Forums / Property Investing / General Property / Investing in Tarneit

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  • Profile photo of ObamaObama
    Participant
    @tatran0091
    Join Date: 2016
    Post Count: 4

    Hi all,

    I am planning to purchase a H & L package in Habitat Estate in Tarneit. Land size of 433 ($264,000), turn-key package of 21sq house ($295,000) from Pivot Construction Group. Has anyone done the deal with this builder before? Please give some feedbacks.

    Thanks

    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338

    Nope. Check similar established properties nearby to gauge purchase price is on point.

    Check out this thread from Somersoft for more tips;

    https://www.somersoft.com/threads/how-do-i-do-due-diligence-on-a-builder.108066/

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
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    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

    Profile photo of JerryJerry
    Participant
    @jerry_o
    Join Date: 2013
    Post Count: 46

    I agree with Colin.. Check the comparable sales in the area and compare it with what you are intending to purchase. I have heard stories of house and land package getting valued below the contract price specifically in Tarneit.

    Cheers,
    Jerry

    Jerry | Mortgage Station
    http://mortgagestation.com.au/
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    Finance Strategist - Active Investor - Serving clients Australia-wide - Based in Sydney / Melbourne

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,065

    What’s drawing you to Tarneit Tran?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Tread with caution… I’ve heard a few brokers mention that a lot of the bank valuations for purchases in Tarneit are not stacking up against purchase price.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
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    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338

    I’ve heard a few brokers mention that a lot of the bank valuations for purchases in this area are not stacking up against purchase price.

    If the sellers are willing to give you a copy of the contract (unsigned) you can get an “as if complete” valuation done upfront via a broker.

    You can always request a copy and say you are getting your lawyer to review first before signing. This is something you should do anyway. I have had things ammended and removed upon advice from my gun property lawyer using this common sense yet under utilised practice.

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
    Email Me | Phone Me

    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

    Profile photo of ObamaObama
    Participant
    @tatran0091
    Join Date: 2016
    Post Count: 4

    hi Colin,

    Thanks for your information. I am actually finding some quantity surveyors to assess the building quote that Pivot provided so that I can have a bit of information of whether their quote is a reasonable one. I have visited their completed homes and I found that the quality is good with premium inclusions. However, I am not sure whether the building cost given does really reflect the current market building cost. Do you have experiences with any quantity surveyor that you can recommend me? Thanks in advance.

    Profile photo of ObamaObama
    Participant
    @tatran0091
    Join Date: 2016
    Post Count: 4

    Hi Jamie,

    I have been to Tarneit a couple of times and although a lot of people say this suburb is full of hoons and break-in, thefts, I found that this is a very friendly suburb that offers great amenities nearby (including shopping centres, v/line, parks, schools) especially the environment is very tranquil that gives me peace everytime I stop by. I know that the traffic congestion to get to CBD is really bad; however, I am taking public transport so it should not be a problem for me. I also found that Tarneit will have many developments by the government in the near future, so I do hope that this suburb will be expanding more in the coming years. Let me hear your thoughts. Thanks

    Profile photo of ObamaObama
    Participant
    @tatran0091
    Join Date: 2016
    Post Count: 4

    Hi Jacqui,

    Do you have any advice on how to do property valuation of an off-the-plan property that the land title will be mid-2017? Thanks

    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338

    Do you have experiences with any quantity surveyor that you can recommend me? Thanks in advance.

    Hi Tran, I use Deppro personally. Washington Brown are another reputable company you can try.

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
    Email Me | Phone Me

    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

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