Forum Replies Created
HI cypher
I would also recommend that you read Michael Yardneys book 'How to grow a multi million dollar property portfolio on your spare time' available from his web-site http://www.propertyupdate.com.au
Hi Hajda
If you are prepared to look further afield I can give you some info on a house and land package in Gatton which is between Ipswich and Toowoomba. It is $304,422 for a 4 bed dble garage etc but is not due for completion for at least 6 months which would give you the opportunity to perhaps increase the budget. Please let me know if you would like more info.
Regards
ozsparkHi dedfred
I go with brand new or house land packages. If you can get the land at a good price and choose a good value builder you can come out with immediate equity every time without waiting for time to give you CG.
By selecting the right area and picking up a block for around $150,000 and spending $200,00 on construction, landscaping etc you can pick up $100,000 immediate equity if you have researched and found an area that would offer an end value of $450,000. These are rough figures of course but it gives you an idea. On top of this people will pay more rent to live in a brand new property and you can claim maximum depreciations etc.
Better yet if you can buy a duplex block and increase your equity even further.
Good Luck!
Sparky
Hi Dammit
That would be the base price for the house and you would need to add on the site costs, landscaping, driveway, fencing, carpets, blinds etc – say another $50,000 or so depending on the site. Have you researched the cost of completed houses in the region? What are the prospects for the area? You can ask the builder to give you a quote on the site – check whether the prices on the spec homes include the area you are building there might be a premium if you are building out of their area. Also as the block is so big can you build a duplex or units? Eagle homes are very reasonable and also have a comprehensive range of duplex designs which start at reasonable prices.
If you let people know the area you can probably get more help!
Sparky
Hi alwayzlearnin
Maybe you could have quiet word with the principle in the office and explain your dilemma. Also can you speak to someone from another branch nearby and see whether they are allowed to handle the sale from their office? I know when we bought in WA I could approach the agent I was dealing with in relation to any other property advertised for sale with any other agent, there is some sort of an arrangement regarding the commission I believe.
Sparky
My townhouse in Mandurah has gone up $80,000 since December according to bank valuation and the 2 blocks of land I settled on in February (approx 8 months after paying a $1,000 deposit on each block) at the Anchorage are up approx $100,000 each.
Sparky
Hi Halit
If someone has gone to the trouble of having plans drawn up for the units I would say there must also be a quote to build them – ask to see the quote and that may help with your decision. Remember to add on landscaping costs, carpets, blinds etc.
Sparky
How about ‘Xciting Xpert Investing Solutions’? If not if there really is a reward I might try again!
Sparky
Hi Ashb
You need to ask more questions and definetly don’t assume the income is net of expenses. Generally all of these come out of the rent you think you will be getting and suddenly it looks far less attractive. The capital growth will not be great and re-sale becomes difficult as newer apartments spring up nearby making your apartment less attractive to tenants. Better options are out there such as house and land pacakges in the right area giving you immediate equity on completion. I currently have 2 underway in WA which will come in at values approx $100,000 each ahead of costs to build.
Good luck – also with the baby!
Sparky
Hi Tom
When I said basic cost I was really meaning for you to include things that normally come with a project home such as at display villages, their prices generally include things like wardrobes and kitchen cupboards and not things like carpets, light fittings and landscaping. Before you go ahead and sign up with your builder be sure to shop around and compare what he is offering you with what would be on offer with a project builder. What is the size of the house you hae been quoted on? If the house is $100,000 then $160,000 on landscaping would be massive!
Sparky
Hi Tomtkb
Can’t help with Melbourne but we have just completed a 2 storey 4 bed 2 bath dble garage home built by a Sydney builder for basic cost $164,000 plus site costs and a few variations bringing it up to around $185,000. We are about to commence on the other half of the block a single storey with base price of $93,500. The same company has good prices on duplexes starting at around $174,000 for the pair.What is the base price on the house you have been quoted for? If you contact Michael Yardney he develops in Melbourne and could probably help you out.
Sparky
Hi Dave
Welcome and Good Luck to you!
When you say you don’t know where to look do you mean you haven’t yet found realestate.com.au and domain.com.au – if not give it a go they are good sites to start with and you can link to many real estate agents and check out their own sites from there also. Many properties on those sites include the rental income but not all.
OOps I just came back to edit my post – did you edit yours I didn’t notice your mention of web sites that you had viewed first time I looked?
Sparky
Hi Tom
How many quotes have you had – it doesn’t sound cheap for a basic house to me unless the landscaping is very expensive. Did you look around display villages to find the best value? Does your quote have a breakdown to show the cost of the building seperately to the other costs?
Sparky
Hi Tamtam
I think these are the units I looked at last year, I had all the info sent out and I think you actually finish up with $8.00 per week once everything has been deducted so if I were you I would continue to shop around – do your own due diligence with them first though in case they are not the same ones.
Sparky
There is another point about the evil credit card that people sometimes miss which is that if you have a card with a $10,000 limit, as an example, even if the balance is nil not only will your mortgage lender treat an application as though you are at the top of the limit bit it reduces the amount of money they will lend you by around $50,000. This can make it very evil IMHO.
Sparky
Land banking short term in a high growth area can be very lucrative. Back in August last year I put down $1,000 each on 2 blocks of land on the Anchorage in Rockingham and only settled about 2 weeks ago. Already the value of each block has increased by approx $45,000 so to this point holding costs have been pretty much nothing and if I chose to exit now I would already be streets ahead.
Just looking for the next Anchorage now thats the tricky part!
Sparky
Sounds more like an altitude problem than an attitude problem! LOL
Sparky
I have no problem with the streaming but have tried several times to watch it & always am interrupted before making it to the end would be great to be able to download & not have to keep starting from the beginning!
Sparky
Oooops!
Sparky
People sometimes list houses for removal under the Real Estate section on Ebay there isa brick one on there at the moment for $50,000. Why not give that a go?
Sparky
