620k+ Property

[muppie]

What are the considerations in buying a 620K+ property? This is for ppor, has 4 BR which can be made into 5BR.

It's at the top end of the market around the area (median is 420ish)

- Is it going to be hard to sell (i.e. less people who can afford it?)
- is it going to be hard to rent out? at 500 - 550pw?
- higher rates (was told that block of land about 3 blocks away is selling for 370k) ?

Any thoughts ?

 

[tom1000000]

Firstly your PPOR isn't strictly an investment.....

It all depends on your current situation.

If you are currently renting then in my opinion paying a mortgage is better than paying rent (at least in 99% of cases).

If you own your current property will the extra repayments / council rates etc be worth it?

 

[muppie]

After doing some digging.... the prop last sold in Feb 2004 for 545k. Was told that they'd reno'ed it a bit (paint and gardens??). How much should I offer?

 

[Merovingian]

After doing some digging.... the prop last sold in Feb 2004 for 545k. Was told that they'd reno'ed it a bit (paint and gardens??). How much should I offer?

Hard to say, without knowing more about the property, but you could lowball and offer $550K. You and the other guy both know the sale price is somewhere in the middle.

 

[Kevin Hockey]

Hi Mup,

Have u got a realestate.com.au link?

Kev