I am currently exploring options to purchase a PPoR to move into and live in long term. Because I cycle to work, my new house will preferably be located within 10km of the CBD. These are the options I am investigating:
1. Retain and subdivide where I would build a my new house on the back block. Pros: cheap land for my house + rental income from the front house. Cons: price, location, condition of retained dwelling. My budget for purchase would be around $600k which I think won't happen within 10km of the CBD. An example of what is around which IMO is $200k what I would be prepared to pay:
http://reiwa.com.au/Buy/Pages/More-...1&listingid=10410827&listingno=3412622&puid=0
2. Buy a block and build. Pros: I get what I want in terms of a house, stamp duty. Cons: size of blocks, price of land, location. I want a block around 350sqm or bigger with a budget of around $300k. Again, I can't see this happening within 10km of the CBD. It's just that for what I want to build, something like this seems very small:
http://reiwa.com.au/Buy/Pages/More-...1&listingid=10406423&listingno=3408215&puid=0
3. Buy an established good house. Pros: nothing to do, just move in. Cons: price, stamp duty, location, decor, lack of outdoor living area. My budget would be around $550k for something pretty good. For example, there is nothing much wrong with this... except the price:
http://reiwa.com.au/Buy/Pages/More-...1&listingid=10395588&listingno=3397370&puid=0
4. Buy and renovate. Pros: add value, select own decor. Cons: price, stamp duty, location. Budget would depend on the condition and potential end value. For example, I would tackle something like this if I thought the end value would make it worthwhile.
http://reiwa.com.au/Buy/Pages/More-...1&listingid=10407667&listingno=3409459&puid=0
Because I am going to live there for a while, I would like a 3 or 4 bed which must have two separate living areas, close to shops, parks and public transport, off busy roads, not too close to a school, not near a drain or drainage reserve with a bit of yard to play with. These properties are possibly quite rare within my budget.
Any ideas?