All Topics / Help Needed! / What to buy as first home/investment

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  • Profile photo of mahnovetskymahnovetsky
    Member
    @mahnovetsky
    Join Date: 2006
    Post Count: 9
    November 5, 2006 - 11:07 am

    Hi Guys

    I will be buying my first home soon and need some help in deciding what/where to buy. I wish to use this place as an investment property within a few yrs but will be living in it until then. I live in Brisbane, and atm I can only afford up to $280 000.

    I have been to one of JLF presentations and I have read his book, it has lots of useful advice but he requires people with 40G to buy one of his properties he develops – Out of my ball park. Also I was a bit skeptical when he failed to mention that they take a 3% cut of the cost of the home. :(

    So I was thinking to buy a home as it has more land to appreciate, but I think I can only afford home in the lesser areas of Brisbane which I don’t know is a good idea or not. So then I was thinking should I get a unit or townhouse, it has less land value, and I have to pay body corp, but I can get something in a better area of Brisbane. So I ask you guys what should I buy?

    What about a buyer agent would they be good value in my situation?

    All help appreciated. [thumbsup2]

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    November 5, 2006 - 11:12 am

    I tend towards a middle class house on land.

    But you need t owork out your goals first then it will all fall into place.

    Simon Macks
    Residential and Commercial Finance Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of RealEstateQueenRealEstateQueen
    Member
    @realestatequeen
    Join Date: 2005
    Post Count: 69
    November 5, 2006 - 2:37 pm

    Hi

    But yes, simon is right, go for more land, you will definately have more gains than a unit in the ‘right’ suburb.

    But you need to figure out why you are investing in the first place. What is the end goal for you? Then you will have more direction in what to buy first up.

    Profile photo of mahnovetskymahnovetsky
    Member
    @mahnovetsky
    Join Date: 2006
    Post Count: 9
    November 6, 2006 - 12:05 am

    Thanks for your input guys.

    Well my main reason to invest is to have the option to retire in 20 yrs and be able to enjoy life, live in a house of my dreams, ah the list can go on. ;)

    I just didn’t think my borrowing capacity was enough to get a house in the middle class. I do have a constraint for this first property and that is I work in the city so travel time is an issue.

    Yeah I’ll send you a PM see what you can offer.

Viewing 4 posts - 1 through 4 (of 4 total)

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