Peoples thoughts on Adelaide?

Discussion in 'Where to Buy' started by havinago, 17th Jun, 2014.

  1. D.T.

    D.T. Property Lookerafterer

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    I don't think there's a set %, but I know that if a property survives the eligibility period they always go for significantly more on open market. Stick to older ones that can be tarted up and this will be a great launching pad for multiple more IPs for you.

    For loans, you might need to talk to a broker to discuss options. I use and recommend Corey Batt in Adelaide. Is there some reason you haven't gone full time? It might effect how much money you can get which in turn effects what areas you can look at.
     
  2. Newdart

    Newdart Member

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    I'm a graduate engineer, the only way my boss can get around the "head count" issue is to have me as a casual, even though I'm there full time. A lot of my friends were made redundant recently.

    I earn about 70k per year though, so just under the limit for the AH scheme.
    Looking at those properties, a lot of them have power lines overhead, is that an issue?
     
  3. freerange

    freerange Member

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    Nope, all older areas have overhead powerlines.
     
  4. Newdart

    Newdart Member

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  5. bez23

    bez23 Member

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  6. DaveM

    DaveM KFC Buyers Agent

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    Apart from the dual carriageway main road its side boundary adjoins
     
  7. pully

    pully Member

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    these homes are for owner occupiers not for investors???
     
  8. Newdart

    Newdart Member

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    Yes which is why I'd live in it for the first 6-12 months and make improvements.
    It has to be your ppor for at least 6 months I'm pretty sure.
     
  9. ZachAnSel

    ZachAnSel Member

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    My friends bought one in Christies Beach, he live and reno almost everything.
    He been stay there for 2 years now, and currently organising refinance for IP purchase.

    Its good jump start strategy for SA people, it lower price entrance, lot of suburb selection, and force you to reno (most of them).
     
  10. MattADL

    MattADL Member

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    Get your pre-approval letter or a funds to complete letter from a mortgage broker and as soon as the AH house comes online email the agent with the forms attached. First email gets first right of refusal. Even if your not 100% on the house just email, its tough to be first in.

    Have bought through AH and wasn't the best deal in the whole world, but it did give me the confidence to buy and get my foot in the door of investing.

    Did buy again through the AH program under the gf name. Its an 'as is' property. I think the 'as is' properties on the AH program are well undervalued. Also ask to view the building inspection, all 'as is' properties have them done, saves you paying to do it.

    I did 6 months and then moved out.

    PS, congratulation getting a job as a graduate engineer
     
  11. D.T.

    D.T. Property Lookerafterer

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    Good on you matt, great way to get started in the game
     
  12. Newdart

    Newdart Member

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    Thanks! Should/can I do any of my own inspections or is it all in the report? Do I need to engage a solicitor and all that as well? Not sure what I can and can't negotiate with these affordable homes. Cheers
     
  13. D.T.

    D.T. Property Lookerafterer

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    Solicitor yes - I use 1836 Conveyancing here

    I'd probably get your own inspection for your own peace of mind, so you know that it's current (what if something happened since their one was done, or if their one wasn't independant?). I use BPI Adelaide, here
     
  14. MattADL

    MattADL Member

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    They are fixed price sales, but they are negotiable on settlement time and deposit amount. They will also put the contract subject to finance, but wont put it subject to building inspection. They do give you an extended cooling off period to complete the building inspection instead, 8 days total cooling off period.

    I use Frank Reed conveyancing. No problems so far.
     
  15. D.T.

    D.T. Property Lookerafterer

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    Nevermind, re-read your post :p

    I'd be doing B*P inspection during the cooling off period.
     
  16. Newdart

    Newdart Member

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    Fantastic - is there anything else id need to know? You guys are really helpful.
    Has anyone ever gotten an electrical or plumbing inspection before buying? My current rental has a ton of electrical issues, I'd hate to be my landlord ;)
     
  17. Corey Batt

    Corey Batt Finance Broker

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    A building and pest inspection will give you a nominal amount of information on any visible potential plumbing/electrical issues - I would wager just as much or more than what any plumber or electrician would provide and for a fraction of the cost.

    As already said in the previous posts, if you're looking at the Affordable Homes program you need to get a pre-approval in place so you can provide this to the agents, without out it they won't show you the property/allow you to put it under contract.

    These properties are first come, first served. I've found my clients who take on these properties are generally calling as SOON as they are listed, as the competition for quality properties is getting quite fierce.

    Even if someone calls first and they are given the first option to buy, always follow up with the agent until it's under contract as the first person who looks through may not purchase it.
     
  18. padman

    padman Member

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  19. Newdart

    Newdart Member

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    I'm hoping this forum is still active.. Shame it's being closed down just as I've joined..

    If I buy a house through the AH program, will the bank ever value the place higher than the price I pay? I was just thinking maybe I'd have a larger deposit /lower LVR than expected. Thanks all.
     
  20. freerange

    freerange Member

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    Head over to propertychat.com.au theres plenty of adelaide talk already, you'll get the answer your after