First Property Under My Belt

[ledd]

I just wanted to let SS member know I've bought my first property so I'm pretty stoked, to say the least!

I was originally going to buy a property interstate but the plan changed. 6 months ago I'd never considered property and believed that it was completely out of reach for me. The knowledge and advice I've gained from the forums and other places has helped so much.

Anyway, it's a duplex in Spearwood, Perth and I'll be living in it for the first year or two with my partner and take it from there.

The main reason I'm posting is to publicly thank a couple of people whose help has been immeasurable. First and foremost, WinstonWolfe has been an absolute uber-legend. An SS member recommended I contact him and I really wouldn't be writing this without his endless generosity in terms of time and advice.

I also wanted to thank my mortgage broker, Peter Tersteeg (P_T Bear). He was absolutely fantastic and managed to get me a great finance deal despite the last minute changes in circumstances.

Thanks to Sheiks and to UrbanCowboy for your advice and also to Rixter.

It's sounding like an Oscars speech but I just wanted to say thanks to those SS members. Communicating with these people and also the people that posted responses to the questions I've had has made it that much easier.

Now come the mortgage repayments

Cheers,

Mark

 

[Belu]

congrats mate, may this be the first of many

 

[sheiks]

Well done, mate!

 

[Rixter]

Congratulations Mark, well done.

It's the starting that stops most people. Not from a financial aspect but rather a psychological one.

You have defeated that barrier and are now well on your way to bigger & better things.

Once again , well done!

 

[WinstonWolfe]

Thanks for the kind words Mark.

All I hope I've done is help you clarify in your own mind, future upside and downside, and how to weigh and live with the risk of both.

In so many ways it is uncertain times in the property markets, and I think most younger people would/will struggle to commit to what you have. But

Fortis fortuna adiuvat
​

As I have said before, some points to remember:

- don't get upset if govt increase grants or benefits for FHBs in the next 6 mths. the cg you would miss by waiting until then may very well be higher than the new benefits.

- if there is a pullback in prices in WA, I cannot imagine it will be that big, considering world demand for resources. Anyway, if you don't intend selling for 10 years, it is irrelevant.

- one of the greatest advantages you have now is to put your personalities into the house, and that will be incredibly rewarding of itself.

- I have modelled several times over the last few years whether one is better to buy their first home as a PPR or IP. My modelling shows it is better to buy as PPR, live in it for 12 mths, then rent out as IP after improving it on your weekends to add a bit of equity.


I hope it all flows harmoniously as settlement approaches.....and I somehow feel you are on solid ground....