Our first buy was easy - we loved the house, it met all our requirements, was below our budget and is our PPOR/'forever' home. Now that we are looking to buying a second property (as a long term investment) I'm plagued with doubts.
Just a couple of questions for the experts here
How do you assign a value for good views (specifically overlooking a reserve) all other things being equal?
What is the ideal land to price ratio in the inner eastern suburbs of Melbourne? I have seen a property here that got sold recently (land plus small 2 bed, 2 bath house in good condition), 690m2 at $1,667 per m2. However, several well renovated 3-4 bed properties on the same road have sold for between $2000 and $2500 per m2 (One 5 bed 4 bath Mcmansion on a 620m2 sold for $ 3173 a m2 in May 2010...ouch!).
How do you assign a value for a building (well renovated, standard 4 bed 2 bath modern house) when buying?
Appreciate your inputs. Thanks.