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  1. #1
    Join Date
    Dec 2012
    Posts
    12

    Default Queens Park , Hamilton

    Hello

    I am new to Property Talk and this is my first post.

    I am thinking of buying an investment brand new property in Queens Park , Hamilton . It is a new development which will be finished in June 2013.

    Appreciate your advice whether it will be a good buy , I am looking to buy for long term .

    Tnx

  2. #2
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,634

    Default

    Quote Originally Posted by hdb View Post
    Hello

    I am new to Property Talk and this is my first post.

    I am thinking of buying an investment brand new property in Queens Park , Hamilton . It is a new development which will be finished in June 2013.

    Appreciate your advice whether it will be a good buy , I am looking to buy for long term .

    Tnx
    You need to provide a lot more information.

    Some things to consider about development
    - What people are buying in it? Currently many will be friends of developer, and many will be looking to flick them on.
    - You are buying early on in the development, so will the project end up being completed to the level you expect? I don't know much about this developer, but in the past many developers have promised great communities, with park, security gates etc etc, but then the developer runs out of money, and the end result isn't great. There are a few examples in Hamilton of this
    - Make sure you get an independent appraisel for the rent, as the developer is associated (owns) the property management company
    - What are the other properties like in the area?
    - Will the train tracks affect it?
    - What isn't included in the house? ie tv aerial, mail box, curtains, carpets etc etc?? Always make sure you know the full cost
    - What is the development going to be like in 10 or more years?
    - Watch narrow roads, small parking areas, as in developments like this they are often an issue. ie where will you tenants, their friends etc park?

    Standard things to consider
    - Is the cash return enough? I think they were around 6% gross yield, which will make it cashflow negative
    - What are you buying the property for? If cashflow, is it giving you this. If long term capital gain, will it give you that?


    Hopefully this helps

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  3. #3
    Join Date
    Dec 2012
    Posts
    12

    Default

    tnx Ross , grateful for your feedback

  4. #4
    Join Date
    Jun 2004
    Posts
    10,441

    Default

    I stumbled across Queens Park the other week on the way to get a window quote. It is beside the railway station (not that it gets much use). Huge amount of earth works but it is fairly close to the CBD.


 

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