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i have just purchased my first ip with no deposit. i was told that i needed a dep bond certificate, which was fine, the bank organises this.
but when i went in yesterday to sign for the certificate i found out that it cost me $200.00 for this. I could of paid a lesser dep than 10 % and paid a smaller fee. this was never explained until i had no choice but pay the fee….I have learnt, ask more questions, do not assume they have told you everything..
Smiley[smiling]
i have just purchased my first ip with no deposit. i was told that i needed a dep bond certificate, which was fine, the bank organises this.
but when i went in yesterday to sign for the certificate i found out that it cost me $200.00 for this. I could of paid a lesser dep than 10 % and paid a smaller fee. this was never explained until i had no choice but pay the fee….I have learnt, ask more questions, do not assume they have told you everything..
Smiley[smiling]
thankyou everyone for replying to my questions
ill try to answer all of them..
im investing in ballarat.
i have enough equity in my own home to borrow the lot plus more for renovating
my reasons are for mainly growth so that i can buy another ip next year and continue on. so mainly to put a bit of money into the property to hopefully get enough growth in a year to buy more…
i have checked out asbestos and i can get it removed for around $1500 to $2000. which i was happy for. i heard in nsw you are not allowed to sell a house if it has asbestos in it. you have to get it removed. this could be in all other states within a couple of years.
i explained this to the real estate and i got the seller to drop the price $5000
So i thought for a 4 bedroom, two liveing area. fairly new kitchen. not a bad area. for a $160,000 was not bad and hopefully easy to rent.
YES i have taken the plunge and bought my first investment property…..[confused2][biggrin]
Thankyou again, hears hoping all goes good… and looking forward to some hard work and lots of painting…
