Hi everyone,
Looking for a bit of advice on my situation (I'll be seeking out independent advice from trusted sources as well).
My best friend and I (both early 20s) are working together to purchase real estate. We just put down a $5,000 refundable Expression of Interest for 2bedder/3bedder units (140-unit development) in a western Sydney OTP development from PIA - Property Investment Alliance, settling by October 2014. I know we're both young and naive, so I want to make sure I'm not walking into a landmine.
- I'm seeing a lot of cautions for OTP, but to be honest I'm being enticed by FHOB + Stamp duty exemption + negative gearing for depreciation. Other OTPs in Western Sydney seem to be of equal value to the one we just put in an EoI for. Are the incentives worth it?
- These units are in an area where there are no other units. The whole suburb consists of free-standing houses. In addition, the units themselves are under construction but there's no display unit. How could it be possible to get an accurate independent valuation?
- The location of the place is quite good (built right next to shopping centre + school + hospital + 1 minute away from major arterial road) and the demographics appear to be quite mixed, but there are probably even more better located OTPs in western sydney at the moment in Liverpool and Westmead of similar value. Anyone thinking about those instead?
Thanks for any help/advice - will be reading replies voraciously
Looking for a bit of advice on my situation (I'll be seeking out independent advice from trusted sources as well).
My best friend and I (both early 20s) are working together to purchase real estate. We just put down a $5,000 refundable Expression of Interest for 2bedder/3bedder units (140-unit development) in a western Sydney OTP development from PIA - Property Investment Alliance, settling by October 2014. I know we're both young and naive, so I want to make sure I'm not walking into a landmine.
- I'm seeing a lot of cautions for OTP, but to be honest I'm being enticed by FHOB + Stamp duty exemption + negative gearing for depreciation. Other OTPs in Western Sydney seem to be of equal value to the one we just put in an EoI for. Are the incentives worth it?
- These units are in an area where there are no other units. The whole suburb consists of free-standing houses. In addition, the units themselves are under construction but there's no display unit. How could it be possible to get an accurate independent valuation?
- The location of the place is quite good (built right next to shopping centre + school + hospital + 1 minute away from major arterial road) and the demographics appear to be quite mixed, but there are probably even more better located OTPs in western sydney at the moment in Liverpool and Westmead of similar value. Anyone thinking about those instead?
Thanks for any help/advice - will be reading replies voraciously