Hi as a first home buyer I am a bit overwhelmed with all the different ways to go about investing.
My partner and I are first home buyers. We have a pre loan approval to cover a current house loan for around $310,00 is just enough to get a decent new ( smaller ) home in the burbs to live in and then rent out.
My partner has been checking out other ways to increase investment value.
1. Buy a new home in a good location
2. Build a new home on a good bit of land
3. Or a get richer quick scheme ( with no disrespect these sorts of companies) this is just one example of these kinds of schemes
http://www.canterburyservices.com.au/system.html
Is this a higher risk for lower house buyers like ourselves to invest in a scheme like this with a potential economic crash in the next years?
A rental home purchase would not be local to us and how will this serve us if we head for another economic crash which is quite possible.
It was suggested by a number of experienced people in property that I know that for first investors who dont have a lot of room to move financially this is a risky approach. It was suggested that we are better off looking at a neat well priced newly built property in a good location where we have more control over a simpler investment ( including who we rent it to and who our accountants are etc..)
Appreciate any advice
thanks
My partner and I are first home buyers. We have a pre loan approval to cover a current house loan for around $310,00 is just enough to get a decent new ( smaller ) home in the burbs to live in and then rent out.
My partner has been checking out other ways to increase investment value.
1. Buy a new home in a good location
2. Build a new home on a good bit of land
3. Or a get richer quick scheme ( with no disrespect these sorts of companies) this is just one example of these kinds of schemes
http://www.canterburyservices.com.au/system.html
Is this a higher risk for lower house buyers like ourselves to invest in a scheme like this with a potential economic crash in the next years?
A rental home purchase would not be local to us and how will this serve us if we head for another economic crash which is quite possible.
It was suggested by a number of experienced people in property that I know that for first investors who dont have a lot of room to move financially this is a risky approach. It was suggested that we are better off looking at a neat well priced newly built property in a good location where we have more control over a simpler investment ( including who we rent it to and who our accountants are etc..)
Appreciate any advice
thanks