Hi all, just deciding on my first IP. I know I want a 4 bed house, 10-15k from CBD location, sub 30 years old and not in need of renovation and therefore capable of being tenanted quickly. Budget is $600k and currently focussing on Brisbane.
I want a decent land component but unsure as to how much. With my requirements, I won't find a 900sqm plot with a new house on, with space for another and in all likelihood, I will be buying on someone else's sub divide.
Given tenants rent bedrooms and not gardens, would I be over capitalising at 600sqm if i don't plan to develop? I am thinking a 500sqm block with 250sqm living space is plenty but I am concerned given the value is in the land that I will be missing out on upside were I to cap my block size at 500sqm.
I would appreciate any views.
Thanks
GG.
I want a decent land component but unsure as to how much. With my requirements, I won't find a 900sqm plot with a new house on, with space for another and in all likelihood, I will be buying on someone else's sub divide.
Given tenants rent bedrooms and not gardens, would I be over capitalising at 600sqm if i don't plan to develop? I am thinking a 500sqm block with 250sqm living space is plenty but I am concerned given the value is in the land that I will be missing out on upside were I to cap my block size at 500sqm.
I would appreciate any views.
Thanks
GG.