Hi

We are currently looking in the Newcastle / Lake Macquarie areas at all types of properties. Believe it or not 3 of the properties (including the 3 units) were less then 10 years old (4, 6, 9 years). We have always kept a broad range for both price range and types or properties (units, houses, dual occ's, new, old, renovated). As you can imagine this has made hunting very difficult as we are comparing and looking at so many different types of properties.

There is a silver lining with the house which we have purchased as it was a bargain buy of the century – text book buy ($337K – as the mortgagee was about to take possession) .The works were agreed to after the price had been negotiated as we thought we would try it on for size (and it worked). We saw this as icing on the cake, which saved us a time and money – even only for a few years until it need to be done properly. The real bug bare was that the Vendor should not have agreed to undertake these works if they had no intention to carry them out – we still would have purchased the property even if they hadn't agreed to them.

We are now undertaking a reno on the property ($5K, all labour free – 2 week turn around – ah ha yeh right) . We had the house revalued the day I got the keys at a conservative $360K and best case $375K and when the reno is complete an approx price of $425K. Got to be happy with that!!

I guess it's all the other crap that has gone along with it………… finding your feet and a criteria that is the hardest part. I am really keen to chat with people like yourself to seek advice, encouragement and learn some of your mistakes in the attempt to avoid them myself. 

I really appreciate you comments

Thanks Kate