PPOR buy or wait

Discussion in 'What to buy' started by JoHa, 18th Sep, 2018.

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  1. JoHa

    JoHa Well-Known Member

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    Hi all,
    Been reading on here for a while and thought it's time to sign-up and join the fun.
    Looking at buying a PPOR in Hobart some time during the next year maybe (currently renting).
    I know it's unlikely to ever get a house that is 100% of my wishlist, but given current developments in much of Mel & Syd, is it better to buy or wait.
     
  2. TAJ

    TAJ Well-Known Member

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    What are you considering purchasing in Hobart? What is your budget? Are you planning on staying long term?
     
  3. JoHa

    JoHa Well-Known Member

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    3bdr, <20min to city, some decent water or mountain views. Preferably larger than average block around 500k. Just wondering if it is worth waiting for a while to get something better for less. Hard to pick the market at times I guess.
     
  4. TAJ

    TAJ Well-Known Member

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    Everybody would love to be able to time the market to perfection, but it very rarely happens in my experience.
    Have you found anything that meets your criteria to date? Have you secured finance for this purchase?
     
  5. TapTap

    TapTap Well-Known Member

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    Welcome to the community. Is there a reason you didn't get in when tassie started to take off? You should have been using that wishlist as a batten at the auctions 12-24 month ago!
     
  6. hobartchic

    hobartchic Well-Known Member

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    I'd start looking but there's no need to rush. There are newer builds from the last few years that would be in your budget. Like this:
    7 Crete Place Oakdowns Tas 7019 - House for Sale #129300142 - realestate.com.au
     
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  7. JoHa

    JoHa Well-Known Member

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    Should have, could have... Had a new job then so wasn't all that commited to purchasing.
     
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  8. JoHa

    JoHa Well-Known Member

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    Finance is secured. There have been a couple of places that I liked but usually about 50k ish over. Trouble with finding the right place is that there isn't much coming on the market.
     
  9. TAJ

    TAJ Well-Known Member

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    I'd suggest exercising some patience. When you least expect it something will come into the frame. Having finance confirmed places you in a good position. Brush up on your negotiating skills and all the best of luck in the future. Be selective, and don't rush as it is one of the biggest financial decisions you will make.
     
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  10. TapTap

    TapTap Well-Known Member

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    Fair enough, sounds like you are finance ready now so that's good news. Take your time and remember the importance of location, you can always change the physical elements of a house but you are stuck with the location..
     
  11. JoHa

    JoHa Well-Known Member

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    Would love to hear about any tips, pointers or books that you can suggest.
     
  12. PandS

    PandS Well-Known Member

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    In any negotiation you don’t want to be seen as the winner and the other side seeing as they are losing even though the eventual goal is you get what you want but present a picture to the other side they got something out of it as well

    I usually ask their motivations for selling from the agent, then I have strategy to make them feel like they got something out of me... I once bought a house on bridging loan so I made a cheapest offer offer but I also offer unconditional settlement at any time he wants once the paper all line up... got my lawyer ready to go from day one ...no delay as I have the finance.. they was happy with that and seal the deal as time is against them... so win win for both
     
    Last edited: 19th Sep, 2018
  13. TAJ

    TAJ Well-Known Member

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    Quite simply it is having extensive knowledge in the market you are wishing to purchase in. Narrow down your search realistically ( Price, Location, Comparable Sales) so that when you have selected a home you are keen on, you have the required information to be able to put forward your offer with confidence. This is a skill you need to learn from "Doing". Books can only help so much (think theory).
    The ideal scenario is a win / win, whereby the vendor feels content with your offer and you (the purchaser) are happy with the price you are paying. If a bit of toing and froing is needed don't become impatient, simply have a price point that you won't cross. Try not to let emotion override a firm financial position.
    Hope this helps...
     
  14. babyboomer1

    babyboomer1 Well-Known Member

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    Another big factor is to allow for interest rate rises cause prices will come off .
     
  15. jazzsidana

    jazzsidana Well-Known Member

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    Hobart market has seen lot of growth over the last few years with still little left before it plateaus..

    One option to consider is to invest in suburb with growth potential (outside Tasmania) and rent where you want to live..

    Great way to not sacrifice on your lifestyle and to get the best possible returns too..

    Cheers,
     
  16. JoHa

    JoHa Well-Known Member

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    I actually have considered this. However, I'm wondering if there is a better investment vehicle for this approach. I guess my goal in the short term is to find a PPOR as a fair price. Then wait for the market to cool off a bit and buy an IP.
     
  17. jazzsidana

    jazzsidana Well-Known Member

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    Not a financial advise but pretty much opposite of that will be better approach..

    Hobart has seen lot of growth recently. Buy in growth zone and let your money work for you..

    Next move can be PPOR..