$700K off the plan terrace style 3 storey Townhouse in the edgewater delphin estate of Maribyrnong 3BDRM, 2 Baths and 1 garage
good views of the city.. approx 220m2 including decks and garage
I've done a bit of research but im still not too sure…1st option for me would have been a block of land in
a decent eastern suburb and build from there but there are none to be found that is within my price range.Assuming i pay $700K off the plan + $10K for stamp duty,
i will then have a max $670K to play with for land, build, landscaping + stamp duty of $40K that gives me
the equivalent $710K.I know i have left out the interest cost in between settlement of land and lock up but am willing to dismiss just
cos i prefer owning a bit of dirt.Initial thoughts for the townhouse were that even if there was no capital appreciation in the 1 year it takes to build,
i will at least get a larger place to stay until a few kids come into the equation..What are your thoughts?
I am assuming it is in Maribyrnong Victoria.
Important points are is it near infrastructure
Yes – Train line
Yes close to CBD 11 k/m's
Yes- highpoint shopping centre
yes -golf course
Yes – heaps of park reserves near area
yes – close to flemington race track
yes – close to river
yes- close to flemington show grounds (Melbourne show)Buying in eastern suburbs is expensive main thing is to get into the market and pay off the loan and build equity. You can always sell later and buy something bigger when kids come along. Probably around 4 to 5 years of age schooling needs to be considered with kids. Also if kids are 12 months old look at booking into a kinder early.
Stamp duty more like $37,000 if on $700,000
http://www.sro.vic.gov.au/SRO/SROCalcs.nsf/transfer?OpenForm
if 500,000 then $21,970
$400,000 then $16,000
not sure if you can pay it on land only or if it is charged on whole land and building package ?
And payable LMI of approximately $20,455 based on 95% LVR
http://www.inmortgages.com.au/calclmi.htmCan't answer your question as that is giving financial advice which requires an expensive licensing regime thanks to ASIC
I am not licensed to give financial advice.As with any purchase of land/house package or land and spec house, if you buy and hold it will take several years for the property to commence appreciating (the first few years it will depreciate taking up the developer's margin, site development costs etc).
As steve once said on his Cd, he doesnt buy properties from the glossy brochures…
I dont see value where the developer and marketing company have sucked every last cent.
Just be careful, I would rather come along a couple of years time when the developer gets in trouble and pick up his remainding stock at a 50% discount.
Recently done this on 4 sites, one being about 1/3 of the initial sales prices. Crazy stuff.
But try buy under value, thats where the money is.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
