Considering a 3bd unit with 1.5 bath and lock up garage in Mortdale. Close to station and Hurstville CBD etc. Doesn't seem to be alot of 3bd units pop up on the market. Strata is approx 1k per quarter which is on the higher side for the area but not overly concerned with that due to the pool etc etc. Its abit run down and needs a cosmetic touch up internally. Owners think its worth $650 ish but rpdata etc has come up with a $750k range. This was the main reason I was interested with potential under MV purchase however curious as to thoughts on units in this market as I have only ever purchased houses. This would be my first unit purchase. Would have the option to live in it and fix up or fix up and rent it as an IP
No agent involved. With the missus taking a yr off 2018 when we have our newborn baby I'm just weighing up the short term pain for potential long term gain
@Ramos023 So if you're deciding as to whether you should buy it and hoping that opinions from the forum may sway you? Here's some food for thought: 1. Money in certain cases can be the driver of arguments. 2. There will be a drop in income (and possibly lifestyle) when 1 person is off work. 3. Add a property that will be negatively geared into the equation and income drops more. 4. Can cut down expenses to compensate 5. Kids = Sleep deprivation 6. Sleep deprivation = shorter fuses Scenario #1 #6 leads to things being said that shouldn't be said. #1 will be raised as a result of #2, #3, #4. Scenario #2 Everything works. Only you know yourself and your wife... work out the outcome and decide if its worth once you weigh everything up. Your short term pain might end up being a much longer than expected if things don't go as expected. ====================== Now tackling the property... "its a bit run down" the unit or the entire complex?
Great food for thought by @neK. Fwiw, 650k would b a solidly good buy. Its the question of can you/should you try to do it knowing you will soon be down to one income though.
How big would the loan be if you did buy it? Have you run the numbers on one wage and say 6 % interest rates? How do things look then?
Wow thank you for the comment. When it boils down to it it really is a much bigger situation when you look at it in that light. We have time to think about it, its not on the market and we are going to New Zealand in 3 weeks a last hoorah before we knuckle down and wait for the baby to come in jan / feb Complex is fine, well maintained and for 1k strata it would want to be. The unit itself will need a new bathroom, cosmetic updates to the floor, some paint etc etc probably 10-15k ish Thanks again for the post and effort of writing it
Have an LVR of 20-25% currently so we have a passive income from net rent that would cover any short fall if the rent didn't cover interest plus expenses on new purchase. Even at 6% it would be fine, the issue is the single income. Good chance my partner takes 9-12 months off and no maternity leave from her company. She is on 6 figures so that's a nice little hit. So I will run the numbers on my salary alone at the higher rate and assess Thanks
