Hey guys,
I"m looking to buy my first investment property. (which will happen to be the first property I buy).
I am currently sharing rent and have no intention of buying my own home in the near future.
My goal is to start developing a portfolio which will provide equity to buy my own home in the future and also for business venture about 10 years from now.
I have a bit over a 100k saved and can get a loan upto 1million if required. 10% loan thanks to my professional associatoin. I'm looking to buy in Sydney although Melbourne is an alternative.
Initially I was contemplating buying a nice apartment, or cheap townhouse in a bluechip area (?strathfield) but reading through the forums has given me more ideas. In particular the idea of adding value via renovations etc. seems promising
The problem I see with this is that neither myself or any close family or friends have any experiencing in renovating. Also I have very little time to do much work myself. So I guess I will have to work out if the cost of making an renovations is worth the cost.
My first step is going to be looking at some potential areas for investment and working out whether going down the value adding route will provide reasonable returns.
Are there any suburbs people would suggest. Any advice regarding for a first time investor. (I was thinking potentially auburn/granville areas)
Cheers
ziph
I"m looking to buy my first investment property. (which will happen to be the first property I buy).
I am currently sharing rent and have no intention of buying my own home in the near future.
My goal is to start developing a portfolio which will provide equity to buy my own home in the future and also for business venture about 10 years from now.
I have a bit over a 100k saved and can get a loan upto 1million if required. 10% loan thanks to my professional associatoin. I'm looking to buy in Sydney although Melbourne is an alternative.
Initially I was contemplating buying a nice apartment, or cheap townhouse in a bluechip area (?strathfield) but reading through the forums has given me more ideas. In particular the idea of adding value via renovations etc. seems promising
- Buy a older house in outer suburbs (will have to research areas) looking at price point of 600-700k, with potential add value.
- Buy two good apartments at around 4-500k with potential to add value.
The problem I see with this is that neither myself or any close family or friends have any experiencing in renovating. Also I have very little time to do much work myself. So I guess I will have to work out if the cost of making an renovations is worth the cost.
My first step is going to be looking at some potential areas for investment and working out whether going down the value adding route will provide reasonable returns.
Are there any suburbs people would suggest. Any advice regarding for a first time investor. (I was thinking potentially auburn/granville areas)
Cheers
ziph