Hey, Ive exhausted my mental capacity to research so looking for guidance from people with experience. About to buy our first home and dont want to make a mistake in uncertain times. Our options are to buy a home and land package 300-400m2 in mickleham/merrifield for $470k-$520k or an existing 500-600m2 home in Mill Park/ Epping/ Thomastown for $550-$600k. It is our first home but we are looking to at growth in equity to eventually invest in another property. Any advice would be greatly appreciated
Established rather than brand new H&L... for established what you pay will be mainly for the land, where as brand new H&L would have a premium for the building. Land appreciates, buildings depreciate.
A lot of the new homes built by the project builders are just crap IMO. Just built to a price to maximise the developers profitability.
Epping/MP = 20km from City Merrifield = 30km from city You can get a Unit on 400sqm in parts of Epp/Mill Park I think.... The Y-man
That was one of the reasons we were leaning against it. It just baffles me how much theyve increased im value over the last few years Would a unit on 400m2 be better off In the long term over a 300m2 house in merrifield ?
Sorry, I was just making a point that 400sqm is relatively small. Get as much land as you can afford to hold. The Y-man
Evaluate your maximum borrowing capacity Study the land values and historical capital growth of each area Check the proximity of schools Evaluate the possibility of gentrification Read every article you can find on property Speak to lots of Real Estate Agents Inspect at least 150 home opens Then once you have narrowed down your list, crumple it up , throw it over your left shoulder and buy whichever property you wife likes!
It obviously very personal as this will be your home and not just any investment. So assuming your happy to live in both and have a choice, then for the many reasons stated above I would go with established rather than H&L for growth. Your benefiting from a larger land size and closer to the CBD (generally this will be more desirable to people in the longer term as apposed to the house and land - which at that point wont be 'new' and is further from the CBD). Often when your buying new your just paying for that exact fact that it will be a shiny and new product, which over the long term will depreciate and considering it will be your own home and not an investment you wont be able to claim depreciation on it either. Saying this tho, at the end of the day you should be happy and comfortable living there if its going to be your home
