First time invester

Hi guys first time posting and in 2 minds,buy new h&L in Corio Geelong Or Tarneit Wyndham vale
Have both contracts
Researched a lot on these places and Tarneit stands tall,but for some reason the flinders estate has got me thinking twice and we are stuck
Thoughts and opinions much appreciated as we want to put our best foot forward

 

New? Estate? H&L? NO.

 

Why either of them? Why house and land?
Budget?

 

Budget $400-450k
Was told as first time invester easier to buy new
Better returns is what they say

 

Whos they?

 

Your point is??

 

Why did you believe ‘them’? What is their experince with property? Did you look at examples of new vs old? Do your own research? Can you explain why new handl gives better price growth than older properties? What are the downsides to new v old?

 

Point taken
Do you have to be so honest,lol
Like I said first time invester
And what a great way to get experience within this forum
I take it you’re got a few under your belt by your comments

 

Welcome @Bigwill

You're in the right place - read lots here and you'll have a steep learning curve but much cheaper than rushing in. H&L can be fine, but there's more risk for a few reasons -

• They're often overpriced
• Often too much supply
• No way to manufacture growth if the market stalls.

Generally better returns can be made with existing stock that has an element of scarcity about it, and/or can be reno'd/developed, even if you have no intention to do so for a while.

 

Thnks jess for that good info
Will definitely be taking in as much as We can
We built in tarneit 2015 when price for land was relatively cheap
Now the price is almost doubled

 

Awesome! Are you using equity in that to fund the next one? Is that your home, or an investment?

 

My advice is don't buy anything at all for another 6 Months.
It sounds like armchair advice I know. Something your mother would say and your going to do the opposite anyway...
but I guarantee you, if you hold off, immerse yourself in the world of property investing, over the 6 months you will learn and see things that will be much more valuable than the substandard capital growth you may get if you buy a lemon now...

 

Yes that’s right
It’s kind of funny cause we both had no intention of investment
The only reason why we built a house was we were sick of renting
Will definitely hold off until we’re confident on making a purchase

 

Yes mate definitely going to take in a lot from this forum
Cheers

 

In the meantime, find yourself a good broker - there's lots here on the forum - and get your deposit ready to go. That way when the opportunity comes up you'll be ready to hit the ground running, and should have a good idea about what's possible from a finance perspective in terms of growing your portfolio into the future as well, if that's what you're hoping to do.

 

Rather have some one be brutually honest to me as opposed to losing my hard earned money because my pride got in the way.

 

theres so much to consider
Should it be so hard as we didn’t care about where the financial rewards were
It just so happened that we bought at the right time in the right place
We are wanting to buy in this area as there still a lot of growth
Tarneit,Hoppers Crossing and Werribee

 

Very true,sometimes I get a bit touchy feelings but like you said better get the right info now instead of buying a lemon
We fluked our first property and just hoping we can get the right guidance moving forward

 

I fluked my first one too, then promptly lost half of it in my next purchase. Don't rush.