I need at least 2 br's. i want to live inner eastern suburbs. Do I buy a house in Ringwood or a unit in Mont Albert? Which is the better investment? which one (unit or house, good suburb or average suburb) will get me the better returns to help me get into the better suburbs with better schools in the next few years
It would depend on the particular properties in question, a good sized unit in good condition in Mont Albert maybe a better investment than a small house in 'average' condition in Ringwood.
I would expect that there would not be much difference between an average unit compared to an average house and wouldn't get to worried about the difference, it is difficult to judge as I don't think a comparison between a house to a unit cannot really be made.
Pick the one that would suit your lifestyle better i.e. House/Garden etc a little further out or a Unit/Apartment a bit closer.Hi Rachie
Firstly welcome to the forum and I hope you enjoy your time with us.
Must admit i dont know the suburbs but feel free to email me if you require a Residex report ran off on any particular property and I would be happy to run one off for you and email it back.
Always happy to do this for fellow forum members.
Richard Taylor | Australia's leading private lender
what exactly is a residex report… yes i'm very naive
thanks for the replies… all replies are very much appreciated as i really have no idea what to buy. All I know is that I cant buy what I want where i want, but in time i will be able to, I just want to make the best first investment that i can in order to achieve the house in the right suburb the soonest!
RachieM you may be better off using a buyers agent to help you find the best deal?
Residex is a property report based on a computerised model.
It provides a Comparative Market Analysis including demographics, comparable sales in the area, median pricing etc.
Not perfect but often helps with your overall due diligence.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi RachieM,
Both suburbs are great, of course Mont Albert is a lovely suburb. I rented there for a year, walking distance to the village and it was very nice. Ringwood has all the transport as well as Eastland and probably future growth from more development as a satellite city.
I would ask how close you are to having a family, what you hope to have long term as far as properties go, and what you are willing to sacrifice short term to achieve your goals.
Land can always be developed (STCA
) whereas if you buy the dream 2 bedder in the inner burbs then that is pretty much it, you will have to hope for a capital gain in the future.There are good schools everywhere and nice pockets in most suburbs. If it is an investment, then buy the best possible INVESTMENT, if it is an emotional buy, then admit that it is an emotional buy and work with it as best you can. Sometimes property cannot be both.
Good luck let us know how you go with this it isn't easy to decide when it is your own home.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email Mewell in terms of family… I have two kids and would like another
. Future goals is at least a 3 br in a good suburb. I want to make the best investment choice. I am currently working part time and will be for at least the next 10 years but my wage will prob increase slightly in that time. My husbands wage should also increase in the next few years which will allow us a greater morgage, however we want to try and enter the market asapCool, bear with me as I ask, 2 BEDROOM? Maybe the house would be better just for sanity sake
What about other suburbs? Croydon South, Bayswater (yes I have posted it before) Suburbs that are beside the ones you are looking at. I don't think there is much in Ringwood East but a good suburb, Mont Albert North (yeah not quite as nice and no rail). I had a squiz at Mont Albert just before and there seemed to be a few 2 bedders on needing cosmetic work which could be good, the price gap between a house and a unit is huge which may mean more growth in a unit in the future. Have you thought about buying a property renting it out and renting yourself just to get in the market?
I'm sure some of the other guys on here will have some good advice for you too.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeI know the sanity thing!!! We are currently renting a 2br unit. Both girls (18month and 3yo are in the same room) so its do-able for the next 2 years. I'm trying to not go to far out as I work in Kew and hubby works in northcote/thornbury … yes we have thought about renting and renting-out but i'm trying to keep the first home buyers grant.
so much to think about and so little knowledge in my head!!! LOL thanks again for the tips
I'm looking around the same price bracket you are Rachie, but more North/West. Atm my aim is Preston, but I think a 3 bedroom there is a little out of my reach
Is there any particular reason you've chosen Ringwood + Mont Albert? Potential gains, or just prefer the area?
Did you know that you can get the first home owner grant but are not required to remain residing in the property forever? I believe the ruling is something like "you have to live in it for 6months at some stage during the first 12 months of ownership". Check up on this, been a while since I looked into it. Point is, you could get the grant, live in the property for a while, then put tenants in it. You could then rent a larger dwelling elsewhere.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
) whereas if you buy the dream 2 bedder in the inner burbs then that is pretty much it, you will have to hope for a capital gain in the future.
. Future goals is at least a 3 br in a good suburb. I want to make the best investment choice. I am currently working part time and will be for at least the next 10 years but my wage will prob increase slightly in that time. My husbands wage should also increase in the next few years which will allow us a greater morgage, however we want to try and enter the market asap
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