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  1. #11
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    Default Buying property off the plan

    Thanks again Katies-Mum. I am talking to our mortgage broker/financial advisor again on Monday so I'll find out what development he recommended.
    He told he the name but now I can't remember it. The suburb is Woolowin, Brisbane.
    It suits us not to pay it off straight away but I believe it will be ready by Feb 2015.

  2. #12
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    Hi, I haven't been on this post for a while . I'm hoping Katies-mum you are still out there.
    We have pre-approval to purchase an investment property in low 400k.
    The company I'm talking to is now suggesting house n land package in outer Springfield area in Brisbane. I'm still not sold on off the plan yet I guess www.gwhomes.com.au

    We are priced out of the sydney market so Brisbane seems a better option. I'm also thinking of calling up a few buyers agents as I don't have time to do the research (in interstate)to see what we would get that's already built. It's very hard deciding what to do !

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    Apartments are high strata fees which you Cant recoup from the tenant... I would invest in a house with a good rental return! Remember a new apartment building will always have 35% rentals approx so you will be going on the rental market with all those other exactly the same properties! I would invest elsewhere than the property market on the east coast I don't think it can sustain the high prices! Perth has dropped considerably this year which has stabilised the market

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    Lillac  (25-11-2015)

  5. #14
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    That's not necessarily true - you can claim strata rates as part of your negative gearing - plus when you add the difference in council rates ( higher in houses) and the maintenance and insurance you pay on a house it all ends up basically the same so don't be turned off by strata rates as they cover your maintenance and building insurances - if investing out of your state, a unit I think makes better sense, especially a new one as your maintenance issues will be easier than a house - just get some recent sales and rental returns and vacancy rates of the last few years so you can see how that area is performing

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    Lillac  (25-11-2015)

  7. #15
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    In wa rates are the same price or just slightly cheaper than houses... I have an investment in an apartment but it's commercial so the tenant pays everything... The outgoings are almost $5000 a year compared to my house properties at $3000 per year and rent is higher on my houses... Just make sure you can afford the property being empty and you will be fine and don't assume rents will stay high I own a real estate agency and in WA every property has dropped at least $30 a week in rent!

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    Lillac  (25-11-2015)

  9. #16
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    Hi Lilac

    personally i would not buy a house and land package and build in another state - where you will not inspect the property before hand to scout out the location, where you dont know the market well, where you cannot inspect the construction on a regular basis etc ...

    its just too risky

    In addition - with a house and land, it will take at least 12 months to build. That is 12 months with a loan and repayments, but no income coming in.

    If you are buying out of state - I would
    - do a LOT of research of both property prices and rents in the area you are looking
    - get a buyers agent to look over the property you are purchasing.
    - make sure you have a rental agent that you trust to manage the property. You wont be there to inspect it regularly so you have to rely on your agent to manage your $400,000 asset for you.

    If you do build - how are you going to manage the selections/choices? You generally go in to their studio and choose design, go to tile places, flooring places etc to choose from the builders selection they supply.

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    Lillac  (26-11-2015)

  11. #17
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    Hi ladies thanks for all your responses , I really appreciate it.
    There's so many things to consider !!!
    I've started to talk to a buyers agent as we simply don't have the time or experience in the Brisbane market to make a good decision without help.
    It's interesting that everyone we talk to has a different view but overall, Katies-Mum you've summarised my concerns very well. I feel very uncomfortable with buying house n land. We need this purchase to be low risk so it doesn't really suit my needs given all the horror stories I've heard from friends who have built.


 

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