Ticking all the right boxes

[travelbug]

Hi.
People often say "if it ticks all the right boxes, buy it".

But what are YOUR boxes?

How much emphasis do you place on them? I mean some boxes are must haves while some are nice to have but not make or break deals.

My first ones are:-

good yield (through reno or buying under market value)

and/or

near instant equity (through buying under value or increasing equity through reno)

I know there are lots and it can vary according to your goal. For example you might forgo the previous 2 if you are going to develop the site at a later stage (and realise the profit then)

What are yours?

 

[RumpledElf]

We're keeping our eye out for something 'pre loved' in case it turns up before we get around to building next door. The wishlist is just one notch higher than our current house.

- 4 bedroom. None of this 'sleepout' or 'sunroom' or 'enclosed verandah' lark, a REAL 4th bedroom
- subdivisible
- livable as is, don't care about decor, but the wiring/plumbing etc must actually FUNCTION (our current house need a complete rewire/replumb)
- must cost LESS than we'd get from selling our current house so we don't need a loan. So, budget of < $140k.

Saw one a few weeks ago that ticked all the boxes except price, it is huge, ugly as sin, but $265k. Been for sale since January.

 

[Alex P Keaton]

#1 goal for me when I buy is to know I will be able to hold ip comfortably. I want to buy a unit where I will not only be able afford the repayments now but in the future when the IR's rise. This is vital!!


#2 Reno to manufacture some equity. Hopefully will help to buy next one in Perth sooner rather than later. Also depreciation, tax deductions from the reno will help with cashflow