Where does all this equity come from?

Keep the tiler.

Just repaint the two spare rooms first - it can be done in a day or two. New blinds, ceiling fan and they will love you for it. Leave carpets until all the scrubbing and painting has been completed.
Party only after each project is completed. For starters you and your brother will be so tired the drinking wont cost too much.

 

....that's when the Dr comes into play
a saline drip will really help your electrolytes

But seriously, doing the room reno's is easy weekend work that would need to be done anyway and makes it nicer for your squatters

 

I get the impression he's renting with them, hence why eligible for 1st home owners. So he probably can't reno

 

Haha yes I am currently renting. Believe me there's plenty of changes I'd like to make to the place.. But I'd better not.

It's a 1960s brick house and to be honest there's been a lot of maintenance. Nothing major yet but it must get annoying for my landlord.

 

Haha oh yeah

Learn from those annoying maintenance issues! We rented an old cottage that the LL reno'd, looked good in pictures but his half assed work will bite him

 

I plan to! Lately it's just electrical or plumbing related though - not my specialty.

 

On top of that, please remind that wealth transfer from impatient to patient one. So let time do the work..

One day I've the same discussion with one of my mentor, he respond was changed my mind. "You know what, you will have this bigger problem. Which is run out serviceability than equity. Time will help convert equity replication on exponential basis. Serviceability is more complex issue"

 

Hey Newdart! Loving the avatar, is that a portrait of you?

Don't make your decisions solely on being able to rent out the bedrooms to the Doctor and tiler. There are plenty more people out there and I am sure you may know someone that would like to rent out a room. Great advice already given, to renovate the other 2 rooms first then start on the rest. I would probably fix up the kitchen and bathroom as much as possible too as these would be common areas. Just save like crazy and make compromises. When I was looking to purchase my first it was very frustrating as I was getting frustrated. I was working two jobs and had no life. My partner and I did our own renovation which was really hard again as we spent any spare second on the property. We learnt alot, we had a plan of what we wanted and already knew what we had to do in terms of reno before we even bought anything.

Right now is a better time to buy as less buyers in the market. Dont be in a rush to buy, make sure you do your numbers and have a checklist for what you are looking for in a property.

 

Handsome devil isn't he. Heh. It's a play on words. New dart = nude art.

Renting a room to a tradie is a good idea - I don't know if I mentioned it but the tiler is in fact my brother so I've already talked to him about helping out.

I am definitely saving like crazy I have a few months to go before I can start looking. My current employment contract will also run out in a few months. So that'll be interesting.

I've found that saving too much can be detrimental to your sanity - I used spend nothing on myself. But now I put aside a certain % of my pay each week into a "Spending Money" account. I'm a little less insane now.

 

I thought newdart was newfart lol but all good, all the best. Good to keep your sanity, I was the same. Saved like crazy and sometimes splurged because I just needed that sanity

 

Don't get too distressed. At least you have options in Adelaide. Take a look at Sydney prices to cheer yourself up!

 

Dammit ok now I have to change it

 

Does anyone care to share their checklist?

Mine's a work in progress: >600sqm block for possible subdivvy, <$250K, within an hour of CBD by public transport, within 10 min walk from transport, close to shopping hub, middle class suburb if possible.

 

My checklist:
-Makes money

 

I don't believe in a tick and flick check list.
Sort out the $$ and work out what your looking for, house, t'house unit Etc. Then yield required. Then start looking in your price range. That will direct you. Then work out pro's and cons of each property and area. There's no one set list for every property

 

Lol.. To each their own and all that.
Your strategy is actually a tried and tested one over centuries worldwide.