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you guys are wonderful!!!
I absolutely love this forum. So much insight, knowledge, opinion and experience.
Im fortunate in that I can afford to pay if I have no tenants for a while and can always go back to mum & dads in worst case scenario.
Got in touch with my broker and hes going to see me tonight. Happy days.
Thanks for the quick reply DWolfe.
Yes I can add value, mind you its pretty good in its current state but I could definitely make it look more expensive. Eg could rip out carpet and put in floor boards or high gloss tiles, replace kitchen doors with shiny laminex (or poly) and a nice splashback. Some nice furniture and thats it, doesnt need painting and it has everything else.
I havent called around yet to check amount i could get, inspected both units last sat, but lookign at rentals on the net they are both within the ball park.
The agent already phoned me this morning for the one on the main road, said it was originally "sold" and buyer pulled out and gave no reason why. Hmm…interesting.
I know that out of the two units the one with beach views is better located and will always attract tenants, hence why its more expensive.
DWolfe wrote:Can you add value to the older 1 (cosmetic reno)? Sorry I don't love a main rd and maybe majority will like a beach view especially in Wollongong. Have you called around, etc checked to see if you definitely can rent for this amount? If there are going to be a lot more units built will the newer one you are looking at be swallowed up in a big pool of rentals that are all kinda the same? And I wouldn't rush especially if the selling agent is really gung ho.Where would someone rather rent? Yes you will live in it for a short time but if it is ultimately to rent out you need to remember who your market is. If renters in Wollongong want to live in the middle of town, don't care about rd noise etc then cool but if the majority of renters will pay a little more to be right on the beach then aim for that.
Good luck let us know what you go for
D
