I currently live in the inner city of Sydney in a one bed room apartment. I pay $345 p/w rent. Yuck! I’ve been looking around for apartments to buy as my first home but am unsure about a few things:
(1) Do I buy soon or wait?
(2) Do I buy a newish apartment or an older style one with a view to fixing it up.Initially I was very keen to purchase an older style unit so I could renovate. However it looks like there are bargains to be had in the new apartment market. I’m absolutely sick to death of paying rent and would love to be paying my own home off. Any thoughts would be greatly appreciated.
Don’t you tink they could drop even further? Esp when the new stamp duty rules kick in.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
what kind of asking price are you looking to buy at, in terms of cashflow a mortgage on a ppor is likely to suck out and awful lot more cash than renting.
Have you considered renting and buying an ip?
Thanks Paul. I have but the prospect of the FHOG and now the exemption on sales tax is very tempting. Also, I’m confident of being able to reduce the mortgage quite quickly. I’d be looking to by a property for about $350k with $70k deposit
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