I would appreciate the thoughts of you all about my property investment situation.
I am interested in buying a property:
- I will be going overseas for 2 years for work in January 2014.
- I do not have a job now (resigned) and will get a job overseas.
- I have about 300k aud in cash savings.
- Projected income - 100k+ (either overseas)
Do you think I should purchase a place 'off the plan' for completion in 2016 and then come back when it is done and move in during 2016? I would like to pay a deposit now (5 to 10%) and then move in during 2016 when I pay the balance? I am thinking of getting a CBD Melbourne or Richmond apartment (obviously it needs to be one with a long build time)?
I am concerned about the projected glut of apartments in Melbourne that has been predicted over the next two years, but by the same token I am also concerned about the price of Melbourne continuing to tear higher and then having to pay significantly more in 2016. I know that a house with land would be better for capital appreciation but I will be unable to get a loan right now because I do not have a job right now.
Any thoughts? What would you guys do?
THANKS
I am interested in buying a property:
- I will be going overseas for 2 years for work in January 2014.
- I do not have a job now (resigned) and will get a job overseas.
- I have about 300k aud in cash savings.
- Projected income - 100k+ (either overseas)
Do you think I should purchase a place 'off the plan' for completion in 2016 and then come back when it is done and move in during 2016? I would like to pay a deposit now (5 to 10%) and then move in during 2016 when I pay the balance? I am thinking of getting a CBD Melbourne or Richmond apartment (obviously it needs to be one with a long build time)?
I am concerned about the projected glut of apartments in Melbourne that has been predicted over the next two years, but by the same token I am also concerned about the price of Melbourne continuing to tear higher and then having to pay significantly more in 2016. I know that a house with land would be better for capital appreciation but I will be unable to get a loan right now because I do not have a job right now.
Any thoughts? What would you guys do?
THANKS