Hi All,
Just wanted to get people's feedback or thoughts on a little conundrum I have at the moment.
I currently live in Sydney and am looking at purchasing an IP.
As I work in the Sydney CBD my original idea was to buy within Sydney, live there for a period of time (more than 6 months) than start renting it out afterward, but now it is just not cost/time effective for me to buy anywhere in Sydney without having to travel hours on end each day, which includes night classes at uni 3 times a week.
At this point in time I don't find the prices in and around Sydney justifiable and are just too high for me to purchase as well. So, I was considering purchasing either somewhere regional with better returns or possibly even in a different state. Ideally something that would get me as close to being positively geared as possible.
In order to do this I would have to sacrifice the FHOG and all the additional benefits that go with it.
I was just wondering if anyone else has done such a thing? How did the come to the decision to do it? Are there any feelings of regrets at the moment?
Also before anyone says buy cheaper and further out, I am looking at not forking out more than $250K at this time.
Just wanted to get people's feedback or thoughts on a little conundrum I have at the moment.
I currently live in Sydney and am looking at purchasing an IP.
As I work in the Sydney CBD my original idea was to buy within Sydney, live there for a period of time (more than 6 months) than start renting it out afterward, but now it is just not cost/time effective for me to buy anywhere in Sydney without having to travel hours on end each day, which includes night classes at uni 3 times a week.
At this point in time I don't find the prices in and around Sydney justifiable and are just too high for me to purchase as well. So, I was considering purchasing either somewhere regional with better returns or possibly even in a different state. Ideally something that would get me as close to being positively geared as possible.
In order to do this I would have to sacrifice the FHOG and all the additional benefits that go with it.
I was just wondering if anyone else has done such a thing? How did the come to the decision to do it? Are there any feelings of regrets at the moment?
Also before anyone says buy cheaper and further out, I am looking at not forking out more than $250K at this time.