Hi everyone
Just looking for advises on what the best strategy is to start investment property. I am now 24 and looking to invest in a property but not sure if i should get 1 bedroom unit, 2 bedroom unit, or share mortgage with my brother to get a house + land.
Thought that buying unit probably will be better as it is within my budget and i can get rental income but not sure of what suburb to choose. Currently looking at Hillsdale (Eastern Suburb) or Dolls Point (St. George) but Hillsdale doesn’t look like it’s growing as fast as Dolls Point and its surrounding area. Anyone here lives around these 2 areas? Dolls Point unit prices are around 50K higher per 2 bedroom unit than Hillsdale. Another thing is if i buy land +house and share it with my brother, the capital gain is much higher whilst unit only goes up by much less. Not sure which one to choose from ?!?! but we can only afford those land+houses that are futher out of the suburbs…like Blacktown and etc..would they be good?
Thought also of buying a 1 bedroom unit in hope of renting it out but people say that 2 bedder will be much better to invest as it would be easier to resell in the future. Buying 2 bedroom though would increase my mortgage and every month, my loss from rent will be much higher than getting a 1 bedder meaning less savings every month…?
What should I do? which one do I pick? and with the whole stamp duty and first home owner grant all going away…not sure whats going happen next year? Feel like rushing into the property market but I don’t want to miss out on this great savings.
I’ve already lost $700 bucks for putting a small deposit for an offplan site around Macquarie Park which wont settle in the next 2 years… thinking that saving up for the next 2 years will not make me better off than investing now and started getting the rental income and tax benefits today.
What do you all think?
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