you buy a business do you consider only the best figures, or do you consider worst case scenario as well? buying investment property is buying a business.. ... if you aren't prepared for worst case scenario you are asking to get repossessed.  It's not the fault of the property market .. it's the idiot who thought he was invincible yeh and I'm sure the 1.3 trillion used to inflate the bubble  has been made by lots of responsible borrowers ;D maybe this might put it into perspective ;) http://www.youtube.com/watch?v=CB2SluAUWJA

1.3 trillion against what value on the properties ... or do you only look at half the picture?

John Smith wrote on Feb 25^th, 2013 at 11:17pm:

Sir lastnail wrote on Feb 25th, 2013 at 11:09pm: John Smith wrote on Feb 25th, 2013 at 11:06pm: Sir lastnail wrote on Feb 25th, 2013 at 11:02pm: John Smith wrote on Feb 25th, 2013 at 7:41pm: Lavy_123 wrote on Feb 25th, 2013 at 4:00pm: I thing there is not a big issue to but the homes that are required $100k to renovate this.If you have enough experience to make repair to make the homes good and well conditioned so it would be so helpful and will make you the better profit of it. and if you don't think you able to make good the repairs don't buy it . lastnail just wants to make it a big issue because he likes to rent. no I like to invest in high technology and use this dump as my office ;) and as for you property ponzi scam I can give you an update on it's progress ;) like I've said before, you keep putting that up like it's supposed to mean something ... It doesn't . Nothing wrong with debt if it's used properly Sir lastnail wrote on Feb 25th, 2013 at 11:02pm: no I like to invest in high technology and use this dump as my office you'd better hope their is a spare power point near your local park bench .... you'll need somewhere to plug that technology when you're homeless So what happened in Ireland Spain and the US ? They used debt properly didn't they ? How come they can't get themselves out of their economic mess by buying and selling property ? How come John ? And I'll be right but I can see a few generations to come having their homes repossessed and being kicked out on the street. Who's paying off the 1.3 trillion housing credit card debt ? So much for creating real wealth by owning a property :( How the bugger would i know what happened in Spain ... I don't care about Spain, I can only comment on the Australian market. Can you stop putting up that debt clock on every post, it makes it difficult to follow the conversation ... I've already told you it means nothing to me

of course it doesn't mean anything to you because you display the same irrational symptoms of someone trying to rationalize an asset bubble.

John Smith wrote on Feb 25^th, 2013 at 11:27pm:

Sir lastnail wrote on Feb 25th, 2013 at 11:25pm: John Smith wrote on Feb 25th, 2013 at 11:14pm: Sir lastnail wrote on Feb 25th, 2013 at 11:09pm: I'll be right but I can see a few generations to come having their homes repossessed and being kicked out on the street. So much for creating real wealth by owning a property homes are only repossessed if you've made a stupid decision somewhere down the track ...... when you buy a business do you consider only the best figures, or do you consider worst case scenario as well? buying investment property is buying a business.. ... if you aren't prepared for worst case scenario you are asking to get repossessed.  It's not the fault of the property market .. it's the idiot who thought he was invincible yeh and I'm sure the 1.3 trillion used to inflate the bubble  has been made by lots of responsible borrowers ;D maybe this might put it into perspective ;) http://www.youtube.com/watch?v=CB2SluAUWJA 1.3 trillion against what value on the properties ... or do you only look at half the picture?

and who determines its value ? Is that before or after a crash ? Of course property never crashes in australia ;) A house is only worth what the bigger fool is willing to pay. It has no intrinsic value here anymore than a house that you can buy for a dollar in detroit. One day it's worth a lot and the next day it could be worth a lot less ;)

Sir lastnail wrote on Feb 25^th, 2013 at 11:30pm:

John Smith wrote on Feb 25th, 2013 at 11:17pm: Sir lastnail wrote on Feb 25th, 2013 at 11:09pm: John Smith wrote on Feb 25th, 2013 at 11:06pm: Sir lastnail wrote on Feb 25th, 2013 at 11:02pm: John Smith wrote on Feb 25th, 2013 at 7:41pm: Lavy_123 wrote on Feb 25th, 2013 at 4:00pm: I thing there is not a big issue to but the homes that are required $100k to renovate this.If you have enough experience to make repair to make the homes good and well conditioned so it would be so helpful and will make you the better profit of it. and if you don't think you able to make good the repairs don't buy it . lastnail just wants to make it a big issue because he likes to rent. no I like to invest in high technology and use this dump as my office ;) and as for you property ponzi scam I can give you an update on it's progress ;) like I've said before, you keep putting that up like it's supposed to mean something ... It doesn't . Nothing wrong with debt if it's used properly Sir lastnail wrote on Feb 25th, 2013 at 11:02pm: no I like to invest in high technology and use this dump as my office you'd better hope their is a spare power point near your local park bench .... you'll need somewhere to plug that technology when you're homeless So what happened in Ireland Spain and the US ? They used debt properly didn't they ? How come they can't get themselves out of their economic mess by buying and selling property ? How come John ? And I'll be right but I can see a few generations to come having their homes repossessed and being kicked out on the street. Who's paying off the 1.3 trillion housing credit card debt ? So much for creating real wealth by owning a property :( How the bugger would i know what happened in Spain ... I don't care about Spain, I can only comment on the Australian market. Can you stop putting up that debt clock on every post, it makes it difficult to follow the conversation ... I've already told you it means nothing to me of course it doesn't mean anything to you because you display the same irrational symptoms of someone trying to rationalize an asset bubble.

to show a fiugre and say 'this is how much debt' ... and thats all the information you give is ridiculous .... I can tell you I have a $1`million debt , does that mean anything to you?
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now what if I tell you that $1million debt is for a $100million investment .... does that sound quite the same, or is your thinking changing slightly?

Sir lastnail wrote on Feb 25^th, 2013 at 11:33pm:

and who determines its value ? Is that before or after a crash ? Of course property never crashes in australia  A house is only worth what the bigger fool is willing to pay. It has no intrinsic value here anymore than a house that you can buy for a dollar in detroit. One day it's worth a lot and the next day it could be worth a lot less

The market

I'll have to continue your education tomorrow ... getting late and I've a busy day ahead.

John Smith wrote on Feb 25^th, 2013 at 11:36pm:

to show a fiugre and say 'this is how much debt' ... and thats all the information you give is ridiculous .... I can tell you I have a $1`million debt , does that mean anything to you? . . . . . now what if I tell you that $1million debt is for a $100million investment .... does that sound quite the same, or is your thinking changing slightly?

Yeh I know. The good debt and bad debt argument ;D

1.3 trillion or 1,300 billion or 1,300,000 million invested in non productive assets doesn't mean anything to you ?

Are you fricken kidding me !!

Who's paying off the interest let alone the principle ?

Hong Kong has woken up to the property bubble. How come ? Surely there must be people in Hong Kong just as smart as you ;D


Quote:

Hong Kong Takes Steps to Avert Real Estate Bubble HONG KONG — Hong Kong is raising stamp duties and trying to restrict home loans, officials said Friday, to cool down a real estate market that has some of the most expensive apartments in the world. Financial Secretary John Tsang said “exuberance has regained momentum” in the Hong Kong market, and for this reason stamp duties for apartments would be increased across the board for most buyers. Mr. Tsang said the measures were needed to keep the potential economic risk from spreading. “The risk of an asset bubble is increasing,” he said. “If we allow the bubble to grow, in the end it will affect the macroeconomy and also the stability of the financial system. It will be very damaging to society.” For apartments costing less than 2 million Hong Kong dollars, or $258,000, the stamp duty of 100 dollars will now be 1.5 percent of the transaction price, while the stamp duty for other properties will be doubled to as much as 8.5 percent of the residential transaction price. The increased stamp duties will not apply to Hong Kong residents buying residential property for the first time, and other limited exemptions are possible. The government also said it would standardize the stamp duty program for nonresidential real estate like shops, factories, offices and parking spaces to avoid a flood of speculative money into these other categories. The city’s low interest rates, tight housing supply and abundant liquidity contributed to a 2 percent increase in real estate prices in January, Mr. Tsang said. Residential property prices have risen 120 percent since 2008. Meanwhile, the Hong Kong Monetary Authority, the city’s de facto central bank, issued mandatory guidelines to banks to tighten home loan approval criteria for all commercial and industrial real estate, including maximum loan-to-value ratios of mortgage loans. These ratios would be lowered 10 percentage points from existing applicable levels. Some analysts expected the latest measures to help slow the rise in real estate prices, for now. “There will be a big impact in the short term, the transactions will decrease, as well as speculation,” said Thomas Lam, director of research at Knight Frank. But the government “will do more if the property price continues to increase after three months.” The government has been taking steps to cool the market since October 2009, including a 15 percent property tax for foreign buyers, mortgage restrictions and taxes on quick resales. Also Friday, the Chinese National Bureau of Statistics released data indicating that new-home prices on the mainland rose an average of 0.8 percent in January from a year earlier, raising the possibly that Beijing might stiffen a three-year campaign to calm the market. Compared with December, home prices in 70 major Chinese cities rose an average of 0.7 percent in January, after a 0.4 percent rise in December from the previous month, according to Reuters calculations. On Wednesday, the Chinese cabinet repeated its intention to extend a pilot property-tax program to more cities and urged the local authorities again to put price-control targets on new homes, in a bid to calm real estate markets.

http://www.nytimes.com/2013/02/23/business/global/23iht-property23.html?_r=0

John Smith wrote on Feb 25^th, 2013 at 11:38pm:

I'll have to continue your education tomorrow ... getting late and I've a busy day ahead.

Just look at that debt clock again John. That's the only education I need ;) Just like a ticking time bomb. Tick-tock-tick-tock.... !!

The interest payments must be absolutely phenomenal particularly on an asset that never returns a dividend !! Maybe I leave it to you as an exercise to work out the interest payments ;D

http://www.ozpolitic.com/album/forum-attachments/debtclock_001.gif

Sir lastnail wrote on Feb 25^th, 2013 at 11:47pm:

1.3 trillion or 1,300 billion or 1,300,000 million invested in non productive assets doesn't mean anything to you ?

against what assets?  for some reason you refuse to look at the whole picture ... you want to look at debt you need to look at what it's for


Sir lastnail wrote on Feb 25^th, 2013 at 11:57pm:

The interest payments must be absolutely phenomenal particularly on an asset that never returns a dividend !! Maybe I leave it to you as an exercise to work out the interest payments

you realise that no one person is responsible for all that debt? loans are geared so that you can make your repayments .... no one will lend you money you cannot afford to repay  (or at least they aren't supposed to in Australia ... maybe thats what went wrong in Spain and Hong Kong) .

Never return a dividend? are you kidding me? I bought a house for 98 000 ... paid $30 000 in interest and sold it for $250 000 18 months later.... thats one hell of a dividend and one you couldn't match in 10 yrs of 'investing in technology'....

John Smith wrote on Feb 26^th, 2013 at 8:50pm:

Sir lastnail wrote on Feb 25th, 2013 at 11:47pm: 1.3 trillion or 1,300 billion or 1,300,000 million invested in non productive assets doesn't mean anything to you ? against what assets?  for some reason you refuse to look at the whole picture ... you want to look at debt you need to look at what it's for Sir lastnail wrote on Feb 25th, 2013 at 11:57pm: The interest payments must be absolutely phenomenal particularly on an asset that never returns a dividend !! Maybe I leave it to you as an exercise to work out the interest payments you realise that no one person is responsible for all that debt? loans are geared so that you can make your repayments .... no one will lend you money you cannot afford to repay  (or at least they aren't supposed to in Australia ... maybe thats what went wrong in Spain and Hong Kong) . Never return a dividend? are you kidding me? I bought a house for 98 000 ... paid $30 000 in interest and sold it for $250 000 18 months later.... thats one hell of a dividend and one you couldn't match in 10 yrs of 'investing in technology'....

are you fricken kidding me !! Haven't you ever heard of sub prime loans and no deposit loans where the bank pays 110% of the value of the house ??

And show me one owner occupier of a house that has ever received a dividend cheque for owning that house ? And you making that profit has come from someone else racking up debt. :( And you talk like you have actually created wealth for the country when you have just created more net debt !! And note that the housing debt clock never goes backwards :(

Sir lastnail wrote on Feb 27^th, 2013 at 10:14am:

John Smith wrote on Feb 26th, 2013 at 8:50pm: Sir lastnail wrote on Feb 25th, 2013 at 11:47pm: 1.3 trillion or 1,300 billion or 1,300,000 million invested in non productive assets doesn't mean anything to you ? against what assets?  for some reason you refuse to look at the whole picture ... you want to look at debt you need to look at what it's for Sir lastnail wrote on Feb 25th, 2013 at 11:57pm: The interest payments must be absolutely phenomenal particularly on an asset that never returns a dividend !! Maybe I leave it to you as an exercise to work out the interest payments you realise that no one person is responsible for all that debt? loans are geared so that you can make your repayments .... no one will lend you money you cannot afford to repay  (or at least they aren't supposed to in Australia ... maybe thats what went wrong in Spain and Hong Kong) . Never return a dividend? are you kidding me? I bought a house for 98 000 ... paid $30 000 in interest and sold it for $250 000 18 months later.... thats one hell of a dividend and one you couldn't match in 10 yrs of 'investing in technology'.... are you fricken kidding me !! Haven't you ever heard of sub prime loans and no deposit loans where the bank pays 110% of the value of the house ?? Like I've said countless times, I'm talking about Australia ... our banks are more regulated than in the US ... they simply cannot, although I know that for a while they tried And show me one owner occupier of a house that has ever received a dividend cheque for owning that house ? And you making that profit has come from someone else racking up debt. :( And you talk like you have actually created wealth for the country when you have just created more net debt !! And note that the housing debt clock never goes backwards :( dividend on the house is paid upon sale  .... and the profit to the banks comes from me paying off my debt . you worry about yours, I'll worry about mine. I haven't created any net debt .. I've borrowed money and paid it back ... if banks profit on that, good, they are allowed a profit . I'm not trying to create wealth for the country, I'm trying to create wealth for me ... you need to get past the ideology and come back to reality ,  you'll find reality and ideology are rarely compatible.

John Smith wrote on Feb 27^th, 2013 at 2:34pm:

Sir lastnail wrote on Feb 27th, 2013 at 10:14am: John Smith wrote on Feb 26th, 2013 at 8:50pm: Sir lastnail wrote on Feb 25th, 2013 at 11:47pm: 1.3 trillion or 1,300 billion or 1,300,000 million invested in non productive assets doesn't mean anything to you ? against what assets?  for some reason you refuse to look at the whole picture ... you want to look at debt you need to look at what it's for Sir lastnail wrote on Feb 25th, 2013 at 11:57pm: The interest payments must be absolutely phenomenal particularly on an asset that never returns a dividend !! Maybe I leave it to you as an exercise to work out the interest payments you realise that no one person is responsible for all that debt? loans are geared so that you can make your repayments .... no one will lend you money you cannot afford to repay  (or at least they aren't supposed to in Australia ... maybe thats what went wrong in Spain and Hong Kong) . Never return a dividend? are you kidding me? I bought a house for 98 000 ... paid $30 000 in interest and sold it for $250 000 18 months later.... thats one hell of a dividend and one you couldn't match in 10 yrs of 'investing in technology'.... are you fricken kidding me !! Haven't you ever heard of sub prime loans and no deposit loans where the bank pays 110% of the value of the house ?? Like I've said countless times, I'm talking about Australia ... our banks are more regulated than in the US ... they simply cannot, although I know that for a while they tried And show me one owner occupier of a house that has ever received a dividend cheque for owning that house ? And you making that profit has come from someone else racking up debt. :( And you talk like you have actually created wealth for the country when you have just created more net debt !! And note that the housing debt clock never goes backwards :( dividend on the house is paid upon sale  .... and the profit to the banks comes from me paying off my debt . you worry about yours, I'll worry about mine. I haven't created any net debt .. I've borrowed money and paid it back ... if banks profit on that, good, they are allowed a profit . I'm not trying to create wealth for the country, I'm trying to create wealth for me ... you need to get past the ideology and come back to reality ,  you'll find reality and ideology are rarely compatible.

jeez that's funny when you buy shares and the underlying business has been profitable you receive a dividend each year as well as the capital gains. Can't say the same about owning a home. Never heard of anyone receiving a dividend cheque on their own home !! Maybe a business actually creates wealth unlike a home ;)

Sir lastnail wrote on Feb 27^th, 2013 at 2:52pm:

Never heard of anyone receiving a dividend cheque on their own home !!

If you want to argue semantics then it's probably because you've lost the argument ....