All Topics / Help Needed! / Is buying an investment in Colyton 2760 a good idea?

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  • Profile photo of Sigman21Sigman21
    Participant
    @sigman21
    Join Date: 2012
    Post Count: 3
    June 23, 2012 - 10:16 am

    G’day guys

    I am interested in purchasing a 4 bedroom, 2 bathroom house in Colyton NSW.

    The property has an alfresco area with a laundry and third toilet outside. The property has had a complete renovation.

    The property is going to cost roughly $400000.

    Whilst the house is awesome to look at and my partner and I would love to live there, is it too much for the area it is in?

    My partner and I would be looking to live in the house for 3-5 yrs and then hold onto the house as an investment.

    Any thoughts would be much appreciated.

    Cheers, Dean.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    June 23, 2012 - 11:46 am

    Hi Dean

    What are comparable properties selling for in the area?

    What would make it a good investment in the future?

    My only comment with properties that have already been renovated is that there's little (if any) scope to add value and you're usually making someone else money.

    You mention turning it into an IP down the track – it's important to set your loan up correctly from the start so you can maximise future tax benefits.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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