Elizabeth Downs -Hot lead for low cost Mortgagee Sale
- Thread starter Stangman
- Start date
Or try to push for early access to reno the other semi, then when you leave the other semi 6 months later see if you can get the other tenanted for the same rent as the reno'd property. If you can get it, keep your reno funds until the tenant leaves. Always worth a shot.
This way you don't have to deal with tenants amidst a reno, less time with an empty property on your hands etc.
Thanks for the reply, I missed it somehow! I bought the property at Joel CRS you posted a link to earlier. It's freestanding, has lots of potential, the current owner has taken out some anger on the inside of the house though. The floors slope down in 2 of the rooms, and there are floating floors in other rooms. I'm hoping the floor boards can be fixed up as they seem the best flooring option in a rental IMHO.
I paid $180k, and plan to spend $9k on renos. I have a family of builders to exploit for cheap labour
, I had a building inspection done, and it sounds like the house is in good condition with most the problems being cosmetic issues. I have bought a good condition 2nd hand kitchen, I want to remove a wall, repair & polish the floor boards and renovate the bathroom. The house is quite small, so the scale isn't as scary as it sounds. That said, my experience has been when ever you start a reno, you always end up finding other unplanned things to fix!
Price drops may be deceiving if the original price was set way too high (buyer wasn't conditioned). I know of one house in Elizabeth Park where they told the RE they wanted to get 320k for their 50's redbrick house.
What would be interesting if different house types/land sizes were compared. E.G what is the lowest price semi, free-standing, reno/demo job etc. Can even link RE.com links, will help everyone out creating an informal database of prices.
BTW Anon you mentioned the FHB grant being reduced 1 July. I was on the phone to Revenue SA and that is actually the Boost for New builds which is being reduced. The current grant of 7k for established homes is remaining at its current level. This might give you a bit more breathing room if you wanted to go beyond June 30.
Oh wow, thanks for the that. I just looked it up and you're right. For some reason I was adamant that it was the First Home Owners Grant which was being reduced and not the Bonus Grant.BTW Anon you mentioned the FHB grant being reduced 1 July. I was on the phone to Revenue SA and that is actually the Boost for New builds which is being reduced. The current grant of 7k for established homes is remaining at its current level. This might give you a bit more breathing room if you wanted to go beyond June 30.
Fairly excited as well that I FINALLY received my 2011 tax return today so now I have a proof of income for last financial year. Should be no problems with my loan now.
No problems and good luck!
If you're renovating around Elizabeth, you'll probably end up running me into Bunnings at Munno Para without knowing it. Go there too often....
If you or anyone on the forums needs some suggestions regarding suppliers, I know a great Sand and Metal yard in the area, and a building supply scrap yard. Big dollar savers $$$.
If you're renovating around Elizabeth, you'll probably end up running me into Bunnings at Munno Para without knowing it. Go there too often....
If you or anyone on the forums needs some suggestions regarding suppliers, I know a great Sand and Metal yard in the area, and a building supply scrap yard. Big dollar savers $$$.
Lets just hope GM doesnt close the Holden plant in Elizabeth, might end up with a lot of unemployment.
Doubt it will happen, but it was being discussed as an option
http://www.abc.net.au/news/2012-01-10/holden-could-close3a-weatherill/3765126
Interestingly today there has been an announcement that they have received $200m in govt subsidy to keep the plant open
http://www.adelaidenow.com.au/holde...-after-200m-deal/story-e6frea6u-1226306739456
Doubt it will happen, but it was being discussed as an option
http://www.abc.net.au/news/2012-01-10/holden-could-close3a-weatherill/3765126
Interestingly today there has been an announcement that they have received $200m in govt subsidy to keep the plant open
http://www.adelaidenow.com.au/holde...-after-200m-deal/story-e6frea6u-1226306739456
As most of the Holden workers are spread across the Northern Suburbs (and obviously across all of Adelaide), it wouldn't be devastating but of course, still a drop in employment.
For the last couple of years there has been a consistent draining of Holden workers into other industries in the area, system of taking packages, coinciding with large intakes of staff required in the industrial areas.
For the last couple of years there has been a consistent draining of Holden workers into other industries in the area, system of taking packages, coinciding with large intakes of staff required in the industrial areas.
Is this high for insurance or about right? It's through my credit union and with CGU who I thought would be easier to with because I bank and my loan is going to be with them also.
They want $877/year for a $136k property which includes a $329 premium (accidental damage) and $388 premium (non-accidental damage).
They want $877/year for a $136k property which includes a $329 premium (accidental damage) and $388 premium (non-accidental damage).
Is that for your PPoR?
By premiums do you mean the excesses? If it is, they're quite high...
Hi everyone.
Hi Elizabeth area invester,
good to read ur discussion. I bough two 3 bdr semis in one title, 1200 sqm block at the price 335k, in 2008 in Hetesbury Rd davoren park. . Now I realised I bought at the hight of the market and at the high price. current rent is 420 pw. Now it looks like the price is going down arround the area. I am thinking that I did wrong decision to buy there. WHile bought one 3bdr in Melton vic, price has gone up by 70-80k. What is ur view about my purchase and what can I do to make better investment? sell it or wait for the market to change? do u think market change soon or takes many year? I appreciate ur comment as u have ecperience arround there.
Thank you
Suraj.
Hi Elizabeth area invester,
good to read ur discussion. I bough two 3 bdr semis in one title, 1200 sqm block at the price 335k, in 2008 in Hetesbury Rd davoren park. . Now I realised I bought at the hight of the market and at the high price. current rent is 420 pw. Now it looks like the price is going down arround the area. I am thinking that I did wrong decision to buy there. WHile bought one 3bdr in Melton vic, price has gone up by 70-80k. What is ur view about my purchase and what can I do to make better investment? sell it or wait for the market to change? do u think market change soon or takes many year? I appreciate ur comment as u have ecperience arround there.
Thank you
Suraj.
Hi all,
I bought an IP 3 BR house in Elizabeth East on a corner block of 765SQM in 2009.
The prices have come down in the area since 2009 and I can see similar properties going for around 20K less than what I paid.
The reason for buying there was the early entry at lower price (than Salisbury etc) and high probability of gentrification in coming years as all the surrounding areas were already going full with new construction.
Now, I think it will take around 5-7 years for this area to take off in real sense.
I bought an IP 3 BR house in Elizabeth East on a corner block of 765SQM in 2009.
The prices have come down in the area since 2009 and I can see similar properties going for around 20K less than what I paid.
The reason for buying there was the early entry at lower price (than Salisbury etc) and high probability of gentrification in coming years as all the surrounding areas were already going full with new construction.
Now, I think it will take around 5-7 years for this area to take off in real sense.
Oh sorry, yeah I was meaning excess. Thought it seemed expensive. Especially when terrischeer.com.au was quoting me half that (through their website).
Who does everyone else here use for property/landlord insurance? And what amount do you have insured for accidental damage and non-accidental?
If im buying the property for $136k, how much would you insure the building for? I was thinking of contents at $10k.
Your lender will advise the amount of insurance required based on the valuers report.
Is this always the case? I'm buying through my credit union who also insures using CGU and listed the building insured amount at $150k which seemed a bit strange considering I only paid $136k for it.
