Re: The Gold Coast Property Market is Very Sad Indeed21
Dec 13, 2010 5:57 pm
Not your losses personally. Generally there is the usual stamp duty, legals and pest reports, bank fees and interest all to take into account. The OP is fustrated in the results, take all the above out and the OP's investment is actually in the red by a fair bit. Thats if they have to/want to sell.
I didn't say that there was no money in investing in property I just said it was tough atm. There is always somebody making coin when relative few else are. Knowing what you are doing and having cash flow postive/neutral property is the best atm not simply relying on endless double digit captial gains of the past cycle. Or just simply living in a house and enjoying it is also a great investment.
Re: The Gold Coast Property Market is Very Sad Indeed22
Dec 13, 2010 8:23 pm
Yes it is frustrating when you buy and find out you could have bought it cheaper by waiting.
When a person buys a home it's an emotional buy. Most people don't think about the underlying costs. They just want THAT home. The satisfaction of having a home to call your own is satisfying in itself. if you make money along the way it's a bonus. So the Op may not have made great gains but I bet she loves her home and she hasn't really lost (only if she sold now) and it will appreciate in time.
The difference with an investment is you buy it to make money. Otherwise why bother.
It's purely (or should be) about numbers. If the numbers don't stack up don't buy. Black and white. As I mentioned, I factor in ALL costs. If my equity will not be increased after I buy, I don't buy.
i.e. purchase + Stamp duty + legals, reno etc must be less than the new valuation price.
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