hi guys,
i am new to the site. well but lately i have been very much into property investing , i am loacted in perth , first home buyer , decent job , want to build wealth out of property .
well if someone is located in wa , i would like to get advice is buying land in armadal , baldivies, wellard, ellenbrook is better.
i want to build double house wit separate titles , how much deposit would i require to get get loan to build double house in this areas .
kind regards
dan
What do you mean by 'double houses'? How many sqm? How many levels? Are we talking shell construction or turnkey?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Do you mean sub-dividing and having a property on each block?
Must admit, double house is a new one for me.
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]
Hi Dan
Firstly welcome to the forum and i hope you enjoy your time with us.
I am assuming you are referring to the construction of a duplex or multi unit dwelling.
Certainly such strategy is doable however without further information it is difficult to comment on the minimum deposit requirements.
I am over in Perth in early April and had my honeymoon in the State but must confess i don't know the individual suburbs you are referring to.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Dan,
I personally wouldn't build in Baldivis or Wellard, too far south, unless it's about affordability .
Armadale has a train service to the city and great for investors as prices are low compared to the Perth medium .
Ellenbrook has been popular for a couple of years now, not sure of the values, there was talk of a light rail link with Midland.
Check with the council.
I'm a north of the river guy and will always be, so my choice would be Ellenbrook.
Hi Dan,
I'm in Perth and the only suburb you will find what I think your after is in Armadale (from the ones you have listed). If you want to build a duplex the new estates won't have big enough blocks at all, they have already been subdivided down for first home buyers etc to build on. You will need to look in more established areas with the right zoning.
Thanks,
Kate
Hi Dan,
Your budget will be of primary consideration when you are looking at where to invest.
For this reason I would start your journey with a broker.
Having said that and given this is your first property you are going to need to find the deposit in cash. As a rule of thumb 25% of purchase price if you don;t want to pay lenders mortgage insurance or about 10% if you are happy to mortgage insurance.
When a bank assesses you they will also look at your income – to make sure you can afford the loan.
A broker will be able to put all of this together and then you'll know what is affordable – this, in turn will tell you which areas you can afford. All of a sudden Perth become a little bit smaller because you know which areas you can look in.
Without knowing your budget it is hard to give good, valid comment on which areas.
As a starting point follow the train lines and focus on the stations and then look for stations which have good employment and shopping nodes nearby and half of your work is done.
Your next step is to look at zonings (assuming you want to build a duplex) to see if you can do this in your preferred localities.
Now Perth has become very small and you are well on the way to finding your property.
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