First time house hunting.... overwhelming!

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From: Katrina Maujean


Hi all

I've been reading books and discussion boards and newspapers and I've now reached a point where I've braved the R/E agents and my partner and I have started house hunting, only to find that what we thought we wanted keeps changing direction somewhat and I'm starting to feel a little overwhelmed.

We were initially going to purchase a new development property on the Gold Coast (eligible for 10k FHOG - will live in briefly if necessary) however we started looking at units as the rental return appeared to be so much better and now I'm somewhat confused. We've looked at units, established houses, new developments, holiday apartments and town houses. Some near the beach, some on the canals and some on dry blocks.... I'm struggling with finding direction and don't feel like I have a clear idea anymore of where I should buy and whether units are better than houses or vice versa. We would prefer to renovate or landscape however it appears that unless you are onside with an agent you don't seem to get access to any good properties like this - the general public seems to get the 'leftovers'.

I'm tempted to buy the Residex top 100 postcodes report to help me with choosing a capital growth area - has anyone got any feedback on this? Is it worth buying? Is there any other reports that I should be aware of to give me some direction? I'm thinking that we need capital growth more so than rental yield for our first property as we want to buy again as soon as we can afterwards, hence I believe a house would be better?

I've had mixed reports about the Gold Coast but it's experienced massive growth recently and I don't think it's over yet, however the longer we wait, the higher the prices are getting and we don't want to miss the boat.

I am starting to get very frustrated and exhausted from looking at so many properties yet still not feeling like I'm getting anywhere. It sounded so much easier than this before I started... please tell me it gets better!

Thanks in advance for any clarity or direction anyone can offer to this overwhelmed newbie. (apologies for the long post).

Katrina
 
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Reply: 1
From: Dale Gatherum-Goss


Hi Katrina

I can understand your frustration, and I suspect that most of us have been in your shoes at one time or another . . .

Some good advice that was given to me was to draw up a checklist of the features and qualities that you want most in your property. This allows you to focus a lot more as you can compare each property to your checklist.

If it has only a couple of matches - discard that property immediately. If it has all matches - negotiate hard to buy that property.

I hope that this helps.

Dale

Oh, and bye the way, remember that property is very forgiving over time. That is to say, even if you stuff up and buy the wrong property, over time it will continue to improve and "forgive" you for your mistake. You can't say the same for shares!
 
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Reply: 1.1
From: Gail H


Hi,

Yes, I really felt like that. In fact when I started looking, I decided to buy interstate, and I then couldn't decide which state to buy in! I must have been looking a 100 properties a day on the internet. My partner was gonna get me certified unless I calmed down a bit.

I have been looking at Qld too, though at the Sunshine Coast rather than the Gold Coast as I can still remember the bust, so am (irrationally I know) a bit afraid of the GC.

My advice is to get a house if possible and the closer to water (of any sort) the better. The prices of units in Qld sometimes falls, but the price of houses rarely does. With new developments, check comparable established prices carefully to ensure you don't pay too much. The prices haven't really been tested on the open market.

Be careful with townhouses as there is an oversupply in some areas. Try and get a property that is distinctive in some way as resale is more likely to be better.That's why you have to be careful with townhouses in areas where there are heaps of them. Be doubly careful with holiday appartments as oversupply and vacancy rates can be a killer. Also, banks aren't too thrilled with them re financing.

I hope I haven't added to your confusion. Concentrate on the fundamentals and stick with the plan. At least you know what area you want to buy in!

Good luck

Gail
 
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Reply: 1.1.1
From: Tibor Bode


Hi Katrina,

I can also relate to you, was in the same situ. Without going into details here (as several aspects already been discussed on several; threads) if you want to contact me you can reach me on 0410 415 506
(then we can switch into a normal, meaning cheaper call) and I am willing to share my experiences. I have several properties in Brissy and also doing renos.

Tibor
 
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Reply: 2
From: Tony Lane


Have you tried a Buyer Agent? I've used Ross Sondergeld (ph: 07 5562 1555) for a couple of Gold Coast properties and he's been very helpful. He might be able to add some clarity, though I agree with Dale's comments - first get a better handle on what you're looking for.

Cheers,

TL
 
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Reply: 2.1
From: Katrina Maujean


Thanks for all your advice guys... much appreciated.

I did find out about Ross and I've had a bit of a chat with him, which is great. It is always nice to get more than one opinion however and any feedback when you're learning is always welcome.

Thanks again

Katrina
 
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Reply: 3
From: Ross Sondergeld


Hi Katrina,


Subject: First time house hunting.... overwhelming!


KATRINA said, "...started house hunting, only to find that what we thought
we wanted keeps changing direction somewhat and I'm starting to feel a
little overwhelmed."


Get your objectives straight. (For example, find something with a high land
content value in a central gold coast suburb. Add value by cosmetic reno.
Then move in and recieve $7K FHOG. Then rent... etc.)


KATRINA also said, "We were initially going to purchase a new development
property on the Gold Coast (eligible for 10k FHOG - will live in briefly if
necessary) however we started looking at units as the rental return appeared
to be so much better and now I'm somewhat confused."


Don't buy a new unit! I'll guarantee that you'll loss $$$.



KATRINA also said, "... it appears that unless you are onside with an agent
you don't seem to get access to any good properties like this - the general
public seems to get the 'leftovers'."

Hmmm... the market is tight.

Good properties go instantly! For example, Property 1 - bought before it hit
the market, Property 2 - bought before it hit the market, Property 3 -
bought instantly, as soon as we knew it was for sale.

Could Joe average... get one of these? NO chance...

My advise... is to target an area and know everything about it!


KATRINA also said, "I'm tempted to buy the Residex top 100 postcodes report
to help me with choosing a capital growth area - has anyone got any feedback
on this? Is it worth buying?"

Good value... gives you a good "guide".


KATRINA also said, "I've had mixed reports about the Gold Coast but it's
experienced massive growth recently and I don't think it's over yet, however
the longer we wait, the higher the prices are getting and we don't want to
miss the boat."

Be patient... the market is still moving on teh Gold Coast. And should
continue for the next 8-10 years. A lot of baby boomers are cashing out...
vacant land is disappearing... the property cycle is upward... gold coast
property is still undervalued... blah.. blah... blah.


You also said, "I am starting to get very frustrated and exhausted from
looking at so manyproperties yet still not feeling like I'm getting
anywhere. It sounded so much easier than this before I started... please
tell me it gets better!"

Relax! ;) Personally, i never go inside properties. I scan the entire
market and I track everything in an area. And when it's time to buy... I've
got all the info I need and you'll make an excellent decision.

(* How do I track properties? I keep an A4 page per property and i cut the
real estate ads out (or take a photo) and stick it to the page... then i
record the listing agent, date and asking price. Essentilly, i keep one
folder for each suburb and i sort properties by alphabetical order. So when
you drive around... you've got everthing in one neat folder... and you refer
to the MANUAL when required.)

Basically, you only look at the HOT targets... with a few marginal ones.
That makes you a wiz...



P.S. Don't forget i'm a Buyer Agent on Gold Coast. And i target waterfront
homes in about 6 suburbs. And the tracking system works brilliantly. It
educates and stores info... and allows me to FIND the target properties
quickly and easily.

P.S.S. Sure you'll feel like a pre-schooler when your cutting and pasting
everything into your manual. But it sure does save an enormous amount of
time. And it allows you to make a much better decision...




Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

Buyerside Real Estate Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


_________________________________________________________________
MSN Photos is the easiest way to share and print your photos:
http://photos.msn.com/support/worldwide.aspx
 
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Reply: 4
From: Ross Sondergeld


Hi Katrina,


Subject: First time house hunting.... overwhelming!


KATRINA said, "...started house hunting, only to find that what we thought
we wanted keeps changing direction somewhat and I'm starting to feel a
little overwhelmed."


Get your objectives straight. (For example, find something with a high land
content value in a central gold coast suburb. Add value by cosmetic reno.
Then move in and receive $7K FHOG. Then rent... etc.)


KATRINA also said, "We were initially going to purchase a new development
property on the Gold Coast (eligible for 10k FHOG - will live in briefly if
necessary) however we started looking at units as the rental return appeared
to be so much better and now I'm somewhat confused."


Don't buy a new unit!

I'll guarantee that you'll loss $$$.

Please... DON'T DO IT...



KATRINA also said, "... it appears that unless you are onside with an agent
you don't seem to get access to any good properties like this - the general
public seems to get the 'leftovers'."

Hmmm... the market is tight.

Good properties go instantly! Here's my last 3 deals... Property 1 - bought
before it hit the market, Property 2 - bought before it hit the market,
Property 3 - bought instantly, as soon as we knew it was for sale.

Could Joe average... get one of these? NO chance...

My advise... is to target an area and know everything about it!


KATRINA also said, "I'm tempted to buy the Residex top 100 postcodes report
to help me with choosing a capital growth area - has anyone got any feedback
on this? Is it worth buying?"

Good value... gives you a good "guide". Also midwood report for general info
about Gold Coast and Queensland. I'd also recommend a BLIN Map AO size $54
dollars and it's a brilliant sales data map. (Area - 2km by 2km)


KATRINA also said, "I've had mixed reports about the Gold Coast but it's
experienced massive growth recently and I don't think it's over yet, however
the longer we wait, the higher the prices are getting and we don't want to
miss the boat."

Be patient... the market is still moving on teh Gold Coast. And should
continue for the next 8-10 years. A lot of baby boomers are cashing out...
vacant land is disappearing... the property cycle is upward... gold coast
property is still undervalued... blah.. blah... blah.


You also said, "I am starting to get very frustrated and exhausted from
looking at so manyproperties yet still not feeling like I'm getting
anywhere. It sounded so much easier than this before I started... please
tell me it gets better!"

Relax! ;) Personally, i never go inside properties. I scan the entire
market and I track everything in an area. And when it's time to buy... I've
got all the info I need and you'll make an excellent decision.

(* How do I track properties? I keep an A4 page per property and i cut the
real estate ads out (or take a photo) and stick it to the page... then i
record the listing agent, date and asking price. Essentilly, i keep one
folder for each suburb and i sort properties by alphabetical order. So when
you drive around... you've got everthing in one neat folder... and you refer
to the MANUAL when required.)

Basically, you only look at the HOT targets... with a few marginal ones.
That makes you a wiz...



P.S. Don't forget i'm a Buyer Agent on Gold Coast. And i target waterfront
homes in about 6 suburbs. And the tracking system works brilliantly. It
educates and stores info... and allows me to FIND the target properties
quickly and easily.

P.S.S. Sure you'll feel like a pre-schooler when your cutting and pasting
everything into your manual. But it sure does save an enormous amount of
time. And it allows you to make a much better decision...




Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

Buyerside Real Estate Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


_________________________________________________________________
Chat with friends online, try MSN Messenger: http://messenger.msn.com
 
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Reply: 4.1
From: Katrina Maujean


Ross

Again I can't thank you enough for helping me as you are. I will take all of this on board and start a new 'system'. Guess it's a bit of trial and error eh?

Well, here I go on the hunt again (with more direction this time!). I hope to be reporting on my massive IP portfolio some day, sharing with the next generation of inquisitive newbies "how I did it".

In the meantime...

K
 
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