i got 30k, last year of uni (not much income), can only buy of plan need help...

Hi guys,

i really need some sort of direction.

Im in my final year of studies in medical imaging, so have a good chance of securing a job once im finished.

I got 30 k saved up and want to use it towards investment.

I have been researching off the plan apartments, my plan is to pay the 30k upfront wait 2 years for the apartment to build and by then the apartment would have went up and my 30 k would have gone to good use.

I was thinking buying in vogue south yarra BC is nearly 4k, and it costs mid 500,000 to secure a 2 bedroom 1 bathroom 1 carspace 60sq and no real view.

Any suggestion or direction will be greatly appreciated, there is only one more in my price range and need to make a decision asap.

Thank you
 
...by then the apartment would have went up and my 30 k would have gone to good use.

If you go ahead with this plan of action, make sure you have reserves to settle if the value of the apartment actually drops. Remeber that OTP contracts are unconditional so you need to make up any shortfall if the apartment doesn't come up to value. Also need to consider floor space to see how much the banks will actually lend you (LVR)

Cheers,

The Y-man
 
thanks for reply i have to make decision with in next hour

Its a 60sq

-no balcony

-2 bedroom 1 bathroom 1 car space

-not the best view, its on level 3

-Its going for 520 k

the one next door is going for 567k


Ive been reading your posts y man, i am really going to take your advice as bible hear.

can this investment work or do you think prices will drop?

Thanks heeps

I await your reply ( and do does the agent ) lol
 
your right aegcp. But i really want to make a start and as i cant get a loan now my only option is to buy of the plan till i start work full time end of this year.


I have been looking around south yarra to minimise the risk of a price drop and hence have been staying away from developments further out.

so hard to make this decision but your help is greatly appreciated
 
Why don't you start much smaller then... a 200k appartment or something. Why does it have to be 500k? with your deposit, the rent will almost cover the repayments, your shortfall will be much lower....
 
Why not an established unit?

60 sqm is close to the size of an older 1BR.

This is around 45 sqm 1BR and a lot cheaper...
http://www.realestate.com.au/property-unit-vic-prahran-106384310?tm=1268953362&c=6109976&t=res

(and your outgoings will be lower too)

Or 2 BR complete with tenant

http://www.realestate.com.au/property-apartment-vic-prahran-106367948?tm=1268953362&c=6109976&t=res

Cheers,

The Y-man

p.s. Ok, now I get you main issue being one of able to get a loan - i.e. you question is "Should you jump in now, or wait until later".... that's a bit more crystal ball stuff, but I'd probably err towards waiting than lockin myself into an OTP - but then I am biased because of my experience with OTP.
 
No bank will give me a loan now until i have a steady job.

thats why i was looking of the plan as i dont need to get a loan now, just secure investment and sell later.

or do i keep the 30k in waiting till next year, get a loan then invest.

So i should stay clear of this vogue investment....
 
thanks for reply i have to make decision with in next hour
I await your reply ( and do does the agent ) lol

If the response is needed that urgently, WAIT.

When the agent calls up saying it's your last chance, offer 20% below asking (tell them that's all you can get finacne for).

The Y-man
 
I hesitated twice on two other apartments in vogue and they both got sold, so the agent is saying he needs to know as it is the last 2br going for that price, the rest are all 540+
 
the other option is a larger 89 sq OTP in doncaster, 2 bd 1 bath room 1 car park, only 4 story high, local developer ( not a huge project) they asking for 500,000
 
I hesitated twice on two other apartments in vogue and they both got sold, so the agent is saying he needs to know as it is the last 2br going for that price, the rest are all 540+

Then in my humble little book I class that market segment/location as "too hot" (i.e. overvalued) and I'd be looking elsewhere. I still believe bargains are where people aren't buying (even though all other things seem to stack up)

Cheers,

The Y-man
 
I hesitated twice on two other apartments in vogue and they both got sold, so the agent is saying he needs to know as it is the last 2br going for that price, the rest are all 540+

I'd wait. Sounds like you're feeling a bit rushed and as if you'll miss a 'good deal'. There are heaps of 'good deals' around...and even if you don't buy this year...by this time next year you'll have more knowledge, and more savings right?
 
i really appreciate everyones input and ive decided i will wait.

I will revisit this thread in 2 years with either a big smile or a few tears.

I have a lot to learn and im very glad i stumbled on this forum, time for me to start reading.

Once again thank all, everyone seemed to tell me to wait which is the right thing to do ( i hope )

:cool:
 
i was looking at diamonds and gold actually.

looks like a might just leave it in the bank, a new car is always on my mind but im not that crazy.

i should start a new pole:

should i invest in

a) OTP vogue
b )OTP doncaster
c )diamonds/gold
d) shares
e) car
 
i was looking at diamonds and gold actually.

looks like a might just leave it in the bank, a new car is always on my mind but im not that crazy.

i should start a new pole:

should i invest in

a) OTP vogue
b )OTP doncaster
c )diamonds/gold
d) shares
e) car


NOT diamonds - not an open market.

You forgot REIT's as an option (commercial property trust)

The Y-man
 
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