Well, well, well !! After hearing on here about “Upper Coomera”, I went looking via Whereis.

I believe that name is a total misnomer. There is nothing “Upper” about it – in fact, it is what I know of as Coomera. It is on the West side of the M1, across the M1 from the original Coomera, which used to consist of 1 servo, 3 shops, and a pub about 30 years ago. Even today, there is not much more on the East, with most housing being on the West side of the M1 (in this so-called “upper” Coomera)

So what can I say – except to treat Upper Coomera and Coomera as one. And yes, “Upper” Coomera was heavily promoted back in the early years of the new Century, and a whole new suburb was built. Some places there would be 15 years old now, well established, and perhaps occupying desirable locations in this rather new suburb. Well worth a look if wanting to buy “existing houses”.

Benny

Hi SM,
I have just twigged – this thread started with Guarav talking of House & Land packages in Coomera. These are what I was warning against.

On checking, I haven’t seen where you were talking H&L – so maybe your Buyers Agent was looking for existing rather than new – is he? And what about you? Are you also talking existing houses? If so, let’s start again….. ;)

Benny

Hi Peta,

…. if I do it at my expense and to a professional standard I am welcome to do it myself, but the screens have to stay there when I leave.

If these were to be a fixture, then I believe the above may be correct. i.e. if you have to drill holes and use screws to affix them, then they become a “fixture”. Also, the landlord would not want (and shouldn’t have to) fill up any holes that you leave if taking them with you.

But, why not make temporary screens – no screws necessary – and take them with you when you go. Depending on the age of the casement window, there may be a way for you to hold them in place without the need for screws – totally removable and leaving no “damage” once removed.

Benny

Hi Harv,
Have you looked at the differences in incomes between long-term lease and holiday letting? If the latter, is there a property manager who will look after the renting of these, or is that up to you?

Have you looked at the likely percentage of “filled weeks” versus “unfilled weeks” if holiday letting? Though it is nice to perhaps make twice the rental via a holiday let, it pales somewhat if only let for 50% of the time. Still, that does leave time for YOU to enjoy it, if that were a likelihood.

Broadbeach is part of that Surfers area – personally, I prefer the more outlying beaches (e.g. Burleigh Heads). It being in Broadbeach should make it desirable to those who are working in the Surfers area, as it is far enough away so that they leave the hustle and bustle behind them after work. It is also near to the Casino – could THAT be a drawcard for your place?

One reason I have never gone into that area is that your apartment will be “just one of hundreds” – like a Taxi, you can never get enough of them in peak times (same with apartments during School Holidays) but what about the rest of the time? What is it about your apartment that would make it desirable outside of School Holidays? If you struggle to find an answer, maybe a long-term lease is the way to go.

Good luck with your choice, Harv – I hope the final days all work out and you soon have your apartment,

Benny

I do know who the vendor is as I was able to track down their company details down,

Cool – then approach him and let him know of your offer. If he asks why you haven’t put it to contract, mention the RE agent’s reluctance, and that you wanted HIM to know of your offer at least. After that, it is up to him, but at least you have tried.

We actually won out in similar circumstances – way back, we were bidding for a property – the RE agent had two offers already, and didn’t want to compound things by adding ours. Fortunately, we knew that RE agents must submit all offers, but just in case, we contacted the vendor too to let him know we wanted to be in the game (with an offer amount above the other two).

Knowing what the Agent should be doing was a huge help. It allowed us to convince him that we knew it, and that REIQ would have been our next step if needed. Didn’t have to happen, and our contract won – woohoo.

Benny

Hi SiteManager,
The way you are talking it up, I am wondering if you HAVE bought there already? :p

So there finally is to be a big mall development? Cool – that may help with values down the track. As of right now (and for the last 15 years) all I have seen is agents pushing the area trying to get things happening. For sure, one day it will happen.

For my money though, buying new in a new development is paying top $$ so a developer and his marketing team can keep themselves in champagne. Especially as any “growth” is the uplift in value that each new stage brings is added BY THE DEVELOPER.

But take a look at the values of second hand housing in/around Coomera – that area may well contain some value (they were building there from 15 years ago, so some might now be For Sale). I haven’t looked, by the way – but THERE is where I would start if wanting to buy in the area.

Benny

Hi Mccormack,
Just be aware – in Qld I think the cooling-off period is just FIVE days, not 14. Anyway, DON’T sit on your hands if you want to be out of this deal. Have your solicitor drive it – tell him you want it stopped, and have him tell you HOW !!

Benny

Hi Cartman,

Considering worst case.. should the banks decide to recover the house for the mortgages (default), I’d rather they take the IP, then the PPOR any-day / any-time.

All the more reason to NOT cross-coll. A Bank with several properties crossed will likely go for the one most likely to provide them their money back – and, in most cases, it is our PPOR’s that have been diligently paid off, NOT the IPs. So more equity available in the PPOR.

In my case, we chose to have our PPOR loans (used as deposits/costs for IPs) with one lender, and IP loans with other lenders. Just our way of keeping the PPOR as safe as possible.

Benny

Hi Jo,
Sounds to me like you and yours have done really well to get yourselves into that equity situation. Big congrats for that.

The next thing is “Where do you WANT to be?” What is your goal? e.g. Do you want an income stream from the rental stream of a number of freehold properties? Or do you want to continue to grow your portfolio? Do you have a timeframe for “consolidating into your next phase of life” whatever that happens to be?

It is good that you are here and asking questions. Because we don’t know how much we don’t know, now is the time for you to take your thoughts about “What is next” to an adviser who is well versed in finance in all of its forms (including Super and Trusts). If more borrowings are what you want, I am sure that can be engineered. Just how, I don’t know – but the likes of Jamie, Terry,Richard, Corey, and a host of others on here WOULD know.

Main thing is to become Henry Ford – and press the button on your desk that brings the guru of “your financial future” into the room. Who knows – maybe just by reading around on here, one particular poster/adviser will just seem right to you, and you can then ask offline for their help.

Anyway, well done thus far – let’s see what is “Next!!” :p
Benny