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I say this 'take a hit' simply because this purchase is a once only offer as the developer is a friend of mine, who can get me finance and a reduced cost price. Otherwise, if i refused, it would be another 3-4 years before I could even afford to look at another property and though I might be able to save enough for a deposit, doesn't guarantee the bank will give me a loan, especially in this economic climate.
Hahaha so it sounds like you are all saying no, even with the 30k incentive.
I have looked at SQM Research and noted the increase in vacancy rates and listings over the last years.
Horribly increasing.
As for Bacchus Marsh, besides the increase in population and a claim of a 'cafe' culture,
I can't see much for infrastructure or employment increasing (even with the low unemployment rates).
The only positive I can see is the 'tree-change' lifestyle for families and seniors.
As for an apartment, I don't see much potential for tenants when there are plenty of listing for homes.
And "my friend is buying one" isn't an excuse to buying it. Nor am I considering it. I just want the opinions of (hopefully) experienced investors before I consider anything.
And I may re-consider. Especially with the cautious attitude you've all given me.
What I am trying to say is, what research do I have to do to justify purchasing it, when I get a free 30k upon purchase, holding it for a period of time then selling, with the possible income from tenants? Ignore how I ge the 30k, its a sticky family situation that I get from buying in Bacchus. Hence my dilemma. Do you have any recommendations on how long I should hold it? The developer is solid. Friend of mine. Very experienced and even a friend is purchasing through him. Its the justification of purchase that I am worried about. You've all been amazing so far.
