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Posted: 6/4/2008 11:28:10 PM | | You don't like older neighbours? Try the new estates in Pt Cook. Mortgage repayments on some of those places are cheaper then the rents you are presently paying. | |
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Posted: 6/4/2008 11:51:36 PM | | i was thinking of doing buying a place and renting it out and living in another but i found the negative income of it all (rental income not covering interest etc) was too much of a burden as it amounted to much less money for me and the capital appreciation wasn't enough. Under todays rental situation it might be worthwhile as the income may now be positive because rents have gone up, assuming house prices haven't gone up too much in the process! | |
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Posted: 6/5/2008 6:31:42 AM | whitegold hit the nail on the head...rent or buy for your own prefernece and lifestyle choice...
For security purposes in the longterm purchasing a property is usually the logical way to go...why pay off an assett for someone else if you can afford to pay one off for your self. there is also the other scenario that when you purchse a home and it increases in value this also gives you equity you can use to purchase a second home as a rental property...keep it simple and buy a low maintenance property as this will keep your overheads down...
I have been in the real estate industry for many years and have seen very few bad tenants and or landlords..They are out there but it is like anything only the small percentage of idiots make the papers or current affair shows. property investment is usually always the least volatile if you plan longterm..Most of the people you see losing money on property are the ones who try to play the market in the short term with minimal knowledge or people who buy off the plan...buying off the plan can be very high risk. Regardless of the type of property you are going to buy make sure you do your homework and try to not allow emotion to control what you buy..All agents have access to sales histories of all areas and if you find a property you like but are unsure of the pricing structure as in good value or not...ask the agent to give you a printout of past sales of the street or local area. You can also access this info through government depts for a small fee...at the end of the day my opinion is to buy if you can afford to as you are then not at risk of crazy rents and also you will not be at the risk of the landlord wanting to sell. I have tenants that have had to move time after time because of properies being sold or rents going up...One scenario was put forward earlier in this thread of renting and investing cash over a long period...just remember any investment is a risk and if it doesnt work properly you are out of pocket the investment and also the rent you were paying...As white said it will come down to your own lifstyle choices and personal situation but always make sure you see a good financial adviser and check their credentials real well cos there is a heap of shonks out there.
and never ever take financial advise from a real estate agent...A) it is illegal in ost states for them to give it and..B) as they have a vested interest in you buying something off them the advice may be not as good as they make it out to be.
cheerz all be safe and be well | |
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Posted: 6/5/2008 6:48:54 AM | I was really lucky to buy west of Brisbane just before the property boom. Maxed out the credit card, borrowed my mum's funeral fund, $20o from a brother, and ate rice and noodles for the first year. Now, the value of the house has quadrupled in 6 years (nothing I've done to it), I've painted inside and put nails in walls (yes!) and best of all, work is a 15 minutes walk away. I'm glad I took the risk, but it was very scary for a while.
Bris_guy, don't invite anyone else up here, there's not enough roads and water to support them all. | |
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Posted: 6/7/2008 4:02:55 AM | I find the same as Melissa that my rent has just jumped $80 a month and I can see it going up more in the future. I have always rented for the flexibility and could have probably paid off several houses by now but I've always had my money tied up in business.
Looks like I will have to buy something soon, planning ahead for retirement. At the rising levels there is no way I can afford rent in retirement, it would break all but a millionaire. By then I need to own a couple of places to support my expected lifestyle. As for those proposing life down by the beach, you can't beat it. I spent 12 years around Aspendale and Edithvale and plan to get back to the waters edge again. | |
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Posted: 6/7/2008 8:03:47 PM | Good call Whitegold, I was just thinking about this the other day (on holidays, to much idle time) and I wondered how people live on less than 100k a year these days, I go shopping and I just get what I want, brand name is of no concern and neither are petrol prices, recently in Perth we've had 500+ pensioners protesting, only wanting a few extra dollars a week, and people stating they are actually eyeing off their pets food..
On the subject of housing, I remember in Darwin, you found a house to rent, you go to the agent, get the keys have a look, pay the bond etc and off you go....dog and all.
In Perth you have to 90% of the time go to a homeopen (yes it's a rental) with at least 50 - 70 other prospective tenants and get your application in fast, and hope the rest cant really afford the place, the problem is you have to lodge $100 (refundable if unsuccessful) to do this, which is a problem for some, especially if you need a roof over you fast, and there are 6 properties on your list....and you only have $100 spare
As for buying, "most" realestate agents have only one concern...how much money they will make from the deal, this rings true even if you engage their services as a "buying agent" .......I wont sell to that guy because his agent will want a conjuction on my commision..or I wont show this house to my clients because it's listed with another agent and my cut of the commision on a conjuction sale, isn't enough for me to even bother......dont get me wrong there are some excellent reps out there....amongst the theives.
If getting finance is a problem, due to amount earned, small deposit or other factors, you could always try the "Rent to buy" option, the deposit required is usually a lot less, but I believe the repayments are a little more(but dont quote me)...I wont go into the pro's and cons, look it up on google! once again there are some reputable firms to check out.
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dnk8
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Joined: 3/24/2008
Msg: 32 | |
| Rental Properties
Posted: 6/8/2008 12:41:28 AM | I am a single parent on $30K pa and currently renting a 3x1 home (for location convenience as my mum looks after my girl when I work and its close to school). The house is ok, nothing flash, all original 30 year old condition but just dont expect to get anything fixed if its broken at $320 per week. I have animals so a unit or villa isnt viable and are just as expensive anyway. My last property of the same size but better quality was only $250 per week in same suburb 6 months ago. My rent has almost doubled in 3 years!
I cant buy coz even if I didnt have an $8,000 credit card debt I can only borrow $195,000 and thats with the governments shared equity scheme, need about $300,000 to buy in the area. So I have no choice but to rent. My house isnt big enough to share and I dont want randoms and other peoples problem around my child either. | |
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Posted: 6/8/2008 2:19:07 AM | My son and I bought our house 2 years ago. I would not have been able to make the repayments on my own and my son cannot save money. I had saved he deposit and with my sons income and my income we got the loan. It was a good decision as I think if we had of left it until now it would not be possible.
Best regards to all. | |
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pedro!
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Joined: 9/22/2007
Msg: 34 | |
| Rental Properties
Posted: 6/8/2008 5:26:50 AM | | I hesitated getting in on the real estate market when I lived in Sydney in the late 80's. I had the opportunity to buy the rental house that I lived in (a large double size terrace house on Abercrombie st. Chippendale) that eventually sold at auction for $75k. It would be easily 10 times that now were it in the same condition that it was when we lived there (not bad for 20 years). I bought a house in Pimpama on an acre 5 years ago for $268k and sold it recently for $515k. If you research well, are in no hurry but seize upon opportunities when they present themselves you can do well. I dithered on one 5 years ago (just before I found Pimpama) that was offered to me at $192k up at Lower Beechmont - spectacular 180 degree cliff's edge views over the Gold Coast and out to sea, 4br 45 year old timber home with leadlight throughout - on inspection the agent had a contract with her, I called back a week later and they'd taken it off the market! I saw it on sale again 2 years later at $495k! I've owned 3 houses now, have made a tidy profit on selling the first two and have always had a border in to help pay the mortgage. Definitely buy something within your means but research it well, use a good mortgage broker (it won't cost you a penny and can save you lots). | |
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Posted: 6/8/2008 5:29:26 AM | OMG!
I live on the south coast NSW, I live across the road from the beach and 3 minutes from the NSW town voted by the Great Outdoors as the town in Australia where the happiest people live.
I live in a roomy 3 bed house with the biggest bathroom, 17 people could fit in my shower!
I pay $240.00 a week to walk out my door and look at the ocean, I thought I was lucky, now I know, and we have the best shopping on the South Coast too...
Thank you Universe/God/Higher Power! | |
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Posted: 6/8/2008 5:32:05 AM | I owned a house out west Cowra for alot of years, house prices out there don't compare with here.
But I'm happy, I listen to waves crash as I go to sleep, yay! | |
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Posted: 6/8/2008 5:39:08 AM | | 17 person bathroom......sounds like you could hold yoga classes in there lol.....it sounds as big as the entire thing i rent.....some people have all the luck lol | |
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pedro!
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Joined: 9/22/2007
Msg: 38 | |
| Rental Properties
Posted: 6/8/2008 5:01:37 PM | | Aahh, deepsea, the best kept secret of the lot! South coast NSW! I holidayed at Huskisson, Ulludulla, Lake Conjola. Some truly beautiful and uncrowded coastline. Perhaps my favourite beaches anywhere. | |
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Posted: 6/8/2008 7:07:31 PM | Oops, I've let the secret out, lol....
Yep, sure is paradise here . | |
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Posted: 6/8/2008 7:22:46 PM | Spent 25 years in Dingley Village, and have pics of when it looked like a few houses surrounded by farmland!
Now I live on top of a hill in a place called Montville on the Sunny Coast and love it!
I recently returned to all the houses I had anything to do with - house I grew up in, my grandparents "mansion" in heatherton as well as the first house I owned in Chelsea Heights.
It just didn't feel like "home" anymore.....sometimes change IS a good thing!
-Mark. | |
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Posted: 6/9/2008 2:07:26 PM | For many, many years I never wanted to buy a house...
Then due to being kicked out of the house I helped renovate so he could move his new girlfriend in, I found myself looking for somewhere to live..
I thought rent was a bit expensive, so I bought a nice unit in a good complex, fully renovated, downside is it's in one of Brissys *crappier* suburbs. In the last 2.5 years my unit has gone up from the 150g I paid for it to about 220.. and I now have 100g equity in it. So don't discount a place because of where it is, everywhere has it's good and bad parts.
I never wanted to buy as I never plan on having kids and therefore no one to leave it to, but this is my place, I do what I want to it, and I know nobody is going to make me move in a hurry.. :) | |
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Posted: 6/12/2008 2:16:48 PM | I am in a 3 bed, 2 storey townhouse which is brand new and I started renting about 1 year ago. I signed a lease for 1 year at $280 a week. I have really looked after the place and the real estate agent was truely supprised that I had looked after it so well and said they would put in a good word for me to the owner in regards to rental increases. Interest rates have skyrocketed since I singed the first lease so they are not able to put up the rent until the end of my lease. I have now signed for another year as they only put up the rent by $20 a week. I thought this was very very reasonable and must be a reflection on me being a good tennant as everyone else in this complex pays at least $70 more a week than I do. I guess if they put the rent up too much and force me out they may get a really bad tennant and it will end up costing them more in the long run. Good to see there are sane people left in the world who are not completely driven by greed!!
I am in the best position too, 300m to the beach, 100m to a shopping centre and 200m to the gun shop lol!! | |
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