Forum Replies Created
Jason, have just checked out your website – looks like some really useful stuff on there
Great comment Leo,
Jessr, in addition to the First Home Buyers Grant, theres also significant stamp duty concessions and savings to be made by purchasing as a First Home Buyer rather than an investor – can potentially save you around $5000 – $6000 depending upon your state. Add that to your grant, and you could be around $10,000 – $12,000, if not more, initially by purchasing as a First Home Owner.
Is that sort of $ saved going to help you potentially get into a 2nd property sooner if thats your plan?
Do some further investigations on your states Office of State Revenue website. These sites can be REALLY confusing so dont be afraid to ring them (even if you have to typically wait on hold for hours) with a list of questions.
Nicole Marsh
Not all serviced apartments or student accommodation are bad so I wouldnt let that put you off. Just make sure you do your due diligence regarding body corp, managment fees, advertising costs, laundry etc. You might find theres not much of your $298 a week left.
Also, if student accommodation, find out what happens during the 2-3 month holiday period over Christmas/New Year. You may find you are without an income over this time so, as good as the $298 pw sounds, it may only be for 40 or 44 weeks of the year, not 52, in which case, its not that great.
It might be worth even looking into a 'Rent to Buy' type situation which might help you get over the lending hurdle. Knowing this is an investment for you, you could possibly pay the difference between rent from tenants, and repayments, also meaning you may not have to get rid of your $100,000 in one lump sum as deposit. There are some dodgy operators out there but others who are honest and it can be a win win for all concerned. Just be careful, do your homework and dont be afraid to pay for good legal advice from someone who understands these types of deals.
Good Luck…..
I'd be asking what your long term goals are and then choosing the property that is the best fit with that.
Whats your reason for buying an Investment Property?
Are you interested in adding to the property down the track – ie subdivision potential, extensions or is it just a 'buy and hold investment' where you can just set and forget?
How long do you plan on holding onto it for?
Do you require more income in the short term, or is it capital growth over the long term thats more important to you?
If you buy the one with the greater 'income' prospects, is that going to help you to get into another investment property sooner if thats your goal?Good luck with the decision….
Nicole
Chris agree with your comments above. As buyers agents we spend on average, a concerntrated 200 hours plus per client on our full property buying service. Does the average person have that time available while raising kids, working full time etc? Its just not possible.
Cheers,
Nicole
Agree with you Grimnar. TGavin7, you would probably expect to pay about $500 per stump that needs to be replaced. Generally now they just put in the steel adjustable stumps so minimises the future expenses of levelling and packing the stumps the old way.
Grimnar, can recommend Dean from Deanos Restumping – phone 0413 030 966. Very good. Cant help you with the others though, sorry. Maybe the Ipswich council can recommend someone for you? If I come accross any will let you knowCheers,
Nicole Marsh
Eureka Buyers Agents
Buyers Agents in SE QLD and Nthn NSWCould try Yolanda at Sissons Real Estate. Not based in Annerley but do cover it. I have clients that use her and are very happy. Thinking of changing mine over too.
Nicole Marsh – Eureka Buyers Agents
SE QLD & Nth NSW Buyers AgentsThanks JacM. Agree with grimnar – Last quotes I had for full restumping in the area were $14,000 to $17,000k. Alot of $$ spent for no real 'tangible' value add to the property. Depending on how far out of level the property is can cause other issues such as cracks in the cornice or ceiling, paint, steps, plumbing etc. Again, really need to make sure this is for you. Have some details of really good re-stumpers in the area if you need them tgavin71.
Nicole Marsh
Eureka Buyers Agents
Buyers Agents SE QLD and Nthn NSWHi Tgavin71,
Im a Buyers Agent and do alot of work in the Ipswich area, particularly Newtown, Eastern Heights, Booval and know the area well.
Newtown is a great suburb to be buying in but would definately have to agree with JacM – regarding purchasing costs, estimated repair costs etc and would definately make sure all your figures add up.
Dual occy blocks are fairly common in those suburbs at the moment so if the figures dont add up, dont do it. The things you've discussed aren't 'unfixable' but it just depends on how much money you want to throw at it.
I would also encourage you not just to take the agents word for it but to do further investigations with the council into that particular site if you havent already. Theres lots of factors to take into account when doing the split eg minimum clearances, fall of the land, nearby water and sewage services. In that area I would also suggest checking heritage listings, council zonings such as 'character zonings' etc as this will stipulate how limited you are going to be with any future works you want to do.
With the site, are you going to strata title it or fully subdivide? – as the costs differ greatly. Full subdivision will cost upwards of $60,000 in cold hard cash so you really need to make sure thats the direction you want to take.
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Nicole Marsh
Eureka Buyers Agents
Buyers Agents in SE QLD and Nthn NSW
