IP in Leumeah or Ingleburn?

[noodles]

We're planning to buy our 1st residential property that we would like to live in and eventually turn into an IP several years later. For us it'll be a place to settle down and raise a family.

I've narrowed Ingleburn & Leumeah in the Campbelltown/Macarthur Region, NSW, as potential places. We're on a 300K budget, and we're looking for a 3 bedroom home.

For our budget, we've found a lot of 30+ year old houses in Leumeah that needs some reno. And for Ingleburn, we've found a few newer town houses within that price range.

Should I look at Leumeah & the 30+ year old houses to buy and renovate, or town houses in Ingleburn? What would be a better long term investment area/strategy?

Thanks,
Noodles

 

[stumunro]

if you can afford the reno, then definitely the 30+year old house in leumeah.

Land factor & imo better location

 

[Propertunity]

Should I look at Leumeah & the 30+ year old houses to buy and renovate, or town houses in Ingleburn? What would be a better long term investment area/strategy?

Better long term strategy IMO is to buy older property in an established area and do a reno. But many ppl have done well out of townhouses. Both areas have very similar long term CG yields.

In your case, if you want to raise a family, I'd be going for the house for the yard space. Townhouses typically have only small yards for the kiddies and you have to be careful babies don't fall down the stairs and use those awful wooden gate thingies.

 

[noodles]

Thanks for the replies. Who can I contact to get estimates on how much a few reno's to the house will cost? Are there cost calculators on the net that I can use?

 

[Cherry Pro]

Hi Noodles

Once you've decided on the property, you could look at getting a few quotes from tradespeople to complete different aspects of the renovation.

We are looking to do a bit of a reno and will look at quotes from electricians,
plumbers, handy men before we go ahead.

Since ours will be an IP, we are working with the property manager but hubby and I will also chip in to get things done.

Just depends on how big the reno will be and whether you want to have all of it done simultaneously or whether you plan to move in and then get one room done at a time, not the best option for sure.

Your local papers and/or yellow/pink pages on line could be a starting point to reach these tradespeople.


Good luck !

 

[Propertunity]

Thanks for the replies. Who can I contact to get estimates on how much a few reno's to the house will cost?

You really need access to the property to get tradies in to quote properly. And i'm guessing that since you have not even exchanged contracts yet - that might be a bit early.
Post your ideas on what needs doing in the "Adding Value" section the forum. Plenty of us have done heaps of renos and have a good feel for what things cost.

Are there cost calculators on the net that I can use?

Yes, but IMO they don't add up to real life experience.

Overall as a 'rule-of-thumb' you should only look to spend 10 - 15%(max) of the purchase price on a reno for an end value add of at least 20 - 30% or it is not worth doing at this stage of the property cycle. Unless of course it is just for your own enjoyment.

 

[scott]

Check out the people at the shopping centres in Cambelltown. Do the same with the people at the shopping centres over the highway in the Camden council area.

If you see a pattern look at properties at Mt Annan and Currans Hill.

Scott



Disclaimer
Own IP at Currans Hill