Hey guys,
Just wanted your thoughts on a couple of different plans I have running through my head.
I own a 1 bedroom apartment in Freshwater, this was bought based on its rental yield but I only looked in the northern beaches. I bought the property for $270K in 2011, it is now valued at around $330-$350 and renting for $340. http://www.realestate.com.au/property-unit-nsw-freshwater-107382759 Probably not the best purchase but it seems to be doing the job.
I just finished my apprenticeship as a carpenter, so I figure now is a good time to make my next move with my increase in wage. Although seems like I missed the boat with the buying frenzy in Sydney.
I have $40K equity and $40K saved up so my thoughts are:
1) Renovate bathroom and kitchen at freshwater. Cost $15-$20K, maybe make an extra $10K. See renovated apartment without car spot. http://www.realestate.com.au/property-unit-nsw-freshwater-117284183. Then use the equity to purchase a house in Penrith NSW or Logan QLD
2) Don't renovate and purchase a place in Western Sydney or Logan QLD
I feel each has its negatives and positives.
Renovating the freshwater place
Pro - Will give me good experience to further my trade
Con - Will loose rental money and may not make me any capital gains.
Buying in Western Sydney
Pro - Close to home so will be able to add value renovating later down the track
Pro - Girlfriends brother is a real estate agent in Western Sydney
Con - Timing seems too late, will cost me a lot more than a year ago.
Con - Will use up cashflow and may halt my investing for some time
Buying in Logan
Pro - Added cashflow, will help me continue to invest
Pro - Might be able to buy in western sydney with added cashflow?
Con - I have Never purchased out of state, have little knowledge on the area other then seeing other investors invest in the area
If you guys need more information just ask,
Thanks ,
Steve
Just wanted your thoughts on a couple of different plans I have running through my head.
I own a 1 bedroom apartment in Freshwater, this was bought based on its rental yield but I only looked in the northern beaches. I bought the property for $270K in 2011, it is now valued at around $330-$350 and renting for $340. http://www.realestate.com.au/property-unit-nsw-freshwater-107382759 Probably not the best purchase but it seems to be doing the job.
I just finished my apprenticeship as a carpenter, so I figure now is a good time to make my next move with my increase in wage. Although seems like I missed the boat with the buying frenzy in Sydney.
I have $40K equity and $40K saved up so my thoughts are:
1) Renovate bathroom and kitchen at freshwater. Cost $15-$20K, maybe make an extra $10K. See renovated apartment without car spot. http://www.realestate.com.au/property-unit-nsw-freshwater-117284183. Then use the equity to purchase a house in Penrith NSW or Logan QLD
2) Don't renovate and purchase a place in Western Sydney or Logan QLD
I feel each has its negatives and positives.
Renovating the freshwater place
Pro - Will give me good experience to further my trade
Con - Will loose rental money and may not make me any capital gains.
Buying in Western Sydney
Pro - Close to home so will be able to add value renovating later down the track
Pro - Girlfriends brother is a real estate agent in Western Sydney
Con - Timing seems too late, will cost me a lot more than a year ago.
Con - Will use up cashflow and may halt my investing for some time
Buying in Logan
Pro - Added cashflow, will help me continue to invest
Pro - Might be able to buy in western sydney with added cashflow?
Con - I have Never purchased out of state, have little knowledge on the area other then seeing other investors invest in the area
If you guys need more information just ask,
Thanks ,
Steve