Hi Everyone,
can i pls get some advice regarding the Western Sydney Property group as of recent times, has anyone bought property of them and what kind of experience did you had?
I have signed a contract to buy new house in Mount Druitt for $400,000, 3 bed town house and 7 mins walk to station, the house is going to be completed by end of July 2013, we had inspection last weekend, so i put .25% deposit and signed contract. Legally i m now in cooling off period for 10 days, i just want ask if this businesses "Western sydney property" is any good? i read some reviews and its only negative points about them, i rang ASIC and Fair Trade but neither can provide me information about the complaints people put in for this company. Although Fair trade said it will take about 20 days to process and i got to lodge an application for $30 to get the report about the business. so by that time i will be already be over contract cooling off period? so if anyone has any info regarding this business, pls reply in the forum asap, and also is it good idea to do building inspection for the brand new property? Thank you for your time and reading.
newbeez
Hi there
I can't comment on the company – I have no idea who they are.
With new properties, there's often a large mark up – similar to buying a new car over an older one that's depreciated and can be purchased for less.
Growth in new properties is generally slower and valuations can come back lower than purchase price.
Just make sure you obtain "formal" finance approval before proceeding.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I would take that $400k and buy a 1000sqm block in MD.
Re the group – do a google search and you will find plenty of interesting feedback.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Thank you Jamie for your advice, yea i might only deposit 5% and get the pre approval and then wait for valuation just in case, also is pre-building inspection good idea to do for brand new property?
You read lots of bad reports but you're still giving them your money and giving less deposit "just in case"??????
Have you researched MT Druitt and seen what you can buy for $400,000?
As Jamie mentioned- you are paying a marketer to sell you a property. This usually amounts to about $50,000 commission. Personally wouldn't want to buy a house where $50,000 is commission.
Google "Off the Plan pitfalls" then see if you still feel confident about the purchase.
i did read lot of bad reports about this builder but i didn't get to talk to clients who purchased the houses from them as yet, i will do that, they didn't give us any discount either, so atm i m risking $1000, i was actually looking some second hand houses in Mt Druitt area, and its no where near to train station as this one, and we also wanted to get government grant, i agree price is high for this house. i read about "Off the plan pitfalls" thank u, its got lot of info, i will take that in consideration. I still have time until 27 June to decide so i hope i will decide something.
Hi again
Whilst the concessions for new builds are attractive – they can be pointless if you're paying well above the concession for the property.
You mention that you've already read bad reports about the builder – that doesn't sound good.
How much will an established property in the same area cost you?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Currently the established houses are around $350K for 3bed, 1 bath n 1 car park , but the thing is they are all about 20mins walk from the station and cannot find any other property. I will ask builders to see the other properties they have built and talk to the owners how they going with the property?
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