Forum Replies Created
“I figured you would be better off using the money towards the costs of an IP and have a appreciating assett, than ending up with a depreciating assett after 5-10 years. “
You are right wayne!
I did my research on car lease option a couple of months ago and my findings were:
1. You only lease a car if your income is quite high and you are buying a very expensive car
2. In a lease arrangement the leasing company takes care of all the costs of servicing and maintaining the car but as the car is leased you would have to get it serviced and maintained by authorised dealers only. You cannot get it serviced by a good mechanic (if you know one). So why pay one grand servicing cost when i can get it serviced by someone who is really good, trust worthy and costs me only 200 bucks.
3. Even after paying the lease for a couple of years i still would have to pay 30% of the value at the end of my lease term to own the car, however had i gone to a bank and financed it, the amount of money i would have paid for 5 years would finich my car loanI wouldnt go for a lease option unless i really wanna buy an expensive car, and why buy an expensive car? why not use my money investing in property.
Hope this helps.
Hi Gina, If you dont mind me asking, what suburbs are you looking at?
Yes the usual settlement is 60 days. You can ask the agent how much settlement period has the other person asked for. This could help you make a wise decision. And when you make the offer make sure you have the clauses “Subject to….” before you sign on the dotted line.
I personally do not believe that you would have to decrease the rent for a property thats right on the train tracks. From my experience only a handfull of people would worry about not staying next to the tracks whereas a majority wouldnt mind staying next to the tracks. In areas like Caulfield, GlenHuntley and Carnegie (all in vic), properties next to the tracks are doing fantastic owing to the large population of international students – Saying from personal experience.
When you accepted the offer did u specify the following:
1. Subject to Finance
2. Subject to Building Inspection
3. Subject to Finance InspectionMy understanding is that we can put these clauses to safeguard ourselves
Creating wealth is better then minimising costs, however you do need to do your numbers properly. Had it been me i would have :
1. either look for a property under the LMI threshhold or
2. save up 8K or might even take a 8K personal loan on my CC to get the property and pay the CC with a low rate balance transfer getting anoter CCI’d go for option 1 if i am absolutely sure about the returns from the investment
Hi Cassco, Pls dont take me wrong, but i sincerely do not understand how could you enter a deal without reading the contract. What the agent has done is UN-ethical, but in todays world you cant really trust and take any ones word for granted. I am not good at legal stuff so cant help you finding a loop hole to get back to your agent. But pls be carefull and i’d advise everyone to read the contract before signing any deal. There are ppl in this world who spend a fair bit geting a solicitor review their contracts.
I experience the same, using an ADSL Connection despite of setting my page preferences to ” Not to Load Automatically”. Would be good if the site admin tweaks the server or perhaps get a powerfull server realising the amount of Data (posts) we have now and the number of simultenous member logins.
Thanka LA Aussie! Well this block of land is to build PPOR. As you pointed out, i am a bit emotional as i really want to have my own house built and stay there rather then pay rent (and subsequently someone else’s mortgage). My concerns are:
1. If i place a low offer and someone beats the offer then i will have to wait for the next land release.
2. If i sign the contract with what the developers are asking me, what if the bank evaluates the price of the property to be lower then what i agreed with the developer?The settlement of the land would be in 4-5 months and i might not have my 20% if the property is evaluated low.
Based on my knowledge (from staying in Preston for the last few years and been enquiring about Point cook – looking to buy my own house there), i’d say Preston, Thornbury and Williamstown would be excellent for IP’s. Not sure about altona meadows but point cook is definitely a NO for IP’s at this stage. Point cook would rise eventually but nothing as compared to rate of increase in suburbs like Preston, Thornbury and Williamstown.
Capital Growth would be better in Presto, Thornbury and Williamstown and renting the houses shall be a no brainer in these areas as there’s a lot of demand.Hi Sarge_80. I am looking at buying a block of land in innisfail. I understand the rebate part you mentioned. Since i am a newbie i would like to know whether we as buyers put an offer on what peet (the owners of innisfail) quote us for the land? or we simply accept their price and put a holding deposit on the land? Even i am quite particular of the block that i am after and i have limited number of blocks to choose from? so shall i be putting an offer? or just put in my holding deposit on the amount that they are selling ?
Sanjiv, i’ll ask you the same question that others have asked Contrarian. Is it secure? what kind of guarantee can you give?
Thanks for clarifying this Nat. I am in melbourne so perhaps my next step would be to search for a Solicitor in melbourne as i would be needing legal advice for my next venture.
Regards
SMTMWhat would you register your business for? Once you know the answer then go for it. Have a look at the ATO website, depending upon what you want to do there are quite a lot of options like Sole Trader, Company, Partnership or Trust.
You can buy property using the business name as well. It has many advantages and disadvantages. But as i said earlier, you need to have a plan… set your goals….. and then think about the means to accompalish your goals….Property… business… etc are all means… not goals….Thanks CT, i’ll try to get my hands on this book…
Yup thanks Julie!!! now i am with you. Mirror image the plans on a east facing block. thats making complete sense to me.
Thanks a lot again. It took me a while…. but now its sinking in my head!!cheers
Hi, I am pretty new to this too, but the 1st thing that come to my mind is – Wouldnt your loan be larger if you put 5% deposit? hence larger payments? however by putting in 25% you would have to borrow less, try to get the property +ve geared and save up to buy another one later.
Hi Guys, Just adding on to this, i am looking a buying a house to live in with my wife. To be true i have no issues whether we buy the property in my name or both of us’s name. If we stay in the house that i am buying now and later buy another house (after 12 months) in my wife’s name, stay there for 6 months, would she be able to get the FHOG?
Sorry, point 1 in my post i used the term mirror image, thats not correct. what i meant was just the garage and bedrooms swapped over.
Thanks a lot Julie, I really appreciate your time and effort in explaining this to me. I agree with what you proposed and i havent yet bought the block. I beleive the drawbacks that you identified could be done away with :
1. If i buy the east facing block but use a mirror image of the house plan, ie garage and bdrms swapped or
2. buy a north facing plot with the same plansdo you know if there is any logic or reasoning behind whether garage will be on the right of the house or left? i have seen quite a lot of plots where the garages are adjacent. So in my case i can get the same house but with the garage and bdrms swapped. Infact the plan that i sent you was completely the opposite of the actual house that i had seen last week. Can you shed any light on this?
