Unit vs house as first property investment? URGENT help needed!!!

[reality_22]

Poor old you - you must be getting even more confused since posting on here! How much time do you have left to make up your mind?

Today only. Tuesday is the third and final day of the cooling off period. I've been stressed out of my mind about this - actually have been dreaming of houses and units and prices for the last three nights!

 

[Lamingtons]

Oh dear, I would hate to be in that situation.
BTW you do know that even if you pull out on Tuesday that you're liable for 0.25% of the contract price? So you don't just walk away without being 'penalised'.

 

[atti]

dont be confused, i think you just have a case of jitters, just weight up the reason why u bought the place in the first place.

theres always something negative u can find with almost any properties.

 

[reality_22]

Oh dear, I would hate to be in that situation.
BTW you do know that even if you pull out on Tuesday that you're liable for 0.25% of the contract price? So you don't just walk away without being 'penalised'.

Yep, that's fine. It's only around $800 and I much rather that then a $400k mistake that is just going to sit there for the next 7 years with no growth.

 

[Propertunity]

Yep, that's fine. It's only around $800 and I much rather that then a $400k mistake that is just going to sit there for the next 7 years with no growth.

I'd just proceed with the purchase if that is your only concern. ANY property could sit there for the next 7 years with no growth (depending on global factors).
You said you knew the market prices. You did DD on the area. If the valuer says its worth $400K I'd just buy it. By the look of the photos you've posted it has plenty of opportunity to value add from a reno perspective.

 

[reality_22]

Up to update everyone on the situation:

I've decided to let go of the unit. It looks like they'd be another $20k on top of the 400k price tag for renovations. Back on the hunt again, this time I'll be focusing on houses and properties around the west/north suburbs around the city area. I'm sure I'll find one in a decent location for good price.

A big thanks for everyone's help, especially Propertunity and Monopoly!

 

[sparky23]

Well thats a weight off all of our minds! LOL

You will find something else, there is always another one around the next corner, happy hunting!

 

[atti]

for that price cant u get a brand new house a lil bit out n get extra grant?

 

[Lamingtons]

In the direction of Ivanhoe, reality22 will be looking a LONG way out for a brand new house. I'm thinking South Morang.. nothing like Ivanhoe.