Hi
I am a first time PI who has been browsing PropertyTalk for the last few months to pick up as much info as possible about property investment. Great site -excellent resource! I'm about to take the plunge but am very nervous about a) the property i'm considering putting an offer in on, and b) putting an offer in during current market conditions. Thoughts on both issues would be greatly appreciated.
a) property is in akld (an ex state house). am v.comfortable with its location - has real capital growth potential if the market doesn't crash and burn. Purely a capital growth (long 10+ year investment) venture. I have a 50k deposit and plan on putting an offer in at 410k. Property is subdividable. Would obviously have to top up the mortgage repayment from rent received to a reasonable amount.
b) My understanding of the market (for a long term investor such as myself) is that the nature of the property is going to be largely determinative of how much capital growth occurs (i.e steer clear of CBD apartments). Hence, have targeted a property in a supposedly up and coming suburb with a subdividable section. However - is it a bad time to buy? Is it best to keep working on getting a bigger deposit together and hope house prices fall further before entering the market (potentially a safe bet with how things are looking at the moment...?)
Any thoughts appreciated.
Nervous 1st time PI
I am a first time PI who has been browsing PropertyTalk for the last few months to pick up as much info as possible about property investment. Great site -excellent resource! I'm about to take the plunge but am very nervous about a) the property i'm considering putting an offer in on, and b) putting an offer in during current market conditions. Thoughts on both issues would be greatly appreciated.
a) property is in akld (an ex state house). am v.comfortable with its location - has real capital growth potential if the market doesn't crash and burn. Purely a capital growth (long 10+ year investment) venture. I have a 50k deposit and plan on putting an offer in at 410k. Property is subdividable. Would obviously have to top up the mortgage repayment from rent received to a reasonable amount.
b) My understanding of the market (for a long term investor such as myself) is that the nature of the property is going to be largely determinative of how much capital growth occurs (i.e steer clear of CBD apartments). Hence, have targeted a property in a supposedly up and coming suburb with a subdividable section. However - is it a bad time to buy? Is it best to keep working on getting a bigger deposit together and hope house prices fall further before entering the market (potentially a safe bet with how things are looking at the moment...?)
Any thoughts appreciated.
Nervous 1st time PI
Comment