Hi All
I have posted this exact same topic on another forum and it was suggested I get some thoughts from this community. Just so you know, I am a complete noob to property and this will be my first potential purchase.
My wife and I are looking at buying a house and land package in Paralowie, SA. I am originally from South Africa and from what I understand and this is purely hear say, it is not the best suburb in Adelaide, but has everything you would need. From what I could find it seems to be the cheapest land ($/m2) within a 20km radius of the city.
We looking at house and land for about $400000. That will be 4 bed, 2 bath, 2 garage on a 580m2 block in a brand new development. This will be owner occupied for about 3 - 8 years and the plan is to use the equity in this house to purchase another property which will become our prime residence and this house will become a rental.
My question is the following:
How do you work out if you?re over spending in a specific area?
The reason I am asking this is that I have done a quick search on realestate_com_au and there are very few existing houses that are around the $400000 mark. On the other hand, I think well it is a brand new house in a brand new estate so maybe I can spend that amount of money and in 5 - 8 years have decent equity?
I would love to hear your thoughts!
I have posted this exact same topic on another forum and it was suggested I get some thoughts from this community. Just so you know, I am a complete noob to property and this will be my first potential purchase.
My wife and I are looking at buying a house and land package in Paralowie, SA. I am originally from South Africa and from what I understand and this is purely hear say, it is not the best suburb in Adelaide, but has everything you would need. From what I could find it seems to be the cheapest land ($/m2) within a 20km radius of the city.
We looking at house and land for about $400000. That will be 4 bed, 2 bath, 2 garage on a 580m2 block in a brand new development. This will be owner occupied for about 3 - 8 years and the plan is to use the equity in this house to purchase another property which will become our prime residence and this house will become a rental.
My question is the following:
How do you work out if you?re over spending in a specific area?
The reason I am asking this is that I have done a quick search on realestate_com_au and there are very few existing houses that are around the $400000 mark. On the other hand, I think well it is a brand new house in a brand new estate so maybe I can spend that amount of money and in 5 - 8 years have decent equity?
I would love to hear your thoughts!