Offer accepted on first IP

T

Tulamalula

Vendor has accepted our offer on a lovely little 3 x 1 house in Bassendean Perth on 850SQM. We bought for the land mainly, house is in good nick, doesn't need anything doing to it before rental. It was a quick purchase, struck while the iron was hot, put in a strong offer in order to stop a home open as I didn't want to be competing with 20 others next weekend.

Feeling very happy IP #1 is on its way bar the subject to conditions and settlement.

BTW, it's not online, I found it through different means.
 
Congrats Tula, best of luck with the start of your IP journey. :) Once she's settled, pics and numbers will no doubt be eagerly received.
 
I will, just don't want to jinx anything, very superstitious at the moment. It won't be ours til settlement, I just want to go over there and sit out the front and stalk it. Already planned the gardens, new fencing, extension on the back, pool ... hah, dreaming.
 
Watch out for buyers remorse that may come up in the coming weeks when you question your price, new things come on the market etc etc. It's a b1tch and often happens.

Concentrate on the deal and forget the rest of the market for awhile.

What's your plans? Just sit on it or retain and build?
 
Totally Singo, going to keep looking. I love houses, I don't know why, but I always have. We have equity to buy another and servicability but I won't be (too) greedy to start. By the time I go for IP #2, I will know a whole lot more (hopefully). This time round I went with what I know and have done well with in the past.

1. biggest bit of land as close to the city as possible
2. on a train line or good bus route
3. development going on in the area
4. solid house that can be extended to add value without having to knock down much.

It's not a devvie site, and the block is so nice you wouldn't stick a 2nd house behind it. It's a great street with a lot of houses being renovated, extended, made into quality big homes (ie not McMansions)

The clincher for me was ... it is so much like our PPoR but on double the size block, I know exactly how to extend it down the track, and what it will cost (today's money though); there's nothing to do on the existing house, it's character (which I love) and I will shut up now because I sound like a teenager who has just met the love of her life.

Oh, did I mention, it has spectacular trees front and back.
 
Tulamalula said:
Totally Singo, going to keep looking. I love houses, I don't know why, but I always have. We have equity to buy another and servicability but I won't be (too) greedy to start. By the time I go for IP #2, I will know a whole lot more (hopefully). This time round I went with what I know and have done well with in the past.

1. biggest bit of land as close to the city as possible
2. on a train line or good bus route
3. development going on in the area
4. solid house that can be extended to add value without having to knock down much.

It's not a devvie site, and the block is so nice you wouldn't stick a 2nd house behind it. It's a great street with a lot of houses being renovated, extended, made into quality big homes (ie not McMansions)

The clincher for me was ... it is so much like our PPoR but on double the size block, I know exactly how to extend it down the track, and what it will cost (today's money though); there's nothing to do on the existing house, it's character (which I love) and I will shut up now because I sound like a teenager who has just met the love of her life.

Oh, did I mention, it has spectacular trees front and back.
Click to expand...

What's your strategy with this purchase? To extend and rent out? Or sell?
 
Strategy is to rent out immediately and hold. It will be a bit negatively geared but that's okay we can manage it, sit on it for a couple of years and maybe do a reno on it - extension to a 4x2 - and see what the market is like down the track. Hopefully get a bit of equity in it and buy another somewhere.

The other option, which makes no financial sense but would be a lifestyle choice for us, we have 2 small kids and no play space for them, nowhere to entertain in our PPoR - could extend the house at Bdean and make it the PPoR and rent out current PPoR. If we did that we'd be paying a big mortgage (interest not tax deductible) and current PPoR would be very positively geared - so financially maybe not a good move.

At this stage we have enough equity in PPoR to buy another IP, but not rushing into anything, hubby almost had apoplexy when I came home having made an offer and told him *here sign this, it's the authority to say i can sign on your behalf* Well, he said I could!

Just going get this one settled and rented, keep learning and make decisions down the track.
 
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