Hi Guys,
I am looking to buy my first property for an investment. I have a budget of around 300-350k.
I'm looking to buy a preopty which I can renovate and live in then sell and around 6months – 1 year.
The thing is I'm confused of 2 things:
– Should I try buy a house (which would be out of melbourne because of my budget)
-Should I try buy a 1 bedroom apartment?
– Should I try buy a 2 bedroom apartment?
– And what would be some areas to start looking at?Thank you very much for reading my topic and I hope you have the time to write back.
Kind Regards
Nick
Hi Nick
Why not start the hunt as follows:
Starting with http://www.realestate.com.au ;
Figure out how close to the city you could afford to buy (leaving money to renovate with!). Investigate units and houses separately.
Then work out the price difference to buy a place that looks like it needs work, compared to an already renovated place. Then work out if the price difference is higher than your renovation costs plus stamp duty plus legal, selling fees and holding fees (eg bank interest during the renovation and selling process). Then work out if the difference is worth bothering with. For instance, don't bother if there's only a $2k profit in it for you
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Nick,
With the budget you have in mind…have you considered off-the-plan properties? Have a read of this:
http://propertyportfoliospecialist.com/2010/08/why-invest-in-off-the-plan-properties/Cheers!
First you have to be sure if buying property out of Melbourne will be convenient to you or not. There are agents that are qualified to represent a client whether they are buying or selling real estate property and negotiate the best possible prices to complete the deal.
This one just came up in a complex we have a property in – across the road from the beach, has a communal pool. I really believe in Seaford and think it will continue to rise as more and more infrastructure occurs in Frankston. No internal pictures though so assuming it has had some reno work at that price as we got ours 12 months ago for $284k unrenovated from the same agent who I cannot speak about highly enough
Oops forgot the link:
http://www.harcourts.com.au/Property/View/VCS4268/8-99-101-Nepean-HwayNick, What are area do you want to buy in? Are you interested in a rent to buy property? Do you have a deposit saved up? and what is your borrowing capacity? Dazz
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