Hi all
First time poster but I have used this forum in the past for reading.
I have always been interested in property renovations but unfortunately I have never been in the financial situation to buy anything. I have saved a deposit and now ready to buy my first investment. My budget for the purchase of the property is around 350k.
I have recently moved interstate to Perth so my knowledge on the area isn’t very good. I would appreciate any advice at what suburbs I should be looking at. I know I’m restricted with my budget but I have to start somewhere.
Cheers
ChrisHi Chris,
Is your budget, $350k including renovation work or $350K and reno work on top?
Are you looking at flipping this property or holding?
If you're holding are you going for capital growth or rental yield?
Hi Chris,
Might be an idea to start buying either the Australian Property Investor magazine, or the Your Property Investment magazines. Both include a section with state wrap-ups and at the back have a list of all WA postcodes with median prices, days on market etc. You can also buy the two weekend papers and read their property sections.
Also, have a look at this link. If you register (for free) you will get access to two videos. The first is about profiting from renovations, and the second is about a 15 minute suburb search. A great introduction into searching for profitable renos. http://www.propertymeeting.com.au/ There’s also a talk in a couple weeks about starting out in investing with little money. It should give you some direction about where to focus your attentions.
Cheers,
EmmaKent,
My plan was to live at the property for 12 months and throughout that time complete the reno. Once completed rent it out and look for capital growth. I have experience on the tools and I’m planning to do the most I can in reno works.
350k is for the purchase of the property and renovation costs would be on top.Thanks for the link Emma, I’ll have a look.
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