Yep I know streets apart hmm suburbs in fact and strange combination.
I have been looking at another place in Woodridge which has come down from 270000 and is now under 200000 and I thought it had been taken of the market when the agent rang me up out of the blew and asked if I was ready to put an offer in. Needs a lot of work.
Woodridge
Was looking at offer $160000 reno and buying costs $30000 (less if possible)revaluation $255000 (current market) rent $300 per week yeild 7.8 - 8.21% LVR would be 66%
I was just doing the final figures on Woodridge when another agent rang me yesterday about a place in Bardon that is two bedroom in Vgood area needs a lot of work (at some stage) but could get by with a $10000 make over and get $400 -$500 per week, I thought $500 was a bit high.
Bardon
Anyway the Bardon place is under land value, properties in the same street have marketed from 700 thou (no reno) - 1.3Mil (renos done).
Bardon my offer (if all planets align and roll of dice are on my side) would be to buy with costs $580000 - $590000 less if I could but has come down from mid $700000 in 6 mths. Land value is $600000. Hope to take wife there later today to check the place out, I went there yesterday, today will measure the place up and do some in depth costings.
VERY rough figures are buy include costs say 590000 reno $10000 rent out say $450, revaluation $650000 LVR would be 76% rent yeild 4.68.
My thoughts are the equity gain on Bardon will bounce back a lot quicker than Woodridge. Woodridge I can buy and reno without any issues where Bardon I feel will be a $250000 - 300000 reno and I would need to look at a construction loan or maybe another method have not given this much thought at this stage. Heaps to consider this weekend and number crunching I can see including a defined exist stratagy.
I know I have not given people a lot to go on but what are some thoughts on the above and suburb view.
Thanks
Brian
I have been looking at another place in Woodridge which has come down from 270000 and is now under 200000 and I thought it had been taken of the market when the agent rang me up out of the blew and asked if I was ready to put an offer in. Needs a lot of work.
Woodridge
Was looking at offer $160000 reno and buying costs $30000 (less if possible)revaluation $255000 (current market) rent $300 per week yeild 7.8 - 8.21% LVR would be 66%
I was just doing the final figures on Woodridge when another agent rang me yesterday about a place in Bardon that is two bedroom in Vgood area needs a lot of work (at some stage) but could get by with a $10000 make over and get $400 -$500 per week, I thought $500 was a bit high.
Bardon
Anyway the Bardon place is under land value, properties in the same street have marketed from 700 thou (no reno) - 1.3Mil (renos done).
Bardon my offer (if all planets align and roll of dice are on my side) would be to buy with costs $580000 - $590000 less if I could but has come down from mid $700000 in 6 mths. Land value is $600000. Hope to take wife there later today to check the place out, I went there yesterday, today will measure the place up and do some in depth costings.
VERY rough figures are buy include costs say 590000 reno $10000 rent out say $450, revaluation $650000 LVR would be 76% rent yeild 4.68.
My thoughts are the equity gain on Bardon will bounce back a lot quicker than Woodridge. Woodridge I can buy and reno without any issues where Bardon I feel will be a $250000 - 300000 reno and I would need to look at a construction loan or maybe another method have not given this much thought at this stage. Heaps to consider this weekend and number crunching I can see including a defined exist stratagy.
I know I have not given people a lot to go on but what are some thoughts on the above and suburb view.
Thanks
Brian
