1. As we will probably purchasing from the internet, what people do we phone in the area to get a better feel of the properties and areas? Do we phone the local council?
2. Is it better for us to try and save up cash for the deposits rather than using the equity in our home for the whole purchase? We currently have about $120,000 equity in our home.[?]
Des and Sue,
I feel you will be better served by first looking in the area you know best, however for many reasons it is appropriate to buy elsewhere.
As far as saving deposits there is no right or wrong way.
A major disadvantages is the time spent saving. You need to determine whether you can save a deposit faster than the growth being experienced in your target area. If you believe that prices will rise faster than you can save then it may be prudent to utilise your existing equity to fund your next deposit.
If you do so then consider drawing the 20% deposit from your current property to fund this next loan rather than simply offering the first property as security. This will avoid you cross collaterising securities.
All the best.
Simon
Hi Des & Sue. You say you want to get a FEEL for the property you want to purchase. I think to get a feel for it, you have to see it. Photos and phone discussions can be very misleading, i.e tell/show you only the good points.
Regards
Marty
Hi Des and Sue,
Can you please tell me the exact reasons why you will be purchasing from the internet? It might help me give you some answers.
Cheers
rHi Des & Sue
Try ringing a few Property Managers in the area you are looking in. They should have a good feel for the area you are looking in because that is where their clients are.
Regards
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