Hi there
Im 32 single and looking at purchasing my first home and would like some advise…
I am interested in a 3 bedroom single storey standalone house/unit (1 of 2) in Sunbury (35km west mel city)… Building is to start soon and its located 2 km from town/station, is approx 12sqs and is going to be built in an already established street.
Purchase price approx $250,00 less first home buyers $25,000. Putting down a 5% deposit will leave me with a mortgage of $212,500 (no probs paying this off). I plan on living in it for 12 months then renting. I believe it will rent for $240-$250 per week.. Long term I believe Sunbury shows great growth prospects and I plan on holding this property 5-10 years. This is a reasonable cheap way for me to get in to the property market and stop paying dead money renting.
PRO's
* Average annual growth 8% over last 10 years, 4% last 12 months
* Sunbury offers a nice country lifestyle 35km from city
* PPrice $225,000, rent $250, good return
* Low rental vacancy
* Good infrastructure in place, shops, schools, transportCON's
*35km for mel cityI would prefer to invest inner city but with only $250,000 there isnt much around.
Thanking you in anticipation
Sarah
Hi Sarah
A few more questions you ,may like to investigate: What opportunities for employment are there in Sunbury? What is the current rental demand in the area? have you spoken with the local council to ascertain whether there is any planned infrastructure in the area that may impact on the local economy and/or the exact location of your proposed property? What is the commute time to Melbourne?
Another proto consider is that a brand new property will allow for a better depreciation schedule than buying an older building.
cheers
Sonya
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