Forum Replies Created
Im not thinking of buying on the coast because i want to live there, i just see potential there as its been in a slump for too long and something has to change due to its excellent location.
Im a bit confused by your comments. You cant claim FHOG if you buy an IP.. it has to be a PPOR. Im not interested in buying a PPOR at all now, once I move out of the IP I will be renting somewhere then planning to buy more IPs before I even think about a PPOR.
FHOG is going to get me in the door on this first one which is why Im choosing to use it now.
Ideally I'd be investing in Victoria regional areas. However their lack of stamp duty exemption for first home buyers means I'd just be wasting the FHOG. Will definitely be exploring there for future purchases though.
For now we want NSW and somewhere within traveling distance to Sydney as we have to live in this IP for 6 months due to FHOG.
Im not keen on Sydney for the fact that 220k *might* get something way out west or in campbelltown. Im a westie myself so not snobbing those areas, but they are not places I want to buy in. Perhaps they will appreciate more than the central coast? I really dont know.
But honestly I cant see the coast, particularly suburbs right near water like Gorokan, staying so low forever!? I reckon it has more potential than somewhere like Mt Druitt or Minto.Yes buy and hold for the most part. At least hold for 10 years.
Dont want too many heavily negatively geared properties though as my income isn't high. On most houses that Im looking at on the coast the rent is only going to currently cover around 40% of the mortgage… if rent has potential to go up almost every year Im ok with that but its a worry if the coast doesn't improve. Thats a risk everyone takes though isnt it..To be honest after reading about strata titles and others experiences with strata properties Im pretty hesitant to buy one. Ultimately I'd prefer to own the land and have potential to do more with it even if thats in another 5 or 10 years.
However in my price range, and this was just confirmed with a rea, its going to be a pretty run down house for that price which means immediate repairs… so Im kinda stuck.Really the only thing that attracted me to the villas and townhouses was that they are newer and mostly in better locations than the houses for 220k. Long term though I know Im better off with a house and land.
My budget isn't really showing me many houses though, only really rundown places which I dont have the budget and know how to fix up. Also dont want to be doing that on the first house I buy, it just doesnt interest me yet.
How about townhouses where there are only 2 on the block? Compared to a block of units it has to be a better choice?
Michael4 wrote:Hi Longroad,I agree with you that the prices might be too high for you budget but be rest assured that this is the best time to buy in this area.
I wouldn't advise you to look for the units in this area siply becaue there will be few more developments in the near future, they are too expensive as most have water views and the older type units won't get much appreciation in the long term.
Wherever you look make sure that you get your homework done becuase with your budget it is more likely you will purchase a unit or tonwhouse in a decent area vs a house with good land.
unless you strategy is geared towards buying +vs properties or similar.
good luck.
I'd love something close to positive cashflow as the ones Im looking at for $200-$220k only seem to be renting for $170 or so.
Do you think a newer townhouse/villa is best or an old house on a large block?
Terrigal is already very expensive
Thanks Tammy thats a great help!
I'll do alot more research and definitely ask agents all those questions.I'm aware of the current love for Frankston but couldn't really turn up much there in the 200k range.
We dont mind a house that needs or could do with some reno's but dont want a really old house that will require tens of thousands of $$ to fix up.re.com.au turns up some good houses in all suburbs I mentioned.
What Im really asking is what do the experts here see as far as capital growth goes?Will areas closer to Melb such as Melton, Hastings and Wonthaggi fair better in the long run compared to rural areas like Ballarat and Bendigo?
Could you get a decent house there for 150k? Or much under 200k at all?
Something in a relatively good pocket that will have potential for capital growth.I'm now down to either Horsham or Bendigo – tough decision.
This could very well be where i get my first property then… exciting
Are you talking about the pulp mills? (Which I am very much against environment wise but see the benefit for investors)
Go to Africa and India and help save the big cats (and all other animals) from human extermination.
Daihatsu Charade mid 90's model. Paid $3500 with 85,000km on the clock.
Have spent next to nothing on repairs in a year, costs $30-$40 a tank and lasts 2 weeks for me.I love cars and dream to own a Ferrari or Aston Martin or more realistically a Honda S2000 or Skyline GTR… but unlike many others my age, I choose not to make cars a priority in life. I want property, the cars can wait.
How do you feel about this area now?
Its somewhere Im considering very highly for my first PPOR and to be used as an IP later.Hi Nina
I develop websites for a living and would love some assistance. If you can write (which you obviously can!) then you can do it. it would be some extra pocket money for you on a regular basis. Email me at rebecca19 @ optusnet.com.au and we can chat (remove the spaces in that email address).
I'd love to assist you (in a very small way) in buying your home.
I'm yet to buy my first but am working hard and aiming for next year.
Good luck!
I should add that I'd eventually want this first home to become an IP and I plan to purchase other inexpensive properties (under 200K) in future.
Thanks Chris, sounds interesting
