Hi guys,
I am looking at buying my 1st property for investment.
My income is low, 260k to 280k is my capacity.I am looking at growth so that i can build my portfolio, I want to find out which suburbs to pick in Victoria? & Why?
which is better a house? or a unit?
Cheers
AshHi Ash
It’s different strokes for different folks.
Personally – I prefer land. You can do more with it and don’t have to deal/pay for pest body corp fees.
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 Jamie,
Personally – I prefer land. You can do more with it and don’t have to deal/pay for pest body corp fees.WHen I first read that, I thought “Why you were ONLY buying land?” But I think in hindsight you were referring to buying a house (on its own land) over a unit, yes? (My choice too, BTW).
Benny
Oops – my bad. Yep, I meant a house :-)
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]
As a beginner property with a bit of upside. I’d look for properties that you could dual occupancy in the future.
So that means look at large bedroom places 4 bed etc
Maybe dual driveways.
Dual side Carports (or room for them)
Combined larger houses. (House that was previous semidetached) and someone connected it and then you could separate it again later.
Double toilets perhaps.Or something that is rentable to students.
Close to transport links that connect to major uni’s etc.Where you could have 2 students live with you paying X per week to minimise your holding costs. And often on a per room basis the yield is higher then say as renting whole house basis.
Being 1st property could help the cashflow a lot especially with low income.With that kind of investment I suggest go North or West. Find a block where you can RETAIN the existing house and build one or two at the rear or side(if a corner block) go to an area where the Victorian Council is development friendly and will issue a permit fast. There are Councils which could take 2 years and give you a headache. We have clients who have built a small portfolio of such type of developments.
Melbourne planning permit
http://subdivisionpermit.weebly.com/Planning, Architecture and Subdivision Permit experts. We stretch site boundaries!
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