hi,
i have recently moved to melbourne frm overseas and would like to buy a property for investment. i was told that i am eligible for FHOG and should make use of it. i hv over $10k in savings which i hope is enough for a deposit. i am interested to buy a house in point cook but am not sure if that’s a good area to invest as many people have told me that western suburbs are not very desirable.
i’ve turned 31 and hope it’s not too late to start investing in properties. hope to get some advise here as i am not very familiar with the suburbs profiles in melbourne and also the tax implications for investment properties. thanks [exhappy]
There has been discussion already regarding Point Cook on this forum. Do your research thoroughly on the area as there is a lot of development there right now, and it may be difficult to establish the real value of properties due to the many new housing estates popping up. It may also be hard to get a tenant if there are hordes of investors (which I think there are) buying properties over there.
There is lots of Due Diligence to be performed by you!The stigma attached to the Western suburbs is gone now as the areas out there become developed, however some areas over there will always be low on the socio-economic ladder if you know what I mean.
Basically, all costs associated with an I.P are tax deductible. Properties built after 1987 are more desirable for this purpose because of the building write-off you can claim. You will need to find an experienced accountant who is also a property investor to help you here.
Cheers,
Marc.
[email protected]“we get sent lemons; it’s up to us to make lemonade”
Thanks for your reply Marc. I will go read more abt Point Cook in this forum.
I was planning to live in the house initially since i hope to get the FOHG and then decide later whether to rent it out and get another property. I am excited about getting my first property but yet dont really know how to go about doing it. Is there a good book that someone could recommend me reading?
I am also a little confused over the stamp duty to be paid. I read somewhere that if I get a pc of land first then build a house, I only need to pay stamp duty for the land. Whereas if I bought a completely new house + land, the stamp duty is applicable to the total cost of the house + land.
Sorry if I may sound a little silly with all these questions but I hope to get some advice and learn from you guys in this forum.
thanks.Hi Turtie,
Firstly a big warm welcome to Australia [smiling] and to the world of property investing.
I understand that you’re keen to start buying property, however you may be better off treating 2007 settling in to your new life and also using the time to learn our laws and tax system. I may be proved wrong, but with upwards pressure on interest rates, there is unlikely to be a huge jump in prices over the year. So take the time to broaden your property investing skills and there’s probably no better way to start than by buying Steve’s latest book.
Best wishes,
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
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