Forum Replies Created
My dad, after 12 months, has finally had his plans for a 2nd storey on his terrace house approved. The 2nd storey will have a 3rd bedroom and 2nd bathroom. There were plenty of bridges to cross such as not being able to see into next door neighbours backyard, not being able to see the side street and plenty of other, but they got there just a little over what they had budgeted for. Before putting in an offer make sure your neighbours are nice and also know about your plans to renovate as the council will put the plans to them as well (might only be because the 2nd storey will have some sort of view into neighbours yards)
There block is 5.5m wide x 17.5m long. Will make for an interesting house
The house is in Sydney inner west, cant re-call the name of the suburb though
Terryw wrote:For starters, All loans interest only.I have just purchased my first property, for now a PPOR but will become an IP, and am only 21 years old but I dont get the above.
If your IP is +geared paying Interest & Principal then why wouldnt you do so? In my mind paying interest only doesnt make you any money unless the house is well over +geared as your not paying anything off the actual house?
Please correct me if I'm wrong (which I could very well be as I'm the beginner of beginners) but wouldnt the best option be making money while paying I & P instead of making only slightly more and only paying I?
Also why would you both having an IP properrty thats -geared paying only I…your losing money and not paying anything off the house? Is it all for tax benefeits?
Well I put in an offer on Saturday that got accepted today
Place went up for sale in April for $439k, went down to $429k, then to $399k and then offers from $380k. I put in a lowball offer of $340 which was my max and very surprisingly it was accepted today!
It's a street front town house, 1 that went on sale at the same time was sold 3 months ago for $429. Same seller non street front
One non street front sold for $450k in April 07The realestate agent pretty much laughed at me when I offered but now look whos laughing! Suburb with an avg house price of well over $1mil 300m from the beach, 15min drive into Perth CBD, 2 min walk to traino then 10min train into perth CBD. Picked up a Bargain IMO by putting an extreme lowball offer out there
If I was you I would go $320 – $330k
I dont really use msn
Have a look on realestate.com.au and compare what similar properties in the same suburb and surrounding suburbs are asking for in rent.
Theres a renovated 1 bed 1 bath townhouse up the road from the one your looking at asking $440 a week
You would be looking a lot closer at $350 to $400 a week I would think having done quite a bit of research on the Leederville and West Perth area lately
No cooling off period in WA which isnt great
If the lender has said to me approval will be between 2 – 4 weeks and they wont budge what would be better to put on the offer
2 weeks and if it takes longer to try and extend
3 weeks and same as above or
4 weeks?Thanks for the reply skip,
Well as it is a deceased estate and being sold by the council it hasnt been cleaned at all, there are dead cockroaches everywhere, mouldy carpet, clothes from presumably the deceased lying around everywhere, so im not really sure if this would bring the market price to far down.
It will put off some buyers but the problem is easily fixed with a good clean.
There is also some water damage to the ceiling in the lounge room because of a missing tile with the strata company having agreed to fix. I was also going to put subject to the ceiling being fixed by settlement. There is a builders report stating there is no other damage just that to the ceiling.
Will probably go with just under asking price
With a tender such as this does the offer period close after a certain amount of time or does the agent hand offers in to the council as they come? If there is a period of say 2 weeks then it would put me in with a much better chance as finance could be in by then or close to it
One of the street front villas in the same complex sold for $415k in original condition last november (exact same design and floor space). One of the villas behind the one im looking at sold for $385k in original condition with new bathroom 5 weeks ago. So even from that it looks well under priced
Hey Steve,
Thanks for your reply!
I will be using the shared equity scheme available in WA so the loan will be 65%. 20% will be government equity and 15% will be my own deposit.
I can see your point about the outside of the villa being unattractive bringing down the price. I'm meeting with the agent in a couple of days so will ask if the complex is having an upgrade in the near future and if so will wait until then to think about doing any renos
Thanks again
Have just found out there is a levy of $750 per owner p.a for the next 2 years to pay for the rendering of the whole complex in 24 months
Have just found out there is a levy of $750 per owner p.a for the next 2 years to pay for the rendering of the whole complex in 24 months
Your kidding arent you?
Great for me
Put in an offer for a home 6 months ago that was rejected. The house ended up selling for less then my first offer
Now looking to purchase in 2 – 3 months time when prices have fallen a little more
CHIS wrote:If you don't plan to live in it, don't get precious about it. It sounds like the house will become an investment property. If that is the case, go for as new a house as possible to maximise depreciation. If you can afford anything close to the CBD you will be able to get a good rent for it. The suburb is your choice of course. Scarborough is obviously a more affluent area than Coolbellup for example. If you can save $50K in 6-12 months after buying a property and paying repayments, then why are you looking fior a work transfer. God damn!
Where are you living now? With the wage you are earning you must be paying a shitload of tax. Rent/live at home and buy 2 properties to negative gear if you are moving to melbourneNot leaving work, just a transfer from the Perth office to the Melbourne office.
I have saved $50 000 over the last 24 months so would move back home after 6 – 12 months and save again for the next 18 – 24 before moving to melbourne. Just struggling to decide what kind of place to buy and where. Obviously close to the city is a good idea but an apartment, villa or house? Have just seen a Free standing house in Scarborough 2 streets from the beach asking $400 000. My max is $375 000
Living in South perth at the moment
I am 21 and currenlty looking for my first home
I for one enjoy reading ummesters posts. Gives me a different perspective on things
Keep it up!
What would you do if you were in my position?
I have a $50k deposit and earn $50k + Super a year and am 21 years old
I qualify for the Keystart homeloan where they put in 30% of total price of the home with no interest and you can buy the 30% back at your own leisure. I put in the 50K and borrow the rest. With the Keystart loan I can purchase a property up to $360k
In 6 months time I will get a guaranteed payrise taking me over the maximum wage for the Keystart home loan thus forcing me to loan out the full amount for the house minus my deposit.
So buy between now and 6 months time and only have to purchase 70% of the house
Or wait for the so called property fall and buy then?
I'm not just looking at Kardinya or Coolbellup it was just an example of looking in 2 sorts of different places
Smaller house/block in nicer suburb
Bigger house/block in not as nice suburbBibra Lake and Leeming are in the same cateogry as Kardinya I think. I prefer Kardinya because its not quite as far inland, closer to Freo and beaches
Yeah I know,
Kardinyas a nicer and more popular suburb but I just dont know if I want to go a 3 bedroom semi attached/attached duplex on a 300 – 400sm block in Kardinya
Like this 1
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104866617&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=78955669&s=wa&snf=rbs&tm=1216950105or a
3 bedroom home on a 800sqm block in Coolbellup like this 1
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105044468&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=46125508&s=wa&snf=rbs&tm=1216950197Well Coolbellup is the next suburb south from kardinya and I would have a free standing house on an approx 800sqm block of land?
Compared to a duplex on a 300 – 400sqm block of land semi attached/attached in kardinya
I have considered an inner city apartment
But I did want a 3 bedroom house and any 3 bedroom apartments going to cost 400k plus
Also I wanted something with land value
Thinking a duplex in Kardinya at the moment or a house in coolbellup even though its pretty dodgy
With Keystart
They put in for 30% of the total price of the house with no interest
You can either buy the 30% off them over the time you have the house or once you sell you have to give them there share back plus 30% of any profitI have a $50 000 deposit as well
There you go
