I have no experience buying any property but based on my deposit of 20k and small income I would like to buy a small cheap property anyway to get started. My target price range would be 80-120k.
Because I have lived in Sydney for such a long time I have a strong belief that if the property doesn't cost 250k or more it's going to be high-maintenance and unprofitable or in a very weak area/market.
So what i'd like to ask is: is it actually possible to buy a house/apartment that's not risky (probability of less demand in the future, high maintenance, high rate of being unoccupied) for around 100k ?
Yesterday another reader suggested "properties outside Newcastle". Sounds great (price-wise) however i'm worried about the above risk factors.
I would think that if I bought a unit in Hornsby for 300k it would be relatively risk-free ! (high chance of tenancy, reasonably low maintenance, sure-fire growth).
Can I expect the same from cheaper properties, outside Newcastle for example.
I can live with low capital growth (i'm using the property as an experience, and to pay off half quickly) and then let it run itself.
My greatest fear is simply:
- a high-maintenance apartment/house
- a small town with a dying market
Are my concerns valid ? Should I wait until I can afford a bigger loan ?
Because I have lived in Sydney for such a long time I have a strong belief that if the property doesn't cost 250k or more it's going to be high-maintenance and unprofitable or in a very weak area/market.
So what i'd like to ask is: is it actually possible to buy a house/apartment that's not risky (probability of less demand in the future, high maintenance, high rate of being unoccupied) for around 100k ?
Yesterday another reader suggested "properties outside Newcastle". Sounds great (price-wise) however i'm worried about the above risk factors.
I would think that if I bought a unit in Hornsby for 300k it would be relatively risk-free ! (high chance of tenancy, reasonably low maintenance, sure-fire growth).
Can I expect the same from cheaper properties, outside Newcastle for example.
I can live with low capital growth (i'm using the property as an experience, and to pay off half quickly) and then let it run itself.
My greatest fear is simply:
- a high-maintenance apartment/house
- a small town with a dying market
Are my concerns valid ? Should I wait until I can afford a bigger loan ?