Forum Replies Created
- newbi2 wrote:
How did it work out for you reality. Are you still in the contract or did you opt out. If you are this worried at the start, do you think you can sleep properly down the track? Be careful not to spend all your energy on chasing the lifestyle and miss out on life itself.
Hope it all works well for you,
Cheers
Mick
I ended up opting out. There would be an extra 20k in renovations and even though I think the area and location is fantastic, the unit is definitely not worth that amount (probably 20 – 30k cheaper).
It was a hard decision to make though! I was grappling with it until the last few minutes. In the end it ended up selling for 395 – 400k to the second best offer – I hope I don't regret it in the upcoming few months.
Scamp wrote:How does a 22-year old get their hands on 400.000 dollars of debt ?
Sorry but there's something really wrong about that picture.
Whoever gave you that amount of money should be sued for child cruelty.
And YOU should know better than to get a 400.000 dollar mortgage !!Excuse me??
Terryw wrote:It is rather unusual to pay $50k more than asking price. Especially in this market where there are supposed to be less buyers out there. Will the valuation come in that high?At the very least I would not go ahead until the bank has done their valuation. So make sure you have a finance clause in there. I would also do a lot more research. Generally it is the land that appreciates in value and the building that goes down in value, but units can be still a good investment.
Well I do believe it was underquoted at 330 – 350, if anything I think 380k would have been the more accurate figure and by that I've only really paid 20k over at the least. The valuation for 2008 was written as this:
Site valuation: 215k
Capital : $366k
Does that help in any way?? I'm just wondering if it might be better using the same amount of money to purchase something in Footscray near a trainline or something on a 700m block. In terms of capital, would a unit in a well established location fare better then a house in a more industrial area?
