Hello everyone just thought I would introduce myself names James a 22yo currently living at home with my parents. I have been trying to do a bit of research and have found this forum to be very helpful but I thought I would just put forward a few ideas that I have just to get a few different opinions as it can be hard to get a non biased opinion when it comes to real-estate.
So my situation, I currently have saved up 50k in the bank and I?m looking to try and see if maybe I can invest that money in some way thats better than just sitting in the bank. I am currently getting paid around 52k a year and am in the process of finding out through a mortgage broker my borrowing capacity.
Basically long term all I really want is somewhere to call home, a beach house at phillip island and a garage at one of the two. At 22 years of age this is very much a pipe dream but I was hoping that maybe with some advice from this forum I might be able to put myself on the right track towards achieving this goal.
I will add this link its a block of land (have been told that they would sell for 200-210k) that I have been driving past for the last few months as its just around the corner from my favourite beach, I know that buying land can be a bad investment as it doesn?t generate any income but is there a way in which I could possibly buy this land and still be able to buy a house or an apartment or something to move into as a PPoR a few years down the track? or am I dreaming with that idea?
http://www.realestate.com.au/property-residential land-vic-surf beach-200796715#
I still have much to learn so if I sound a bit clueless please stick with me.
So my situation, I currently have saved up 50k in the bank and I?m looking to try and see if maybe I can invest that money in some way thats better than just sitting in the bank. I am currently getting paid around 52k a year and am in the process of finding out through a mortgage broker my borrowing capacity.
Basically long term all I really want is somewhere to call home, a beach house at phillip island and a garage at one of the two. At 22 years of age this is very much a pipe dream but I was hoping that maybe with some advice from this forum I might be able to put myself on the right track towards achieving this goal.
I will add this link its a block of land (have been told that they would sell for 200-210k) that I have been driving past for the last few months as its just around the corner from my favourite beach, I know that buying land can be a bad investment as it doesn?t generate any income but is there a way in which I could possibly buy this land and still be able to buy a house or an apartment or something to move into as a PPoR a few years down the track? or am I dreaming with that idea?
http://www.realestate.com.au/property-residential land-vic-surf beach-200796715#
I still have much to learn so if I sound a bit clueless please stick with me.