All Topics / Help Needed! / What To Do?

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  • Profile photo of terrybterryb
    Member
    @terryb
    Join Date: 2004
    Post Count: 4
    June 28, 2005 - 8:19 am

    I was just hoping to get a bit of advice on what I should do in my situation. Im from WA and have wanted to get into the property market for sometime but have always procrastinated.I have finally just purchased a block of land for for 90k. Im currently living with my parents trying to save as much as I can. I have 30k cash in the bank and own my own small business worth 30k which I am thinking of selling to pursue other work. Im in no hurry as yet to move out of parents place but would like to build up some equity so that when I purchase my first home I have a bit behind me. At the moment I am unsure whether to hang on to the block and get it paid off or build on it straight away either as a first home or investment. As it is only me and I am not making big money Im not sure if I could afford to live in the home and pay the mortage alone. With the boom in the building industry and property market in general at the moment the cost of building a house or buying keeps going up and is stretching out of my reach. Once the building boom dies down will the price of building a house go down. If so would I better off just paying my block off then building down the the track. Also any advice on building a house and what costs there are would be appreciated. Thanks.

    Profile photo of Nigel KibelNigel Kibel
    Participant
    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425
    June 28, 2005 - 9:33 am

    If I was in your position I would sell the block and purchase an investment property that will provide you with a good return. At your stage this will enable you to purchase a property that you could not afford to live in and will save you the cost of building. When you build you also pay the builders profit. If you buy a house in a good location and rent it out this will help set you up for the future. This is just my view

    Nigel Kibel

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    Profile photo of kerwynkerwyn
    Member
    @kerwyn
    Join Date: 2004
    Post Count: 145
    June 28, 2005 - 11:24 am

    Hi Terryb
    If you are in WA I would strongly suggest that you contact Aspire in Perth phone 1300 132 941 or call into the office at Level 1, 38 Rowland Street, Subiaco, WA 6008.

    I am in the Eastern States but I belong to Aspire. If you want to meet other like minded people who can help you, then give them a call.
    Kerwyn

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