Hi from Melbourne

Discussion in 'Introductions' started by Vine Street, 15th Nov, 2018.

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  1. Vine Street

    Vine Street Active Member

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    8th Nov, 2018
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    Location:
    Melbourne
    Hi everyone,

    Been lurking for awhile

    Bought our first home in the Inner East in 2017

    Tossing around ideas at the moment of upgrading the PPOR, buying a holiday house or investment proporties over the next few years
     
  2. OscarAnthony

    OscarAnthony Member

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    Hi there I am also in Melbourne.
     
  3. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

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    Location:
    Melbourne
  4. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Welcome!

    So many options.... :) Lifestyle, lifestyle and wealth creation - heart, heart and head.

    Doing some forward planning with your broker in the near term will give you an idea of what's possible in your circumstances, and the best way to plan for it and achieve it.
     
  5. Eric Wu

    Eric Wu Well-Known Member Business Member

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    welcome to the forum @Vine Street

    nice head to have there.

    what is your longer term plan?
     
  6. Vine Street

    Vine Street Active Member

    Joined:
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    Location:
    Melbourne
    The options really are a holiday house or looking at IPs. Upgrading the PPOR would be an expensive exercise

    Certainly won't be doing anything in the next 12-18 months
     
  7. The Y-man

    The Y-man Moderator Staff Member

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    We used to have a holiday house - rather overrated IMHO. I feel better to look at investing (IPs but one way) and using what you make to stay in hotels.....

    The Y-man
     
  8. Eric Wu

    Eric Wu Well-Known Member Business Member

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    Holiday house is nice for lifestyle, does it have good potential to have decent capital growth in the areas you are looking at?

    A new ppor costs a lot, but it is a capital gain tax free investment when you sell it (pending other conditions) :), not a bad option
     
  9. Vine Street

    Vine Street Active Member

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    Location:
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    Agree from a purely financial perspective it makes sense to keep your cash and use air BNBs

    But there is a value to the holiday house if you want to create traditions in the family or love having the place decked out so you don't have to be packing up suitcases to go down there each time
     
  10. The Y-man

    The Y-man Moderator Staff Member

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    Location:
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    Fair enough. We found that it was
    1. A *very* expensive proposition with low utilisation if you didn't let it out - i.e. holding costs, maintenance
    2. If you did let it out, there was always someone using it when you wanted it, and it was completely empty "off season"
    3. You don't have to Air BNB as an alternative - with the money involved in holding/maintaining a holiday home, you can probably afford an outright fully serviced apartment or luxury hotel and not need to pack much
    Having said that, if your ideal holiday home is nowhere near common "holiday destinations", then it is definitely a thing.

    The Y-man
     
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  11. Vine Street

    Vine Street Active Member

    Joined:
    8th Nov, 2018
    Posts:
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    Location:
    Melbourne
    Well as our suburb seems to have had the highest fall in Victoria since we bought it, I'll be sure to let you know where to avoid buying a holiday house if we go down that path one day
     

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