Browse Forums Building A New House 1 Jun 14, 2014 3:29 pm Hey guys First home buyer here. Looking at getting something like: http://www.burbank.com.au/victoria/hous ... spx?ID=270 I am looking into probably renting it out first for a year or so then moving in myself afterwards Just wondering if anyone can provide feedback on burbank? Are they good/bad, reliable? Do they follow up with things etc? Re: Burbank - Feedback please 3Jun 26, 2014 3:00 pm Ponzu Any reason you'd not live in it until a year later? Well I live at home with mum and do not pay rent or board or anything. So very cheap to live where I am and I am doing this on my own with average wage So I think the best way to do this is to invest one property first and maybe even another and then look into moving into one of them later I have also checked out Carlisle homes and they seem to have better designs of 20 square homes compared to burbank Re: Burbank - Feedback please 4Jun 26, 2014 4:33 pm the reason i asked was because some (most) estates have very poor rental opportunities early on and are made up of 95-99% owner/occupiers. if youre planing on buying a block in a good established inner location and building, you wount have an issue, however youd be paying a premium for land. Base don your comment of average wage and single borrower, the likleyhood of this is pretty slim. Youre almost bette roff living in it upfront and renting out when (if) the demand for teh area increases. So if you go down the route of a H&L package as a investment, do your homework upfront. Where is it, what is the infrastructur elike for renters, schools, busses, trains, shops, parks, shopping etc. Also while i am building with Burbank, i agree the carlisle homes are very nice. I recomend actually walking through all of teh houses you can, they feel difefrent than they look on paper. you will find designs that you like that look terrible on paper and vice versa. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Burbank - Feedback please 5Jun 26, 2014 4:43 pm Hey Drekko, I am also building with burbank, doing the opposite in what you are doing actually, living in it for a year or so then plan to rent it out. I am almost finished my contract, actually got a colour appointment tomorrow, so nothing being built yet. I looked at the Cornell 1900 then 2200, then 2400 for a long while (rathered 4 bedrooms for investment). Decided to get the Yale2500 as i would rather have more backyard space than side space (been a North facing block). In the process ended up spending about 20-25k more but hope it will be worth it. My experience with them so far has been very good, engineering drawings didnt take too long (maybe 2-3 weeks or so) and they have been good to deal with. I have asked everyone about burbank (and others) you seem to hear the good and bad from most of everyone, your always going to get good and bad stories, although you do only hear of the bad ones. Burbank homes seems reasonably priced with more basic inclusions than your Carlisle, Sherridon, Hontondo, Pivot etc homes, but the option to upgrade what you like appealed to me over some fo the others. Re: Burbank - Feedback please 6Jun 26, 2014 5:00 pm Ponzu the reason i asked was because some (most) estates have very poor rental opportunities early on and are made up of 95-99% owner/occupiers. if youre planing on buying a block in a good established inner location and building, you wount have an issue, however youd be paying a premium for land. Base don your comment of average wage and single borrower, the likleyhood of this is pretty slim. Youre almost bette roff living in it upfront and renting out when (if) the demand for teh area increases. So if you go down the route of a H&L package as a investment, do your homework upfront. Where is it, what is the infrastructur elike for renters, schools, busses, trains, shops, parks, shopping etc. Also while i am building with Burbank, i agree the carlisle homes are very nice. I recomend actually walking through all of teh houses you can, they feel difefrent than they look on paper. you will find designs that you like that look terrible on paper and vice versa. Thanks the area i had my eyes on first was Tarneit, Victoria. There's a lot of renters there But then I changed my mind to look in this new estate called Riverwalk in Werribee, Victoria which is fairy new and not very developd yet. Reason I changed my mind from Tarneit is because the traffic there gets very congested of everyone trying to cross the railway line to get onto the main Princess FWY Riverwalk is right near it, but.. Its not very established yet and still pretty new Why do you think I would be better off living in it first? I would have to pay all the bills and everything myself and pay the mortgage as well, I think it would be quiete difficult. Thats why I wanted to invest first Re: Burbank - Feedback please 7Jun 26, 2014 5:48 pm Investing first is fine but what I was highlighting ia that investing in an undeveloped area may not give you returns you are expecting. You're still likely to be paying some mortgage as the rent wont likely cover it. Also what you want is an area with low rental vacancy and high demand, not high vacancy and low demand. Id start looking for those metrics Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Burbank - Feedback please 8Jun 26, 2014 6:23 pm I agree Ponzu. I also think you might want to get some financial advice first. You may not be eligible for the first home owners grant and if you sell at a profit you may also be liable for capital gains tax in the future. Living in it first means you can rent it out as soon as 6 months after and not have to pay CGT within 7 years. I'm not a financial adviser so I would recommend you see someone who knows more about it than me. Good luck 😊 Re: Burbank - Feedback please 9Jun 26, 2014 6:43 pm Agree get some financial advice first. Investing is not as easy as just building a house and watching money roll in. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Burbank - Feedback please 10Jun 26, 2014 7:54 pm Ponzu Investing first is fine but what I was highlighting ia that investing in an undeveloped area may not give you returns you are expecting. You're still likely to be paying some mortgage as the rent wont likely cover it. Also what you want is an area with low rental vacancy and high demand, not high vacancy and low demand. Id start looking for those metrics OK thanks very much Ponzu I was oringally looking at Tarneit area as the land there is affordable and it has a pretty developed surrounding with new train station being built But I think that area has a lot of renters already also I am a first home buyer/investor and hardly know much about this.. Any tips on how to obtain those metrics? RPdata.com ? Re: Burbank - Feedback please 11Jun 26, 2014 7:55 pm joannek I agree Ponzu. I also think you might want to get some financial advice first. You may not be eligible for the first home owners grant and if you sell at a profit you may also be liable for capital gains tax in the future. Living in it first means you can rent it out as soon as 6 months after and not have to pay CGT within 7 years. I'm not a financial adviser so I would recommend you see someone who knows more about it than me. Good luck 😊 Yes I still have to see a mortgage broker about this Re: Burbank - Feedback please 12Jun 26, 2014 8:19 pm A mortgage broker is the last person you want to take property investment advice from. Besides most arent qualified to give personal advice. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Burbank - Feedback please 13Jun 26, 2014 8:26 pm Go to the government website about first home owners grant. There is lots of info on the Web. Only use a licensed and accredited financial advisor, not a broker. Although some advisers also offer the service of acting as a broker. They are not that expensive for straightforward advice. Or being tax time ask your accountant. They are also knowledgeable with all the info I mentioned above. Sorry don't mean to sound pushy but I just don't like seeing young people missing out because of bad advice. Re: Burbank - Feedback please 14Jun 26, 2014 8:49 pm joannek Go to the government website about first home owners grant. There is lots of info on the Web. Only use a licensed and accredited financial advisor, not a broker. Although some advisers also offer the service of acting as a broker. They are not that expensive for straightforward advice. Or being tax time ask your accountant. They are also knowledgeable with all the info I mentioned above. Sorry don't mean to sound pushy but I just don't like seeing young people missing out because of bad advice. Prooves how much I know about all this.. So thank you all for the advice I really appreciate it Ok so I need to hook up with a financial adviser or my tax accountant So an adviser can tell me , what is the best way to buy a property under my needs and circumstances.. Whether to use FHOG and live in it for 6 months or invest straight up... Thanks Re: Burbank - Feedback please 15Jun 26, 2014 9:01 pm Yes that is their bread and butter. Ditto for your accountant. Maybe ask your accountant when you see them soon anyway and if you need more advice they could perhaps recommend a reputable adviser. Good luck Re: Burbank - Feedback please 16Jun 26, 2014 9:03 pm Ponzu Investing first is fine but what I was highlighting ia that investing in an undeveloped area may not give you returns you are expecting. You're still likely to be paying some mortgage as the rent wont likely cover it. Also what you want is an area with low rental vacancy and high demand, not high vacancy and low demand. Id start looking for those metrics Also Ponzu I have been looking at RPdata.com for suburb and property reports.. They show percentages of renters/owner occupied and purchasers. Not really sure how helpful those figures are do you have any tips or websites on how to get that info of what you suggested by demand and rental vacancy Re: Burbank - Feedback please 17Jun 26, 2014 9:20 pm joannek Yes that is their bread and butter. Ditto for your accountant. Maybe ask your accountant when you see them soon anyway and if you need more advice they could perhaps recommend a reputable adviser. Good luck Great , I usually do my own tax but Ill see one this time round for advice I actually used to work with a guy which he is now a financial adviser in my area might actually give him a call Re: Burbank - Feedback please 18Jun 26, 2014 9:30 pm I just built cornell 1900, didn't have trouble with Burbank, all went well... I'm a single borrower too, I think like others said, living in first then rent out maybe more realistic given the house is in a new estate.. I will live in it until school open, see if more renters will come here for walking distance school, before that I really don't think I can rent it out with a decent return... Living here is not a big issue for me, I like the area anyway Re: Burbank - Feedback please 19Jun 26, 2014 11:01 pm RP data is great. If you have access to the paid service. Once yoi have metrics you need to understand how to analyse them. This is why you will get the best advice from a financial advisor/planner. Make sure you do your research on them too before you hand over any cash. Also if youre keen to shoot the breeze re property investment strategies before you see an advisor, go to somersoft forums. Its an aussie property investment forum with lots of good resources and professionals who can point you in the right direction. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Burbank - Feedback please 20Jun 27, 2014 7:26 am Hiya we are building through Burbank (Custom Division) currently reaching final stage of the build (hopefully less than 8 weeks to go til handover). We chose Burbank because they had the cutom division and allow us to make so much modification to the orginal plans Also they have a good range of production at the Edge Studio (colour selection) which you soon come to see Besides the long pre-sight process (up to 12 weeks) No major issues faced throughout the build as long as you stay ontop of your build Burbank Custom DS 23/01 Slab 14/02 Frame 15/04 Lockup 13/06 Fixing 02/09 PCI 11/09 Settlement My Build:viewtopic.php?f=31&t=68855 Blog:http://ourmentone3850.blogspot.com.au Hi All, Recently we have signed a contract with Burbank and we are not aware that they have just DORSET, SURREY, HAMPSHIRE, KENT, PILBARA and REDGUM bricks from PGH are… 0 3152 As title suggests, looking at using the interlocking Pentablock stacked stone products to replace failing timber retaining… 0 17866 |