Forum Replies Created
I find that http://www.realestate.com.au is a good site to work out the cost of a property and what you would get for rental income. Work on a few scenarios in a few different locations.
Then find out how much a lender will lend you at the going rates, not at the inflated rates as you are both young and with casual jobs.
Also look at the repayments on the maximum amount you can borrow to see if you casual income will cover the loan if it is not rented out.
Don’t just jump into this, without having some type of plan.Regards
VICSANSWHi Brett,
I believe that you need to be living in the house to qualify for the home owners grant and also to get a benefit in relation to the stamp duty.
It is good to see that you are thinking of investing rather than blowing your money. Make sure you do spend some money on yourself though and don’t miss out on some of the good things your age can offer.
In some cases you don’t need any money as a deposit for an IP, even if you are only 18. Just as long as your rent, plus your income can cover the mortgage repayments. That way you can keep you saving aside for renovations/improvements that may be needed.
Good luck on all the reading you will need to do.
Regards
VICSANSWPersonally, I believe that you get good and bad returns in both shares and property. The trick is to be able to ride the bad times and not have to sell. I have made good money in both shares and houses.
Bought a House at $108K and sold for $285 7 years later with only $20K work done
Bought a Unit for $55K and sold for $160 7 years later with no more than $2K done on renovations.
As for shares first started with the TELSTRA 1 shares which were sold for $7 or $9 dollars and has continued from there.
These figures might be too slow for some, but I am in no rush and have got a life outside of Investing.
