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Just to let everyone know – we had a builder inspect the property and he said it was built similar to a much cheaper builder (such as Henley). He also pointed out that the cement sheet exterior would be a lot of work, the wrong skirting board was used in wet areas (it would expand), the corregated iron panels also on the exterior were oxidising even though it was only a year old, the air conditioning was done wrong.. I could go on. Basically, not worth it, and if we did buy it it would need 5-10k spent on it for maintenance at least every 5 years.
We looked at land in the same area to build on bu tthat has also been scrapped due to very strict covenants and the property needing to be completed within 12 months of land settlement or they'll take it away.. no thanks.
Back to the drawing board..
Also still interested in what the general opinion on buying now, renting out & living in later vs. waiting until we can live in it to buy? Especially if we buy a townhouse in an inner western Melbourne suburb.
Our current mindset is wait.. not the right time to buy etc. But on the other hand it'd be easier to pay off a fair chunk while we're still at home.. does the predicted price decrease in property outweigh the benefits we may get from buying & renting out?
Basically interested in what you would do in our position..Thanks to all.. in the end, I wasn't as disappointed as I think I would have been without reading the above.
Hi Mick,
Thanks for your thoughts. Yes, we have though about that. We know we dont want kids until later in life and the townhouse is definitely big enough to fit 2 kids in comfortably (though we'd probably try to move after the first one came along).
I already live in a double storey hosue so I know my capabilities there and they aren't too limited, even with how ill I still am.
Thank you for your thoughts anyway
SHales and Scamp – thank you both so much for your help. I know, logically, it all makes a lot of sense.
We did do all the research you suggested SHales – I read your response out to my partner and he was happy I heard it from someone else. MY parnter didn;t take me with him today to re-inspect the property because he says you can see it in my face how much I love it and he doesn't want the agent to see that.
Scamp – you are the only person that's managed to make me actually believe that there will be something else I love just as much, so thank you (and my partner says thank you because I was a bit of a brick wall on that!). Picturing our dream house with burn kitchen benches, wall dents, stuffed carpets etc was really off putting. No one else has put it to me like that.
Although with how ill I am I wouldn't say I am lucky I can't move out.. but my partner does say although he'd rather I be healthy, he's glad I can't push to move out now because it's the wrong time.
I will let you know what happens.
Edit – What the general opinion on buying now, renting out & living in later vs. waiting until we can live in it to buy?
I'm guessing I know the answer, but still worth an ask.
Hi SHales,
Thanks for your feedback. We are looking for a home primarily, but as we want to rent it out first, it has to be rentable (which is why we skipped the much smaller 2 bed place for a 3 bedder). We do like it a lot because it fits all of our criteria, but my partner has warned me about what you've said above – I've fallen in love with it too much. His approach is, in the end if we don't get it, something else always comes along. Of course as you canprobably tell – I'll be a bit upset!
We've done the maths and it works, even if we do have to rent it for much less than the place down the road the repayments can still be met comfortably. It's a little more uncomfortable if we can't get tenants, but still very doable.
The main downside I see is if worst comes to worst and I don't get well enough to work, we may have to sell the property prematurely – but the way I'm going, thankfully, it doesn't look like that will happen.
Also, the exterior is quite modern (looks beachy, exterior of cement sheet) which will date. But I spoke to an architect friend and she told me everything dates, it's just a matter of how fast, which she says you can't predict.
As far as I know my partner can get the FHOG as long as it's his primary place of residence for the first 6 months.
