CITR Property Thread

[butter]

Should we move all these posts into a CITR Property Thread?

Yes please!

[plAythiNG]

Getting a 95% home loan isn't that hard at all, just a few little tips to keep in mind and you can get yourself in. Saving up 5% over 3 months will class the savings a genuine savings and will show the bank you have the capacity to save. You can have the stamp duty funds gifted and it'll be fine.. Ensure you have no defaults, have a full time job and you should be sweet provided your broker presents your application to the bank the way they like it.

You mortgage brokers!

[cartoon]

Should we move all these posts into a CITR Property Thread?

Yup

[BOMDC5]

You mortgage brokers!

You know how it is haha

[plAythiNG]

mate, u guys are dodgey as it comes. dont invovle me lol

[BOMDC5]

mate, u guys are dodgey as it comes. dont invovle me lol

How is it dodgey? We are following the banks guidelines and policies.. Its a lot harder to dodgey a home loan these days.. nothing is hidden.

[gunpoons]

Brand new 4/2/2 under 500 is silly! I was looking at 3/1/1 in my area (larger land) and a Reno cost of way more than my new place. I work in the building industry and it was way cost affective to buy home and land.

Being in the building game then I'm sure you realise you get what you pay for, I've seen the way these house land packages are built, gyprock sheeted straight to the bottoms of trusses, onto walls with no glue, only one power point per room, cheaparse tiles, and some of the plumbing work wouldn't pass first year tafe standards let alone the codes.
Saying that I totally understand at those prices, they would make such good investment, what kind of rent would this kind of house fetch?

[cordz]

Being in the building game then I'm sure you realise you get what you pay for, I've seen the way these house land packages are built, gyprock sheeted straight to the bottoms of trusses, onto walls with no glue, only one power point per room, cheaparse tiles, and some of the plumbing work wouldn't pass first year tafe standards let alone the codes.

I've also noticed this with the new apartment blocks all over the north shore, they spring up, then three months later they look like they're a couple of years old.

Prices in Sydney City are ridiculous, a 'large' apartment (2 Brooms, 1 bathroom, 1 garage) of 120m2 in the lower North Shore will command a price of $600K plus, that equates to $5K per square metre. It's important you take advantage of the lifestyle such areas provide if you're going to spend that type of money, use the beaches, cafes and find reasons to go in to the city.

There's also other factors besides room/bathroom/garage/size/area that should be considered when purchasing. For apartments it's important to look at strata plans. Strata is the collective body that maintains a apartment-block's repairs and each unit has to contribute to its collective fund quarterly (named the "sinking fund"). Make sure you check all records of how the strata is run, including who runs them, how quickly and effectively they tend to repairs, how they spend money,how well they enforce by-laws on its residents and most importantly, how healthy the sinking fund is, as anyones repairs are paid for by everybody.

Another area that is often overlooked is Fire Safety. Councils are strict on fire precautions in apartment blocks, and regulations are updated often. If the block is not up to scratch with say, fire exits (mandatory on apartments that have more than three levels), the sinking fund may be used to get the block up to date.

Water damage is a common issue. I've been told balconies are prone to water damage, so check how well water runs off because if one balcony needs to be replaced, it's likely all of them do, and who pays for that? strata...

That's all I can think of right now...

[cartoon]

Yeah I know some of these H&L are just chucked together. Interiors are not the best finish in the world and such.

Rent would be 420-450pw

Ill be living in this, checked the power drawings and they seem ok also, ensured contract had inspections at critical stages to

Ill be honest, I'm just interested in a decent floor plan. Either I bought an old shitty place that has been attacked by several people over the years and redo the lot with an extension (would cost me more and I don't have the time) or buy this and update the interior in 5-10 years.

[pbk1776]

We bought one of my old man's investment property 2 years ago - now using the equity
we bought a farm up in orange.

10% down payment is more realistic than 20% for nowadays when rent is like paying a mortgage
already. Sydney is really getting expensive and land/house are getting smaller and smaller

for the people saving up for a house - just suck it up and hopefully you get that 10% down payment
instead of renting for years, its dead money.

[mrntegra]

Yeah I know some of these H&L are just chucked together. Interiors are not the best finish in the world and such.

Rent would be 420-450pw

Ill be living in this, checked the power drawings and they seem ok also, ensured contract had inspections at critical stages to

Ill be honest, I'm just interested in a decent floor plan. Either I bought an old shitty place that has been attacked by several people over the years and redo the lot with an extension (would cost me more and I don't have the time) or buy this and update the interior in 5-10 years.

That's the way im heading brought a block on land on a golf course down here in geelong and going to build a reverse living home. And in 10 years time either sell up or update the inside!

[cartoon]

That's the way im heading brought a block on land on a golf course down here in geelong and going to build a reverse living home. And in 10 years time either sell up or update the inside!

Yeah that's it. I work 6 days a week so I got Fk all time to do big renos or build a custom house.

Interior updates are a stack load easier with a 4/2/2 over a 3/1/1

[cartoon]

I'll also start expanding my portfolio in due course.

Wife wants a baby so needed a house hahahahaha

[BOMDC5]

I had an investment property.. til the tenants trashed it and legged it.. Loss money from that ... now working my way back to get another one..

[cartoon]

I had an investment property.. til the tenants trashed it and legged it.. Loss money from that ... now working my way back to get another one..

Insured?