I'm really finding this difficult to work out what I'm going to do and I don't know any of the places up this way very well as I lived in Sydney most of the time in past. I'm looking at buying my first IP. Trying to work out which area to concentrate on is the hardest part as I really need to work that out before I do anything. I live in Raymond Terrace, NSW and I live in my own PPOR but I don't really want to buy here again as I would like to spread things out a bit at this early stage. Although this area is growing rapidly and house prices could rise a lot here in the future due to new industries & employment recently announced in Heatherbrae. At one stage I was even considering buying two cheaper places but I think I might be better to just concentrate on one good quality property well at least in my price range.
I also don't own a car and will need to hire when I'm ready to go look at houses so most of my research will be done online.One reason I have managed to save a deposit in a short time is by not spending my cash on a car and my last car cost me a lot of money so I will put a rain check on a car until I have the keys to my IP. Lucky I work at home and have plenty of time for researching (when I'm not renovating my house or working on my home business). I also want to find a home pretty quickly for various reasons, like in the next 2 weeks at the most.
I need to find a positive geared property up to around $350,000
Some possible areas I have considered are:
Anna Bay and Nelson Bay
Pros: Good quality homes & land size for price, Close to where I live, close to beach, possible PPOR in future, looks a good area from pictures I have seen and I would enjoy buying here as I like beach towns but I'm worried I won't be able to get anything + Geared.
Cons: Lower Rents, less tenants to rent, maybe difficult to rent in winter, Mostly negative geared
Central Coast:
Pros:Good number of properties offered, closer to Sydney
Cons:Quite far away from where I live, Not that familiar with the area
Newcastle Suburbs:
Pros: Higher number of renters, close to everything, Close to where I live, possible + geared
Cons: Lots of Competition, Not that familiar with the area, Very few good properties for my price, prices seem excessive compared to a few months ago, many older homes with tiny land size that could have lots of structural issues.
Sydney:
Pros: Lot's of opportunities, high number of renters, familiar with the area in general
Cons: Far away and competitive
I'm just touching on a few things and there are a lot more pros and cons for each of these locations.
I'm really just getting nowhere and I need to work out which location I should concentrate on. Please offer some tips and feedback to make this easier
I also don't own a car and will need to hire when I'm ready to go look at houses so most of my research will be done online.One reason I have managed to save a deposit in a short time is by not spending my cash on a car and my last car cost me a lot of money so I will put a rain check on a car until I have the keys to my IP. Lucky I work at home and have plenty of time for researching (when I'm not renovating my house or working on my home business). I also want to find a home pretty quickly for various reasons, like in the next 2 weeks at the most.
I need to find a positive geared property up to around $350,000
Some possible areas I have considered are:
Anna Bay and Nelson Bay
Pros: Good quality homes & land size for price, Close to where I live, close to beach, possible PPOR in future, looks a good area from pictures I have seen and I would enjoy buying here as I like beach towns but I'm worried I won't be able to get anything + Geared.
Cons: Lower Rents, less tenants to rent, maybe difficult to rent in winter, Mostly negative geared
Central Coast:
Pros:Good number of properties offered, closer to Sydney
Cons:Quite far away from where I live, Not that familiar with the area
Newcastle Suburbs:
Pros: Higher number of renters, close to everything, Close to where I live, possible + geared
Cons: Lots of Competition, Not that familiar with the area, Very few good properties for my price, prices seem excessive compared to a few months ago, many older homes with tiny land size that could have lots of structural issues.
Sydney:
Pros: Lot's of opportunities, high number of renters, familiar with the area in general
Cons: Far away and competitive
I'm just touching on a few things and there are a lot more pros and cons for each of these locations.
I'm really just getting nowhere and I need to work out which location I should concentrate on. Please offer some tips and feedback to make this easier