This investment property at 142/26 Felix St, Brisbane is rented until December for $550 a week. It is listed for sale for offers of more than $500,000. Picture: realestate.com.auINVESTING in property sounds so easy right? Find a property you want to buy, visit the bank, and find a tenant – done deal.Well it sounds easy, and it can be, as long as you work out a few crucial things at the beginning.According to ME head of home loans, Patrick Nolan, there are six key things potential investors need to weigh up before they even start looking.What’s your motivation?Nolan advises thinking carefully about this.“A quality property could be an excellent long term asset that can help you achieve important personal goals like building personal wealth or saving for retirement,” he said. “What are your goals, and will a rental property help you achieve them?’’Do you have a long term outlook?There are many costs involved in buying and selling an investment property aside from the weekly mortgage payment. These include stamp duty, legal fees and agent’s commission.All of this can add tens of thousands of dollars to your expenses and it can take time to recoup through capital growth.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoHow will you pay for major repairs?“This explains why property is regarded as a long term asset – one you should ideally be prepared to hold onto for five or more years,’’ Nolan said. “You don’t want to be in a position where a change in work or lifestyle means you have to sell the place prematurely and potentially cut short any profits on sale.’’Are you comfortable taking on an investment loan?While investment loans often come with higher interest at least it can be claimed on tax. Even so be sure to take into account future interest rate rises which you may need to kick in for.What if the tenant leaves?“Most rental properties experience periods of vacancy from time to time. Be sure your budget can handle these no-rent periods – no matter how brief.’’Paying for maintenance and repairs?Do you have enough cash on hand to pay for when things go wrong? “It’s worth having a slush fund of cash to cover these expenses – or at least a back-up source of funds that you can draw on in an emergency.’’Don’t be blindsided by tax perksNegative gearing and other tax concessions and deductions sound great, but don’t let his be the only reason you are investing.“Any tax benefits should be the icing on the cake – not the number one driver for becoming a property investor,’’ Nolan said.
Imprisonment and large fine Earlier this week, the Senate approved the measure that includes sanctions and specifies that perpetrators, co-perpetrators and accomplices of a homosexual marriage face a penalty of three years imprisonment and a fine of 500,000 Gourdes. Foreigners on Haitian territory stating are also affected by the bill. It stipulates, “No foreigner can avail himself of his personal status and the provisions of the law of his country to solicit the celebration in Haiti of a marriage between two persons of the same sex.”This bill must now be transferred to the Lower House for debate before being sent to the Executive for publication in the official newspaper “Le Moniteur.” Bill implicates foreigners Haitian lawmakers have approved legislation prohibiting same sex marriages as well as banning all forms of public demonstrations in support of homosexuality. When the vote was taken on Tuesday night, 50 per cent of the Senate was not present. But 12 Senators voted in favor of the bill, while one voted against and another abstained. This bill, in addition to prohibiting marriage, or attempted marriage, between two persons of the same sex in Haiti, also prohibits all forms of public demonstrations in support of homosexuality and proselytism in favor of such acts. Furthermore, the bill stipulates that “any promotion, in any form or by any means, constitutes an offense of contempt of good morals and public decency.”
FORT ST. JOHN, B.C. – BC Hydro has released statistics of those working on the Site C dam project in July.Compared to the numbers from June of this year, there were 84 fewer workers employed by the project in the first whole month of summer, to a total of 1,721 workers. Of those, 1,345 workers were employed as construction and environmental contractors, with an additional 376 engineers and project staff.The percentage of local hires on the dam site doesn’t seem to have shown much change, although it did increase by one percent to 47%, which means that there were 636 PRRD residents employed as contractors on the dam.- Advertisement -Overall, the number of workers hailing from BC fell one percent, from 83 percent to 82 percent.One thing that did not change from June to July was the number of Temporary Foreign Workers on the project: zero.Hydro added in the release that “as with any construction project, the number of workers — and the proportion from any particular location — will vary month-to-month and also reflects the seasonal nature of construction work.”Advertisement