+ Reply to Thread
Results 1 to 7 of 7
  1. #1
    Join Date
    Aug 2007
    Location
    Near the ocean
    Posts
    1,504
    Thanks
    107
    Thanked
    5
    Reviews
    0
    Achievements:Topaz Star - 500 posts

    Default Negotiating purchase price of investment unit - need advice, this is our 1st time!

    Just as the title says, seeking advice negotiating the price on a potential investment unit (which we would rent to family).

    We submitted an offer ell below listed price. Agent came back with a price that is $8,000 above our maximum budget. So it's within range now, but still so far away. We cannot stretch any further, possibly another $1000 but we need every cent for stamp duty, legals etc. it's not a massive amount, but repayments even on a $230,000 investment loan are still big so we need to stick to budget.

    Anyway - what do we do now? This unit would be perfect and love to secure it but not sure what move to make now we have come to a stand still. Hubby says to be patient and wait. But I'm worried they will get a higher offer in the meantime.

    Not experienced in this whole business!

  2. #2
    Join Date
    May 2009
    Posts
    4,786
    Thanks
    1,021
    Thanked
    2,246
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    There will be other property. Buying investments is a business so take all emotion out of it. It's above what you can afford, let it go. For an investment property you shouldn't be stretching yourself to the limit.

  3. The Following 2 Users Say Thank You to Janesmum123 For This Useful Post:

    Oblena  (25-09-2015),Wise Enough  (25-09-2015)

  4. #3
    Join Date
    Aug 2007
    Location
    Near the ocean
    Posts
    1,504
    Thanks
    107
    Thanked
    5
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Thanks for the reply. I know emotion shouldn't be involved, but it's my family's unit they are currently renting & noe it's being sold. It's our elderly parents who have moved a couple of times recently and it's taking its toll on their health, so we want to purchase it or something similar and give them a bit more security. But we have kids to raise hence we want to make sure we aren't over commuting ourselves. It's ok now - just if interest rates rise etc.

  5. #4
    Join Date
    Aug 2007
    Location
    Near the ocean
    Posts
    1,504
    Thanks
    107
    Thanked
    5
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Overcommit - bloody autocorrect! Not over commute!

  6. #5
    Join Date
    Jul 2010
    Posts
    10,312
    Thanks
    3,126
    Thanked
    6,315
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts

    Default Negotiating purchase price of investment unit - need advice, this is our 1st ...

    How long has it been on the market and how long do they usually take to sell in that area? What is the average price of units in that block/area?

  7. #6
    Join Date
    Aug 2015
    Posts
    152
    Thanks
    36
    Thanked
    65
    Reviews
    0
    Find oh how much the extra $8k will make your repayments.
    Would it be possible for you to manage?
    Could you increase the rent to cover the shortfall?

  8. #7
    Join Date
    Feb 2014
    Posts
    3,198
    Thanks
    312
    Thanked
    960
    Reviews
    13
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Also find out what others in the complex have sold for. ( on the house I think is the website good for info) As hard as it is considering the circumstances don't get emotional about it.
    Is there anyway another family member can help with the remaining amount


 

Similar Threads

  1. Tell me about your investment property?
    By bigmummahen in forum General Chat
    Replies: 7
    Last Post: 21-06-2015, 22:57
  2. Negotiating rent decrease
    By SheWarrior in forum House & Gardens
    Replies: 17
    Last Post: 07-05-2015, 15:09
  3. WWYD - negotiating hours in new role
    By inner hippy in forum Working Hubbers - Employed
    Replies: 13
    Last Post: 23-01-2015, 15:52

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
Mother and Baby Shop
Save $$$ during our Christmas Sale Mother and Baby Shop
Great prices on Schoenhut kids pianos, toys, baby clothing as well as big brands like Pigeon, NUK, Cherub Baby and many more. Sale starts on 1 November 2016 and ends on the 27 December 2016. Hurry! Place your order today!
sales & new stuffsee all
Bub Hub Sales Listing
HAVING A SALE? Let parents know about it with a Bub Hub Sales listing. Listings are featured on our well trafficked Sales Page + selected randomly to appear on EVERY page
featured supporter
KindyROO
KindyROO offers activities for babies & toddlers in a fun learning centre, focussing on developmental education. Classes are available at three Brisbane and two Gold Coast locations. Enrol today & help your child to reach their full potential. Visit the website to find out more.
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!