G'day everybody,
First post here. I've read quite a bit on here on and off for past year and there seems to be a lot of genuinely good info.
I'm in a position where I can think about buying my first property.
The 3 options I'm looking at are
1) buy a house in Naracoorte to live in
2) buy a house in Naracoorte as an IP
3) buy somewhere where the capital gains are likely to be a lot stronger (I've always liked the idea of Darwin)
The banks hate me because I'm self employed (tax return doesn't look great from their perspective) and a uni student (finishing at the end of the year) but I've got pre-approval for $150K and can probably come up with about a $80K deposit at the moment. The accountant hasn't quite finished this years return but it's looking a fair bit healthier and I'm confident can probably get finance for 250K+, particularly once I finish my degree and am back working full time.
My assessment of the situation in Naracoorte by is that houses are probably worth more than they should be, but rents are pretty good.
The properties I'm looking at locally are 190K-250K, 3 bedroom 1 bath old stone homes which should rent out $250-300 p.w.
I guess I'm leaning towards buying locally for my first house because I can live in it, renovate it if necessary and if I decide to rent it out, I can keep a closer eye on it (I'd prefer to SM). This, however, means that I would probably miss out on the greater capital gains that is possible in a big city which obviously when leveraged can be a fair bit of money.
I'm confident that if I wanted to I could pay off a 200K house after the end of the 2015 harvest, and could look at buying an IP then.
Any thoughts/opinions on the situation or anything else would be much appreciated.
Cheers everybody
First post here. I've read quite a bit on here on and off for past year and there seems to be a lot of genuinely good info.
I'm in a position where I can think about buying my first property.
The 3 options I'm looking at are
1) buy a house in Naracoorte to live in
2) buy a house in Naracoorte as an IP
3) buy somewhere where the capital gains are likely to be a lot stronger (I've always liked the idea of Darwin)
The banks hate me because I'm self employed (tax return doesn't look great from their perspective) and a uni student (finishing at the end of the year) but I've got pre-approval for $150K and can probably come up with about a $80K deposit at the moment. The accountant hasn't quite finished this years return but it's looking a fair bit healthier and I'm confident can probably get finance for 250K+, particularly once I finish my degree and am back working full time.
My assessment of the situation in Naracoorte by is that houses are probably worth more than they should be, but rents are pretty good.
The properties I'm looking at locally are 190K-250K, 3 bedroom 1 bath old stone homes which should rent out $250-300 p.w.
I guess I'm leaning towards buying locally for my first house because I can live in it, renovate it if necessary and if I decide to rent it out, I can keep a closer eye on it (I'd prefer to SM). This, however, means that I would probably miss out on the greater capital gains that is possible in a big city which obviously when leveraged can be a fair bit of money.
I'm confident that if I wanted to I could pay off a 200K house after the end of the 2015 harvest, and could look at buying an IP then.
Any thoughts/opinions on the situation or anything else would be much appreciated.
Cheers everybody