Hello everyone
I have just bought a first home( 2 months ago) and luckily have managed to undershoot by budget by about 30K. Upon reading the articles in the news about the slow down of the property market i am not able to resist my temptation of buying an investment property.
The catch though is i need to accomodate 5% downpayment, stamp duty, Mortgage insurance and other charges in under 30K. This leaves me with an option of buying a 240K property the breakdown would be about 12K deposit, 8K Stamp + Govt charges, 5K mortgage and 8K for my peace of mind and other unforseen expenses.
I stumbled upon this 1 bed room apartment ( about 15 to 20yrs old) advertised for 240K about 8Kms from CBD, 4Kms from the Uni close to bus stop and about 1km walk to the nearest station and currently rented for 330 per week.
Can someone advise whether it would be a good investment or should i wait to increase my equity and buy something new to increase depreciation allowances?
I have just bought a first home( 2 months ago) and luckily have managed to undershoot by budget by about 30K. Upon reading the articles in the news about the slow down of the property market i am not able to resist my temptation of buying an investment property.
The catch though is i need to accomodate 5% downpayment, stamp duty, Mortgage insurance and other charges in under 30K. This leaves me with an option of buying a 240K property the breakdown would be about 12K deposit, 8K Stamp + Govt charges, 5K mortgage and 8K for my peace of mind and other unforseen expenses.
I stumbled upon this 1 bed room apartment ( about 15 to 20yrs old) advertised for 240K about 8Kms from CBD, 4Kms from the Uni close to bus stop and about 1km walk to the nearest station and currently rented for 330 per week.
Can someone advise whether it would be a good investment or should i wait to increase my equity and buy something new to increase depreciation allowances?