Forum Replies Created
- Quote:Ian,
I’d be tempted to get a cheaper air conditioner, borrowing the money so that there is some tax relief and adjust the rent accordingly
Spider
[Mel,
Mate I think you are right. I just needed some lateral thought. Stay in rental accommodation and purchase as many +ve properties as I can. No stress, enjoy the journey. I can have it both ways, a good lifestyle now and later on.
Regarding Canberra, well….it was a good place for employment and my grown up children had good schools, but unfortunately I don’t have any polar bear blood in me. I just love Sydney.
Thanks for your help
Spider
[Redwing,
Thanks. After the 12 months is up I’ll just keep renting I guess. As you are aware the rental return here in Sydney is very low, some investors obtaining 1 or 2 percent. The property I am renting here is valued at $600k and I pay $380 per week (minus subsidy), not a good return. I guess it comes back to the original question, rent here for 5 years or so or buy +ve rental properties and then in 5 years capitalise on the profits and then buy something here in Sydney to “retire” in, maybe with a view of Coogee Beach.
Spider
Quote:jancrows,Thanks for your reply, yes the subsidised rent only lasts while I don’t own property here in Sydney, in the back of my mind I’m considering purchasing a residence here prior to June 30, shift a tenant in and paying the mortgage 12 months in advance to get the tax advantages, as I need them with some unencumbered properties. Luckily the agreement with my company is that they will pay the stamp duty on the purchase, however, the cycle had to start on the understanding I sold my house in Canberra, and as you can imagine stamp duty is significant here in good old “steak and kidney”. Thanks for your advice
Spider
quote:
Hi there
If you are in a postion to avail yourself of a rental property arrangement that is relatively low – subsidised until Oct 04 I see this as a bonus.
Particularly if the purchasing market is not an escalating one…therefore you have ample time to as you say look at the market – it may well “flatten or drop”.
From what I understand (and Im a newbie) the capital outlay in Sydney is Huge!!! and I would understandably be nervous about filtering my hard earnt dollars into a purchase that could now be eroded in the market……….and if only I waited !!!
I assume your Employ contract is endorsed for rental subsidy to the like of not owning a “habitable” dwelling in which you are to reside in ?? or do they assist with purchasing as well ??Regards
Si,
I forgot to mention that if you go to a website http://www.allhomes.com.au it will give you most properties for sale in the act and regions. Also, it gives an historical audit of the house in regards to the prices.
Spider
Matt,
Thanks but what I did was a long time coming and I made just about all the mistakes one can in investing. At 52 I am trying not to make too many more.
Thanks agnSpider
S.I.S.
Thanks for your reply. I guess it’s a matter of expedience for me. If I continue to rent here in Sydney and buy +Ve property out of the capital cities, will it be more advantageous than purchasing a principal residence and renting it out considering the rents are low here in Sydney and accepting that we will be in for a further interest rise in Feb. I guess I will be better off just investing +Ve property as the market here could flatten or drop. The scary part is the real estate agents look you in the eye when they ask $1M for a “renovator’s delight”.I have recently shifted from Canberra to Sydney and my recommendation is to purchase as close to a town center as possible (Woden, tuggerangong, Belconnen, erindale). Woden has seen some good growth in the past 2 years and I believe there is more to come due to the expansion of clubs and facilities.
Hope this helps
