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Hi Derek
I just wanted to say a big thankyou to you, we took your advice and spoke to a broker. We where going to make on big mistake! So thanks againDerek wrote:newbiebeginner wrote:buying an investment holiday unit on the sunshine coast,Generally speaking holiday units do not make good investments.
Make sure you speak to a good broker and talk through the financiing of this particular property. You will probably find the lending institution will see increased risk in this type of investment and will lend you funds at a lower loan to value ration than for a standard residential loan.
Are you holidaying there at the moment?
Reason I ask is holidays makers tend to associated there last holiday with a good time and romanticise about having their own unit at that location. If this is the case then you are not approaching this important decision from the right angle.
Reading your post it would appear as if everything is happening too quickly – slow down and do more research. If the property and the area still stack up after your research has been completed then make an offer based on your research.
I would not be worried about missing out on this unit – there will be others.
Thankyou everyone for your very helpful advise.