在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo
Would like some opinions please...
Is anyone doing the "renter/investor" thing? Comments please.
The following debate is a good indication for me (and a enjoyable read), of the polarity of opinions on the subject.
Been doing a lot of research and it may be a good thing for us this time around, as I'm thinking I'd rather rent somewhere nicer this time around, than renovate yet another crappy house - then use the large amount I've built up due to sales, for investing.
Interested in your thoughts...
It's a personal choice. For me, I could NEVER rent my PPOR. Never have. Never will. I know you can put a strong financial case for it. But to me, this is MUCH more important than mere money. And for this IP business, it works well to own a nice home in a "good suburb". You get good CG which you can leverage into more IPs. Worked well for us !
oneuppmanship said: ↑
The following debate is a good indication for me (and a enjoyable read), of the polarity of opinions on the subject.An indication of polarit of opinions, yes....however, it is not a good indication of the mindset of many here.
http://www.news.com.au/money/proper...p-the-options/comments-e6frfmd0-1225791188531Click to expand...
The comments on the article reflects "rent or buy", NOT "should I buy a property and rent it out while I rent elsewhere, or should I live in it?"
IMO, they are very different arguments.
We did it for ages - where we rented was cheap and optimal for going to work (close to transport etc). Where we bought was not necessarily optimal for us, but others were willing to pay good rent for it!
As Landlubber says above - much is downto personal choices and circumstances.
If you have children, or love gardening, or have family you need to be near, or want to stay within a certain community group - then renting may not be practicable in terms of permanence and availability of suitable properties.
If on the other hand you have no kids, no particular family/community links, and your reasonably nomadic as far as your work is concerned, buying a PPOR might be crazy. Imagine if your work took you to a different city every year?
I'm all for buying - in our situation it is much cheaper to buy than rent, we actually *like* gardening and fixing things up so it makes sense to buy or build a PPoR, landscape and prettify it and then move on to the next project in a few years.
Renting is expensive here. Why rent for $300+ a week when you can build a house for around $100k?
I would do it, have even looked into it. But our biggest problem is trying to find anywhere in canberra that would suit us that allows pets - We have 2 dogs and two cats. Not an easy thing. So we stay put.
Renting and investing
We live in a rented property and invest in properties throughout NSW. We rent ourselves because we're lucky to live in a multimillion dollar beachside house for about seven times LESS in rental repayments than the equivalent mortgage for this property if we bought it. We're also lucky though that at this stage we dont have children so if we were kicked out, moving to a new place wouldnt be too much of a drama. Then again we've been here for over 4 years and no news yet on us having to move. This situation is ideal for us, because we sure as hell couldnt afford to purchase a house where we live, but we can rent here, enjoy the lifestyle and still have plenty of spare change to invest.
But this is just our situation. Clearly if the rental market around where we live is like RumpledElf's, we would be making a very different decision.
I live in a regional where the wind farm mob are flying in people from interstate who are used to Sydney prices so the local landlords absolutely fleece them for rent - unfortunately you can't list a rental as '$150 for locals and $350 for everyone else' so rents here are disproportionately high. House prices are catching up though, but slowly because these interstate workers rent, they don't buy, so they only affect the rental market.
Its a bubble. It'll pop when the wind farm is complete. Projected time for that is about 10 years off though ...