G'day all
Im 20YO from Wollongong, NSW looking to purchase my 1st property, and take advantage of FHOG then lease it out after 6 months, Im not sure whether i'd be better buying a brick home in reasonable condition around $330k in a realitvly good area(that may fetch reant of around $290+p/w) or am i Better off buying a Fibro (dept of housing) for approx $190-220k, that is in a Low socio-economic area, and in need of a major overhaul of renovations. that would potentially fetch for $230p/w)
I have savings of $50k.Intrested in hearing from all you budding investors…
Thankyou
Dave
i go for value adding every time ,but i enjoy fixing stuff
in the past i have bought in state housing areas which they redeveloped and sold to trendy young couples and it worked well
what sells best is what is "normal" in that patch ,i live in a fibro area and for some reason the few modern low maint brick and tile places take ages to sell…….
i assume the one fibro shack in a brick suburb would be a slow mover too
real estate is a pretty conservative sport
do your sums
an extra hundred grand for $50 a week more rent seems a bit like a dud investment
in fact i will give you $75 a week for a hundred grand !
if you start with the cheapie you may be able to buy both !
good luck and have funRemember… this is investment property
buy with brain (with lots of x:-+% etc) instead of heart.
But brick has less maintainence compared with fibro
in long termThey are very good points, Thankyou
Although i am still cautious that the fibro home would be in an area, and attract tennants that are undesirable, and could quite possibly trash all my hard work?, the areas are notorious for domestic disputes and drug use-supply…
whereas the brick home, in the nicer area, should attract a nicer couple or family…
Any thoughts?sounds like you have answered your question !
keep looking for an area that has the right ingredients for growth
in my example the state housing commission was relocating the undesirable types demolishing the fibro shacks and selling off the blocks ( three new ones out of two old ones )
i had one of the few privately owned houses in the area and a really good dog
over a year my neighbours turned from petrol sniffers to gay couples !
wish i still had that one now !
in long termYou must be logged in to reply to this topic. If you don't have an account, you can register here.
