Hi All
Without going into details, I'm now starting over again from an almost nothing base.
Over the last year I've scrimped and have been able to acquire $90k through saving, selling old stuff, renting my body for weird medical experiments and making some tough decisions. I have decided to rent (for the foreseeable future) and use future savings for IP purposes. Would like to have my own home again one day, but I have to deal with the here and now!
After rent, I can save $17kpa.
The $90k is my deposit to start my property plan and help me in this new chapter of my life.
Capital appreciation is my main focus (as opposed to a cash-flow positive property) and if push came to shove, I could service up to $10,000 per annum in negatively-geared property (after depreciation and tax benefits). This would leave me with $7k excess savings from my annual cashflow as a buffer.
I am able to obtain finance of up to $450k and am looking at the Queensland market.
I have been studying the Brisbane Southside market and looking at townhouses in various suburbs there, as well as the Toowoomba housing market, given a number of infrastructure projects going on there.
With the finance I can obtain, I think I should be able to find a townhouse on Brisbane's southside, within 10kms from the CBD, which would at least have some land content and decent depreciation benefits and still have some change left-over. It is also a location in a capital city which whilst not a guarantee of anything, should show capital appreciation if Brisbane starts to kick-off over the next 2 or 3 years. Not sure whether I should be looking at free-standing townhouses as opposed to those all in a row with separating walls between, but whichever option, I'd like it to be in a small complex. Just have to be careful if the area is zoned so houses around it can be knocked-down and more units/townhouses can be built as I imagine that may negatively effect the value of my townhouse.
Alternatively, I could buy an actual house in Toowoomba and also still have some change left over. Once again, there will be land content which I think is important for capital appreciation purposes.
After everything that's happened this last 12 months, I really don't want to stuff-up this first IP purchase, so if you were in my shoes, knowing that capital appreciation (not cashflow positive property, even though that would be nice) is my main focus and knowing that my plan would be to purchase one property per annum (barring global apocalypse, etc) what advice/comments/area suggestions/etc would you have for me?
Don't worry ... I know at the end of the day, the decision on anything is mine and mine alone.
Zargor
Without going into details, I'm now starting over again from an almost nothing base.
Over the last year I've scrimped and have been able to acquire $90k through saving, selling old stuff, renting my body for weird medical experiments and making some tough decisions. I have decided to rent (for the foreseeable future) and use future savings for IP purposes. Would like to have my own home again one day, but I have to deal with the here and now!
After rent, I can save $17kpa.
The $90k is my deposit to start my property plan and help me in this new chapter of my life.
Capital appreciation is my main focus (as opposed to a cash-flow positive property) and if push came to shove, I could service up to $10,000 per annum in negatively-geared property (after depreciation and tax benefits). This would leave me with $7k excess savings from my annual cashflow as a buffer.
I am able to obtain finance of up to $450k and am looking at the Queensland market.
I have been studying the Brisbane Southside market and looking at townhouses in various suburbs there, as well as the Toowoomba housing market, given a number of infrastructure projects going on there.
With the finance I can obtain, I think I should be able to find a townhouse on Brisbane's southside, within 10kms from the CBD, which would at least have some land content and decent depreciation benefits and still have some change left-over. It is also a location in a capital city which whilst not a guarantee of anything, should show capital appreciation if Brisbane starts to kick-off over the next 2 or 3 years. Not sure whether I should be looking at free-standing townhouses as opposed to those all in a row with separating walls between, but whichever option, I'd like it to be in a small complex. Just have to be careful if the area is zoned so houses around it can be knocked-down and more units/townhouses can be built as I imagine that may negatively effect the value of my townhouse.
Alternatively, I could buy an actual house in Toowoomba and also still have some change left over. Once again, there will be land content which I think is important for capital appreciation purposes.
After everything that's happened this last 12 months, I really don't want to stuff-up this first IP purchase, so if you were in my shoes, knowing that capital appreciation (not cashflow positive property, even though that would be nice) is my main focus and knowing that my plan would be to purchase one property per annum (barring global apocalypse, etc) what advice/comments/area suggestions/etc would you have for me?
Don't worry ... I know at the end of the day, the decision on anything is mine and mine alone.
Zargor
