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Lol, then where did you see it? Buying a property requires a contract of sale, so, yes it’s pretty common. Why don’t you have a look at http://www.realestate.com.au ? You’ll see a few of the properties advertised there are under contract.
Hi Steve
From a purely financial point of view, you’ll probably find it better to continue renting and start buying some investment properties.However, there are emotional considerations as well. If your partner (or you) have some emotional need to be living in your own place, then that should carry a lot of weight in your final decision.
It’s really a personal decision. You can make it work financially either way.
If i’m approaching an agent I don’t know, I’ll keep it fairly general. For example, I might ask to see any brick houses or town houses in a particular price range. If I want cash +ve, I’ll only look in areas where they are likely to be. I find it better not to get too specific initially as you could miss out on lots of opportunities.
Tracka, if the owners can in fact sell the plans, I would offer them half what they paid. Fair’s fair. What would you want in their position? I think an offer of $1000 would be insulting especially as you’re talking about your home and their home not just some investment.
In the meantime, start saving, and when you figure it out, let us know would you?
I often look online to get a general picture and work out which area I want to buy in, but then I’ll put a day aside to actually go and look at some properties.
I start by calling some REA’s in advance and making appointments with them, one after the other. By the time I get to town, they’ve arranged for me to inspect all the properties they have that meet my criteria (not many of them are on the net). I might go through 15 or 20 in a day (always carrying my digital camera). You can literally find a property to buy in one day if you want to. But get off the computer to start with.
If crossing state borders is a problem for you, look for something in your own state. I, personally would think nothing of travelling to anywhere in the country to look at real estate if I was confident of getting a good deal.
I don’t think leaving a business card in every mail box in an area would be the best use of your time, although I haven’t tried that method so couldn’t say for sure.
Hi Marc
If the property is considered to be hers, wouldn’t it be her own home and therefore exempt from the assets test? Or doesn’t it work like that.I have never come across that before. I can only assume it is a mistake by centrelink. The only payment she should not receive is rent assistance if she’s not paying rent to be there. Can only suggest you contact centrelink directly.
That indicates that the relevant property has someone currently in the process of buying it. If you want to buy that property, you would have to wait and hope that the current sale falls through. The most likely reason for a sale not to happen after it is under contract is that the buyer can’t organize finance. The property would then be “for sale” again. If the sale does go through, then the property would be “sold” at the end of the contract period. It is typically 6 weeks from agreeing to buy the property (signing the contract), to when it is yours.
Originally posted by Dazzling:Hey F,
Shop on a secure 2 year lease with a 2 year option – tenant been there for a while so high likelihood the option would be taken up….escalation clauses in the lease as well which was attractive.
lol, so put that in ya pipe and smoke it F [suave2]
Thanks for proving my point Foundation.
Hi Ees
It’s not that spectacular. I’ve always lived within my means. I actually saved 90% of my income for the year before buying my first property. Buying and selling property (and shares) is my job. It’s not passive income really. My income is capital gains and I live very cheaply. I’m single and the things I like doing don’t cost much. I’m gradually increasing my net worth but I can’t buy and hold every property like you can when you have an income. I would be much more wealthy now if I kept working, but i’d also be miserable. As it is, I’ve had a few years of doing exactly what i wanted while generating a reasonable amount of money without doing too much work.I think Paddmaa’s reply was a good one. It’s always a good time to buy property, afterall, you’re not buying the entire Australian propety market. You’re only looking for one and there are plenty of exceptions to the national trend. It’s always the right time to buy. It’s finding the right location that’s the challenge at the moment. If you don’t want to buy, you’ll always find people to tell you that it’s not a good time. Just do your own research and trust yourself. There is risk in every investment. Property is pretty low risk if you have the resources to hold long term, which you obviously do.
Hi Jenny
Sounds as though you may be able to evict them on some kind of technicality. I’d imagine that could be quite messy though. Do you have any other alternative? Can your daughter’s family delay their arrival for a few months or could they find something else for the interim period? If not, the bribery option that Tom mentioned sounds like the fairest thing to me. Especially if they haven’t actually missed a rent payment but are just late occasionally. You could say to them that you won’t be renewing their lease so they will have to move out in 4 months, however, if you move out within the month, I’ll give you $xx to help with your moving costs.I’d be intereseted to here how you go with this problem.
Hi Nads
The first time I went to a bank to ask the loans manager for a home loan (2001), he said to me “hmmm, I really think you should go and talk to your father about this before you do anything”I left the bank feeling a bit deflated as I thought I’d picked out a great investment that was well within my means. I went to another bank and the woman I dealt with there was very professional and positive and I went ahead with the deal. I quit my job within days of settling that deal and haven’t taken another one since.
My dad is still telling me to “get a job” everytime i talk to him. My brothers seem to have some grudging admiration for me and I am now surrounded by friends who are very supportive of whatever i do.
The advice I would give, which is probably not new to you is:
1. beleive in yourself and
2. only surround yourself with others who beleive in you.That means ditching that accountant and just not telling any of your family and friends what you’re up to until after the fact.
“I am currently living in QLD but am moving back to SA in 2 weeks”
Ohh, so sorry [eh]
did she live in a lighthouse?
Hi Mark
Maybe if you tell us what town you are in, someone could reccomend a solicitor for you. In my limited experience, the conveyancing cost doesn’t seem to vary too much between firms.
With regard to finance, you might be best off contacting a mortgage broker directly with all the details. There are a few of them on this site. There are many financial institutions that cater for the self employed.
Thanks Terry. That is a pretty high rate.
