hi vyvyen
little bit of advice
If you are going to live on beans to get this house and its going to be your ppor make sure you get a fixed interest lend for 10 years a couple of interest point movement and you haven’t got any beans to eat and as its your ppor you can’t claim any losses to tax and you can’t sell it back into the market because the market will have the shakes so less people will be buying.
go out on a limb for a ip as any losses can be written off to tax but not your ppor as it has at all times to be.
A secure ie have enough to carry a 10% interest rate ( we have been to 14% and I remember it)thats 98k at 7% and 192k at 14% so unless you are going to save 100k on eating beans your on the quick slide down the tube.
B.affordability its all well and good to like 1.4 mil properties but you need to cover them and mr packer isn’t relying on eating beans for cover his loans.
C find a property that you can easily afford to pay for and invest the rest in properties to give you cash flow to purchase.lot of people have dreams,
This may be your dream house the trouble is that dreams can change while your in the dream,
This then can turn into your nightmare the trouble is this will be reality not a dream.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Hi Vyvyen,
All though it’s not up in the millions, I made a considerably low offer on a block earlier this year. Thanks to the formites here – I played a waiting game with the vendor that went on for 3 weeks – and i won:)
At the time they refused my last offer, so as jenwren said I put a clause on the offer and faxed it through as my final offer.
They had the easter weekend to consider it, and on the final day of the clause they rang back and accepted it!
It’s probably worth waiting for the agent to come back before doing further offers, as the agent might work on the owners abit – because after all there’s a nice commission for him even if they take a lower offer!
hang in there and take your time:)
Rgds
Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.holidayhomeswa.com.au – Holiday Homes in Western Australia
http://www.wheretostaywa.com.au – Accommodation in Western Australia
http://www.homesearcher.com.au – List your property for FREEWho knows if knocking off $200K is cheeky or not. We settle tomorrow on a house where the owners were asking $655K (under advice from their the agent). Sat for over six months and we contracted at $460K. The asking price isn’t always what a property is worth.
We have considered buying a “dream home” a number of times, whenever a local “landmark” house comes on the market. Each time we consider selling our IPs to reach the “high end dream house” but each time common sense has won and we have kept the IPs and decided to stay in a “very nice” house.
We have lived in a “landmark” house before and enjoyed the quality and ambience but I wouldn’t want to live on baked beans and we have friends who bought their dream home but have nothing to sit on (and probably live on baked beans).
It is a decision only you can make.
Good luck whichever way you go. Regards, Wylie.
Ah, the emotions involved in buying your own dream home
Some great tips so far, so I really can’t add much except:
Know your walk away price, try to exercise some patience, don’t give any ultimatums to the agents unless you mean to act on them, and remember that there will be another dream later on down the track!
Good luck and keep us posted as to the outcomeCheers,
Pro-Activehttp://www.invested.com.au Australia’s premier Investor Education site
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