Hi all,
For the first time I will be investing in a House – so far I've purchased 2 units so it's a new type of investment for me.
What are the things to watching for when investing and buying a free-standing house vs a unit? Units are smaller, more compact and easier to maintain, and have an additional strata cost assocaited with it.
I'm investing in a regional (Wagga NSW) area, so if anyone could let me know any additional due diligence I should carry out and the general things things to watch out for during the ongoing life of the property (as a landlord) that would be great.
Any additional expenses I will need to incur as part of owning a house would also be great.
Thanks,
AjayHi Ajay
Congratulations on the purchase. Where abouts in Wagga did you end up purchasing?
Are you self managing or will you appoint a property manager? If it's in one of the less desirable areas of Wagga then a GOOD property manager should be high on your list of priorities. You want to have decent tenants occupying your IP – this is where a good PM comes in very handy.
Also, landlords insurance is equally as important.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I haven't purchased yet but most likely tolland.
I don't think i'll be self-managing – will appoint a pm.cheers
ajayI wouldn't recommend Ray White. I've heard the professionals are good (but haven't used them personally).
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
hi Jamie – who are 'the professionals' – are they an acual REA?
ajayayyar wrote:hi Jamie – who are 'the professionals' – are they an acual REA?Yep – you should be able to find their details by googling. I'd call up a few REA's – ask them if they manage properties within the same area, suss out what kind of rents their getting and what their vacancy rates are like.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hello ajay,I'm a long time resident of Wagga and am also in the building game so am pretty familiar with the different areas and also the various real estate agents.Tolland is a very large suburb and the type of housing ranges from pretty well the bottom of the Wagga market to some quite expensive properties.The deviding point is a main arterial road called Bourke Street.The lower priced homes are on the Western or lower side of this road(a lot of dept of housing properties are in this area) and the dearer places are on the Eastern or high side.The rents also would vary considerably as well I would think as some of the homes on the "high"side would be worth upwards of $500.000 and those on the "low"side maybe start at around the $200,000 mark.
As for the Professionals,yes,they seem to do a good job.They handled a property for us for a few years and we would use them again.Wagga has always been a good place to have an investment property with very low vacancy rates over the years.
Regards
TerryI’ve had good experiences with the Professionals as well. Would recommend.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
