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My opinion may be a little tainted because I live here but i have to agree with yack on this one..
Frankston is the only bayside suburb left in Melbournse where you ban pick up homes within walking distance to the beach for under $300K
Not to mention the fact that there is sooo much development going on within the CBD and foreshore areas. These include:
– development of wells street car part into cinema complex, retail and restaurants (currently underway due completeion Dec 2004).
– development of beach street carpark to double the size of bayside shopping centre (due to be completed Dec 2005)
– Foreshore re-developments Almost complete. new foreshore restaurant currently underway)
– Marina due to go ahead..currently being put to tender, work to start on it by the end of 2007.
– relocation of Frankston train station. govt spending millions on beautifying wells street to make it an attractive retail promenade linking the train station tothe foreshore area.
Values should go up uner this much investment.
Thanks to all of you who replied.
Wise council is the order of the day in these matters and I appreciate the input.
Thank you everyone for your input….
Let me answer some of your questions.
1. Rent on the unit is $110 p/week.. It does need a touch up (Paint job, Curtains ect..). Had trouble renting it out when the last tenant left (i tried to raise rent to 120 p/week). Unfortunately found myself in situation where no rent coming in, no money to improve so i kept the rent at 110. Now This latest tenant is on a 12 month lease.
Body corporate has done substantial improvements to the common grounds which incurred some unexpected levies, hence money that was intended to go into the touch up was diverted. Right now i am happy to just have the tenant and will in time make the improvements to keep her there. In 12 months i will try to get more..
2. My backyard is landscaped with a swimming pool and unfortunately there is no room for a bungalow. To me a bungalow is the obvious answer to this but alas, it is not possible.
3. Cost of renovation to my home??? Good question.
I have never done anything like this so i have no idea. My house is around 23 sqares 3 bedrooms.
It may sound strange but i want to knock out one of the bedrooms and increase the size of our bathroom.
I want to build up and have 2 bedrooms, esuite and study.
Assuming that I keep the unit (say $30000 in equity) and (90,000 equity on house) build up mum living with us $100p/week I should be able to afford extra repaymets on the loan.
The other benefit is that after the renovation is done hous evalue should improve by at least 80-100000.
Can any of you give a ball park figure on this renovation? It is fairly substantial..so i would estimate that it would be the same cost as building a small unit, bigger than a bungalow.
Thanks for all the input. having so much assistance from you guys is a little overwhelming but much appreciated.
Thanks Kooringal,
I am hearing you loud and clear.
“Sell my mother” I wish.
The unit is – geared and i am out of pocket about $20 p/w
I will definitely try to hold on to it now and i am going to check out a broker regarding the finance.
Talking to you guys has helped me remain objective and posting here has been a great help.
Thanks for the encouragement.
OK I see that i am a Newbie but what the heck!
I am a 31 year old web developer who works in the family business which is a publishing company. We publish a trade magazine for the plastics industry called Plastics News International. http://www.plasticsnews.net
Married, No kids, very happy.
My goal is to be a good husband and hopefully one day a father. Financial freedom will go a long way to help me. Just have to keep on keeping on.
Thanks Tas,
Have been up on the roof and cant see the bay but I figure an extension may give half a meter more…believe it or not that may help…
The more i hear from you guys the more I am conviced to hold on to it.. The big question is whether or not i could sustain the extra repayment on my existing mortgage, and your advice about a broker is a good one.
Thanks for the input!
Thank you investor and hwd007 for you advice.
Taking into account both of your posts I think i need to go and have a chat to my Bank and see just how far they will let me go with borrowings (cringe).
Interesting you say that Frankston South is “Melbournes best kept secret”. I have been thinking that for the last 4 years and waiting for it to get out…the problem is that many people I talk with have pre-concieved ideas before coming to check the place out.
Anyway time will tell.
My home – $170,000
Investment – $85,000Both homes are in south/central frankston, frankston hight schools zone. Unit is close to beauty park.
