Wednesday, July 1, 2009
Property 6 is now approved!!!
What a glorious day! Our latest acquisition of KFC, no, I mean investment property, was approved by the bank today. I have to say the frustration I felt yesterday was quite warranted, the bank needed a second extension to the finance approval date! My poor broker was on the receiving end of my rant, so Chris, sorry, but I was severely pissed off.
So, my wife and I now have six properties. For the time being, this house will be our primary place of residence, for at least one year, so we get a tax benefit when it comes time to sell (i.e. no capital gains tax), which as I'm sure most of you are aware, can go on for 6 years, even with rental coming in after you leave. It's one of those lovely little loopholes I hope Mr KRudd doesn't close in the near future, as it saves us a few thousand when it comes time to sell, whenever that will be.
It's quite a good place, compared to where we have lived in the last few years. There is a problem with flood, but the 2009 Ingham floods were huge and it would only come up to my chest standing in the bottom level. Luckily, it's built in a way that if a flood does come, it would just require a hose down, no carpet and plaster, but tiles and visiboard are the option. Actually, it goes like this. In 1966, there was a very big flood, bigger than the one we had earlier this year. Then nothing until 1976, when a large body of water came and stuffed everything up again. Then in the early 90's there was a mini version of what Ingham just experienced, up until this year. So, odds are, that there may be a "flood event" within the next 10 years, but luckily Suncorp does that insurance.
There will be a bit of work to do...paint here and there, fix this, clean that, put in this and that...etc. etc. but nothing too drastic...