Hi Guys,
I'm pretty new to the real estate game. I just purchased my first investment property in Cambridge Park, NSW (2 bed, 1 bath) in October last year. I did this by laying a 12% deposit. It currently has a rental yield of 5.5%. I'm only paying $35 per week out of pocket against my principle and interest loan, as the tenants pay most of it (if i changed my loan to interest only, the property would be positively geared). In the future, i could put a duplex on this site, as it is zoned to do so.
Not sure if i'm getting greedy, but i want another property. Although, i could probably only afford 5-6% deposit this time round. In saying this, i was possibly looking at purchasing a 300sqm house and land package in the new estate Willowdale (Leppington) thats backs onto camden valley way. I laid a $2000 deposit with a builder at the start of january and am still waiting for the fixed price tender to come through before i decide to go along with it or not. The original price advertised was $382,000, but i suspect (and have been notified by the salesperson) that it does not include everything (including acoustics). So it may come up to $420,000-$450,000. This is a 4 bedroom home with 2 bathrooms and 1 garage. It should rent for a minimum of $400 i suspect. Not sure if rent will be affected being it a smaller house and land package (18sq home).
I'm attracted to Willowdale due to the new train station, its apart of sydney south west growth area, the possibility of a new airport 15km away at badgerys creek, road upgrades to camden valley way, close to m5 and m7 and planned new shopping precinct at leppington including a TAFE and new schools.
So my question is, should i go ahead with this purchase or save my pennies and pay for a buyers agent to find me something that is guaranteed to have higher rental yields? I have my suspicions about buyers agents at times, as i dont always think they are finding YOU the best deal.
Although i have a previous purchase, i have not lived in it for >6months, which means i'm entitled to the first home buyers grant of $15,000 or i am entitled to the standard $5000 grant for new dwellings.
If i purchased an existing property, i think i would need more savings due to excessive stamp duty, where as buying new will only require me to pay stamp duty on the land only.
Has anyone purchased a brand new house and land package and sold it off after it was built or after a year for a profit? Not sure if the market would allow for that.
Any help would be greatly appreciated. Thank you in advance
I'm pretty new to the real estate game. I just purchased my first investment property in Cambridge Park, NSW (2 bed, 1 bath) in October last year. I did this by laying a 12% deposit. It currently has a rental yield of 5.5%. I'm only paying $35 per week out of pocket against my principle and interest loan, as the tenants pay most of it (if i changed my loan to interest only, the property would be positively geared). In the future, i could put a duplex on this site, as it is zoned to do so.
Not sure if i'm getting greedy, but i want another property. Although, i could probably only afford 5-6% deposit this time round. In saying this, i was possibly looking at purchasing a 300sqm house and land package in the new estate Willowdale (Leppington) thats backs onto camden valley way. I laid a $2000 deposit with a builder at the start of january and am still waiting for the fixed price tender to come through before i decide to go along with it or not. The original price advertised was $382,000, but i suspect (and have been notified by the salesperson) that it does not include everything (including acoustics). So it may come up to $420,000-$450,000. This is a 4 bedroom home with 2 bathrooms and 1 garage. It should rent for a minimum of $400 i suspect. Not sure if rent will be affected being it a smaller house and land package (18sq home).
I'm attracted to Willowdale due to the new train station, its apart of sydney south west growth area, the possibility of a new airport 15km away at badgerys creek, road upgrades to camden valley way, close to m5 and m7 and planned new shopping precinct at leppington including a TAFE and new schools.
So my question is, should i go ahead with this purchase or save my pennies and pay for a buyers agent to find me something that is guaranteed to have higher rental yields? I have my suspicions about buyers agents at times, as i dont always think they are finding YOU the best deal.
Although i have a previous purchase, i have not lived in it for >6months, which means i'm entitled to the first home buyers grant of $15,000 or i am entitled to the standard $5000 grant for new dwellings.
If i purchased an existing property, i think i would need more savings due to excessive stamp duty, where as buying new will only require me to pay stamp duty on the land only.
Has anyone purchased a brand new house and land package and sold it off after it was built or after a year for a profit? Not sure if the market would allow for that.
Any help would be greatly appreciated. Thank you in advance