Gday People
Hoping I can glean some ideas from you guys on this one, My fiance and I have just purchased a 1/2 acre block of land in outer south east Melbourne for which I think to a great price (76000). Being first home buyers we were planning on buying something a little dalapidated and giving it a spruce up to hopefully make a few dollars on and not over capitalise on the first one, of course when this block came a long I snaffled it as its very close to train station, schools etc, so we decided it might be a good idea to build, all of a sudden it was flying in the face of what my plans were to begin with.
Now after really having the last few days to reflect we both realise that we would be putting ourseleves under a lot of pressure in teh first few years if we decided to build and have a mortgage somewhere in the facinity of 300 condidering our current income.
Its a real tough one, I know that if we proceed with it, then there will be some hard times ahead and no spare money left to reinvest, so the question do we keep the block and pour as much money into that over the first 12 month or so and then build or take advantage of the FHOG and do it now?
sorry I know im rambling.. hehe
Hi Bullion
what could you build on the block?
What is the construction cost? and what is the resale price.There may be several options available for you, but we need to understand what exactly you are doing!!
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
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phone 0412 437 582Hi Bullion,
This suggestion really depends on the area and surrounding housing. Is it possible to put a pre-existing house on your block of land ?? It can be a heaps cheaper option and possibly very profitable. People/small developer are always looking to offload housed as removals. There is currently 4 houses in Notting Hill that are available for removal. There are still costs 10’s thousands to remove, transport, council approval, new foundations etc. Spuce the house up as you intended and you still may get instant capital gains with considerably less cost to yourself.
Hey, you asked for ideas, I’m just trying to thing outside the square. I have never done this myself, but if the opportunity arose I wouldn’t dismiss the idea.
Check out the Real Estate section in TradingPost.com.au with the keyword ‘removal’.
Mal
Getting out of your comfort zone, can help you become comfortable
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