[ohriceyMember@ohriceyJoin Date: 2008Post Count: 6]

October 14, 2008 - 11:11 am

Well – I'm no nearer to a decision than I was before! But I've heard a lot from everyone with tremendously interesting opinions. I won't pretend to understand it all – guess I really need to do my homework.

You were very helpful bespoke and a number of other people and I really appreciate the time you took to respond!

I think my decision so far will be if I come across a good property (good position, price, condition and value) I will buy (wouldn't we all!), but if I don't I will let it slide until I do.

[ohriceyMember@ohriceyJoin Date: 2008Post Count: 6]

October 8, 2008 - 12:53 pm

Hmmm – lots of viewpoints to consider. I will check out the grant thing. I've never received it, but my partner is not an Aust citizen (perm resident only) so I don't think we are eligible. I agree though foundation and ummester it would be a silly move but it's just hard to give up the notion of someone giving you free money!

Either way, with or without the grant I tend to agree with CHIS and C2 that getting into the property market as early as you can is a good move.

I really can't see the Sydney market dropping (across the board). So unless you are buying at an over-inflated price or if worst comes to worst are able to stick to it as a long term investment I think it should be all right.

As I can nowhere near afford to buy what I would be able to live in, I need to start somewhere, and C2 is right, I am starting at the very lowest end of the market.

Sigh. And at the bottom end of the market how much more can prices fall!

[ohriceyMember@ohriceyJoin Date: 2008Post Count: 6]

October 7, 2008 - 11:32 pm

Thanks for all the different views – very interesting debate.

C2 – am definitely starting at the bottom of the market. As I have just had a baby and am on maternity leave I don't want to overextend my self as we will have to pay double rent/mortgage for at least 6 months.

Missing the boat for me would be in terms of the grant – I guess technically I'm probably not entitled to it now, but I definitely won't be soon as I am getting married early next year (I know it's naughty but it doesn't seem fair!).

I would hate to miss out – it's not just the $7K but also the savings on stamp duty.

My only worry is it's a bit of a rush and I guess I was looking for some validation, which I did get here! My aim is to sink all my equity in it, and after 6 months rent it out, build up equity and look for something bigger and keep building up.

If I don't profit my gamble is I at least won't lose money on it (falling prices).

Cheers all

[ohriceyMember@ohriceyJoin Date: 2008Post Count: 6]

October 6, 2008 - 12:06 pm

Agents are real people, and the majority are great – however, you're not there to make friends. Don't be afraid to tell them what you think a property is worth to you or what you are prepared to pay for it. Don't be afraid to negotiate. They are legally obliged to advise the seller of all offers.

As agents work from commission a few thousand dollars difference (or even more) is negligible difference to them in terms of percentage earned in commission but can make a big difference to you in terms of profitability margins.

Building checks are always a good idea however, and although fair play to withdraw from an offer before any contracts signed try not to unless for good reasons. Just be upfront about what will make or break a deal for you – you will soon find out if you are being unrealistic!

[ohriceyMember@ohriceyJoin Date: 2008Post Count: 6]

October 6, 2008 - 11:56 am

Also – your lease agreement lists the landlord's name – as a starting base for your investigations