I have been digging around my area (QLD) looking for an investment property that I might be able to afford. Due to my current lack of appropriate deposit all properties have been regional.. very regional.
Today I stumble upon a regional property that is not too bad. 25min from Rockhampton. 1 1/2hr from the mines. I am not too apposed to regional centres as I live in one (one the coast) and the growth and yields are really quite good. My budget will insist that if I want to buy now rather than saving for another year then I will be in a regional centre such as Bowen, Sarina, Proserpine, Bargara, Childers or similar.
ANYWAY MY DILEMA. I have found an old home (newly renovated) in a place called Mt Morgan. Small town but does have a hospital and not far from coast (maybe 30min drive) The real plus is that it is only $187,000. I have spoken with the agent who did a fantatic job of exciting me.. the reno has been done by a builder and she says is just beautiful. photos loading later this afternoon.
They say it will rent for approx $240 – so I say $220 but hey at that its 6% yield and I believe there is potential for captial growth 1) how does one build a house for that price and 2) its not far from the mines and cheaper accom than rocky.
It goes in the paper tomorrow and the agent is expecting to sell it quickly as she says it exceptionally well priced.
HELP..
Do I submit and offer quick or (*&^ calm down
Hi Intrigue,
Personally, I would calm down.
You're paying for someone elses renovations. How much are similar (non-renovated properties) selling for in the area?
If it has already been renovated, not only will you be paying a premium, you're also buying a property that has little scope for improvement. Wouldn't you prefer to buy something you can add value to?
6% yield in a regional area isn't that great.
Sorry to kill the excitement
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]
It is not the only place in the country at that pricepoint. Take a look at Norlane VIC.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
I have a few properties in Mt Morgan and agree that it is a good area.
Rents are good and i have seen some excellent capital growth.
Only concern i would have for you is that lenders dont like high lvr in the area so depends on what your deposit is will determine whether you can fund it.
Richard Taylor | Australia's leading private lender
OMG Richard
This property was once your home…. hmmmm
Perhaps PM me, maybe we can do a deal…. Is the current owner a contact… I think so
Small world
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]
You have lost me there.
I am not selling any of my MM properties not through traditional ways anyway.
Did a couple of subdivisions up there. Which Street is the property in?
Richard Taylor | Australia's leading private lender
Hi Richard, the home is in pattison st. I believe you were the registered owner a few years ago?
Oh yes indeed i know the property.
Must admit used to own half of MM at one stage in the game.
Richard Taylor | Australia's leading private lender
Phew thank you all for your comments and advice.
I took that chill pill via way of a bottle of wine and went digging for more info. There were indeed many properties for sale in MM and many were much cheaper (albeit not renovated) interesting, I went to bed to think on it, when I woke… ouch my head hurts,
but I no longer feel the need to buy the property…. not today anyway!The agent called to advise they had some good interest and were entering into a multiple buyer situation.. interesting.. I now know what I can buy a home for and what price buyers are willing to pay for an renovated home in MM.. good exercise
I guess with practice this panic moment will reduce.. just so hard when you feel that pressure of missing out.
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