Money Down and ready to go...Now what???

Discussion in 'Introductions' started by itsonlymoney, 8th Dec, 2016.

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  1. itsonlymoney

    itsonlymoney New Member

    Joined:
    8th Dec, 2016
    Posts:
    2
    Location:
    Vic
    Hi Guys, new to property chat but have been lurking for a while.

    I put money down today finally for my first investment property!! (yay me)

    I am buying a H&L package in southeast Melbourne and surprisingly have no buyers remorse or doubts which is pretty big for me.In fact I feel relieved that the search and years of talking and planning have and ended and I am actually doing it.

    My only question at this stage is what upgrades would people consider a necessity to attract tenants?

    Any advice or direction to threads discussing this would be appreciated.

    If anybody is Interested I can update tomorrow with some figures and estimations.

    Thanks in advance.
     
  2. wombat777

    wombat777 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,565
    Location:
    On a Capital and Income Growth Safari
    If the package was turnkey, you shouldn't need to do much more to attract tenants. Don't spend money where you don't need to. Naturally though - hopefully you bought in the right location and the house configuration suits the tenant market in the area.

    As for colour selections. Don't necessarily go to your personal taste. Neutral tones work well.

    Make sure you get a depreciation schedule done before your first tenant moves in.

    Consider getting independent building inspections done at each stage of construction.
     
    itsonlymoney and Perthguy like this.
  3. itsonlymoney

    itsonlymoney New Member

    Joined:
    8th Dec, 2016
    Posts:
    2
    Location:
    Vic
    Sooo, there was a hold up with the council and our house is finally under construction, should be done in a couple months.

    The H&L package we signed up for at the end of 2016 is for a four bedder in Hastings for about $360k, paid for a few extras like eaves all the way around.

    Houses in the same estate with same builder are advertised/selling in the $500-$600k range so we haven't done too bad for a house we haven't had to pay for yet.

    We are buying another H&L package this time in Somerville, Close to the station and shops and with a better quality builder.

    Hopefully this one goes as well as the last.

    Cheers