Hey guys,
This is my first post on this website so be kind!
I'm looking at buying a place in chinchilla as i am moving out there for work purposes in the coming months.
I have worked out that compared to me living in a company provided house it will cost me $130/week more to buy and pay off a loan. (based on 1200/month repayments)
Now thats assuming im living in it on my own, if i rent rooms out for 100/week each i have the potential to be making 70 a week (assuming i rent 2 rooms out).
So i have been umming and arring about this for the past few months, i seem to think that its a good idea because of all the resources out here. But then i always question myself after i have come to a decision.
Basically im planning on living in it and renovating for a yr or yr and half (depends how long im out here) and then i will be renting it out for a few years and then hoping to sell it.
Can anyone see anything seriously flawed with this plan?
I just dont want to be in the position where the rental market or sales market dies and i end up losing money, this is my first investment property (hopefully) and im only 21 years old, so i would like to start off with a positive and not a kick in the nuts!!
Any comments would be greatly appreciated! I'm very new to this whole thing but im very willing to learn and hopefully i will be as capable as some of you guys in this game!
Cheers
Alex
nobody?
Hey Alex,
When you say this will be your first investment property does that mean you already own a home ???
Just wondering if you will be taking first home owners grant into consideration or not. The banks wont take
tenants into consideration for loan serviceability. I guess one draw back with your situation would be that
all the renovation work wont be tax deductible as it will be your primary place of residence.Rents seem pretty good out that way….What would your employer charge you for company provided house ???
Is the place your looking at rentable now and could the improvements needed be done with tenants in place ???Regards,
TrevHey Trev,
Thanks for getting back to me i have been scratching my head all week about it all!
No, i dont own a home, it will be my first property at all. So yes i would be eligable for the FHOG.
I found out today that my employer is offering rent at 100/week before tax, so about 70 per week…
The above fact kindof makes me think, maybe its not worth buying just yet…
The places im considering are all rentable, most stuff could be done with tenants in place, but i was planning on being the tenant so i wouldnt have that issue..
Thanks again.
Cheers
Alex
G'day Alex,
Drop me a line at [email protected] and i'll send you back some info on how to research
the area a bit better.Regards,
Trev
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