Hi guys,
I am new to property investment and got a dilemma at the moment. I am fortunate enough to be staying at a house my parents bought for me now. Not sure if it was a good idea but the house is under my parents names when we bought it as I was waiting for my permanent residency and didn’t want to lose the FHOG after I got my PR. Therefore, I do not actually need a PPOR in a sense.
I am now ready to buy an investment property and try out in doing lump sum gain deals. However, as I am still eligible for the FHOG I could actually get a house n land package and make full use of the 20,000 that I can get from the grant and boost(I m in Victoria). Of course with a house and land package I can’t do lump sum gain deals and would probably have to wait a while before i can get my next place to do lump sum gain deals. But if I were to get a potential lump sum gain deal, I would only get 7,000 in grant and lose the 13,000 which feels a bit of a waste.
Any advise in regards to what I should do in my situation?the first few steps is crucial as you all know and I want to make the right move especially since I have a head start in already having a house to stay.
Cheers,
JoshJosh,
Don’t focus too much on the FHOG or FHO Boost. These are just gimmicks – and developers of house+land packages have inflated their price by the size of the grant anyway!
For an investment I would stick to purchasing decent properties in good locations. What is your budget? Have you arranged finance?
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