To all the smart ones out there,
I am a fresher to the "Property Game" and have recently bought the following:
- A 2 bedder unit in Parramatta, Sydney.
- Bought it for $330,500 + Stampduty ($347K all up) with a 10 % deposit. (Cosidering the market i thought i saved some $$'s with that price)
- 10 days after i bouught my property on level 5, another property in the same block on ground level sold for 397 + stampduty and legals. Yes it has got a bit of front yard but its on the south east aspect and doesnt get much light at all. Mine is on the north west aspect and gets sun all day!
The one on ground level is also not that private as people entring the building can see into the unit and not to mention the security risk for someone to break in.
So i think my property after inspecting other similar properties is atleast 375K+
- The property can currenlty fetch $400 p.w. If i was renting it i would pay approx 8K ish from my pocket including strata, water and council rates.
- The 8K is managable for me to spare if i had to buy a new property.
- I pay approx 25K in taxes each year!
- My aim is build a property portfolio (like a lot on this forum).
My questions are:
1. Am i being stupid by living in it? Should i rent it out and let it pay itself off?
2. Should i be paying off my first property to build up equity as i dont have anything else to secure?
3. Should i concentrate on knocking off as much as i can for another 2 years to bring the loan down and use that extra equity to borrow money by making this an IP?
4. I am 31 at the moment and need some sensible advise on how to ride the property tide! Should i stay highly leveraged or should i play it a bit safe?
Your help will be highly appreciated.
Thanks
Ha55sh
I am a fresher to the "Property Game" and have recently bought the following:
- A 2 bedder unit in Parramatta, Sydney.
- Bought it for $330,500 + Stampduty ($347K all up) with a 10 % deposit. (Cosidering the market i thought i saved some $$'s with that price)
- 10 days after i bouught my property on level 5, another property in the same block on ground level sold for 397 + stampduty and legals. Yes it has got a bit of front yard but its on the south east aspect and doesnt get much light at all. Mine is on the north west aspect and gets sun all day!
The one on ground level is also not that private as people entring the building can see into the unit and not to mention the security risk for someone to break in.
So i think my property after inspecting other similar properties is atleast 375K+
- The property can currenlty fetch $400 p.w. If i was renting it i would pay approx 8K ish from my pocket including strata, water and council rates.
- The 8K is managable for me to spare if i had to buy a new property.
- I pay approx 25K in taxes each year!
- My aim is build a property portfolio (like a lot on this forum).
My questions are:
1. Am i being stupid by living in it? Should i rent it out and let it pay itself off?
2. Should i be paying off my first property to build up equity as i dont have anything else to secure?
3. Should i concentrate on knocking off as much as i can for another 2 years to bring the loan down and use that extra equity to borrow money by making this an IP?
4. I am 31 at the moment and need some sensible advise on how to ride the property tide! Should i stay highly leveraged or should i play it a bit safe?
Your help will be highly appreciated.
Thanks
Ha55sh