Browse Forums Real Estate 1 Feb 10, 2010 8:41 pm Hi, I want to buy a property to live in by around Dec this year 2010 in outer eastern melb. I am after a 2 bedroom unit. I qualify for FHOG and have a steady job. My confusion is I dont know whether to buy a place now and get someone in to rent until Dec or wait until Dec. If I wait I risk paying very high price and missing out on FHOG but I can get a place now and rent it out. After much confusion and searching what i want is where do I find advice? An agent just says buy now as houses are running out fast. Who can I ask about this ? Re: Need advice 2Feb 10, 2010 8:49 pm Not sure who you can ask... but in my view what do *you* want to do? Have you got anything against buying now and renting it out until you're ready to move into it? Or, wait until December to buy, but in the meantime start saving saving saving so that you've got more of a deposit behind you so that you can minimise your loan. Both options are fine. Just a matter of deciding which suits you better. viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Need advice 4Feb 10, 2010 9:37 pm Then there's your answer What areas are you wanting to buy in? viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Need advice 5Feb 10, 2010 9:37 pm I would just check that what you want to do complies with the terms of the FHOG, in regards to this http://www.sro.vic.gov.au/SRO/sronav.ns ... 1A2F0?open Built with Bentley homes in Doreen All moved in Dec 2009 Now for the garden! Our stuff so far viewtopic.php?f=31&t=16532 Re: Need advice 6Feb 10, 2010 9:39 pm Lostris I would just check that what you want to do complies with the terms of the FHOG, in regards to this http://www.sro.vic.gov.au/SRO/sronav.ns ... 1A2F0?open Oh good point Lostris!!! I'd completely forgotten about that. For the FHOG, i think you have to live in the home you buy for a certain period of time before you can rent it out... viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Need advice 7Feb 10, 2010 10:00 pm I wanted to buy in Bayswater,Boronia,Wantirna but CRoydon,Endevear Hills are better buys. If i rent straight away then I dont qualify for FHOG. If I wait later in the year maybe more houses on the market or prices will fall as nobody can afford 2 Bed Unit at $350k Re: Need advice 8Feb 16, 2010 5:58 pm I’m tipping prices are NOT going to fall. They are only going to increase in price. So are the interest rates. Do it now. Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Need advice 9Apr 05, 2010 3:53 pm you need to be living in your house for 6 months from date of settlement to qualify for the FHOG. you have 70k as a deposit, thats massive. most banks will lend you the extra 280k if you have evidence of savings like that, and the FHOG should cover stamp duty. my advice is buy now, things are only going up. Re: Need advice 10Apr 05, 2010 4:13 pm markymark85 you need to be living in your house for 6 months from date of settlement to qualify for the FHOG. you have 70k as a deposit, thats massive. most banks will lend you the extra 280k if you have evidence of savings like that, and the FHOG should cover stamp duty. my advice is buy now, things are only going up. When you put in your FHOG application you sign a declaration which basically says you agree to move in within 12 months from settlement and stay in for a minimum of 6 consecutive months thereafter. So yes you need to live in the home for 6 months, but it doesn't have to be from date of settlement... rather it simply has to commence within the first 12 months of settlement. Re: Need advice 11Apr 13, 2010 11:45 pm Above post is correct. You can rent it for 11 months then move in as long as you stay there for 6 months after that. Why do you need to wait until December? Can't you move until then? I agree with Michelle. Prices are not going down. Buy now. Especially with that great deposit. Re: Need advice 12Apr 14, 2010 7:47 am buy buy buy~ buy now what you CAN afford - get on the property ladder while you still can! A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: Need advice 13Apr 15, 2010 4:29 pm There is only so far prices can rise before a correction occurs, its a basic economic cycle. Once prices outstrip wages by too much then it we will see prices drop or stagnate. When this will happen who knows. If you are buying to live in as your home, not as an investment only, then buy away. It doesn't matter if you paid too much, as long as you can afford it comfortably then its all good. If you are doing it as an investment then the whole plan needs a lot more thought. Re: Need advice 14Apr 15, 2010 4:43 pm Yes best time to buy property is yesterday, there is alot of heat in the Melbourne market at the moment and who knows what will happen between now and December but prices are always on the rise. Do as much research as you can, go along to as many open homes as you can and make sure your not paying over the market price. Also speak to a finance broker to see exactly what you can borrow at the best rates and go from there. Budde Design 3D Architecural Visualizations, Architectural Rendering, Artist Impressions, 2D & 3D floor plans http://www.buddedesign.com nathan@buddedesign.com Re: Need advice 15Apr 16, 2010 3:27 pm Sorry i have to disagree a little, prices are not always on the rise. Historically over the long term real estate prices have risen like everything else but property also cycles up and down during these upwards trends. Time it wrong if your speculating are you will lose. For example the melb property market went crazy in 2006/2007 then stagnated and then dropped through mid 2007/2008 due to interest rates and the gfc. People got burnt. Real estate is a longer term "investment". The Australian property bubble is getting dangerously close to popping, even reserve bank govenor Glenn Stevens signalled his concern in several speeches a few weeks ago. Creating hysteria that people will never be able to get into the market is not ideal all. If every joe blow citizen goes out and borrows up to the eye balls so he/she "can get into the market" it's an economic disaster waiting to happen. Levelling compound Ardit is the best but buy a bag of sand and make sand dam to protect your wood floor 2 15259 XCEM Alpha flooring seems to relatively new and I could not found any reviews. Have you or someone you know have used it and would recommend over other subfloor options?… 2 7597 I’m not a structural engineer but I’m free. you still need an engineer for the plans. I only have part of your plans, but you seem to have a 850mm drop from the side… 3 9967 |