please can someone tell me
what would be best for
1)renting to students
2)and long term growth
a house in a suburb such as
franstone?geelong?hastings?
what are the pros /cons of each above suburb , would anyone know please
or would it be better to buy a flat in inner citysuburbs despite that growth happens with more land?
Francine,
You're asking heaps of 'how long is a piece of string' type questions about heaps of areas.
You are also requesting that others spend time in providing answers without you providing evidence of your own learning, investigations and analysis.
I for one get exhausted trying to follow all your flip-flopping across the state - 'Frankstone' one day, then Churchill, Geelong then back to 'Frankstone' and all your different schemes - some of them quite high risk.
Let me make this prediction: you'll still be here in a year's time asking the same questions on the forum, remain as undecided as ever and not bought anything.
To be a doer rather than talker, the following is what you
must do as there are no short cuts:
0. Assess financial capability - A job, a deposit of say $30-40k, and the ability to afford $10-15k pa should be sufficient. Ask lenders. If not everything is just window shopping.
1. Decide to go to a suburb that can reasonably be reached there and back in a day. Any affordable outer area would be fine - eg the end of any train line where there's a large shopping strip.
2. Spend say 45 min on a real estate website looking at all for sales in that suburb, focusing on an affordable price range. Spend about 15 min looking at rents for similar properties. Sort by price and print a list.
3. Pack the following: 1. list from the website, 2. street directory, 3. mobile phone, 4. pen & paper, 5. camera. Dress for 4 - 6 hours of walking. Leave home ASAP - no time to lose.
4. If travelling by train use this time to (i) study the street directory noting facilities like schools, shops and universities in the area and (ii) plan a walking tour from the station to as many of the properties in the list as possible (both for sale and to let).
5. Compare variations in streets and neighbourhoods. Look at schools, playgrounds, local shops and bus services (timetables often at stops). If you walk past a property not on the list phone the agent for details about price, condition and rents. An early start is good - this allows (say) 3 hours walking in the morning. Then go back into 'town' for lunch and to check agents windows (some might be open on Sunday) and pick up local papers and brochures. Then out again to look at more places in the afternoon until dark.
6. On the way back sort out records, and develop a short list of properties worth a further look. During the week follow these up with agents asking questions such as rent received, condition, rates and charges. Also talk to property managers. Then work out purchasing and holding costs. Request inspection times and section 32 statements if serious.
7. Repeat for at least one day each week (preferably Saturday as you can plan this around home opens and auctions). Make at least 2 or 3 such visits to each area before looking at others. On weeknights spend a little less time on this forum and a little more time finding out all you can about the area you visited the previous weekend.
Predicting future gains is a mugs' game. However comparing suburbs and properties should generally protect you from buying a dud or paying too much.
Good luck!
