As usual THE AGE (read FAIRFAX) directs me to an article trying to scare people from buying or investing in property.
And as usual it pretty much sums up how to get it wrong with property.
She's purchased the property and immediately next day she's having regrets. WELL WHY BLOODY PURCHASE IT THEN !
She didnt consult her base of knowledge or investigate to see what she should or could get. FAIL NUMBER ONE.
She knew what she wanted in her property and didnt bother to check during an inspection that it matched up to her requirements. FAIL NUMBER TWO.
Its small at 50sqm .. even for a 1br thats small. FAIL NUMBER THREE. And its Art Deco = OLD+Problem Potential. There wasnt a nice new unit available?
She is trying to service it without having a job behind her or a source of income to support it. FAIL NUMBER FOUR
She didnt even bother to check the Body Corp fees (a MUST if you are purchasing in a collective group of properties). FAIL NUMBER FIVE.
So as usual, THE AGE writes up a summary from a liberal know it all who did nothing right and blames PROPERTY for making her world miserable.
Sad when you actually look at the facts.
what a waste of an article. clearly she’s an idiot!
What a crappy article..
I dislike people who make rash decisions and expect others to feel sorry for them when some thing goes wrong.
I read an article the other day where a couple who knew nothing about the share market borrowed 100k+ on their house and they end up loosing all of the money.
because a "adviser" gave them some advice…
I bet if they made a profit they wouldnt be crying out poor.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
I can't believe this is news worthy. Someone who didn't carry out due diligence and disregarded advice bought a property that they ended up regretting. I'm sure it happens all the time.
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 like how she complains about having a 6 figure balance to repay. What did the bank not inform you of how much you were borrowing mam. I'm sorry that comes as a shock to you.
Did she not use a solicitor or conveyancer who explained the contract to her? Oh she sold the unit, was it at a healthy profit?
Total lack of due diligence. Silly woman.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
The problem is that people do less due diligence on an investment property than hey would a blue ray player. If you buy something and regret it because you have not done your own due diligence then you only have yourself to blame.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Nigel Kibel wrote:The problem is that people do less due diligence on an investment property than hey would a blue ray player. If you buy something and regret it because you have not done your own due diligence then you only have yourself to blame.This is what really surprises me no end. People will do all their homework and consult for minor stuff, yet when buying a $500K property they don't want to spend an extra few thousand and consult professionals but instead attempt to save costs by trying to do things on their own (i.e. taking out loans through websites, doing their own conveyancing, etc).
Most of the time this decision ends up costing them more in the long run.
Cheers,
Tom
You must be logged in to reply to this topic. If you don't have an account, you can register here.
