澳洲Australia property are they playing games with me | Sydney


在澳大利亚 Hi Guys, Ive found a property that has mentioned two payments coming up of $1400 to apparently top up the admin fund and 2 have just been paid. Im looking at a financial statement (basically a balance sheet) for the strata and its all a bit Hi all, I currently have a PPOR and 10K cash in the bank which I plan to use as a deposit for a IP early next year. Is it possible for me to place this into my PPOR loan and then redraw the 10K when Im ready for the IP and then claim the int


hello i was wondering if some one could give me some advice ,i aproached a company to build for me ,because it was going to be 2 ,detached houses i asked about council approval ,they said you have to pay for boreing($350) then survay ($450) so we did,then the plans would be put to the council for approval ,once approved you pay 10% and we start ,so we payed the two prices as reqested ,but now he says we need 10% ,10% of what no plans have been done or given to the council for approval i thought you said not until it has gone through the council he came back telling me ,,,oh i had to fight hard but ok you have to put $1000 down ,before we start whats going on he is playing with us ,mind you when hubby took the quick scetch of how the buidings would sit on the parcel of land ,that they did ,to the council they needed the to meet reqirements so we payed this guy $1320,the company put us in touch with this guy (urban planning enviroment and development consultant) to write all this stuff out he went to the council and they said thats fine now we need the plans so this guy said no proplem ,ok so now we have payed $2,000 out and we still have to pay more even before any thing is approved ,being a company i would assume they draw up the plans to give to the council and give as a quote on how much it will cost us that would be the norm i would think,how can they ask us for %10 when they hav,nt given us a price yet ,i am thinking this is not right ,any body have any advice for me sounds like they are milking me ,and what about the end price ,,,,,,,,who nknows how much that will be  

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Hi there,

Sorry being not so helpful, but what research have you done before you've embarked on that project?

Do you have any costings for the approval and planning process, the building etc, etc?

If not, then I would stop at this stage, establish realistically whether I have the knowledge or not to do the job, get some more advice on this Forum and ANY other source and maybe get an architect to oversee the entire project and definitely would bring the cost IMMEDIATELY under control.

Think it is not what you wanted to hear but this is the most I can offer. I am not an expert in development projects, but would approach the same way as I approach any other areas of property investment.

Maybe some more experienced people be able to provide you with some more specific help. There are some developers on the Forum.

Tibor  

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Hi Addicted,

I had a bit of trouble following your story but it doesnt sound good. You need some advice and quick.

Ask for a fixed price quote for the building and it should be on an official contract.

Try the follwing links for starters:

Housing Industry Association

http://www.buildingonline.com.au/servlets-prod/iWebStreamer2?page_id=3740

Dept. Fair Trading

http://www.fairtrading.nsw.gov.au/building/homeowners/homebuildingcontracts.html  

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documentation

If you deal with any professional you should have looked at and signed a fee agreement.
You should also be a party to a building contract. This wiull have a contract sum attached.

You should (and by law are entitled) to know how much money you are up for andthe breakdown of where it is going in each stage !!!


A full outline of Council costs is also available if you ask council...it is a statutory fee so they can tell you easily.

Good luck and don't sign anything until you are satisfied. If you have already signed something, a disclosure of fees and charges should have been made available to you already.

Savanna  

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Addicted,

Sorry to say this, but it sounds like you're experiencing one of those extremely valuable learning experiences non-investors call mistakes.

Yes they are playing games with you - because you have not done your research and have let yourself be put in a position without power.

You need to control AND understand the process - it's your financial future on the line!

To take back control of the process you need to take the following steps - including the comments from others to this thread (which are all excellent!)

Stop the process RIGHT NOW!!

Document what has happened, dates & communications (this is a record for later - best to do it first so it doesn't get distorted by all the research you are about to do).

Talk to all the relevant parties (councils, architects, etc) and assert what you need to do to get the project underway and the correct order in which to do it.

Once YOU understand the required documentation and processes, ring around some other companies who could build for you. Explain the situation, ask what they would charge to do the job - get some competing quotes.

Get a complete understanding of what it will cost in time & money to complete your project. Check that this fits within your financial means & delivers a satisfactory return - if it doesn't you should stop now & seek another project - don't spend good money after bad.

Put the company you are working with on notice. Tell them you are unsatisfied with their communications & processes and that you are considering appropriate action (don't mention that you are shopping around or are considering legal action - just 'appropriate action').

Now decide how you wish to proceed - continue with the company you have been working with, work with a different company, or not do the development (the costs may not stack up once you've done your homework).

Document what needs to be done, who has to be it and when it has to be done by. This is the basis for an agreement with a builder. You need to ensure this is in writing, otherwise how can you tell if the people you contract are doing their job properly and how do they know they are doing the right job?

Start the wheels turning & stay in control of the process through measuring the project by it's milestones (plans completed, council approval received, etc).


Keep us at the forum appraised of your progress - it's probably the best cheersquad & sounding board you can have.

Good luck!

Cheers,

Aceyducey  

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thanks all for your input,i have been in contact on the weekend and mon or tues they are going to give me a fixed price and what will be done on their part ,so i will see what happens :confused: and ill sure let you guys know :p  

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